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PITTSBURGH, Aug. 1, 2022 /PRNewswire/ -- "I had a lot of brush and pine needles in my yard that needed to be cleared for landscaping," said the inventor from Prineville, Ore. "I thought of this idea to help reduce the amount of manual labor it takes to cleanup leaves, grass clippings, pine needles, weeds and brush from my property out in the country."
He invented MY POWER RAKE, patent-pending, that eliminates the need to manually rake or displace loose yard debris. This device could help reduce physical strain on the body and help save time. It could be utilized to rake leaves, grass clippings, and even move objects such as soil or gravel for ranch, farms, ATV, horse and grooming trailers. Additionally, this could be utilized by homeowners, professional landscapers, and even forest firefighters.
The original design was submitted to the Portland sales office of InventHelp. It is currently available for licensing or sale to manufacturers or marketers. For more information, write Dept. 20-POO-426, InventHelp, 217 Ninth Street, Pittsburgh, PA 15222, or call (412) 288-1300 ext. 1368. Learn more about InventHelp's Invention Submission Services at http://www.InventHelp.com.
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SOURCE InventHelp | https://www.wbrc.com/prnewswire/2022/08/01/inventhelp-develops-lawnmower-debris-collector-poo-426/ | 2022-08-01T20:40:43Z | https://www.wbrc.com/prnewswire/2022/08/01/inventhelp-develops-lawnmower-debris-collector-poo-426/ | false |
Chris Sears Crowned King of NAHREP Real Estate Industry Event
HOUSTON, Aug. 1, 2022 /PRNewswire/ -- JPAR® – Real Estate, America's #1 fastest-growing, 100% commission brokerage, is pleased to announce Chris Sears was recognized by his peers at the National Association of Hispanic Real Estate Professionals "Battle of the Brokers".
"NAHREP is an incredible organization and I am honored to be recognized by my peers," said Chris Sears, Co-Founder, The Sears Group. "A focus on diversity and culture is important to our success as we continue to grow our business," said Sears.
The Sears Group is co-managed with Jennifer Sears, managing partner, and together they continue to achieve impressive growth through the expansion of their organization from 40 agents to 330 agents in just three (3) years.
The Battle of the Brokers event featured a competition among six real estate brokerages where participants were asked a series of questions and their responses were voted on by a crowd of local agents in attendance. The participants had two minutes to respond and brokers were eliminated after each round. Content topics included:
- Round 1: Tools
- Round 2: Education
- Round 3: Diversity/Culture
- Round 4: Marketing/Branding
- Round 5: Retention/Recruiting
- Round 6: Commission Splits
"Chris Sears and The Sears Group provide an excellent example of how the JPAR® brand's emphasis on culture drives positive business results," said Mark Johnson, President and CEO, JPAR – Real Estate.
JPAR® – Real Estate was recently recognized by Franchise Business Review as one of the Top 100 franchise brands with the best culture in 2022.
About JPAR® – Real Estate: JPAR® – Real Estate and JPAR® Franchising is a full-service real estate brokerage and franchise platform offering a highly competitive transaction fee-based model and agent-centric culture. The JPAR® platform provides agents 7 day-per-week broker support, physical office locations, a comprehensive tech stack and open architecture, physical office locations, marketing, lead generation, training, coaching, mentoring and agent health care. The company boasts more than 4,000 agents operating in 65 offices across 26 states and closes more than $8B annually in sales volume.
For more information about franchise opportunities, visit franchise.jpar.com.
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TULSA, Okla., Aug. 1, 2022 /PRNewswire/ -- ONE Gas, Inc. (NYSE: OGS) today announced its second quarter 2022 financial results and reaffirmed its 2022 financial guidance.
SECOND QUARTER 2022 FINANCIAL RESULTS & HIGHLIGHTS
- Second quarter 2022 net income was $32.1 million, or $0.59 per diluted share, compared with $30.1 million, or $0.56 per diluted share, in the second quarter 2021;
- Year to date 2022 net income was $131.0 million, or $2.42 per diluted share, compared with $125.7 million, or $2.35 per diluted share, in the same period last year;
- Actual heating degree days across the Company's service areas were 635 in the second quarter 2022, 6% warmer than normal and 15% warmer compared with the same period last year;
- The Company executed forward sale agreements for 591,736 shares of common stock under its at-the-market equity program; had shares been settled as of June 30, 2022, it would have generated net proceeds of approximately $48.3 million; and
- A quarterly dividend of $0.62 per share, or $2.48 per share on an annualized basis, was declared on July 18, 2022, payable on Sept. 1, 2022, to shareholders of record at the close of business on Aug. 15, 2022.
"Customer growth and continued economic development activity across our service area contributed to our second quarter financial results. Our capital program remains on track for the year, including system expansions to meet growing customer demand and planned system integrity investments," said Robert S. McAnnally, president and chief executive officer. "We also released our 2022 ESG report which includes new disclosures, updates on our programs to support customers and employees and our progress toward a cleaner energy future."
SECOND QUARTER 2022 FINANCIAL PERFORMANCE
ONE Gas reported operating income of $58.6 million in the second quarter 2022, compared with $51.1 million in the second quarter 2021, which primarily reflects:
- an increase of $14.4 million from new rates; and
- an increase of $1.5 million in residential sales due to net customer growth in Oklahoma and Texas.
These increases were offset partially by:
- an increase of $5.8 million in outside service costs; and
- an increase of $0.7 million in employee-related costs, which reflects $3.3 million of higher labor and employee benefit costs, offset partially by a $2.7 million decrease in expenses associated with the change in our nonqualified employee benefit plan liabilities.
For the second quarter 2022, other expense, net, increased $4.4 million compared with the same period last year, due primarily to a $6.5 million decrease in the market value of investments associated with nonqualified employee benefit plans, offset partially by a decrease of $2.4 million in net periodic benefit cost other than service cost.
Income tax expense includes a credit for amortization of the regulatory liability associated with excess accumulated deferred income taxes (EDIT) of $3.0 million and $2.6 million for the three-month periods ended June 30, 2022, and 2021, respectively.
Capital expenditures and asset removal costs were $149.1 million for the second quarter 2022 compared with $129.4 million in the same period last year. The increase was due primarily to expenditures for system integrity and extension of service to new areas.
YEAR TO DATE 2022 FINANCIAL PERFORMANCE
Operating income for the six-month 2022 period was $199.3 million, compared with $181.4 million in 2021, which primarily reflects:
- an increase of $29.5 million from new rates;
- an increase of $4.1 million in residential sales due to net customer growth in Oklahoma and Texas;
- a decrease of $3.0 million in bad debt expense; and
- an increase of $1.2 million in late payment, reconnect and collection fees.
These increases were offset partially by:
- an increase of $9.5 million in outside service costs;
- an increase of $9.1 million in depreciation expense due to additional capital expenditures being placed in service; and
- an increase of $2.9 million in employee-related costs, which reflects $5.4 million of higher labor and employee benefit costs, offset partially by a $2.5 million decrease in expenses associated with the change in our nonqualified employee benefit plan liabilities.
For the six-month 2022 period, other expense, net, increased $8.2 million compared with the same period last year, due primarily to a $10.0 million decrease in the market value of investments associated with nonqualified employee benefit plans, offset partially by a decrease of $2.6 million in net periodic benefit cost other than service cost.
Income tax expense includes a credit for amortization of the regulatory liability associated with EDIT of $10.9 million and $10.7 million for the six-month periods ended June 30, 2022, and 2021, respectively.
Capital expenditures and asset removal costs were $272.0 million for the six-month 2022 period compared with $238.4 million in the same period last year. The increase was due primarily to expenditures for system integrity and extension of service to new areas.
REGULATORY ACTIVITIES UPDATE
Securitization
The Company continues to make progress in its efforts to utilize securitization as a means to finance extraordinary costs associated with the February 2021 Winter Storm Uri. The following updates reflect the most recent securitization activity in Oklahoma, Kansas and Texas.
The Oklahoma Development Finance Authority (ODFA) received a hearing before the Oklahoma Supreme Court and on May 24, 2022, the court validated the proposed bond issuance. On July 15, 2022, the ODFA began the marketing process for the bonds which are expected to be issued and proceeds received in the third quarter of 2022. At June 30, 2022, Oklahoma Natural Gas has deferred approximately $1.3 billion in extraordinary costs attributable to Winter Storm Uri.
On July 14, 2022, Kansas Gas Service, the Kansas Corporation Commission (KCC) Staff and the Citizens' Utility Ratepayer Board reached a settlement agreement for the issuance of a financing order allowing securitized utility tariff bonds to be issued in the amount of approximately $328 million plus issuance fees. The agreement provides for the issuance of bonds with a scheduled final maturity of between 7 and 10 years. The final amount to be securitized will be provided in the final Issuance Advice Letter. The KCC has until Sept. 27, 2022, to review the application and issue a financing order if it deems the issuance of securitized bonds to be appropriate. If the KCC approves the financing order, the Company can begin the process to issue the securitized bonds.
The Texas Public Finance Authority has begun the process to issue securitized bonds, which are expected to be issued in the fourth quarter of 2022. At June 30, 2022, Texas Gas Service has deferred approximately $246.7 million in extraordinary costs associated with Winter Storm Uri, including $48.5 million attributable to the West Texas service area which is being recovered through a separate surcharge over a three-year period that started in January 2022.
Other Regulatory Updates
In March 2022, Oklahoma Natural Gas filed its first annual Performance-Based Rate Change (PBRC) application following the general rate case that was approved in November 2021. The filing is for a calendar 2021 test year and includes a requested base rate increase of $19.7 million, an energy efficiency program incentive of $2.3 million and an estimated $9.1 million credit associated with EDIT. On May 27, 2022, the Public Utility Division (PUD) of the Oklahoma Corporation Commission (OCC) filed responsive testimony supporting an increase of $19.6 million. On May 31, 2022, the Office of the Attorney General filed a statement supporting PUD's position. Pursuant to its tariff, Oklahoma Natural Gas placed new rates into effect on July 13, 2022, reflecting a base rate revenue increase of $19.6 million. These rates are subject to refund until approved by the OCC. A hearing is expected to be scheduled in September 2022.
In February 2022, Texas Gas Service made Gas Reliability Infrastructure Program (GRIP) filings for all customers in the Central-Gulf Service Area, requesting a $9.1 million increase to be effective in June 2022. All municipalities, and the Railroad Commission of Texas (RRC), approved the new rates or allowed them to take effect with no action.
In March 2022, Texas Gas Service made GRIP filings for all customers in the West Texas service area, requesting a $5.0 million increase to be effective in July 2022. On June 23, 2022, the city of El Paso denied the requested increase and assessed fees associated with its review of the filing. Texas Gas Service appealed the city's action to the RRC. All other municipalities, and the RRC, approved the new rates or allowed them to take effect with no action. Texas Gas Service implemented the new rates in July 2022, pending the outcome of the appeal.
In April 2022, Texas Gas Service made its annual Cost-of-Service Adjustment filings for the incorporated area of the Rio Grande Valley service area. In July 2022, the municipalities approved an increase of $2.5 million, and new rates will become effective in August 2022.
In June 2022, Texas Gas Service filed a rate case seeking to consolidate its West Texas, North Texas and Borger/Skellytown service areas into a single West-North service area and requesting a rate increase of $13.0 million. If approved, new rates are expected to take effect in early 2023.
2022 FINANCIAL GUIDANCE
ONE Gas reaffirmed its financial guidance issued on Jan. 18, 2022, with 2022 net income and earnings per share expected to be in the range of $215 million to $227 million, and $3.96 to $4.20 per diluted share. Capital expenditures, including asset removal costs, are expected to be approximately $650 million for 2022.
EARNINGS CONFERENCE CALL AND WEBCAST
The ONE Gas executive management team will conduct a conference call on Tuesday, Aug. 2, 2022, at 11 a.m. Eastern Daylight Time (10 a.m. Central Daylight Time). The call also will be carried live on the ONE Gas website.
To participate in the telephone conference call, dial 888-394-8218, passcode 2645252, or log on to www.onegas.com/investors and select Events and Presentations.
If you are unable to participate in the conference call or the webcast, a replay will be available on the ONE Gas website, www.onegas.com, for 30 days. A recording will be available by phone for seven days. The playback call may be accessed at 888-203-1112, passcode 2645252.
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ONE Gas, Inc. (NYSE: OGS) is a 100% regulated natural gas utility, and trades on the New York Stock Exchange under the symbol "OGS." ONE Gas is included in the S&P MidCap 400 Index and is one of the largest natural gas utilities in the United States.
Headquartered in Tulsa, Oklahoma, ONE Gas provides a reliable and affordable energy choice to more than 2.3 million customers in Kansas, Oklahoma and Texas. Its divisions include Kansas Gas Service, the largest natural gas distributor in Kansas; Oklahoma Natural Gas, the largest in Oklahoma; and Texas Gas Service, the third largest in Texas, in terms of customers.
For more information and the latest news about ONE Gas, visit onegas.com and follow its social channels: @ONEGas, Facebook, LinkedIn and YouTube.
Some of the statements contained and incorporated in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. The forward-looking statements relate to our anticipated financial performance, liquidity, management's plans and objectives for our future operations, our business prospects, the outcome of regulatory and legal proceedings, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. The following discussion is intended to identify important factors that could cause future outcomes to differ materially from those set forth in the forward-looking statements.
Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "should," "goal," "forecast," "guidance," "could," "may," "continue," "might," "potential," "scheduled," "likely," and other words and terms of similar meaning.
One should not place undue reliance on forward-looking statements, which are applicable only as of the date of this news release. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, markets, products, services and prices. In addition to any assumptions and other factors referred to specifically in connection with the forward-looking statements, factors that could cause our actual results to differ materially from those contemplated in any forward-looking statement include, among others, the following:
- our ability to recover costs (including operating costs and increased commodity costs related to Winter Storm Uri in February 2021), income taxes and amounts equivalent to the cost of property, plant and equipment, regulatory assets and our allowed rate of return in our regulated rates or other recovery mechanisms;
- cyber-attacks, which, according to experts, have increased in volume and sophistication since the beginning of the COVID-19 pandemic, or breaches of technology systems that could disrupt our operations or result in the loss or exposure of confidential or sensitive customer, employee or Company information; further, increased remote working arrangements as a result of the pandemic have required enhancements and modifications to our IT infrastructure (e.g. Internet, Virtual Private Network, remote collaboration systems, etc.), and any failures of the technologies, including third-party service providers, that facilitate working remotely could limit our ability to conduct ordinary operations or expose us to increased risk or effect of an attack;
- our ability to manage our operations and maintenance costs;
- the concentration of our operations in Kansas, Oklahoma, and Texas;
- changes in regulation of natural gas distribution services, particularly those in Oklahoma, Kansas and Texas;
- the economic climate and, particularly, its effect on the natural gas requirements of our residential and commercial customers;
- the length and severity of a pandemic or other health crisis, such as the outbreak of COVID-19, including the impact to our operations, customers, contractors, vendors and employees, the effectiveness of vaccine campaigns (including the COVID-19 vaccine campaign) on our workforce and customers and the effect of other measures or mandates that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address the pandemic or other health crisis, which could (as with COVID-19) precipitate or exacerbate one or more of the above-mentioned and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period;
- competition from alternative forms of energy, including, but not limited to, electricity, solar power, wind power, geothermal energy and biofuels;
- adverse weather conditions and variations in weather, including seasonal effects on demand and/or supply, the occurrence of severe storms in the territories in which we operate, and climate change, and the related effects on supply, demand, and costs;
- indebtedness could make us more vulnerable to general adverse economic and industry conditions, limit our ability to borrow additional funds and/or place us at competitive disadvantage compared with competitors;
- our ability to secure reliable, competitively priced and flexible natural gas transportation and supply, including decisions by natural gas producers to reduce production or shut-in producing natural gas wells and expiration of existing supply and transportation and storage arrangements that are not replaced with contracts with similar terms and pricing;
- our ability to complete necessary or desirable expansion or infrastructure development projects, which may delay or prevent us from serving our customers or expanding our business;
- operational and mechanical hazards or interruptions;
- adverse labor relations;
- the effectiveness of our strategies to reduce earnings lag, revenue protection strategies and risk mitigation strategies, which may be affected by risks beyond our control such as commodity price volatility, counterparty performance or creditworthiness and interest rate risk;
- the capital-intensive nature of our business, and the availability of and access to, in general, funds to meet our debt obligations prior to or when they become due and to fund our operations and capital expenditures, either through (i) cash on hand, (ii) operating cash flow, or (iii) access to the capital markets and other sources of liquidity;
- our ability to obtain capital on commercially reasonable terms, or on terms acceptable to us, or at all;
- limitations on our operating flexibility, earnings and cash flows due to restrictions in our financing arrangements;
- cross-default provisions in our borrowing arrangements, which may lead to our inability to satisfy all of our outstanding obligations in the event of a default on our part;
- changes in the financial markets during the periods covered by the forward-looking statements, particularly those affecting the availability of capital and our ability to refinance existing debt and fund investments and acquisitions to execute our business strategy;
- actions of rating agencies, including the ratings of debt, general corporate ratings and changes in the rating agencies' ratings criteria;
- changes in inflation and interest rates;
- our ability to recover the costs of natural gas purchased for our customers, including those related to Winter Storm Uri and any related financing required to support our purchase of natural gas supply, including the securitized financings currently contemplated in each of our jurisdictions;
- impact of potential impairment charges;
- volatility and changes in markets for natural gas and our ability to secure additional and sufficient liquidity on reasonable commercial terms to cover costs associated with such volatility;
- possible loss of local distribution company franchises or other adverse effects caused by the actions of municipalities;
- payment and performance by counterparties and customers as contracted and when due, including our counterparties maintaining ordinary course terms of supply and payments;
- changes in existing or the addition of new environmental, safety, tax and other laws to which we and our subsidiaries are subject, including those that may require significant expenditures, significant increases in operating costs or, in the case of noncompliance, substantial fines or penalties;
- the effectiveness of our risk-management policies and procedures, and employees violating our risk-management policies;
- the uncertainty of estimates, including accruals and costs of environmental remediation;
- advances in technology, including technologies that increase efficiency or that improve electricity's competitive position relative to natural gas;
- population growth rates and changes in the demographic patterns of the markets we serve, and economic conditions in these areas' housing markets;
- acts of nature and the potential effects of threatened or actual terrorism and war, including recent events in Europe;
- the sufficiency of insurance coverage to cover losses;
- the effects of our strategies to reduce tax payments;
- the effects of litigation and regulatory investigations, proceedings, including our rate cases, or inquiries and the requirements of our regulators as a result of the Tax Cuts and Jobs Act of 2017;
- changes in accounting standards;
- changes in corporate governance standards;
- existence of material weaknesses in our internal controls;
- our ability to comply with all covenants in our indentures and the ONE Gas Credit Agreement, a violation of which, if not cured in a timely manner, could trigger a default of our obligations;
- our ability to attract and retain talented employees, management and directors, or a shortage of skilled labor;
- unexpected increases in the costs of providing health care benefits, along with pension and postemployment health care benefits, as well as declines in the discount rates on, declines in the market value of the debt and equity securities of, and increases in funding requirements for, our defined benefit plans; and
- our ability to successfully complete merger, acquisition or divestiture plans, regulatory or other limitations imposed as a result of a merger, acquisition or divestiture, and the success of the business following a merger, acquisition or divestiture.
These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other factors could also have material adverse effects on our future results. These and other risks are described in greater detail in Part 1, Item 1A, Risk Factors, in our Annual Report. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.
APPENDIX
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SOURCE ONE Gas, Inc. | https://www.kalb.com/prnewswire/2022/08/01/one-gas-announces-second-quarter-2022-financial-results-reaffirms-2022-financial-guidance/ | 2022-08-01T20:42:01Z | https://www.kalb.com/prnewswire/2022/08/01/one-gas-announces-second-quarter-2022-financial-results-reaffirms-2022-financial-guidance/ | true |
One of two men charged in one of the state’s most heinous mass murders has been deemed mentally competent to stand trial for capital murder.
Frederic Allen Rogers of Hartselle appeared in Morgan County circuit court Monday for a brief hearing before Judge Stephen Brown. Rogers’ attorneys presented no evidence to dispute a state report that deemed Rogers competent.
Related: Escape attempt by capital murder suspects in north Alabama foiled
Related: Alabama mass shooting stemmed from dispute in ‘7 Deadly Sins’ club, FBI agent testifies
Rogers, along with John Michael Legg, have been charged with capital murder in connection with the shooting deaths of seven people in rural Morgan County on June 4, 2020.
No trial date has been set for either defendant.
Rogers’ attorneys Carl Cole and Brent Burney said that they will continue to investigate to determine if the issue of their client’s competency needs to be revisited.
Morgan County District Attorney Scott Anderson said he expected the issue may come up again.
Anderson said he intends to seek the death penalty for both Rogers and Legg.
Law enforcement at the scene described it as among the worst they had ever seen with bloody victims throughout a home in Valhermoso Springs. The home is about 12 minutes from Huntsville’s city limits.
“Incredibly heinous, talking cold-blooded,” Morgan County Sheriff spokesman Mike Swafford said at the time. | https://www.al.com/news/2022/08/alabama-man-found-competent-for-trial-in-grisly-capital-murder-case.html | 2022-08-01T20:42:12Z | https://www.al.com/news/2022/08/alabama-man-found-competent-for-trial-in-grisly-capital-murder-case.html | true |
BALTIMORE, Aug. 1, 2022 /PRNewswire/ --
T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) announced today that its Board of Directors has declared a quarterly dividend of $1.20 per share payable on September 29, 2022 to stockholders of record as of the close of business on September 15, 2022.
Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. (troweprice.com), is a global investment management organization with $1.31 trillion in assets under management as of June 30, 2022. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.
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SOURCE T. Rowe Price Group, Inc. | https://www.wbrc.com/prnewswire/2022/08/01/t-rowe-price-group-declares-quarterly-dividend/ | 2022-08-01T20:43:51Z | https://www.wbrc.com/prnewswire/2022/08/01/t-rowe-price-group-declares-quarterly-dividend/ | true |
FRISCO, Texas (AP) _ Addus HomeCare Corp. (ADUS) on Monday reported second-quarter profit of $11.3 million.
On a per-share basis, the Frisco, Texas-based company said it had profit of 70 cents. Earnings, adjusted for one-time gains and costs, were 91 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share.
The provider of home-based personal care, nursing and rehabilitative therapy services posted revenue of $236.9 million in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $240.1 million.
Addus HomeCare shares have increased almost 2% since the beginning of the year. In the final minutes of trading on Monday, shares hit $95.19, an increase of roughly 10% 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 ADUS at https://www.zacks.com/ap/ADUS | https://www.sfchronicle.com/business/article/Addus-HomeCare-Q2-Earnings-Snapshot-17343662.php | 2022-08-01T20:46:17Z | https://www.sfchronicle.com/business/article/Addus-HomeCare-Q2-Earnings-Snapshot-17343662.php | true |
Your browser does not have Javascript enabled and this site requires Javascript. Please enable Javascript in order to browse. | https://www.goodmorningamerica.com/news/video/big-wave-surfer-maya-gabeira-talks-childrens-book-87750430 | 2022-08-01T20:47:15Z | https://www.goodmorningamerica.com/news/video/big-wave-surfer-maya-gabeira-talks-childrens-book-87750430 | true |
NEWTON, Mass., Aug. 1, 2022 /PRNewswire/ -- Karyopharm Therapeutics Inc. (Nasdaq: KPTI), a commercial-stage pharmaceutical company pioneering novel cancer therapies, today announced that the Company approved the grant of stock options to purchase an aggregate of 26,100 shares of Karyopharm's common stock and an aggregate of 18,000 restricted stock units (RSUs) to eight newly-hired employees. These equity awards were granted as of July 29, 2022 (the Grant Date) pursuant to the Company's 2022 Inducement Stock Incentive Plan, as amended, as inducements material to the new employees entering into employment with Karyopharm in accordance with Nasdaq Listing Rule 5635(c)(4).
Each of the stock options has an exercise price of $4.25 per share, the closing price of Karyopharm's common stock on July 29, 2022. Each stock option will vest over four years, with 25% of the total number of shares underlying the stock option vesting on the one-year anniversary of the applicable employee's employment commencement date and 1/48th of the total number of shares vesting monthly thereafter. Each RSU award will vest over four years, with 25% percent of the shares underlying the RSU award vesting on each of the four consecutive anniversaries of the applicable employee's employment commencement date. The vesting of each inducement award is subject to the employee's continued service as an employee of, or other service provider to, Karyopharm through the applicable vesting dates. In addition, each stock option and RSU award will be immediately exercisable in full if, on or prior to the first anniversary of the consummation of a "change in control event," the employee's employment is terminated for "good reason" by the employee or terminated without "cause" by Karyopharm (as such terms are defined in the applicable stock option or RSU agreement).
About Karyopharm Therapeutics
Karyopharm Therapeutics Inc. (Nasdaq: KPTI) is a commercial-stage pharmaceutical company pioneering novel cancer therapies. Since its founding, Karyopharm has been the industry leader in oral Selective Inhibitor of Nuclear Export (SINE) compound technology, which was developed to address a fundamental mechanism of oncogenesis: nuclear export dysregulation. Karyopharm's lead SINE compound and first-in-class, oral exportin 1 (XPO1) inhibitor, XPOVIO® (selinexor), is approved in the U.S. and marketed by the Company in three oncology indications and has received regulatory approvals in various indications in a growing number of ex-U.S. territories and countries, including Europe and the United Kingdom (as NEXPOVIO®) and China, Singapore, Canada, Israel, South Korea and Australia. Karyopharm has a focused pipeline targeting multiple high unmet need cancer indications, including in multiple myeloma, endometrial cancer, myelodysplastic syndromes and myelofibrosis. For more information about our people, science and pipeline, please visit www.karyopharm.com, and follow us on Twitter at @Karyopharm and LinkedIn.
XPOVIO® and NEXPOVIO® are registered trademarks of Karyopharm Therapeutics Inc.
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SOURCE Karyopharm Therapeutics Inc. | https://www.cleveland19.com/prnewswire/2022/08/01/karyopharm-therapeutics-reports-inducement-grants-under-nasdaq-listing-rule-5635c4/ | 2022-08-01T20:47:56Z | https://www.cleveland19.com/prnewswire/2022/08/01/karyopharm-therapeutics-reports-inducement-grants-under-nasdaq-listing-rule-5635c4/ | true |
NEW YORK, Aug. 1, 2022 /PRNewswire/ -- Weiss Law is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of EVO Payments, Inc. ("EVO" or the "Company") (NASDAQ: EVOP), in connection with the proposed acquisition of the Company by Global Payments Inc. (NYSE: GPN). Under the terms of the merger agreement, the Company's shareholders will receive $34.00 in cash for each share of EVO common stock owned.
If you own EVO shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
https://www.weisslaw.co/news-and-cases/evop
Or please contact:
Joshua Rubin, Esq.
Weiss Law
305 Broadway, 7th Floor
New York, NY 10007
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
Weiss Law is investigating whether (i) EVO's board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the $34.00 per-share merger consideration adequately compensates EVO's shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.
Weiss Law has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com
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SOURCE Weiss Law | https://www.kalb.com/prnewswire/2022/08/01/shareholder-alert-weiss-law-investigates-evo-payments-inc/ | 2022-08-01T20:48:06Z | https://www.kalb.com/prnewswire/2022/08/01/shareholder-alert-weiss-law-investigates-evo-payments-inc/ | true |
NEW YORK, Aug. 1, 2022 /PRNewswire/ -- Oppenheimer & Co. Inc. ("Oppenheimer") – a leading wealth manager, investment bank, and a subsidiary of Oppenheimer Holdings (NYSE: OPY) – today announced that Brad Watkins, CPA, has joined the firm as Chief Financial Officer effective August 1, 2022.
Mr. Watkins will be responsible for all aspects of Oppenheimer's financial operations and will direct long-term budgetary planning and cost management to ensure alignment with Oppenheimer's strategic growth plans. As a member of the Management Committee, Mr. Watkins will report to Albert G. Lowenthal, Chairman and CEO.
"Brad is an experienced leader with a strong background across the financial services industry," Mr. Lowenthal comments. "His expertise in providing audit services to the country's largest financial services companies will be invaluable as we focus on the quality and efficiency of our operating model to drive growth in an evolving business and market landscape."
Prior to joining Oppenheimer, Mr. Watkins was with KPMG since 2003, spending the bulk of his time in their New York Financial Services Audit Practice, where he launched his career and rose through the ranks before becoming a partner in 2015. During his time at KPMG, Mr. Watkins served a variety of clients including a large, multinational financial institution, as well as both clearing and introducing broker-dealers.
He also has extensive experience with SEC reporting matters and auditing complex process areas that involve technical accounting literature, including securitization matters, foreign currency accounting, financial instruments and fair value measurements, consolidation and variable interest entities, and derivatives and hedging.
"I am honored to serve as CFO at this exciting time for Oppenheimer," said Mr. Watkins. "The firm has a strong balance sheet and the potential for growth while delivering an exceptional client experience. I look forward to becoming part of the Oppenheimer family and partnering with the team."
Mr. Watkins graduated from New York University Stern School of Business with a Bachelor of Science in Accounting.
Oppenheimer & Co. Inc.
Oppenheimer & Co. Inc. (Oppenheimer), a principal subsidiary of Oppenheimer Holdings Inc. (OPY on the New York Stock Exchange), and its affiliates provide a full range of wealth management, securities brokerage and investment banking services to high net-worth individuals, families, corporate executives, local governments, businesses and institutions.
Oppenheimer Media Contact:
Joseph Kuo / Michael Dugan
Haven Tower Group LLC
424 317 4851 or 424 317 4852
jkuo@haventower.com or mdugan@haventower.com
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SOURCE Oppenheimer & Co. Inc. | https://www.cleveland19.com/prnewswire/2022/08/01/oppenheimer-amp-co-inc-announces-appointment-brad-watkins-chief-financial-officer/ | 2022-08-01T20:49:40Z | https://www.cleveland19.com/prnewswire/2022/08/01/oppenheimer-amp-co-inc-announces-appointment-brad-watkins-chief-financial-officer/ | false |
New analysis also sheds light on impact of Medicaid expansion on health care spending
SEATTLE, Aug. 1, 2022 /PRNewswire/ -- A new state-level analysis of health care costs after implementation of the Affordable Care Act shows wide variations in system-wide health care spending across states. The study, conducted by researchers from the Institute for Health Metrics and Evaluation (IHME) at the University of Washington's School of Medicine and published today in the journal Health Affairs, reveals that differences in spending between states have increased over time, suggesting that some states are more effective at controlling rising health care costs than others. IHME's analysis also sheds light on the spending changes associated with Medicaid expansion on health care spending.
"Our analysis suggests that a sizable share of the variation in health care spending is associated with non-health-care system factors like household income and consumer prices. However, there is a major part of the spending variation that is not explained by the major non-health system factors and therefore represents variation caused by differences in how states run their health systems," said Emily Johnson, Health Expenditure Researcher at IHME and a lead author of the study. "Policymakers in states with higher health care costs can learn a lot from other states that deliver high-quality health care more efficiently."
IHME's analysis shows that at the state level, health care spending per person (inclusive of Medicare, Medicaid, private insurance, Veterans Affairs, the Indian Health Service, and out-of-pocket spending) varied widely in 2019, ranging from $7,250 in Utah to $14,500 in Alaska. While health care spending increased across the board, some states saw much sharper increases than others. From 2013 to 2019, increases in per capita spending ranged from 1 percent in Washington, DC, to 4.2 percent in South Dakota (after adjusting for inflation). The spending gap between states has also widened considerably since 2000.
A complex set of factors, including age, health, income of the population, and cost of living explained a large share of these varied growth rates, but even after controlling for these factors, substantial variation exists. Over 20 percent of the spending variation identified by the study couldn't explained by key non-health system factors like income and population characteristics, and therefore represents differences likely explained by differences in states' health care systems. Some health system characteristics that were associated with greater increases include growth in the number of hospitals, increased utilization of hospital inpatient services, and expansion of insurance coverage. This study provides evidence that supports the perspective that investing in prevention and outpatient care could help curb spending growth.
The analysis shows that out-of-pocket spending varied more than overall health care spending. For example, while overall health care spending is 50 percent higher in South Dakota than it is in Arizona, the average South Dakotan spends nearly three times as much out of pocket per year ($4,600) compared to the average Arizonan ($1,700).
"Controlling health care costs requires concerted action on multiple fronts," said Dr. Joseph Dieleman, Associate Professor in the Department of Health Metrics Sciences at the University of Washington and a lead author of the study. "To help curb increases to health care spending, states should invest in delivering health care outside of hospitals through robust primary care systems and focus on incentivizing high-value care."
In addition, the IHME researchers are calling for academics to conduct further research on state-level health care spending to better understand the drivers of unexplained differences in spending across states.
Unlike previous studies, IHME's analysis accounts for health spending from all sources: public insurance programs including Medicare, Medicaid, Veterans Affairs, and the Indian Health Service; private insurance; and out-of-pocket spending.
IHME's study found that Medicaid expansion was associated with a 1 percent increase in overall costs across the states. This represents a small amount of the variation in spending and pales in comparison to other factors that affect health care spending, such as household income and consumer prices. For children, expanding Medicaid eligibility was associated with lower health care spending, likely due to increased access to preventive medicine, and for pregnant women, increasing eligibility was associated with lower out-of-pocket spending. The study also revealed that average growth rates for out-of-pocket spending were lower in states that expanded access to Medicaid (0.3 percent for Medicaid expansion states vs. 1.2 percent for non-expansion states) and private insurance spending (1.1 percent for Medicaid expansion states vs. 2 percent for non-expansion states).
To existing estimates, IHME's analysis added spending estimates for 2015–2019, shedding light on a period of substantial change in health policy at the state and federal levels. Because of data limitations, most previous studies of state-level health spending have looked at health care spending through 2014, prior to Medicaid expansion in states.
"We know from previous studies that when states enact Medicaid expansion, people have greater access to health care and, by some measures, better health outcomes," said Dr. Dieleman. "For the first time, there's reliable research that reports the costs for all payers of expanding eligibility for Medicaid, including tracking changes to out-of-pocket spending."
An independent population health research organization based at the University of Washington School of Medicine, the Institute for Health Metrics and Evaluation (IHME) works with collaborators around the world to develop timely, relevant, and scientifically valid evidence that illuminates the state of health everywhere. In making our research available and approachable, we aim to inform health policy and practice in pursuit of our vision: all people living long lives in full health.
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SOURCE Institute for Health Metrics and Evaluation | https://www.kbtx.com/prnewswire/2022/08/01/ihme-study-shows-dramatic-variation-health-care-spending-across-us-states/ | 2022-08-01T20:49:42Z | https://www.kbtx.com/prnewswire/2022/08/01/ihme-study-shows-dramatic-variation-health-care-spending-across-us-states/ | true |
BENTONVILLE, Ark — SWIM OZ and the Ozarks Outdoors Foundation will welcome swimmers from all experience levels across the United States on Sunday, September 25 at Beaver Lake.
The Walmart OZ Mile Swim is an open water race that offers participants and spectators a full weekend in Northwest Arkansas with festivities centered around swimming.
Participants traveling to Northwest Arkansas for the first time will experience more than 10 feet of visibility in clear waters at Beaver Lake.
Last year's swim event catered to 60 participants that ranged in experience from Division 1 swimmers and Ironman triathletes to recreational and high school swimmers. This year, the Walmart OZ Mile Swim will expand its reach and welcome over 300 participants from all over the United States.
“There are so many amazing things that this area offers athletes, and it is time to put us on the map for swimming events as well. The Walmart OZ Mile Swim offers all swimmers the opportunity to take part,” said Bonnie Adams, founder of SWIM OZ.
According to Adams, the race was created to showcase the natural beauty of the Ozarks and place Northwest Arkansas on the map as a destination for open water swim competitions.
The open water race will consist of four distinct waves of competition with awards for first, second, and third male and female overall in each wave. There are also two team divisions, club teams for ages 17 and under, and club teams for ages 18 and over. Each winning team will leave with a traveling trophy and a permanent trophy. Teams must have at least 10 participants registered to be eligible.
Walmart OZ Mile Swim has partnered with the world's largest open water swim, The Midmar Mile in South Africa. This partnership allows the winning male and female from the Walmart OZ Mile Swim to participate in the Midmar Mile in February of 2023, which has over 15,000 swimmers in attendance each year.
Walmart OZ Mile Swim will donate 20% of registration fees to two philanthropic organizations: the USA Swimming Foundation, with a focus on learning to swim and providing opportunities for swimmers to further their careers, and Dare2tri, with a focus on para-athletes by providing opportunities for them to become triathletes.
Individuals interested in competing can register and learn more about the event here.
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To report a typo or grammatical error, please email KFSMDigitalTeam@tegna.com. | https://www.5newsonline.com/article/sports/outdoors/walmart-oz-mile-swim-beaver-lake/527-482afbe5-3579-4e6b-b120-307c688a9e36 | 2022-08-01T20:50:00Z | https://www.5newsonline.com/article/sports/outdoors/walmart-oz-mile-swim-beaver-lake/527-482afbe5-3579-4e6b-b120-307c688a9e36 | true |
ST. LOUIS — Do you feel like you’re getting more and more random texts from companies instead of calls or emails? You’re not wrong: Text marketing is on the rise, and annoyed consumers are sick of it. Consumer Reports has some tips on how to stop spam texts once and for all.
Sometimes people opt in to these types of texts without even knowing it. If the message is from a recognized business and offers a way to opt out, do that. You can also forward unwanted texts to 7726. It’s free, and it helps your carrier take action.
Your phone or carrier should also give you the option to block the number to stop it from sending you more messages. And you can file a complaint with the Federal Communications Commission or the Federal Trade Commission if you’re getting messages you never agreed to.
Be careful when entering your phone number online. You may need to uncheck a box to opt out of marketing texts or emails.
Another tip if you’re getting texts you can’t seem to stop: Check the company’s online privacy policy for a way to opt out.
That’s where Dress Barn’s opt-out policy states you can unsubscribe from its marketing text messages by replying STOP.
Unwanted texts can definitely be annoying, and some can be dangerous. Smishing—as it’s called—is a way scammers try to get your personal info via text message.
Scammers may text you claiming to be from a government agency. The message may sound urgent and ask for an immediate response. It may even sound friendly or use your name.
If you get a suspicious text you didn’t sign up for—don’t reply—even if it says to “text STOP” to opt out. Block the number, then delete the text.
Another tip from CR: Add your name to the Do Not Call Registry; it covers unwanted text messages, too. Add your name here.
To watch 5 On Your Side broadcasts or reports 24/7, 5 On Your Side is always streaming on 5+. Download for free on Roku or Amazon Fire TV. | https://www.ksdk.com/article/money/consumer/spam-texts-how-to-stop-them/63-580430cb-8b2e-43ae-ade2-efe7cd152910 | 2022-08-01T20:51:37Z | https://www.ksdk.com/article/money/consumer/spam-texts-how-to-stop-them/63-580430cb-8b2e-43ae-ade2-efe7cd152910 | true |
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BIRMINGHAM, England (AP) — Safety concerns forced Australian cycling officials to make a significant adjustment to the team’s racing bikes at the Commonwealth Games on Monday.
Almost a year after Australian cyclist Alex Porter suffered serious facial injuries at the Tokyo Olympics when his handlebars failed during a race, a review found the equipment unsafe.
It attributed part of the blame to governance issues, finding the custom-made pursuit handlebars designed to maximize performance were not adequately tested.
An announcement on Monday from AusCycling said that after “extensive testing and an exhaustive investigation of alternatives,” adjustments were required immediately.
That meant, on the last day of Commonwealth racing, Australian cyclists in the men’s 1,000-meter time trial did so using drop bars instead of pursuit bars.
AusCycling chief executive Jesse Korf conceded the equipment change would result in slower times, with the drop bars forcing riders to adopt a less aerodynamic position.
"We acknowledge that this decision has created a degree of disappointment, but the riders and the broader team understand that safety is our top priority,” Korf said.
"We have made significant changes to procedures, team structure and process since the Tokyo Olympics and this decision is reflective of a new and thorough approach to long-term engineering excellence, competitive success and athlete welfare.”
The adjustments did not stop Australia's men from dominating the event, with Matthew Glaetzer beating compatriot Tom Cornish by more than half a second.
In winning the event for the third time, Glaetzer equaled Australian track cycling star Anna Meares' record of five Commonwealth Games gold medals.
The safety of riders and spectators has been a key issue to emerge from the meeting at the Lee Valley velodrome in London after two major crashes saw riders hospitalized on the weekend.
Cycling great Chris Hoy called for perspex barriers to be introduced at velodromes after Olympic champion Matt Walls was catapulted into the crowd with his bike on Sunday. The accident caused a session to be abandoned and spectators ushered out as Walls was treated for almost 40 minutes.
He was later released from hospital alongside two other riders, while spectators also required medical attention after being struck by the English rider.
Australia and New Zealand finished the track cycling with a leading eight golds and 13 medals each, but the biggest cheer was reserved naturally for Laura Kenny, who won England's only gold medal in the women’s scratch race almost a decade after her breakthrough at the London Olympics in the same arena.
The five-time Olympic gold medalist highlighted the example of her swimming compatriot Adam Peaty, who confirmed he is struggling for motivation, adding she suffered a crisis of confidence after seeing Walls' crash. But Kenny gathered herself overnight.
"I do feel right now, (standing) here, I need to step back again. And then reset. Because it took every single last bit of energy to get me on that start line today,” she said.
"Last night, I was like, 'This could be it. This literally could be your last bike race. You need to fight for it and you need to make sure that if this is, you’re going with a bang.’
"And I can’t do that day in, day out. I can’t physically gee myself up like that every day.”
Swimmer Kyle Chalmers has been the subject of much discussion in Australia regarding his former relationship with record-breaking compatriot Emma McKeon, who is dating fellow team member Cody Simpson.
On Saturday night, Chalmers engaged in a robust exchange with journalists after anchoring a gold medal-winning 4x100-meter relay and said he considered retirement because of the reporting.
But the controversy did not impact his form in the pool.
The 2016 Olympic 100-meter champion claimed the Commonwealth gold medal on Monday. On touching the wall, Chalmers stood up in the pool and put his fingers to his lips to shush his critics.
“It’s something I’d thought about,” he said.
“Normally I’d envision doing a more powerful celebration after a win, but that one was special.
“It probably means more than giving a fist-bump or tensing muscles. I hope that sends a powerful message.”
McKeon wasn't distracted either, shrugging off the swirling speculation and winning the 50 butterfly for a record-extending 12th gold medal, two more than any athlete.
In field hockey, the India men let slip a three-goal lead against England to draw 4-4 in a pool game at the University of Birmingham.
___
More AP sports: https://apnews.com/hub/apf-sports and https://twitter.com/AP_Sports | https://www.sfchronicle.com/sports/article/Aussies-change-handlebars-at-Commonwealths-and-17343673.php | 2022-08-01T20:51:41Z | https://www.sfchronicle.com/sports/article/Aussies-change-handlebars-at-Commonwealths-and-17343673.php | true |
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GLENDALE, Ariz. (AP) — Arizona Cardinals quarterback Kyler Murray has tested positive for COVID-19.
The two-time Pro Bowl selection tested positive on Sunday. Coach Kliff Kingsbury said on Monday that Murray was experiencing “minor” symptoms. The coach added that Murray will miss a minimum of five days unless he tests negative before that time.
“I haven't talked to him since he tested positive, just texting back and forth, but I know it's nothing major,” Kingsbury said.
Kingsbury said no other players had tested positive during camp.
The positive test continues an eventful few weeks for Murray, who signed a $230.5 million, five-year deal in July. He then dealt with the fallout from a unique “independent study” addendum in that contract mandating film study, and had an impromptu media availability where he passionately defended his work ethic.
The team eventually dropped the addendum from the contract.
Murray also sat out Saturday's practice with a sore right wrist. Kingsbury said that injury was “getting better.” Arizona's backup quarterback is veteran Colt McCoy, who had a 2-1 record in three starts last season.
___
More AP NFL: https://apnews.com/hub/nfl and https://twitter.com/AP_NFL | https://www.sfchronicle.com/sports/article/Cardinals-QB-Kyler-Murray-tests-positive-for-17343555.php | 2022-08-01T20:51:47Z | https://www.sfchronicle.com/sports/article/Cardinals-QB-Kyler-Murray-tests-positive-for-17343555.php | false |
GERMANTOWN, Md., Aug. 1, 2022 /PRNewswire/ -- Precigen, Inc. (Nasdaq: PGEN), a biopharmaceutical company specializing in the development of innovative gene and cell therapies to improve the lives of patients, today announced the Company will release second quarter and first half 2022 financial results after the market closes on Monday, August 8, 2022. The Company will host a conference call that day at 4:30 PM ET to discuss financial results and provide a general business update.
The conference call may be accessed by dialing 1-888-317-6003 (Domestic US), 1-866-284-3684 (Canada) or 1-412-317-6061 (International) and providing the participant access code 10169605. Participants are asked to dial in 10-15 minutes in advance of the scheduled call time to facilitate timely connection to the call.
Event details can be found on Precigen's website in the Events & Presentations section at investors.precigen.com/events-presentations.
Precigen: Advancing Medicine with Precision™ Precigen (Nasdaq: PGEN) is a dedicated discovery and clinical stage biopharmaceutical company advancing the next generation of gene and cell therapies using precision technology to target the most urgent and intractable diseases in our core therapeutic areas of immuno-oncology, autoimmune disorders, and infectious diseases. Our technologies enable us to find innovative solutions for affordable biotherapeutics in a controlled manner. Precigen operates as an innovation engine progressing a preclinical and clinical pipeline of well-differentiated therapies toward clinical proof-of-concept and commercialization. For more information about Precigen, visit www.precigen.com or follow us on Twitter @Precigen, LinkedIn or YouTube.
Cautionary Statement Regarding Forward-Looking Statements
Some of the statements made in this press release are forward-looking statements. These forward-looking statements are based upon the Company's current expectations and projections about future events and generally relate to plans, objectives, and expectations for the development of the Company's business, including the timing and progress of preclinical studies, clinical trials, discovery programs and related milestones, the promise of the Company's portfolio of therapies, and in particular its CAR-T and AdenoVerse therapies. Although management believes that the plans and objectives reflected in or suggested by these forward-looking statements are reasonable, all forward-looking statements involve risks and uncertainties, including the possibility that the timeline for the Company's clinical trials might be impacted by the COVID-19 pandemic, and actual future results may be materially different from the plans, objectives and expectations expressed in this press release. The Company has no obligation to provide any updates to these forward-looking statements even if its expectations change. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. For further information on potential risks and uncertainties, and other important factors, any of which could cause the Company's actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission.
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SOURCE Precigen, Inc. | https://www.kwch.com/prnewswire/2022/08/01/precigen-announce-second-quarter-first-half-2022-financial-results-august-8th/ | 2022-08-01T20:51:54Z | https://www.kwch.com/prnewswire/2022/08/01/precigen-announce-second-quarter-first-half-2022-financial-results-august-8th/ | true |
NEW YORK, Aug. 1, 2022 /PRNewswire/ -- Weiss Law is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of EVO Payments, Inc. ("EVO" or the "Company") (NASDAQ: EVOP), in connection with the proposed acquisition of the Company by Global Payments Inc. (NYSE: GPN). Under the terms of the merger agreement, the Company's shareholders will receive $34.00 in cash for each share of EVO common stock owned.
If you own EVO shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
https://www.weisslaw.co/news-and-cases/evop
Or please contact:
Joshua Rubin, Esq.
Weiss Law
305 Broadway, 7th Floor
New York, NY 10007
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
Weiss Law is investigating whether (i) EVO's board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the $34.00 per-share merger consideration adequately compensates EVO's shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.
Weiss Law has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com
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SOURCE Weiss Law | https://www.kbtx.com/prnewswire/2022/08/01/shareholder-alert-weiss-law-investigates-evo-payments-inc/ | 2022-08-01T20:53:02Z | https://www.kbtx.com/prnewswire/2022/08/01/shareholder-alert-weiss-law-investigates-evo-payments-inc/ | true |
Icon Protection is a collection of powerful brands known for protecting jobsites: Ram Board®, Surface Shields®, Trimaco®, and Antinox®
CLEVELAND, Aug. 1, 2022 /PRNewswire/ -- With over 1,000 years of collective industry experience among them, Ram Board, Surface Shields, Trimaco, and Antinox are united under one parent brand: Icon Protection.
Icon Protection pulls together four of the most influential, respected, and prolific names in jobsite protection. Icon Protection's focus is to prepare the jobsite for the trades, so that the craftsmanship of the trades can shine.
Ram Board is strong and reliable. Its name is so powerful that those in the trades use the words "Ram Board" as a catchall for floor protection.
Surface Shields created the category of jobsite protection and literally coined the phrase "surface protection."
With origins in the paint industry, and for over 100 years, Trimaco has delivered an innovative and extensive product line that touches many different markets.
And across the pond, Antinox has worked to become the United Kingdom's unquestionable premier supplier of products that perform exceptionally for every jobsite protection challenge.
"Creating a house of brands will unify our 500+ person team, will offer vendors and customers the ideal product portfolio, and will allow the men and women of the trades to work with purpose and pride as they strive to meet exacting and demanding expectations and deadlines," says VP of Marketing, Tim McDonough.
Together, these brands can leverage the thousands of jobsites of which they have been a part into product innovation and meaningful problem-solving. A wide range of industries will benefit from this high level of experience. These include paint and coating, construction, remodeling and drywall, flooring, automotive and marine, disaster restoration, and moving and storage. Adds McDonough, "Icon Protection will be a company that is always confidently preparing the jobsite and the trades for success."
Icon Protection is a collection of the powerful brands Ram Board, Surface Shields, Trimaco, and Antinox. Known for jobsite protection that enables the craftsmanship of the trades to shine, Icon Protection thrives on the relentless pursuit of innovation that compels them to be at the start and finish of every successful project. Visit iconprotection.com or call Nicola Rushin at 919-674-3479 for more information.
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SOURCE Icon Protection | https://www.wibw.com/prnewswire/2022/08/01/icon-protection-unites-four-pioneers-surface-protection-industry-under-one-roof/ | 2022-08-01T20:57:17Z | https://www.wibw.com/prnewswire/2022/08/01/icon-protection-unites-four-pioneers-surface-protection-industry-under-one-roof/ | false |
NEW YORK, Aug. 1, 2022 /PRNewswire/ -- Weiss Law is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of EVO Payments, Inc. ("EVO" or the "Company") (NASDAQ: EVOP), in connection with the proposed acquisition of the Company by Global Payments Inc. (NYSE: GPN). Under the terms of the merger agreement, the Company's shareholders will receive $34.00 in cash for each share of EVO common stock owned.
If you own EVO shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
https://www.weisslaw.co/news-and-cases/evop
Or please contact:
Joshua Rubin, Esq.
Weiss Law
305 Broadway, 7th Floor
New York, NY 10007
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
Weiss Law is investigating whether (i) EVO's board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the $34.00 per-share merger consideration adequately compensates EVO's shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.
Weiss Law has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com
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SOURCE Weiss Law | https://www.kfyrtv.com/prnewswire/2022/08/01/shareholder-alert-weiss-law-investigates-evo-payments-inc/ | 2022-08-01T20:58:11Z | https://www.kfyrtv.com/prnewswire/2022/08/01/shareholder-alert-weiss-law-investigates-evo-payments-inc/ | false |
Man who stormed Capitol with gun gets 87 months in prison
WASHINGTON (AP) — A Texas man convicted of storming the U.S. Capitol with a holstered handgun, helmet and body armor was sentenced Monday to more than seven years in prison, the longest sentence imposed so far among hundreds of Capitol riot cases.
Prosecutors said Guy Reffitt told fellow members of the Texas Three Percenters militia group that he planned to drag House Speaker Nancy Pelosi out of the Capitol building by her ankles, “with her head hitting every step on the way down,” according to a court filing.
Reffitt’s prison sentence — seven years and three months — is two years more than the previous longest prison sentence for a Capitol riot defendant. But it’s less than half the length of the 15-year prison term requested by a federal prosecutor, who called Reffitt a domestic terrorist and said he wanted to physically remove and replace members of Congress.
Reffitt was the first person to go on trial for the Jan. 6, 2021, attack, in which supporters of then-President Donald Trump halted the joint session of Congress for certifying Joe Biden’s 2020 electoral victory.
U.S. District Judge Dabney Friedrich, who presided over Reffitt’s jury trial, also sentenced him to three years of supervised release after his prison term and ordered him to pay $2,000 in restitution.
Justice Department prosecutors recommended a 15-year prison sentence for Reffitt, who already has been jailed for approximately 19 months. They said he was a militia group member who intended to drag lawmakers out of the building and take over Congress to stop the certification of the Electoral College vote.
Sentencing guidelines calculated by the court’s probation department called for a sentence ranging from nine years to 11 years and three months. Prosecutors argued that an “upward departure for terrorism” was warranted in Reffitt’s case.
The longest sentence before Reffitt’s was five years and three months, for two men who pleaded guilty to assaulting police officers at the Capitol.
Defense attorney Clinton Broden asked for Reffitt to be sentenced to no more than two years in prison. Broden noted that Reffitt didn’t assault any law enforcement officers or enter the Capitol building.
Videos captured the confrontation between outnumbered Capitol police officers and a mob of people, including Reffitt, who approached them on the west side of the Capitol.
Reffitt was armed with a Smith & Wesson pistol in a holster on his waist, carrying zip-tie handcuffs and wearing body armor and a helmet equipped with a video camera when he advanced on the officers, according to prosecutors. He retreated after an officer pepper sprayed him in the face, but he waved on other rioters who ultimately breached the building, prosecutors said.
Reffitt didn’t testify at his trial before jurors convicted him in March of all five counts in his indictment. The jury found him guilty of obstructing Congress’ joint session, of interfering with police officers outside the Capitol and of threatening his two teenage children if they reported him to law enforcement.
Reffitt’s 19-year-old son, Jackson, testified that his father told him and his sister, then 16, that they would be traitors if they reported him to authorities and warned them that “traitors get shot.”
Guy Reffitt was a member of the Texas Three Percenters militia group, according to prosecutors. The Three Percenters movement refers to the myth that only 3% of Americans fought in the Revolutionary War against the British.
Reffitt lived with his wife and children in Wylie, Texas, a Dallas suburb. He drove to Washington, D.C., with Rocky Hardie, a fellow member of the militia group.
Hardie testified that both of them were armed with holstered handguns when they attended Trump’s “Stop the Steal” rally before the riot. Hardie also said Reffitt gave him two pairs of zip-tie cuffs in case they needed to detain anybody.
More than 840 people have been charged with federal crimes related to the riot. Over 340 of them have pleaded guilty, mostly to misdemeanors. More than 220 have been sentenced, with nearly half of them receiving terms of imprisonment. Approximately 150 others have trial dates stretching into 2023.
Reffitt is one of seven Capitol riot defendants to get a jury trial so far. Jurors have unanimously convicted all seven of them on all counts in their respective indictments.
___
Follow AP’s coverage of the Jan. 6 committee hearings at https://apnews.com/hub/capitol-siege.
Copyright 2022 The Associated Press. All rights reserved. | https://www.wsaz.com/2022/08/01/man-who-stormed-capitol-with-gun-gets-87-months-prison/ | 2022-08-01T20:59:44Z | https://www.wsaz.com/2022/08/01/man-who-stormed-capitol-with-gun-gets-87-months-prison/ | false |
Tuesday support meetings
Alcoholics Anonymous: 8:30 a.m., 500 S. Wolcott; noon, 500 S. Wolcott; 2 p.m., 917 N. Beech; 5:30 p.m., 1124 N. Elma; 5:30 p.m., 508 Wyoming Blvd.; 7 p.m., 520 CY; 7 p.m., 500 S. Wolcott (closed); 7 p.m., 917 N. Beech; 7 p.m., 804 S. Wolcott, east side door. Unless otherwise noted, all meetings are open. Casper info: 266-9578. Narcotics Anonymous: Noon, 500 S. Wolcott, 12-24 Club; 7 p.m., 441 S. Center St., Salvation Army. Web site: urmrna.org
Sharing meeting: 8 p.m., 328-1/2 E. A St. upstairs. Non-smoking. Featuring AA and Al Anon participation in the solution.
Parkinson’s exercise group
This exercise class is open to anyone with Parkinson’s Disease and focuses on improving balance, endurance, safety, and managing symptoms. It is open to all ages and the class can be tailored to meet varying exercise needs. The cost of the class is $5.
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The group meets Tuesdays from noon to 1 p.m. at Rocky Mountain Therapy, 2546 East 2nd Street, Building #500. If you have any questions call 577-5204 or 237-1200.
Weekly Grief Share meetings set
Grief Share is a support group to support and encourage you during your grief journey. After the funeral, when the cards and flowers stop coming, most of the people around you return to their normal lives. But your grief continues and you feel alone. Often, friends and family want to help you, but don’t know how. That’s the reason for Grief Share. Our group is led by caring people who have experienced grief and have successfully rebuilt their lives. We understand how you feel because we’ve been in the same place. We will walk with your on the long path through grief toward healing and hope for the future. We meet weekly on Tuesdays at Highland Park Community Church, 5725 Highland Dr., Casper, at 6:30 p.m., in room 1327. There is a $20 fee for the book (scholarships available).
For more information please call Vickie Obermueller at 262-8024 or The Healing Place at 265-3977. | https://trib.com/announcements/other/town-crier-tuesdays-highlights/article_35d11798-11bc-11ed-bb0b-2f19cfcf74e3.html | 2022-08-01T21:00:19Z | https://trib.com/announcements/other/town-crier-tuesdays-highlights/article_35d11798-11bc-11ed-bb0b-2f19cfcf74e3.html | true |
Flight passenger fined nearly $1,900 after McMuffins found in luggage
Published: Aug. 1, 2022 at 3:47 PM CDT|Updated: 13 minutes ago
(CNN) – A hungry traveler may have just paid for the most expensive McDonald’s breakfast ever.
The passenger traveling from Indonesia to Australia is being fined $1,874 for leaving two undeclared egg and beef sausage McMuffins and a ham croissant in their luggage.
A biosecurity dog sniffed out the sandwiches, which were then sent to be tested for foot and mouth disease.
Before this incident, Australian authorities introduced new biosecurity rules after a foot and mouth disease outbreak in Indonesia spread to Bali.
Copyright 2022 CNN Newsource. All rights reserved. | https://www.wbay.com/2022/08/01/flight-passenger-fined-nearly-1900-after-mcmuffins-found-luggage/ | 2022-08-01T21:00:18Z | https://www.wbay.com/2022/08/01/flight-passenger-fined-nearly-1900-after-mcmuffins-found-luggage/ | true |
- Brian Savoy named chief financial officer
- Steve Young named chief commercial officer
CHARLOTTE, N.C., Aug. 1, 2022 /PRNewswire/ -- Duke Energy (NYSE: DUK) today announced executive appointments for its chief financial officer and chief commercial officer positions, effective Sept. 1, 2022.
Brian Savoy, currently executive vice president and chief strategy and commercial officer, will become executive vice president and chief financial officer, succeeding Steve Young.
As CFO, Savoy will oversee the company's financial function, including the controller's office, treasury, tax, financial planning, risk management, and insurance. He will also have responsibility for corporate development and enterprise strategy.
Prior to his current role, Savoy served as senior vice president and chief transformation and administrative officer. Previously, he served as chief accounting officer and controller. He joined Duke Energy in 2001 as a manager in the company's energy trading unit, and has since held a number of leadership positions throughout the company.
"Brian's deep financial acumen and broad business experience have prepared him well for this role, allowing for a seamless transition," said Lynn Good, chair, president and CEO. "Brian will play a critical role in advancing our clean energy strategy to cost-effectively achieve net-zero while delivering sustainable value to our customers and shareholders."
Steve Young, currently executive vice president and chief financial officer, will become executive vice president and chief commercial officer.
In his new role, Young will have responsibility for commercial renewables, the natural gas business unit, enterprise technology and security, business ventures and development, distributed energy solutions, regulated renewables development, and strategies to transform the company's generation and transmission assets to achieve its net-zero carbon emission goals.
Throughout his Duke Energy career, which began in 1980, Young has held numerous leadership roles in areas including finance, bulk power and system planning and operations. Before becoming CFO in 2013, he served as Duke Energy's senior vice president and chief accounting officer and controller.
"Steve is an incredible leader who has played an instrumental role in shaping Duke Energy into the company we are today," said Good. "In his new position, he will use his vast experience to ensure alignment between the functions in his organization and our business strategy."
The company also announced the following changes:
- Kodwo Ghartey-Tagoe, executive vice president, chief legal officer and corporate secretary, will add the Administrative Services organization to his current responsibilities.
- Harry Sideris, executive vice president, customer experience, solutions and services, will broaden his responsibilities to include the Supply Chain organization.
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 28,000 people.
Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business and at least a 50% carbon reduction from electric generation by 2030 and net-zero carbon emissions by 2050. The 2050 net-zero goals also include Scope 2 and certain Scope 3 emissions. In addition, the company is investing in major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear.
Duke Energy was named to Fortune's 2022 "World's Most Admired Companies" list and Forbes' "America's Best Employers" list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
Media contact: Neil Nissan
800.559.3853
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SOURCE Duke Energy | https://www.wsaz.com/prnewswire/2022/08/01/duke-energy-announces-new-leadership-appointments/ | 2022-08-01T21:01:47Z | https://www.wsaz.com/prnewswire/2022/08/01/duke-energy-announces-new-leadership-appointments/ | false |
Univar Solutions Reports Strong 2022 Second Quarter Financial Results and Raises Full-Year 2022 Guidance
Published: Aug. 1, 2022 at 3:15 PM CDT|Updated: 46 minutes ago
DOWNERS GROVE, Ill., Aug. 1, 2022 /PRNewswire/ -- Univar Solutions Inc. (NYSE: UNVR) ("Univar Solutions" or "the Company"), a leading global solutions provider to users of specialty ingredients and chemicals, today announced the Company financial results for the second quarter ended June 30, 2022.
Second Quarter 2022 Highlights
Strong net income of $162.9 million was 6.3 percent higher than the $153.2 million reported in the prior-year second quarter. Adjusted net income(1) of $169.3 million compared to $97.4 million in the prior-year second quarter.
Earnings per diluted share improved to $0.96 compared to $0.90 per diluted share in the prior-year second quarter. Adjusted earnings per diluted share(1) increased to $1.00 from $0.57 in the prior-year second quarter.
Strong Adjusted EBITDA(1) was $291.6 million compared to $197.5 million in the prior-year second quarter. Adjusted EBITDA margin(1) of 9.7 percent improved from 8.2 percent in the prior-year second quarter.
Net cash provided by operating activities decreased to $48.2 million from $83.7 million in the prior- year second quarter.
Leverage ratio(1) was 2.2x at June 30, 2022, compared to 2.4x at March 31, 2022.
Share repurchases returned $81 million of capital to shareholders during the second quarter.
Full-year Adjusted EBITDA(1) guidance increased to the range of $1,040 million to $1,080 million.
Univar Solutions Reports Strong 2022 Second Quarter Financial Results and Raises Full-Year 2022 Guidance
"The outstanding results we have delivered for eight straight quarters demonstrate the sound execution of our strategy of putting the customer at the centre of all we do, supported by continued excellent operational execution by our dedicated and talented team," said David Jukes, president, and chief executive officer. "Creating value for both customers and suppliers, we are building robust competitive moats, seeing improvement in our NPS scores and market share gains. Looking forward, we remain focused on the execution of our strategy and delivering market share growth both organically and inorganically. We are confident in our ability to capitalize on evolving global trends as we leverage our asset base, extensive private transportation fleet, digital capabilities, and long-standing commitment to our ESG goals."
Company Performance
Univar Solutions operating performance results are described below and, unless otherwise indicated, are a comparison of second quarter 2022 results with second quarter 2021 results.
Consolidated Results
Univar Solutions reported net sales of $3.0 billion, an increase of 26.0 percent on a reported basis and 30.2 percent on a constant currency basis(1) compared to the prior-year second quarter. Higher sales were attributable to our pricing discipline in inflationary markets and market share gains.
Gross profit (exclusive of depreciation) of $736.0 million increased 22.2 percent on a reported basis and 26.0 percent on a constant currency basis(1). Higher gross profit was driven primarily by our pricing discipline in inflationary markets, operational execution, and market share gains, and partially offset by higher input cost inflation. Gross margin decreased 80 basis points to 24.4 percent compared to the prior-year second quarter, primarily due to higher input cost inflation, partially offset by our pricing discipline in inflationary markets.
Net income was $162.9 million, or $0.96 per diluted share, compared to net income of $153.2 million, or $0.90 per diluted share, in the prior-year second quarter. The increase was primarily due to higher gross profit (exclusive of depreciation), partially offset by higher taxes. The 2021 second quarter also reflected a gain from the Distrupol divestiture.
Adjusted earnings per diluted share(1) of $1.00 in the quarter increased from $0.57 in the prior-year second quarter primarily due to higher net income.
Adjusted EBITDA(1) of $291.6 million increased $94.1 million, or 47.6 percent, compared to the prior-year second quarter, or an increase of 52.7 percent on a constant currency basis(1). The increase was primarily driven by higher gross profit, partially offset by higher outbound freight and handling, as well as higher Warehousing, Selling and Administrative (WS&A) costs.
Net cash provided by operating activities decreased to $48.2 million from $83.7 million in the second quarter last year, primarily driven by higher net working capital use due to chemical price inflation.
Liquidity was $1,011.8 million as of June 30, 2022, inclusive of $234.8 million of cash on hand and availability under committed, asset-based credit facilities.
Segment Results
USA:
USA external sales increased 31.3 percent during the quarter, primarily due to our pricing discipline in inflationary markets and market share gains.
Gross profit (exclusive of depreciation) increased by 29.7 percent, primarily driven by our pricing discipline in inflationary markets, operational execution, and market share gains, partially offset by input cost inflation. Gross margin decreased 40 basis points to 25.1 percent, primarily driven by input cost inflation, partially offset by our pricing discipline in inflationary markets.
Adjusted EBITDA(1) increased 58.1 percent to $198.6 million, primarily driven by higher gross profit, partially offset by higher outbound freight and handling as well as WS&A. The increase in WS&A was primarily due to higher operating costs and variable compensation, partially offset by net synergies. Adjusted EBITDA margin(1) increased by 170 basis points to 10.1 percent, reflecting the business operating leverage.
EMEA:
EMEA external sales increased 8.6 percent, or 26.9 percent on a constant currency basis(1). The increase was primarily due to our pricing discipline in inflationary markets and market share gains.
Gross profit (exclusive of depreciation) increased 1.9 percent, or 18.5 percent on a constant currency basis(1), primarily driven by our pricing discipline in inflationary markets, operational execution, and market share gains. Gross margin decreased 160 basis points to 23.8 percent, driven by input cost inflation, partially offset by our pricing discipline in inflationary markets.
Adjusted EBITDA(1) increased 5.4 percent to $50.4 million on a reported basis, or 24.7 percent on a constant currency basis(1), compared to the prior-year second quarter. This increase was primarily driven by higher gross profit. Adjusted EBITDA margin(1) decreased 30 basis points to 9.2 percent, primarily due to lower gross margin, partially offset by the business operating leverage.
CANADA:
Canada external sales increased by 25.0 percent, or 29.8 percent on a constant currency basis(1), primarily due to our pricing discipline in inflationary markets and market share gains.
Gross profit (exclusive of depreciation) increased by 18.0 percent, or 22.9 percent on a constant currency basis(1). The increase was primarily driven by our pricing discipline in inflationary markets, operational execution, and market share gains, partially offset by input cost inflation. Gross margin decreased 140 basis points to 23.3 percent, primarily driven by input cost inflation, partially offset by our pricing discipline in inflationary markets.
Adjusted EBITDA(1) increased 28.0 percent to $32.0 million, or 33.6 percent on a constant currency basis(1) compared to the prior year. The increase in Adjusted EBITDA(1) was primarily due to higher gross profit, partially offset by higher WS&A, which was impacted by higher operating costs and variable compensation. Adjusted EBITDA margin(1) increased by 20 basis points to 10.7 percent, reflecting the business operating leverage.
LATAM:
LATAM external sales increased by 32.8 percent, or 30.1 percent on a constant currency basis(1), largely due to our pricing discipline in inflationary markets and the Sweetmix acquisition.
Gross profit (exclusive of depreciation) increased by 21.4 percent, or 17.9 percent on a constant currency basis(1), primarily due to our pricing discipline in inflationary markets and the Sweetmix acquisition, partially offset by input cost inflation. Gross margin decreased 190 basis points to 20.3 percent, primarily driven by input cost inflation, partially offset by our pricing discipline in inflationary markets.
Adjusted EBITDA(1) increased 21.8 percent to $16.2 million on a reported basis, or 18.0 percent on a constant currency basis(1). Adjusted EBITDA(1) increased primarily due to higher gross profit, partially offset by higher WS&A given increased corporate cost allocation as a result of the SAP implementation and higher operating costs. Adjusted EBITDA margin(1) decreased 70 basis points to 8.1 percent, primarily due to lower gross margin, partially offset by the business operating leverage.
Outlook
The Company expects Adjusted EBITDA(1) to be between $240 million and $260 million for the third quarter of 2022 as compared to $210.9 million for the third quarter of 2021. For full-year 2022, Adjusted EBITDA(1) is expected to increase to a range of $1,040 million to $1,080 million, as compared to $797.7 million for full-year 2021. Our forecast reflects anticipated continued strong operational execution, market share growth and cost management. Net Free Cash Flow(1) for full-year 2022 is expected to be in a range of $400 million to $450 million.
The Company reaffirms its commitment to its objectives and expects to deliver:
Ingredients & Specialties (I&S) organic delivered gross profit(1) growth of greater than 200 basis points above economic consensus
Productivity improvements through Value Capture to maintain WS&A to Gross Profit(1) ratio of less than 50 percent
Adjusted EBITDA(1) margins of greater than 9 percent
50 percent Net Free Cash Flow(1) conversion
Deliver greater than 15 percent Return on Invested Capital (ROIC)(1)
Maintain leverage between 2.0x and 2.5x
Accretive strategic M&A
Average annual capital return to shareholders of 20 percent to 30 percent of Adjusted Net Income(1)
The majority of the Company's debt obligations mature in 2026 and beyond and the Company is in full compliance with the covenants under its credit agreements as of June 30, 2022.
Conference Call and Webcast Details
The Company will host a webcast with investors to discuss second quarter 2022 results at 9:00 a.m. ET on August 2, 2022, which can be accessed on the Investor Relations section of its website at http://investors.univarsolutions.com. After the live webcast, a replay of the webcast will be available on the same website until August 2, 2024.
About Univar Solutions
Univar Solutions (NYSE: UNVR) is a leading global specialty chemical and ingredient distributor representing a premier portfolio from the world's leading producers. With the industry's largest private transportation fleet and technical sales force, unparalleled logistics know-how, deep market and regulatory knowledge, formulation and recipe development, and leading digital tools, the Company is well-positioned to offer tailored solutions and value-added services to a wide range of markets, industries, and applications. While fulfilling its purpose to help keep communities healthy, fed, clean and safe, Univar Solutions is committed to helping customers and suppliers innovate and focus on Growing Together. Learn more at www.univarsolutions.com.
Use of Non-GAAP Measures
In this press release, the Company's financial results are provided both in accordance with accounting principles generally accepted in the United States of America (GAAP) and using certain Non-GAAP financial measures. In particular, the Company presents the Non-GAAP financial measures of gross profit (exclusive of depreciation), gross margin (defined as gross profit (exclusive of depreciation) divided by net sales on a consolidated basis and by external sales on a segment level, as applicable), delivered gross profit (defined as gross profit (exclusive of depreciation) less outbound freight and handling, Adjusted EBITDA, Adjusted EBITDA margin (defined as Adjusted EBITDA divided by net sales on a consolidated basis and by external sales on a segment level, as applicable), Adjusted net income, Adjusted earnings per diluted share, leverage ratio, net free cash flow, ROIC (defined as the last twelve months ("LTM") Adjusted Net Income divided by Net Assets Deployed) and results on a constant currency basis. The Non-GAAP financial measures are included as a complement to results provided in accordance with GAAP because management believes these Non-GAAP financial measures help investors' ability to analyze underlying trends in the Company's business, evaluate its performance relative to other companies in its industry and provide useful information to both management and investors by excluding certain items that may not be indicative of the Company's core operating results. Additionally, the Company has used, and may continue to use, Adjusted EBITDA and Adjusted earnings per diluted share in setting performance incentive targets to more closely align management compensation with operational performance.
The Company evaluates its results of operations on both an as reported and a constant currency basis. The constant currency presentation is a Non-GAAP financial measure, which excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing information on a constant currency basis provides valuable supplemental information regarding its results of operations, consistent with how it evaluates its performance. The Company calculates constant currency percentages and other information by converting its financial results in local currency for a period using the average exchange rate for the prior period to which it is comparing.
The Non-GAAP financial measures noted above are not calculated in accordance with GAAP and should not be considered a substitute for any other measure of financial performance presented in accordance with GAAP. Additionally, other companies may calculate Adjusted EBITDA and other such metrics differently than the Company does, limiting their usefulness as comparative measures. For further information related to the Company's use of non-GAAP financial measures, and reconciliations to the most directly comparable GAAP measures, see the schedules attached hereto.
Forward-Looking Statements
This press release includes certain statements relating to future events and our intentions, beliefs, expectations, and outlook for the future, which are "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, as amended, including, without limitation, statements regarding the impacts of the effects of COVID-19 on the Company, the Company's anticipated future results and financial performance, liquidity position and cash flows, actions regarding expense control and cost reductions, expected net synergies from the Nexeo acquisition, capital expenditures and other statements regarding the Company's Streamline 2022 Program and other initiatives. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company's control. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions. A detailed discussion of these factors and uncertainties is contained in the Company's filings with the Securities and Exchange Commission. Potential factors that could affect such forward-looking statements include, among others: general economic conditions, particularly fluctuations in industrial production and consumption and the timing and extent of economic downturns and potential recoveries the sustained geographic spread of the COVID-19 pandemic; the duration and severity of the COVID-19 pandemic; current and new actions that may be taken by governmental authorities to address or otherwise mitigate the impact of the COVID-19 pandemic; the potential negative impacts of COVID-19 on the global economy and our employees, customers, vendors and suppliers; the overall impact of the COVID-19 pandemic on our business, results of operations and financial condition; significant changes in the business strategies of producers or in the operations of our customers; increased competitive pressures, including as a result of competitor consolidation; significant changes in the pricing, demand and availability of chemicals; our indebtedness, the restrictions imposed by and costs associated with our debt instruments, and our ability to obtain additional financing; the broad spectrum of laws and regulations that we are subject to, including extensive environmental, health and safety laws and regulations; potential business disruptions and security breaches, including cybersecurity incidents; an inability to generate sufficient working capital; increases in transportation and fuel costs and changes in our relationship with third party providers; accidents, safety failures, environmental damage, product quality issues; delivery failures or potential hazards and risks related to our operations and the hazardous materials we handle, potential inability to obtain adequate insurance coverage; ongoing litigation; potential product liability claims and recalls and other environmental, legal and regulatory risks; challenges associated with international operations; exposure to interest rate and currency fluctuations; risks associated with integration of legacy business systems; possible impairment of goodwill and intangible assets; an inability to integrate the business and systems of the companies we acquire, including failure to realize the anticipated benefits of such acquisitions; negative developments affecting our pension plans and multi-employer pensions; labor disruptions associated with the unionized portion of our workforce; our ability to attract or retain a qualified and diverse workforce; our ability to execute on our strategies related to environmental, social, and governance matters, and achieve related expectations may be impacted as a result of evolving regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs and the availability of requisite financing and changes in carbon markets; and the other factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as well as other filings with the Securities and Exchange Commission. We caution you that the forward-looking information presented in this press release is not a guarantee of future events or results, and that actual events or results may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek, "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.wibw.com/prnewswire/2022/08/01/univar-solutions-reports-strong-2022-second-quarter-financial-results-raises-full-year-2022-guidance/ | 2022-08-01T21:01:54Z | https://www.wibw.com/prnewswire/2022/08/01/univar-solutions-reports-strong-2022-second-quarter-financial-results-raises-full-year-2022-guidance/ | false |
Today,
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Man dead after incident at industrial site | https://www.bbc.co.uk/news/topics/c7yjndd5941t | 2022-08-01T21:02:32Z | https://www.bbc.co.uk/news/topics/c7yjndd5941t | false |
FOXBOROUGH — It’s a question that’s been asked ad nauseum since Josh McDaniels signed on with the Raiders.
“Who’s running the Patriots offense?”
Bill Belichick declined to name an official successor to McDaniels as offensive coordinator, though he did put two guys he has tremendous faith in — Matt Patricia and Joe Judge — in key offensive roles.
And there’s the answer. It’s Belichick, Patricia, and Judge who will collaborate to put together what has been labeled a more streamlined offense for quarterback Mac Jones, who also will have input.
The exact game-day roles — such as who has final say and whose voice will be in Jones’s head (or helmet at least) — might be known only behind closed doors at this point, but the people who need to know likely already know.
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A collaborative work environment is hardly a new idea at One Patriot Place, where Belichick has always welcomed his staff’s input. Belichick is a great teacher, but he’s also a keen listener and is adept at adapting.
Patricia, who described the practice preparation as a “divide and conquer” mentality, was asked if there was a danger in having too many voices.
“I think the good thing is that as an offensive staff that’s out there, we really try to split a lot of the meetings and everyone tries to input in different areas so that it’s not just always the same person up there all the time and kind of giving all the information,” Patricia said Monday before the first full-pads practice of training camp.
“So, I think everyone has little areas of expertise. And part of this is as a coach and developing coaches, you want them to grow too. And you want them to get up in front of the room and be able to present an area, that may be the run game or pass protection or the routes or whatever it may be.
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“So, we really kind of look at it as just a shared responsibility right now.”
Judge, in his second stint in New England, is working on getting on the same page with all his players.
“You find out things about guys every day; you can’t fast-forward a relationship,” he said. “You’ve got to build on it every day and that comes in building trust and that comes in just learning each other and how to work with each other and what that guys needs to help him be at his best.
“That’s my priority — to help our players go out and execute at their absolute best every day.”
Through five days of camp, Patricia (senior football adviser/offensive line) and Judge (offensive assistant/quarterbacks) are never far from Belichick during team periods, which include seven-on-seven and 11-on-11 drills.
“While you might see me and Matt and Coach doing things together, that’s universal across the staff,” said Judge.
All carry sheets with plays the three of them helped script the night before. So, whether it’s Patricia or Judge, both of whom have head coaching experience at the NFL level, talking into the walkie-talkie to deliver the call to Jones, there’s no scheming going on. It’s more about installation and evaluation. Seeing what works.
“You’ve got to play to your players’ strengths,” said Judge. “You want your guys to go out there and play aggressive. So, when you’re dealing with a number of guys in signal-caller positions, whether it be a quarterback, a center, or whoever it may be, guys with experience, you want to know what they’re comfortable with. You want to know what you have to help push them through.
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“You’ve got to play the game the way they see it. You can put in the greatest play in the world on paper [but] if you go out there and they’re not comfortable with it, you have to make an adjustment or move on to something else.”
The main focal point for the trio is Jones’s development. The second-year quarterback drew rave reviews from Belichick for his offseason body of work, and Patricia also has been duly impressed.
“He really sees the game well for a young guy,” said Patricia. “I’ve been around a lot of players, and sometimes in that first year you’re just trying to hang in there and absorb as much as you can. But I feel like he just blew right past all that and dove into the mentality of what he is. [He’s] competitive, sees the game really well, and is intuitive.’’
When it comes to decisions about Jones, the offense, or any other area, Patricia indicated that it’s comforting to have someone whose résumé is unmatched at the head of the table.
“We have an established culture here where we understand there’s input that comes across the board,” said Patricia. “Certainly, when a hard decision needs to be made, we’re lucky our head coach is involved in all aspects of the game and has an expertise above anyone else. So when we need a push in either direction, we can rely on him to get us through the sticky points.”
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NEW YORK (AP) _ Varonis Systems Inc. (VRNS) on Monday reported a loss of $36.3 million in its second quarter.
The New York-based company said it had a loss of 33 cents per share. Earnings, adjusted for one-time gains and costs, were less than 1 cent on a per-share basis.
The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 1 cent per share.
The data-management software company posted revenue of $111.4 million in the period, which met Street forecasts.
For the current quarter ending in October, Varonis expects its per-share earnings to range from 5 cents to 6 cents.
The company said it expects revenue in the range of $123 million to $125.5 million for the fiscal third quarter.
Varonis expects full-year earnings in the range of 19 cents to 22 cents per share, with revenue ranging from $485 million to $490 million.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VRNS at https://www.zacks.com/ap/VRNS | https://www.seattlepi.com/business/article/Varonis-Q2-Earnings-Snapshot-17343727.php | 2022-08-01T21:11:39Z | https://www.seattlepi.com/business/article/Varonis-Q2-Earnings-Snapshot-17343727.php | false |
Today,
High of 18°
Low of 14°
Tuesday 2 August,Tue 2nd
High of 22°
Low of 15°
Wednesday 3 August,Wed 3rd
High of 19°
Low of 9°
Thursday 4 August,Thu 4th
High of 17°
Low of 8°
Friday 5 August,Fri 5th
High of 16°
Gamekeeper who kept photos of fighting dogs jailed
Serial rapist tightened noose around woman's neck
Scriptorium opens new chapter at Arbroath Abbey
How hot is it where you are?
Two in hospital after serious collision on A90
Your pictures of Scotland | https://www.bbc.co.uk/news/topics/c90ek44g618t | 2022-08-01T21:11:43Z | https://www.bbc.co.uk/news/topics/c90ek44g618t | true |
ST. LOUIS, Aug. 1, 2022 /PRNewswire/ -- Centene Corporation (NYSE: CNC) ("Centene" or the "Company") announced that it has filed a preliminary proxy statement with the Securities and Exchange Commission in connection with a special stockholders meeting to approve amendments to Centene's Amended and Restated Certificate of Incorporation to enhance the Company's corporate governance. The proposed amendments include immediately declassifying the Board so that the terms of all of the Company's current directors will end at the 2023 Annual Meeting of Stockholders and all director nominees will stand for election annually, removing the current prohibition on stockholders calling special meetings and, subject to certain terms and conditions, permitting stockholders to act by written consent. The Company currently plans to hold the special meeting late in the third quarter or early fourth quarter of this year.
In connection with approving these proposed amendments, Centene's Board of Directors approved an amendment to the Company's Amended and Restated By-Laws to permit stockholders holding at least 10% of the outstanding shares of our common stock to call a special meeting, subject to certain terms and conditions. The effectiveness of this amendment is contingent on stockholder approval of the proposed amendment to the Amended and Restated Certificate of Incorporation to remove the prohibition on stockholders calling special meetings.
Additionally, James Dallas, Chairman of the Board, has informed the Board that he plans to oversee the implementation of the proposed amendments and then will step down as Chairman of the Board by the 2023 Annual Meeting of Stockholders. Subsequently, Mr. Dallas will remain a director of the Company, and with passage of the declassification amendment, intends to stand for reelection as a director in 2023.
"We are very grateful to James Dallas for guiding the Centene Board of Directors through a significant evolution of the Company's governance structure over the course of 2022," said Sarah London, Chief Executive Officer of Centene. "With the announcement of our special meeting later this year, the Centene Board is demonstrating its further commitment to enhancing our governance structure for the benefit of all shareholders. James' support and leadership has been instrumental in prioritizing and executing on this important work."
About Centene Corporation
Centene Corporation, a Fortune 500 company, is a leading healthcare enterprise that is committed to helping people live healthier lives. The Company takes a local approach – with local brands and local teams – to provide fully integrated, high-quality, and cost-effective services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. Centene offers affordable and high-quality products to nearly 1 in 15 individuals across the nation, including Medicaid and Medicare members (including Medicare Prescription Drug Plans) as well as individuals and families served by the Health Insurance Marketplace, the TRICARE program, and individuals in correctional facilities. The Company also serves several international markets, and contracts with other healthcare and commercial organizations to provide a variety of specialty services focused on treating the whole person. Centene focuses on long-term growth and value creation as well as the development of its people, systems, and capabilities so that it can better serve its members, providers, local communities, and government partners.
Centene uses its investor relations website to publish important information about the Company, including information that may be deemed material to investors. Financial and other information about Centene is routinely posted and is accessible on Centene's investor relations website, https://investors.centene.com/.
Forward-Looking Statements
All statements, other than statements of current or historical fact, contained in this press release are forward-looking statements. Without limiting the foregoing, forward-looking statements often use words such as "believe," "anticipate," "plan," "expect," "estimate," "intend," "seek," "target," "goal," "may," "will," "would," "could," "should," "can," "continue" and other similar words or expressions (and the negative thereof). Centene (the Company, our, or we) intends such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for purposes of complying with these safe-harbor provisions. In particular, these statements include, without limitation, statements about our future operating or financial performance, market opportunity, value creation strategy, competition, expected activities in connection with completed and future acquisitions and dispositions, including statements about the impact of our recently completed acquisition of Magellan Health, Inc. (the Magellan Acquisition), other recent and future acquisitions and dispositions, our investments and the adequacy of our available cash resources. These forward-looking statements reflect our current views with respect to future events and are based on numerous assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions, business strategies, operating environments, future developments and other factors we believe appropriate. By their nature, forward-looking statements involve known and unknown risks and uncertainties and are subject to change because they relate to events and depend on circumstances that will occur in the future, including economic, regulatory, competitive and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions. All forward-looking statements included in this press release are based on information available to us on the date hereof. Except as may be otherwise required by law, we undertake no obligation to update or revise the forward-looking statements included in this press release, whether as a result of new information, future events or otherwise, after the date hereof. You should not place undue reliance on any forward-looking statements, as actual results may differ materially from projections, estimates, or other forward-looking statements due to a variety of important factors, variables and events including, but not limited to: our ability to accurately predict and effectively manage health benefits and other operating expenses and reserves, including fluctuations in medical utilization rates due to the ongoing impact of COVID-19; the risk that the election of new directors, changes in senior management, and any inability to retain key personnel may create uncertainty or negatively impact our ability to execute quickly and effectively; uncertainty as to the expected financial performance of the combined company following the recent completion of the Magellan Acquisition; the possibility that the expected synergies and value creation from the Magellan Acquisition or the acquisition of WellCare Health Plans, Inc. (the WellCare Acquisition) or other acquired businesses will not be realized, or will not be realized within the respective expected time periods; disruption from the integration of the Magellan Acquisition or the WellCare Acquisition, unexpected costs, or similar risks from other acquisitions or dispositions we may announce or complete from time to time, including potential adverse reactions or changes to business relationships with customers, employees, suppliers or regulators, making it more difficult to maintain business and operational relationships; the risk that the closing conditions, including applicable regulatory approvals, for the pending dispositions of Magellan Rx and our Spanish and Central European businesses, may be delayed or not obtained; impairments to real estate, investments, goodwill and intangible assets; a downgrade of the credit rating of our indebtedness; competition; membership and revenue declines or unexpected trends; changes in healthcare practices, new technologies, and advances in medicine; increased healthcare costs; changes in economic, political or market conditions; changes in federal or state laws or regulations, including changes with respect to income tax reform or government healthcare programs as well as changes with respect to the Patient Protection and Affordable Care Act and the Health Care and Education Affordability Reconciliation Act (collectively referred to as the ACA) and any regulations enacted thereunder that may result from changing political conditions, the new administration or judicial actions; rate cuts or other payment reductions or delays by governmental payors and other risks and uncertainties affecting our government businesses; our ability to adequately price products; tax matters; disasters or major epidemics; changes in expected contract start dates; provider, state, federal, foreign and other contract changes and timing of regulatory approval of contracts; the expiration, suspension, or termination of our contracts with federal or state governments (including, but not limited to, Medicaid, Medicare, TRICARE or other customers); the difficulty of predicting the timing or outcome of legal or regulatory proceedings or matters, including, but not limited to, our ability to resolve claims and/or allegations made by states with regard to past practices, including at Envolve Pharmacy Solutions, Inc. (Envolve), as our pharmacy benefits manager (PBM) subsidiary, within the reserve estimate we recorded in 2021 and on other acceptable terms, or at all, or whether additional claims, reviews or investigations relating to our PBM business will be brought by states, the federal government or shareholder litigants, or government investigations; the timing and extent of benefits from strategic value creation initiatives, including the possibility that these initiatives will not be successful, or will not be realized within the expected time periods; challenges to our contract awards; cyber-attacks or other privacy or data security incidents; the exertion of management's time and our resources, and other expenses incurred and business changes required in connection with complying with the undertakings in connection with any regulatory, governmental or third party consents or approvals for acquisitions or dispositions; any changes in expected closing dates, estimated purchase price and accretion for acquisitions or dispositions; restrictions and limitations in connection with our indebtedness; our ability to maintain or achieve improvement in the Centers for Medicare and Medicaid Services (CMS) Star ratings and maintain or achieve improvement in other quality scores in each case that can impact revenue and future growth; the availability of debt and equity financing on terms that are favorable to us; inflation; foreign currency fluctuations; and risks and uncertainties discussed in the reports that Centene has filed with the Securities and Exchange Commission. This list of important factors is not intended to be exhaustive. We discuss certain of these matters more fully, as well as certain other factors that may affect our business operations, financial condition and results of operations, in our filings with the Securities and Exchange Commission (SEC), including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Due to these important factors and risks, we cannot give assurances with respect to our future performance, including without limitation our ability to maintain adequate premium levels or our ability to control our future medical and selling, general and administrative costs.
ADDITIONAL INFORMATION
On August 1, 2022, the Company filed with the U.S. Securities and Exchange Commission (the "SEC") a preliminary proxy statement in connection with the Special Meeting of Stockholders (the "Special Meeting"). Prior to the Special Meeting, the Company will furnish a definitive proxy statement to its stockholders, together with a proxy card. STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders will be able to obtain, free of charge, copies of the proxy statement (in preliminary and definitive form), any amendments or supplements thereto and any other documents when filed by the Company with the SEC in connection with the Special Meeting at the SEC's website (http://www.sec.gov), at the Company's website (http://www.centene.com/).
CERTAIN INFORMATION REGARDING PARTICIPANTS
The Company, its directors and certain of its executive officers and other employees may be deemed to be participants in the solicitation of proxies from stockholders in connection with the Special Meeting. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, is set forth in the preliminary proxy statement for the Special Meeting and other materials to be filed with the SEC in connection with the Special Meeting. Information relating to the foregoing can also be found in the Company's Proxy Statement for its 2022 Annual Meeting of Stockholders, filed with the SEC on March 11, 2022, and in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 22, 2022. You may obtain free copies of these documents using the sources indicated above.
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SOURCE Centene Corporation | https://www.wagmtv.com/prnewswire/2022/08/01/centene-files-preliminary-proxy-statement-special-meeting-propose-enhanced-corporate-governance-provisions/ | 2022-08-01T21:12:10Z | https://www.wagmtv.com/prnewswire/2022/08/01/centene-files-preliminary-proxy-statement-special-meeting-propose-enhanced-corporate-governance-provisions/ | true |
The worst performing sector as of midday Monday is the Energy sector, showing a 2.8% loss. Within that group, Coterra Energy Inc (Symbol: CTRA) and Halliburton Company (Symbol: HAL) are two large stocks that are lagging, showing a loss of 4.7% and 4.4%, respectively. Among energy ETFs, one ETF following the sector is the Energy Select Sector SPDR ETF (Symbol: XLE), which is down 2.8% on the day, and up 40.05% year-to-date. Coterra Energy Inc, meanwhile, is up 59.53% year-to-date, and Halliburton Company is up 23.52% year-to-date. Combined, CTRA and HAL make up approximately 3.8% of the underlying holdings of XLE.
The next worst performing sector is the Materials sector, showing a 1.3% loss. Among large Materials stocks, Freeport-McMoran Copper & Gold (Symbol: FCX) and Celanese Corp (Symbol: CE) are the most notable, showing a loss of 5.5% and 4.1%, respectively. One ETF closely tracking Materials stocks is the Materials Select Sector SPDR ETF (XLB), which is down 1.3% in midday trading, and down 13.96% on a year-to-date basis. Freeport-McMoran Copper & Gold, meanwhile, is down 27.46% year-to-date, and Celanese Corp, is down 31.76% year-to-date. Combined, FCX and CE make up approximately 6.5% of the underlying holdings of XLB.
Comparing these stocks and ETFs on a trailing twelve month basis, below is a relative stock price performance chart, with each of the symbols shown in a different color as labeled in the legend at the bottom:
Here's a snapshot of how the S&P 500 components within the various sectors are faring in afternoon trading on Monday. As you can see, two sectors are up on the day, while seven sectors are down.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | https://www.nasdaq.com/articles/monday-sector-laggards%3A-energy-materials-0 | 2022-08-01T21:12:30Z | https://www.nasdaq.com/articles/monday-sector-laggards%3A-energy-materials-0 | false |
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PARSIPPANY, N.J. (AP) _ Avis Budget Group Inc. (CAR) on Monday reported second-quarter net income of $778 million.
On a per-share basis, the Parsippany, New Jersey-based company said it had net income of $15.71. Earnings, adjusted for costs related to mergers and acquisitions and restructuring costs, came to $15.94 per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $12.22 per share.
The car rental company posted revenue of $3.24 billion in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $3.08 billion.
Avis Budget shares have fallen 13% since the beginning of the year. In the final minutes of trading on Monday, shares hit $181.09, more than doubling in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CAR at https://www.zacks.com/ap/CAR | https://www.seattlepi.com/business/article/Avis-Budget-Q2-Earnings-Snapshot-17343674.php | 2022-08-01T21:14:07Z | https://www.seattlepi.com/business/article/Avis-Budget-Q2-Earnings-Snapshot-17343674.php | false |
Throughout the month of August, patrons of participating libraries have access to more than 650 titles – including a wide range of STEAM resources and extended learning titles – for unlimited borrowing on hoopla digital's app and website
HOLLAND, Ohio, Aug. 1, 2022 /PRNewswire/ -- hoopla digital, the category-creating service for public libraries, today launched the next edition of its wildly popular Bonus Borrows program, just in time for Back-to-School season. Throughout the month of August, cardholders of participating libraries can access hoopla's curated collection of more than 650 titles, featuring coveted STEAM (science, technology, engineering, arts and math) content, extended learning resources and discovery for all ages. Libraries that participate in the hoopla digital Bonus Borrows program can offer patrons unlimited borrowing that will not impact monthly borrow limits throughout the month of August.
"For this Back-to-School season, we want to support preparation for the upcoming academic year and offer resources that can help reduce the financial burden on students and families. Our August Bonus Borrows program showcases prized titles from STEAM Learning, Children's Clubhouse and Personal Growth collections and provides unlimited borrowing access to meet the needs of students, parents, adults and educators," said hoopla digital founder Jeff Jankowski.
hoopla digital is recognized as the largest and most diverse collection of STEAM content available in a digital service. The August Bonus Borrows collection includes:
- Bingeworthy Series featuring The Kiss Quotient by Helen Hoang (Part 1 of the Kiss Quotient Series) and TekWar by William Shatner (Part 1 of the TekWar series)
- STEAM Learning featuring The Science of Surfing: A Surfside Girls Guide to the Ocean by Kim Dwinell and How Do You Measure a Slice of Pizza? by Madeline J. Hayes and Lucy D. Hayes (Part of the How Do? Series)
- Head Over Heels featuring Love Like This by Sophie Love and One More Kiss by Samantha Chase (Part 1 of the Band on the Run series)
- All Things British featuring The Body in the Garden: A Lily Adler Mystery by Katharine Schellman (Part 1 of the Lily Adler Mystery series) and Who's That Earl by Susanna Craig (Part 1 of the Love and Let Spy series)
- Children's Clubhouse featuring Highlights – School Cool! (Part of the Watch & Learn! Video series) and The Universe Ate My Homework by David Zeltser
- Personal Growth featuring The Good Neighbor by Maxwell King and Understanding Memory: How It Works and How to Improve It by Thad Polk (Part of the One Day University series)
- Female Leads featuring All That Is Secret by Patricia Raybon (Part of the Annalee Spain Mystery series) and The Second Life of Mirielle West by Amanda Skenandore
- Thrills & Chills featuring The Killing Game by Kate Bold (Part 1 of the Alexa Chase series) and Only Murder by Rylie Dark (Part 1 of the Sadie Price FBI Suspense Thriller series)
"We are excited to be able to continue to provide accessible library content quarterly, especially during this time of year when demand for learning resources is higher than ever," said Jankowski.
Throughout the month of August, hoopla digital's Bonus Borrows collection, including eBooks, audiobooks, comics, television and movies, is free to libraries and costs patrons zero monthly hoopla Instant Borrows. Highlights of this collection include popular movies such as Fire on the Amazon and The Child in Time, in addition to beloved series like Luther (Season 1), as well as treasured comics such as She-Hulk Vol. 1: Single Green Female by Dan Slott (Part 1 of the She-Hulk (2004-2005) series) and Supergirl: Being Super by Mariko Tamaki (Part 1 of the Supergirl: Being Super (2016-2017) series).
hoopla digital offers 24/7 access to borrow, download, and stream more than one million eBooks, audiobooks, comics, movies, music albums, and television episodes, with a valid library card from a participating public library. Librarians interested in offering hoopla digital to patrons should contact 800-875-2785 (US), 866-698-2231 (Canada), or (02) 4732-3480 (Australia and New Zealand).
To access content on hoopla digital, cardholders of participating libraries can download the free hoopla digital mobile app on their Android or iOS device or visit hoopladigital.com. hoopla digital is in more than 8,500 public libraries across the U.S., Canada, Australia, and New Zealand, including Chicago Public Library, San Francisco Public Library, and Los Angeles Public Library. Visit hoopladigital.com to find out if your library partners with hoopla.
About hoopla digital
hoopla is a category-creating service that partners with public libraries across North America, Australia, and New Zealand to provide online and mobile access to thousands of movies, TV shows, music albums, eBooks, audiobooks, and comics. With hoopla digital, patrons can borrow, instantly stream, and download dynamic content with a valid library card. All content is accessible via hoopla digital's mobile app and online at hoopladigital.com. hoopla digital is a service of Midwest Tape, a trusted partner to public libraries for over 30 years.
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SOURCE hoopla digital | https://www.dakotanewsnow.com/prnewswire/2022/08/01/hoopla-digital-brings-back-bonus-borrows-back-to-school/ | 2022-08-01T21:16:01Z | https://www.dakotanewsnow.com/prnewswire/2022/08/01/hoopla-digital-brings-back-bonus-borrows-back-to-school/ | false |
Univar Solutions Reports Strong 2022 Second Quarter Financial Results and Raises Full-Year 2022 Guidance
Published: Aug. 1, 2022 at 4:15 PM EDT|Updated: 1 hour ago
DOWNERS GROVE, Ill., Aug. 1, 2022 /PRNewswire/ -- Univar Solutions Inc. (NYSE: UNVR) ("Univar Solutions" or "the Company"), a leading global solutions provider to users of specialty ingredients and chemicals, today announced the Company financial results for the second quarter ended June 30, 2022.
Second Quarter 2022 Highlights
Strong net income of $162.9 million was 6.3 percent higher than the $153.2 million reported in the prior-year second quarter. Adjusted net income(1) of $169.3 million compared to $97.4 million in the prior-year second quarter.
Earnings per diluted share improved to $0.96 compared to $0.90 per diluted share in the prior-year second quarter. Adjusted earnings per diluted share(1) increased to $1.00 from $0.57 in the prior-year second quarter.
Strong Adjusted EBITDA(1) was $291.6 million compared to $197.5 million in the prior-year second quarter. Adjusted EBITDA margin(1) of 9.7 percent improved from 8.2 percent in the prior-year second quarter.
Net cash provided by operating activities decreased to $48.2 million from $83.7 million in the prior- year second quarter.
Leverage ratio(1) was 2.2x at June 30, 2022, compared to 2.4x at March 31, 2022.
Share repurchases returned $81 million of capital to shareholders during the second quarter.
Full-year Adjusted EBITDA(1) guidance increased to the range of $1,040 million to $1,080 million.
Univar Solutions Reports Strong 2022 Second Quarter Financial Results and Raises Full-Year 2022 Guidance
"The outstanding results we have delivered for eight straight quarters demonstrate the sound execution of our strategy of putting the customer at the centre of all we do, supported by continued excellent operational execution by our dedicated and talented team," said David Jukes, president, and chief executive officer. "Creating value for both customers and suppliers, we are building robust competitive moats, seeing improvement in our NPS scores and market share gains. Looking forward, we remain focused on the execution of our strategy and delivering market share growth both organically and inorganically. We are confident in our ability to capitalize on evolving global trends as we leverage our asset base, extensive private transportation fleet, digital capabilities, and long-standing commitment to our ESG goals."
Company Performance
Univar Solutions operating performance results are described below and, unless otherwise indicated, are a comparison of second quarter 2022 results with second quarter 2021 results.
Consolidated Results
Univar Solutions reported net sales of $3.0 billion, an increase of 26.0 percent on a reported basis and 30.2 percent on a constant currency basis(1) compared to the prior-year second quarter. Higher sales were attributable to our pricing discipline in inflationary markets and market share gains.
Gross profit (exclusive of depreciation) of $736.0 million increased 22.2 percent on a reported basis and 26.0 percent on a constant currency basis(1). Higher gross profit was driven primarily by our pricing discipline in inflationary markets, operational execution, and market share gains, and partially offset by higher input cost inflation. Gross margin decreased 80 basis points to 24.4 percent compared to the prior-year second quarter, primarily due to higher input cost inflation, partially offset by our pricing discipline in inflationary markets.
Net income was $162.9 million, or $0.96 per diluted share, compared to net income of $153.2 million, or $0.90 per diluted share, in the prior-year second quarter. The increase was primarily due to higher gross profit (exclusive of depreciation), partially offset by higher taxes. The 2021 second quarter also reflected a gain from the Distrupol divestiture.
Adjusted earnings per diluted share(1) of $1.00 in the quarter increased from $0.57 in the prior-year second quarter primarily due to higher net income.
Adjusted EBITDA(1) of $291.6 million increased $94.1 million, or 47.6 percent, compared to the prior-year second quarter, or an increase of 52.7 percent on a constant currency basis(1). The increase was primarily driven by higher gross profit, partially offset by higher outbound freight and handling, as well as higher Warehousing, Selling and Administrative (WS&A) costs.
Net cash provided by operating activities decreased to $48.2 million from $83.7 million in the second quarter last year, primarily driven by higher net working capital use due to chemical price inflation.
Liquidity was $1,011.8 million as of June 30, 2022, inclusive of $234.8 million of cash on hand and availability under committed, asset-based credit facilities.
Segment Results
USA:
USA external sales increased 31.3 percent during the quarter, primarily due to our pricing discipline in inflationary markets and market share gains.
Gross profit (exclusive of depreciation) increased by 29.7 percent, primarily driven by our pricing discipline in inflationary markets, operational execution, and market share gains, partially offset by input cost inflation. Gross margin decreased 40 basis points to 25.1 percent, primarily driven by input cost inflation, partially offset by our pricing discipline in inflationary markets.
Adjusted EBITDA(1) increased 58.1 percent to $198.6 million, primarily driven by higher gross profit, partially offset by higher outbound freight and handling as well as WS&A. The increase in WS&A was primarily due to higher operating costs and variable compensation, partially offset by net synergies. Adjusted EBITDA margin(1) increased by 170 basis points to 10.1 percent, reflecting the business operating leverage.
EMEA:
EMEA external sales increased 8.6 percent, or 26.9 percent on a constant currency basis(1). The increase was primarily due to our pricing discipline in inflationary markets and market share gains.
Gross profit (exclusive of depreciation) increased 1.9 percent, or 18.5 percent on a constant currency basis(1), primarily driven by our pricing discipline in inflationary markets, operational execution, and market share gains. Gross margin decreased 160 basis points to 23.8 percent, driven by input cost inflation, partially offset by our pricing discipline in inflationary markets.
Adjusted EBITDA(1) increased 5.4 percent to $50.4 million on a reported basis, or 24.7 percent on a constant currency basis(1), compared to the prior-year second quarter. This increase was primarily driven by higher gross profit. Adjusted EBITDA margin(1) decreased 30 basis points to 9.2 percent, primarily due to lower gross margin, partially offset by the business operating leverage.
CANADA:
Canada external sales increased by 25.0 percent, or 29.8 percent on a constant currency basis(1), primarily due to our pricing discipline in inflationary markets and market share gains.
Gross profit (exclusive of depreciation) increased by 18.0 percent, or 22.9 percent on a constant currency basis(1). The increase was primarily driven by our pricing discipline in inflationary markets, operational execution, and market share gains, partially offset by input cost inflation. Gross margin decreased 140 basis points to 23.3 percent, primarily driven by input cost inflation, partially offset by our pricing discipline in inflationary markets.
Adjusted EBITDA(1) increased 28.0 percent to $32.0 million, or 33.6 percent on a constant currency basis(1) compared to the prior year. The increase in Adjusted EBITDA(1) was primarily due to higher gross profit, partially offset by higher WS&A, which was impacted by higher operating costs and variable compensation. Adjusted EBITDA margin(1) increased by 20 basis points to 10.7 percent, reflecting the business operating leverage.
LATAM:
LATAM external sales increased by 32.8 percent, or 30.1 percent on a constant currency basis(1), largely due to our pricing discipline in inflationary markets and the Sweetmix acquisition.
Gross profit (exclusive of depreciation) increased by 21.4 percent, or 17.9 percent on a constant currency basis(1), primarily due to our pricing discipline in inflationary markets and the Sweetmix acquisition, partially offset by input cost inflation. Gross margin decreased 190 basis points to 20.3 percent, primarily driven by input cost inflation, partially offset by our pricing discipline in inflationary markets.
Adjusted EBITDA(1) increased 21.8 percent to $16.2 million on a reported basis, or 18.0 percent on a constant currency basis(1). Adjusted EBITDA(1) increased primarily due to higher gross profit, partially offset by higher WS&A given increased corporate cost allocation as a result of the SAP implementation and higher operating costs. Adjusted EBITDA margin(1) decreased 70 basis points to 8.1 percent, primarily due to lower gross margin, partially offset by the business operating leverage.
Outlook
The Company expects Adjusted EBITDA(1) to be between $240 million and $260 million for the third quarter of 2022 as compared to $210.9 million for the third quarter of 2021. For full-year 2022, Adjusted EBITDA(1) is expected to increase to a range of $1,040 million to $1,080 million, as compared to $797.7 million for full-year 2021. Our forecast reflects anticipated continued strong operational execution, market share growth and cost management. Net Free Cash Flow(1) for full-year 2022 is expected to be in a range of $400 million to $450 million.
The Company reaffirms its commitment to its objectives and expects to deliver:
Ingredients & Specialties (I&S) organic delivered gross profit(1) growth of greater than 200 basis points above economic consensus
Productivity improvements through Value Capture to maintain WS&A to Gross Profit(1) ratio of less than 50 percent
Adjusted EBITDA(1) margins of greater than 9 percent
50 percent Net Free Cash Flow(1) conversion
Deliver greater than 15 percent Return on Invested Capital (ROIC)(1)
Maintain leverage between 2.0x and 2.5x
Accretive strategic M&A
Average annual capital return to shareholders of 20 percent to 30 percent of Adjusted Net Income(1)
The majority of the Company's debt obligations mature in 2026 and beyond and the Company is in full compliance with the covenants under its credit agreements as of June 30, 2022.
Conference Call and Webcast Details
The Company will host a webcast with investors to discuss second quarter 2022 results at 9:00 a.m. ET on August 2, 2022, which can be accessed on the Investor Relations section of its website at http://investors.univarsolutions.com. After the live webcast, a replay of the webcast will be available on the same website until August 2, 2024.
About Univar Solutions
Univar Solutions (NYSE: UNVR) is a leading global specialty chemical and ingredient distributor representing a premier portfolio from the world's leading producers. With the industry's largest private transportation fleet and technical sales force, unparalleled logistics know-how, deep market and regulatory knowledge, formulation and recipe development, and leading digital tools, the Company is well-positioned to offer tailored solutions and value-added services to a wide range of markets, industries, and applications. While fulfilling its purpose to help keep communities healthy, fed, clean and safe, Univar Solutions is committed to helping customers and suppliers innovate and focus on Growing Together. Learn more at www.univarsolutions.com.
Use of Non-GAAP Measures
In this press release, the Company's financial results are provided both in accordance with accounting principles generally accepted in the United States of America (GAAP) and using certain Non-GAAP financial measures. In particular, the Company presents the Non-GAAP financial measures of gross profit (exclusive of depreciation), gross margin (defined as gross profit (exclusive of depreciation) divided by net sales on a consolidated basis and by external sales on a segment level, as applicable), delivered gross profit (defined as gross profit (exclusive of depreciation) less outbound freight and handling, Adjusted EBITDA, Adjusted EBITDA margin (defined as Adjusted EBITDA divided by net sales on a consolidated basis and by external sales on a segment level, as applicable), Adjusted net income, Adjusted earnings per diluted share, leverage ratio, net free cash flow, ROIC (defined as the last twelve months ("LTM") Adjusted Net Income divided by Net Assets Deployed) and results on a constant currency basis. The Non-GAAP financial measures are included as a complement to results provided in accordance with GAAP because management believes these Non-GAAP financial measures help investors' ability to analyze underlying trends in the Company's business, evaluate its performance relative to other companies in its industry and provide useful information to both management and investors by excluding certain items that may not be indicative of the Company's core operating results. Additionally, the Company has used, and may continue to use, Adjusted EBITDA and Adjusted earnings per diluted share in setting performance incentive targets to more closely align management compensation with operational performance.
The Company evaluates its results of operations on both an as reported and a constant currency basis. The constant currency presentation is a Non-GAAP financial measure, which excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing information on a constant currency basis provides valuable supplemental information regarding its results of operations, consistent with how it evaluates its performance. The Company calculates constant currency percentages and other information by converting its financial results in local currency for a period using the average exchange rate for the prior period to which it is comparing.
The Non-GAAP financial measures noted above are not calculated in accordance with GAAP and should not be considered a substitute for any other measure of financial performance presented in accordance with GAAP. Additionally, other companies may calculate Adjusted EBITDA and other such metrics differently than the Company does, limiting their usefulness as comparative measures. For further information related to the Company's use of non-GAAP financial measures, and reconciliations to the most directly comparable GAAP measures, see the schedules attached hereto.
Forward-Looking Statements
This press release includes certain statements relating to future events and our intentions, beliefs, expectations, and outlook for the future, which are "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, as amended, including, without limitation, statements regarding the impacts of the effects of COVID-19 on the Company, the Company's anticipated future results and financial performance, liquidity position and cash flows, actions regarding expense control and cost reductions, expected net synergies from the Nexeo acquisition, capital expenditures and other statements regarding the Company's Streamline 2022 Program and other initiatives. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company's control. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions. A detailed discussion of these factors and uncertainties is contained in the Company's filings with the Securities and Exchange Commission. Potential factors that could affect such forward-looking statements include, among others: general economic conditions, particularly fluctuations in industrial production and consumption and the timing and extent of economic downturns and potential recoveries the sustained geographic spread of the COVID-19 pandemic; the duration and severity of the COVID-19 pandemic; current and new actions that may be taken by governmental authorities to address or otherwise mitigate the impact of the COVID-19 pandemic; the potential negative impacts of COVID-19 on the global economy and our employees, customers, vendors and suppliers; the overall impact of the COVID-19 pandemic on our business, results of operations and financial condition; significant changes in the business strategies of producers or in the operations of our customers; increased competitive pressures, including as a result of competitor consolidation; significant changes in the pricing, demand and availability of chemicals; our indebtedness, the restrictions imposed by and costs associated with our debt instruments, and our ability to obtain additional financing; the broad spectrum of laws and regulations that we are subject to, including extensive environmental, health and safety laws and regulations; potential business disruptions and security breaches, including cybersecurity incidents; an inability to generate sufficient working capital; increases in transportation and fuel costs and changes in our relationship with third party providers; accidents, safety failures, environmental damage, product quality issues; delivery failures or potential hazards and risks related to our operations and the hazardous materials we handle, potential inability to obtain adequate insurance coverage; ongoing litigation; potential product liability claims and recalls and other environmental, legal and regulatory risks; challenges associated with international operations; exposure to interest rate and currency fluctuations; risks associated with integration of legacy business systems; possible impairment of goodwill and intangible assets; an inability to integrate the business and systems of the companies we acquire, including failure to realize the anticipated benefits of such acquisitions; negative developments affecting our pension plans and multi-employer pensions; labor disruptions associated with the unionized portion of our workforce; our ability to attract or retain a qualified and diverse workforce; our ability to execute on our strategies related to environmental, social, and governance matters, and achieve related expectations may be impacted as a result of evolving regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs and the availability of requisite financing and changes in carbon markets; and the other factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as well as other filings with the Securities and Exchange Commission. We caution you that the forward-looking information presented in this press release is not a guarantee of future events or results, and that actual events or results may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek, "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.wagmtv.com/prnewswire/2022/08/01/univar-solutions-reports-strong-2022-second-quarter-financial-results-raises-full-year-2022-guidance/ | 2022-08-01T21:18:48Z | https://www.wagmtv.com/prnewswire/2022/08/01/univar-solutions-reports-strong-2022-second-quarter-financial-results-raises-full-year-2022-guidance/ | true |
DAKAR, Senegal (AP) — Senegal’s ruling coalition says it has won 30 of 46 departments in Sunday’s legislative election, giving it a majority over the opposition.
The head of the ruling coalition and former Prime Minister Aminata Toure claimed the victory late Sunday.
“Of the 46 departments in Senegal, we won 30 departments. So we gave a large majority to our president,” said Touré.
The head of President Macky Sall’s coalition, Benno Bokk Yaakar, stressed that the information is “precise, accurate, fair and not invented” with wins in Senegal’s North, West and Central areas.
“We congratulate all the citizens who voted for us,” said Yaakar.
The mayor of Dakar, Barthelemy Dias, denounced the results, claiming that “the opposition won the elections” and calling on the youth to mobilize to “preserve their victory.”
Official provisional election results are expected later this week. The Autonomous National Electoral Commission, the body responsible for monitoring and supervising the elections, declared that the ballot took place in peace and calm.
About 6.8 million voters were expected at the polls to elect 165 deputies to the National Assembly. The opposition has focused its campaign on the need to vote against the ruling coalition to prevent Sall from trying to secure a third term in the 2024 presidential elections.
Senegal’s political atmosphere is tense. Violent protests broke out last year after Sall’s main opponent, Ousmane Sonko, was arrested on rape charges and more than a dozen people were killed. Sonko, who came in third in the 2019 election, denies the allegations and his supporters have been vocal about their opposition to the president.
This year, Sonko and another of Sall’s prominent opponents were disqualified as candidates, sparking more widespread anger and protests in which three people died in June.
Senegal, with a population of 17 million, is known for its stability in West Africa where there have been coups in three countries since 2020 and where leaders have changed laws in order to remain in power for third terms.
Anger has grown in the region amid economic worries as prices for fuel and food have skyrocketed due to the war in Ukraine. | https://www.cenlanow.com/international/ap-international/senegals-ruling-coalition-claims-win-but-opposition-rejects/ | 2022-08-01T21:19:47Z | https://www.cenlanow.com/international/ap-international/senegals-ruling-coalition-claims-win-but-opposition-rejects/ | false |
Equestrian center revamped in W. Hempstead
The sole surviving privately owned horse ranch in the Town of Hempstead is being transformed from a rundown relic into a state-of-the-art, year-round, indoor riding arena.
Along with the face-lift, the facility has a new name: the old Lakewood Stables is now the New York Equestrian Center.
The $1-million revamping of the near-century-old Eagle Avenue facility, one of West Hempstead's oldest landmarks, is a victory for owner Alex Jacobson, who faced foreclosure on the property in March 2011. Jacobson was able to convince Maspeth Federal Savings & Loan he could turn the seasonal center into a year-round operation to produce more revenue so he could pay off a $1-million mortgage.
The new energy-efficient and climate-controlled facility will house a 30,000-square-foot enclosed riding arena, 53 new stalls, a 7,000-square-foot mezzanine with 99 seats, and 40 on-site parking spots.
"This is the last place for our kids to see horses in the whole Town of Hempstead," said Jacobson. "This area has never had an indoor arena. The fact that we can have an indoor arena means that we can be riding while it is raining."
Jacobson, 35, a real estate broker and developer from Baldwin Harbor, said he bought the 2-acre stable in 2006 intent on razing it and building condos. But local residents, who disliked the idea of condos and wanted to keep the facility, persuaded him to rehabilitate it instead. He eventually demolished the dilapidated stables in April 2011 to make way for the new equestrian center.
"We believe that this is a positive step in the right direction to enhance West Hempstead," said Rosalie Norton, president of the West Hempstead Community Support Association. "It also maintains the history of the area and it is an ideal location. We are very happy to see all of this come to fruition."
The upgraded stalls contain private tack boxes, anti-cribbing rails, heaters, automatic water dispensers and 2 inches of padding on the floor to protect the four-legged tenants' feet. Cushioned rubber pavers surround the indoor arena floor, which is made of a synthetic blend of sand, wax, oil fiber and polymer. The dust-free substance is better for the horses' and riders' respiratory systems and will keep neighbors from complaining about dust clouds, Jacobson said.
"This new facility makes it easier to take care of them," said Denise Smith, boarder relations manager and caretaker of the school's 30 horses. "It was built to benefit the horses' health."
The stables are currently open only for summer campers and boarders looking to reserve a stall, Jacobson said. When the facility is complete in late August, Jacobson once again expects to offer therapeutic programs for autistic children and trail rides next door at Hempstead Lake State Park. He also plans to have a grand opening celebration at the end of the summer. "We went through the wringer," he said. "Now it's all behind us. Now people should be knocking down our doors." | https://www.newsday.com/long-island/nassau/equestrian-center-revamped-in-w-hempstead-r42200 | 2022-08-01T21:20:02Z | https://www.newsday.com/long-island/nassau/equestrian-center-revamped-in-w-hempstead-r42200 | false |
MONTRÉAL and QUÉBEC, Aug. 1, 2022 /PRNewswire/ -- Tacora Resources Inc. ("Tacora" or the "Company") today announced that Heng Vuong will be joining the Company as Executive Vice President and Chief Financial Officer on September 12, 2022. Mr. Vuong will lead Tacora's finance, treasury, tax, risk management, corporate development and accounting functions and report directly to Joe Broking, President and Chief Executive Officer.
"I am very pleased to welcome Heng to the Tacora team," said Mr. Broking. "Heng's experience and proven track record will be extremely valuable as we grow Tacora into a leading producer of high grade iron ore for the advancement of green steel processes and, subject to final process verification and economic assessment, possibly the only North American supplier of high purity manganese for development of advanced battery technology."
Mr. Vuong will be joining Tacora with more than 18 years of global investment banking and capital markets experience in Toronto, New York and Beijing, most of these years having been spent focused on the metals and mining sector at Goldman, Sachs & Co., a leading global financial institution. In his most recent role as a Managing Director, Investment Banking Services he advised companies in the natural resource, industrial, technology and real estate sectors.
Mr. Vuong holds a Bachelor of Business Administration from HEC Montréal, is originally from Montréal and is fluent in English and French and is proficient in Mandarin Chinese.
Investor and Analyst Contact:
Joe Broking
President and Chief Executive Officer
T – +1 (218) 398-0079
E – joe.broking@tacoraresources.com
Tacora is a private company that is focused on the production and sale of high-grade and quality iron ore products that improve the efficiency and environmental performance of steel making and, subject to final process verification and economic assessment, the development of a high purity manganese product for advanced battery technology. The Company owns and operates the Scully Mine, an iron ore concentrate producer located in Wabush, Newfoundland and Labrador, Canada with a production capacity of 6 million tonnes per year, and owns the Sydvaranger Mine, a mine located in Sør-Varanger, Norway that is currently idled with a feasibility study recently completed for an expansion to 4 million tonnes per year of iron ore concentrate. The Company's equity investors include funds managed by Proterra Investment Partners LP; Aequor Holdings LLC; Cargill, Inc.; a fund managed by Orion Mine Finance; Titlis Mining AS; and MagGlobal LLC. 100% of the Scully Mine concentrate is purchased and marketed globally by a subsidiary of Cargill Inc. Additional information about the company is available at www.tacoraresources.com.
This press release contains statements that are forward-looking in nature and relate to our expectations, beliefs, and intentions. All statements other than statements of historical fact are statements that could be deemed to be forward-looking. Although Tacora believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward-looking statements, and these statements are subject to risks, uncertainties and assumptions that could cause outcomes to differ from our expectations. The forward-looking information set forth herein reflects Tacora's expectations as at the date of this press release and is subject to change after such date. Tacora disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Tacora Resources Inc. | https://www.dakotanewsnow.com/prnewswire/2022/08/01/tacora-resources-inc-appoints-heng-vuong-executive-vice-president-chief-financial-officer/ | 2022-08-01T21:20:12Z | https://www.dakotanewsnow.com/prnewswire/2022/08/01/tacora-resources-inc-appoints-heng-vuong-executive-vice-president-chief-financial-officer/ | false |
Even with sea level rising, Washington, D.C., will be largely safe from hurricane-related flooding because of its waterfront parks. But an NPR analysis finds that 1,000 people will still be at risk.
Copyright 2022 NPR
Even with sea level rising, Washington, D.C., will be largely safe from hurricane-related flooding because of its waterfront parks. But an NPR analysis finds that 1,000 people will still be at risk.
Copyright 2022 NPR | https://www.nepm.org/national-world-news/national-world-news/2022-08-01/encore-d-c-s-unique-history-provides-a-bit-of-extra-security-from-sea-level-rise | 2022-08-01T21:21:47Z | https://www.nepm.org/national-world-news/national-world-news/2022-08-01/encore-d-c-s-unique-history-provides-a-bit-of-extra-security-from-sea-level-rise | true |
Both executives bring deep industry & leadership expertise to a unique platform for fans to invest in celebrity business' like never before.
NEW YORK, Aug. 1, 2022 /PRNewswire/ -- FanVestor today announced that Russell Redeaux of Stampede Management [Previous: Cashmere Agency, Merry Jane Media] and Alex Luke of Decentralized Music [Previous: SiriusXM/Pandora, Amazon, Apple] will join the company as Chief Business Officer and as Managing Director respectively. This onboarding was a strategic move by Michael Golomb, the founder & CEO of FanVestor, who has successfully exited four companies, two IPOs, and five publicly traded companies–he will be continuing his role amongst his powerhouse team composed of disciplines across finance and compliance, technology, and entertainment. Similar to FanVestor's partners and investors, the company hopes to disrupt the aforementioned industries through its unique benefits. This includes offering non-accredited investors to enter capital markets, Web3 implementations to remove gatekeeping, giving fans new levels of direct access to their favorite creators, celebrities, athletes, and more.
The timing of Russ and Alex assuming this venture [in addition to their other successful businesses] was crucial to position FanVestor for long-term success. Golomb stated, "Humbly and with great pleasure we welcome Russ and Alex to our FanVestor family. As we have been building the business, we realized that this must be a three-legged stool: 1. compliance/capital markets, 2. scalable fin-tech, 3. understanding the food-chain in music, sports, and entertainment. Russ and Alex re-enforce our team expertise and focus on serving our customers."
With two decades in A&R, talent management, marketing and brand development, Russ has extensive experience leading and innovating the entertainment industry through co-founding renowned management company, Stampede Management, as well as being a Senior Leadership Consultant for award-winning advertising company, Cashmere Agency. Through these endeavors, Russ has built a network of noteworthy clientele including Snoop Doog, Macy Gray, YG, Ty Dolla $ign, Far East Movement, Busta Rhymes, and others. Russ has developed large scale marketing campaigns for brands like Heineken, LG, Adidas, and Doritos to name a few.
He has also had his hand in the lm industry, producing a theatrical stage play "Redemption of a Dogg" starring Snoop himself. Prior to the above, Russ was a Creative Marketing Consultant for Merry Jane Media, a global multi-media company, producing scripted and non-scripted television shows including the Emmy-nominated hit series "Martha & Snoop's Potluck Dinner Party," now in its third season on VH1. Russ is excited to bring the knowledge he's gained over the course of his impressive career to FanVestor,
"FanVestor should be the true disrupter by bringing capital markets to the Web3 space in a fully compliant way that will protect creators and fans while empowering ownership for both."
Alex Luke brings an immense amount of expertise as an accomplished Media & Music Executive, with over twenty years in digital music, Venture Capital, A&R, and radio broadcasting. Alex has spearheaded projects and developed strategy for some of the most reputable brands in the music industry. While taking on this new role as Managing Director for FanVestor, he has simultaneously co-founded Decentralized Music, the music arm of the company for Web3 funding and Web2 artist development, as well as being a Board Advisor for SpokenLayer, a leader in short-form audio creation and production. Previous to his current roles, Alex's career spans an impressive resume including being the Senior Vice President of Digital Content for SiriusXM, Head of Global Programming & Content Strategy for Amazon Music, Head of Worldwide Music Programming & Label Relations at Apple, and Vice President of Music Programming at Napter Group. His first introduction to music started in radio programming, leading him into A&R where he worked with the likes of Katy Perry, David Guetta, The Beastie Boys, and many others, as well as overseeing all customer-facing editorial and original content initiatives. Alex will take on this new position at FanVestor confidently, with his proven track record of leading companies and passion for the space,
"Web3 offers incredible opportunities to redefine the relationship between artists and their fans and FanVestor's architecture brings transparency for artists and compliance for investors. The opportunity, particularly in music, is tremendous, and I'm psyched to be part of the team."
FanVestor is a single platform for fan-funded business ventures. We specialize in creator-driven securities and NFTs, giving fans the means to invest or participate in the business ventures of content creators in music, entertainment and sports. As a set of additional services for our creators, we offer the mechanics to power e-commerce, charitable initiatives and sweepstakes to further support their ventures. Founded by Michael Golomb, an innovator in the world of business and fintech, FanVestor was designed to give athletes, actors, artists, music celebrities, fashion icons, and all creators a safe space alongside their peers, to leverage influence and offer fans an opportunity to participate financially in key projects. For more information, please visit www.fanvestor.com | @fanvestor
MEDIA CONTACT
NOISE
Maria Riordan
maria@noise.com
631.339.1281
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SOURCE FanVestor | https://www.valleynewslive.com/prnewswire/2022/08/01/fanvestor-announces-appointment-russell-redeaux-chief-business-officer-amp-alex-luke-managing-director/ | 2022-08-01T21:21:54Z | https://www.valleynewslive.com/prnewswire/2022/08/01/fanvestor-announces-appointment-russell-redeaux-chief-business-officer-amp-alex-luke-managing-director/ | false |
`Back a lion into a corner, they´re going to bite´ - Adam Peaty on bouncing back
Adam Peaty has wondered whether his enthusiasm for swimming is on the wane but issued a warning to anyone writing him off, saying: “You back a lion into a corner, they’re going to bite.”
Hours after a shock fourth-place finish in the men’s 100 metres breaststroke final at the Commonwealth Games, ending an unbeaten eight-year record in his favourite event, Peaty was back in the pool.
The 27-year-old was joint fastest in the morning heats of the 50m discipline but a semi-final time of 27.03 seconds was two hundredths of a second slower than Australia’s Sam Williamson in the evening.
Peaty is still digesting what happened on Sunday night and while he acknowledged he may have expected too much on his comeback from a broken foot, he openly questioned whether his desire remains the same.
But the triple Olympic champion and world record holder in the 50m and 100m breaststroke said: “You back a lion into a corner, they’re going to bite. I’m backed into a corner now but I’m OK with that.
“It’s just as important in an athlete’s career to have these moments. You think ‘do I want to be here? Do I love the sport as much as I did?’. I don’t know. Those questions, I have to address.
“I haven’t really had a winter block where I’ve reset. I haven’t even had chance to know where I’m going, it’s almost like you get in a car without a destination.
“I’ve only been in the water for four weeks, I put way too much expectation on myself and now I’m still debriefing and will be over the next three or four weeks. Obviously it was a devastating night for me.”
Peaty expressed some irritation with the waiting time on the dive board after his semi-final, where he was more than a second slower than his personal best of 25.95secs he recorded five years ago.
He said: “It was the same in the 100 metres and the same this morning. They either need to change what they’re doing or change the starter.”
Peaty admitted he had just a couple of hours’ sleep as he struggled to unwind after finishing behind English compatriot James Wilby and Australian pair Zac Stubblety-Cook and Williamson on Sunday.
He intends to miss the relay events but Peaty said he was always committed to competing on Monday in a bid to win the only major medal missing from his collection, while he took some comfort from the advice of James Guy, who told his English team-mate “don’t let the swimming define you” after his upset loss.
Peaty said: “That was a bit of a switch. As sportspeople we always think our results define us and the whole world sees us as these results.
“But I’ve still won every single championships, done all the world records, that hasn’t been taken away from me, I’ve just had one bad day in the office.
“I found that love again (on Monday), but maybe because I’ve got nothing to lose. I’m not looking for gold, I’m just going to look for my best possible swim.”
Peaty has a rough blueprint to get back to the top as he still wants to carry on until at least Paris 2024.
He said: “I almost know what I need to do. I’m carrying way too much body weight, way too much muscle for the 100m, so I need to lose four kilograms. That’s just straight off my mind.
“But really it comes down to training, you can’t hide from the training and this year I just haven’t had enough of it.”
Peaty later took to social media to backtrack on remarks to the BBC in which he suggested he was “not bothered” about the Games, adding: “In the grand scheme of things, it’s about two years’ time.”
However, he suggested Tuesday night’s 50m breaststroke final will be his last at the Commonwealth Games.
He wrote on Twitter: “It has been an incredibly hard time the past few months but mostly the last few days. Sometimes in the heat of the moment my emotions better me and I can’t speak with a clear mind.
“These championships mean a lot to me being a home games but I have to think bigger picture to keep my spirits high. It really, really isn’t easy. My last Commonwealth Games race will be tomorrow.”
Wilby also qualified for the final in a time of 27.65s, as did fellow Englishman Greg Buttler in 27.68s, and Scottish pair Craig Benson (27.64) Ross Murdoch (27.69s). | https://www.dailymail.co.uk/wires/pa/article-11070565/Back-lion-corner-going-bite--Adam-Peaty-bouncing-back.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | 2022-08-01T21:22:13Z | https://www.dailymail.co.uk/wires/pa/article-11070565/Back-lion-corner-going-bite--Adam-Peaty-bouncing-back.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | true |
WHITESBURG, Ky. (AP) — The raging floodwaters that left dozens dead or missing in eastern Kentucky also swept away some of the region’s irreplaceable history.
Appalshop, a cultural center known for chronicling Appalachian life for the rest of the world, is cleaning up and assessing its losses, like much of the stricken mountain region around it.
Record flooding on the North Fork of the Kentucky River inundated downtown Whitesburg in southeastern Kentucky, causing extensive damage last week at the renowned repository of Appalachian history and culture. Some of its losses are likely permanent, after floodwaters soaked or swept away some of Appalshop’s treasures, including archives documenting the region’s rich, and sometimes painful, past.
“It’s gut-wrenching to see our beloved building overcome by floodwaters,” said Appalshop executive director Alex Gibson. “We will recover, but right now we are certainly mourning what’s been lost.”
Launched more than a half-century ago in part as a training ground for aspiring filmmakers, Appalshop has evolved into a multifaceted enterprise with a mission to uplift the region. Besides its film institute, it features a radio station, theater, art gallery, record label and community development program.
But now, Appalshop’s focus has turned inward. The center known for training storytellers finds itself part of one of the region’s biggest stories — as floodwaters covered large swaths of the mountainous region, leading to deaths and widespread destruction.
Appalshop is insured and its team is still working to assess the full scope of what’s been lost and what can be salvaged, said its communications director, Meredith Scalos.
“It will probably be a week before we know the totality of the damage,” she said. “We are going to be rebuilding for years, not days or weeks.”
The first floor of its main building was swamped by the fast-rising water. When cleanup crews went in, they found a thick coating of mud. The radio station and theater suffered major damage, Scalos said. The archives also sustained damage. The upper two floors were unscathed. Another Appalshop building also sustained extensive damage.
At the outset, the highest priority has been to clean up and assess the archives, which included tens of thousands of items documenting cross-sections of Appalachian life over the decades, Scalos said.
Scalos said she feared the loss of one-of-a-kind items that tell the region’s story.
Archival materials include film, photos, oral histories, musical performances, magazines and much more. The pieces delved into such topics as coal mining, labor strife, politics, religion, folk art and population trends. Some of the material was swept into the streets of Whitesburg.
Appalshop officials are reaching out to federal emergency officials to determine the availability of assistance, Scalos said. Appalshop receives funding from many sources, including large foundations and individuals. Its enterprises have grown through the years, but its mission has remained constant — to showcase Appalachian traditions and promote the creativity of its residents.
For decades, it has been at the forefront of efforts to reshape the region’s image by highlighting the richness of its history and culture and giving Appalachians a voice to share their stories, said Dee Davis, president of the Center for Rural Strategies, which has an office in Whitesburg.
“Over time, Appalshop’s films, plays and recordings went a long way to expose the hollowness of the hillbilly stereotypes,” said Davis, who formerly worked at Appalshop.
Recalling his time at Appalshop, he said: “Our attitude was, ‘We may be hillbillies, but you’re no better than us.’ And that came through in our work.”
The flood, meanwhile, has halted the center’s busy schedule. Its Summer Documentary Institute film screening, meant to showcase the works of its interns, was postponed indefinitely, Scalos said.
“That event is the culmination of the youth interns’ summer of work where they show their documentaries to friends, family and the community before the films are submitted to film festivals,” Scalos said. “That one is particularly gutting.”
Appalshop had started planning its fall film screening schedule, but that, too, will be postponed.
Even as it deals with its own crisis, Appalshop hasn’t lost sight of its mission. Recognizing the historic nature of what happened over the last few days, the center is trying to chronicle the flooding for future generations.
“We are documenting as much as we can,” Scalos said. “Of course, some of our equipment was lost and is not recoverable. In the day and age of the smartphone, it’s a lot easier, of course. We’ll be looking at ways to pull the stories together, for sure.”
___
Snow reported from Phoenix. | https://www.cenlanow.com/news/ap-top-headlines/appalachian-cultural-center-reeling-from-historic-flooding/ | 2022-08-01T21:22:25Z | https://www.cenlanow.com/news/ap-top-headlines/appalachian-cultural-center-reeling-from-historic-flooding/ | true |
PGA Tour announces record prize money for upcoming season
NEW YORK, Aug 1 (Reuters) - The PGA Tour announced record prize money for the 2022-23 season on Monday, with eight invitationals offering "elevated" purses between $15 million and $25 million.
The move comes as the circuit is fighting back against the Saudi-backed LIV Golf Invitational Series, which has led to the defection of several high-profile players on multi-million dollar deals, including six-times major winner Phil Mickelson.
"We´ve heard from our fans and the overwhelming sentiment was that they wanted more consequences for both the FedExCup Regular Season and the Playoffs, and to further strengthen events that traditionally feature top players competing head-to-head," PGA Tour Commissioner Jay Monahan said in a statement.
Just 70 players will earn a start to the first FedExCup Playoffs event, with the Tour Championship set to begin August 21 in Atlanta. The tour moves to a calendar-year season in 2024.
Last month the PGA Tour sent a memo to players outlining a new ranking called the "FedExCup Playoffs and Eligibility Points List" that omits players who have been suspended but not resigned from the circuit.
The move ensured those who joined the LIV Golf Invitational Series do not negatively impact others' eligibility.
The 2022-23 PGA Tour season will include 47 tournaments and begins September 12 with the Fortinet Championship in Napa, California. (Reporting by Amy Tennery in New York, editing by Pritha Sarkar) | https://www.dailymail.co.uk/wires/reuters/article-11070727/PGA-Tour-announces-record-prize-money-upcoming-season.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | 2022-08-01T21:25:10Z | https://www.dailymail.co.uk/wires/reuters/article-11070727/PGA-Tour-announces-record-prize-money-upcoming-season.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | false |
3 deputies shot while serving warrant in North Carolina
DUDLEY, N.C. (WITN/Gray News) - The Wayne County Sheriff’s Office says a scene is still active after three deputies were shot Monday morning.
According to Joel Gillie, Wayne County public information officer, the deputies sustained gunshot wounds as they served an involuntary commitment warrant to a home in Dudley around 10:30 a.m.
Two deputies were airlifted to ECU Health Medical Center, while one deputy is being treated at Wayne UNC Health Care, according to police.
Officials have not yet provided an update on the conditions of the deputies.
Law enforcement says the deputies were wearing utility vests when serving the papers, as a common practice in a case of an involuntary commitment.
The suspect is currently barricaded inside of the home, and the scene is still active as a police helicopter hovers over the area.
Copyright 2022 WITN via Gray Media Group, Inc. All rights reserved. | https://www.azfamily.com/2022/08/01/3-deputies-shot-while-serving-warrant-north-carolina/ | 2022-08-01T21:25:26Z | https://www.azfamily.com/2022/08/01/3-deputies-shot-while-serving-warrant-north-carolina/ | true |
- 2Q22 EPS of $9.49
- 2Q22 Net Income and EBITDA of $380.7 million and $536.0 million, respectively
- Year-over-year increase in 2Q22 consolidated operating income driven by China service strength
- Repurchased approximately 1.6 million shares in 2Q22
HONOLULU, Aug. 1, 2022 /PRNewswire/ -- Matson, Inc. ("Matson" or the "Company") (NYSE: MATX), a leading U.S. carrier in the Pacific, today reported net income of $380.7 million, or $9.49 per diluted share, for the quarter ended June 30, 2022. Net income for the quarter ended June 30, 2021 was $162.5 million, or $3.71 per diluted share. Consolidated revenue for the second quarter 2022 was $1,261.1 million compared with $874.9 million for the second quarter 2021.
"Matson performed well in the second quarter 2022 with higher year-over-year operating income in both Ocean Transportation and Logistics," said Chairman and Chief Executive Officer Matt Cox. "Within Ocean Transportation, our China service continued to see significant demand for its expedited ocean services as volume for e-commerce, garments and other goods remained elevated. The increase in consolidated operating income year-over-year was driven by continued strength in the China service. Currently in the Transpacific tradelane, we are seeing solid demand for our China service as China's factory production continues to recover from the COVID-19-related supply chain challenges. However, in recent weeks we have seen a gradual decline in the Transpacific freight rate environment off the highs experienced earlier this year. This indicates that rates have likely peaked for now, and, at this time, we expect an orderly marketplace for the remainder of the year with our vessels continuing to operate at or near capacity and earning a significant rate premium to the market because of our differentiated, fast ocean services. To this end, we continue to expect to operate the CCX service through the October peak season this year."
Mr. Cox added, "In our domestic ocean tradelanes, we saw continued strength in Alaska with higher year-over-year volume and softer volumes in Hawaii and Guam compared to the year ago period. In Logistics, operating income increased year-over-year with strength across all of the business lines as we continued to see favorable supply and demand fundamentals in our core markets."
Second Quarter 2022 Discussion and Update on Business Conditions
Ocean Transportation: The Company's container volume in the Hawaii service in the second quarter 2022 was 1.5 percent lower year-over-year. The decrease was primarily due to lower retail-related demand. During the quarter, we saw continued improvement in the Hawaii economy supported by strong domestic tourist arrivals and a modest improvement in international tourist trends. In the near-term, we expect continued economic recovery in Hawaii from the pandemic supported by an improving unemployment rate and increasing tourism traffic, but there are negative trends from a combination of economic effects that create uncertainty in the economic growth trajectory. The negative trends include weakening economic conditions in the U.S. and global economies and lower household discretionary income as a result of high inflation, higher interest rates and the end of the pandemic-era stimulus helping personal income.
In China, the Company's container volume in the second quarter 2022 increased 11.7 percent year-over-year. The increase was a result of four more eastbound voyages than the prior year. Volume demand in the quarter was driven by e‑commerce, garments and other goods. Matson continued to realize a significant rate premium over the Shanghai Containerized Freight Index in the second quarter 2022 and achieved average freight rates that were considerably higher than in the year ago period. Currently in the Transpacific tradelane, we are seeing solid demand for our China service as China's factory production continues to recover from the COVID-19-related supply chain challenges. However, in recent weeks we have seen a gradual decline in the Transpacific freight rate environment off the highs experienced earlier this year. This indicates that rates have likely peaked for now, and, at this time, we expect an orderly marketplace for the remainder of the year with our vessels continuing to operate at or near capacity and earning a significant rate premium to the market because of our differentiated, fast ocean services. To this end, we continue to expect to operate the CCX service through the October peak season this year.
In Guam, the Company's container volume in the second quarter 2022 decreased 7.0 percent year-over-year primarily due to lower retail-related demand. In the near-term, we expect the Guam economy to continue to benefit from a recovery in tourism, but there are negative trends as a result of higher inflation, higher interest rates and the end of the pandemic-era stimulus helping personal income that creates uncertainty in the economic growth trajectory.
In Alaska, the Company's container volume for the second quarter 2022 increased 12.2 percent year-over-year primarily due to (i) higher northbound volume primarily due to higher retail-related demand and an additional sailing and (ii) higher volume from Alaska-Asia Express ("AAX"). In the near-term, we expect the Alaska economy to benefit from the resumption of summer tourism and increased energy-related exploration and production activity as a result of elevated oil prices, but there are negative trends as a result of higher inflation, higher interest rates and the end of the pandemic-era stimulus helping personal income that creates uncertainty in the economic growth trajectory.
The contribution in the second quarter 2022 from the Company's SSAT joint venture investment was $24.7 million, or $11.9 million higher than the second quarter 2021. The increase was primarily driven by higher other terminal revenue.
Logistics: In the second quarter 2022, operating income for the Company's Logistics segment was $23.1 million, or $10.2 million higher compared to the level achieved in the second quarter 2021. The increase was due primarily to higher contributions from all services as we continued to see favorable supply and demand fundamentals in our core markets.
Ocean Transportation revenue increased $366.3 million, or 53.6 percent, during the three months ended June 30, 2022, compared with the three months ended June 30, 2021. The increase was primarily due to higher revenue in China and higher fuel-related surcharge revenue primarily due to higher energy prices. The higher revenue in China was primarily due to considerably higher average freight rates and higher volume.
On a year-over-year FEU basis, Hawaii container volume decreased 1.5 percent primarily due to lower retail-related volume; Alaska volume increased 12.2 percent primarily due to (i) higher northbound volume primarily due to higher retail-related demand and an additional sailing and (ii) higher volume from AAX; China volume was 11.7 percent higher as a result of four more eastbound voyages than the prior year; Guam volume was 7.0 percent lower primarily due to lower retail-related demand; and Other containers volume increased 19.2 percent primarily due to the addition of China-Auckland Express volume in the South Pacific.
Ocean Transportation operating income increased $269.0 million during the three months ended June 30, 2022, compared with the three months ended June 30, 2021. The increase was primarily due to considerably higher average freight rates and higher volume in China and a higher contribution from SSAT, partially offset by higher fuel-related expenses, net of fuel-related surcharge recovery, and higher operating costs and expenses primarily due to the CLX+ and CCX services.
The Company's SSAT terminal joint venture investment contributed $24.7 million during the three months ended June 30, 2022, compared to a contribution of $12.8 million during the three months ended June 30, 2021. The increase was primarily driven by higher other terminal revenue.
Ocean Transportation revenue increased $749.7 million, or 60.3 percent, during the six months ended June 30, 2022, compared with the six months ended June 30, 2021. The increase was primarily due to higher revenue in China, higher fuel-related surcharge revenue primarily due to higher energy prices, and higher revenue in Alaska. The higher revenue in China was primarily due to considerably higher average freight rates and higher volume. The higher revenue in Alaska was primarily the result of higher volume.
On a year-over-year FEU basis, Hawaii container volume decreased 1.1 percent primarily due to lower retail-related demand; Alaska volume increased 15.9 percent primarily due to (i) higher northbound volume primarily due to higher retail-related demand and volume related to a competitor's dry-docking, (ii) higher volume from AAX and (iii) higher southbound volume primarily due to higher seafood volume; China volume was 12.5 percent higher as a result of nine more eastbound voyages than the prior year; Guam volume was 0.9 percent higher primarily due to higher retail-related demand; and Other containers volume increased 25.0 percent primarily due to the addition of China-Auckland Express volume in the South Pacific.
Ocean Transportation operating income increased $571.1 million during the six months ended June 30, 2022, compared with the six months ended June 30, 2021. The increase was primarily due to considerably higher average freight rates and higher volume in China and a higher contribution from SSAT, partially offset by higher fuel-related expenses, net of fuel-related surcharge recovery, and higher operating costs and expenses primarily due to the CLX+ and CCX services.
The Company's SSAT terminal joint venture investment contributed $58.7 million during the six months ended June 30, 2022, compared to a contribution of $22.0 million during the six months ended June 30, 2021. The increase was primarily driven by higher other terminal revenue.
Logistics revenue increased $19.9 million, or 10.4 percent, during the three months ended June 30, 2022, compared with the three months ended June 30, 2021. The increase was primarily due to higher supply chain management and transportation brokerage revenue.
Logistics operating income increased $10.2 million, or 79.1 percent, during the three months ended June 30, 2022, compared with the three months ended June 30, 2021. The increase was primarily due to higher contributions from all services.
Logistics revenue increased $90.2 million, or 26.3 percent, during the six months ended June 30, 2022, compared with the six months ended June 30, 2021. The increase was primarily due to higher transportation brokerage revenue.
Logistics operating income increased $20.5 million, or 107.9 percent, during the six months ended June 30, 2022, compared with the six months ended June 30, 2021. The increase was primarily due to higher contributions from all services.
Liquidity, Cash Flows and Capital Allocation
Matson's Cash and Cash Equivalents increased by $326.6 million from $282.4 million at December 31, 2021 to $609.0 million at June 30, 2022. Matson generated net cash from operating activities of $691.1 million during the six months ended June 30, 2022, compared to $238.8 million during the six months ended June 30, 2021. Capital expenditures totaled $68.4 million for the six months ended June 30, 2022, compared with $101.3 million for the six months ended June 30, 2021. Total debt decreased by $32.4 million during the six months to $596.6 million as of June 30, 2022, of which $531.6 million was classified as long-term debt. As of June 30, 2022 Matson had available borrowings under its revolving credit facility of $642.0 million.
During the second quarter 2022, Matson repurchased approximately 1.6 million shares for a total cost of $138.1 million. As of the end of the second quarter 2022, there were approximately 1.2 million shares remaining in the share repurchase program.
As previously announced, Matson's Board of Directors declared a cash dividend of $0.31 per share payable on September 1, 2022 to all shareholders of record as of the close of business on August 4, 2022.
Teleconference and Webcast
A conference call is scheduled on August 1, 2022 at 4:30 p.m. ET when Matt Cox, Chairman and Chief Executive Officer, and Joel Wine, Executive Vice President and Chief Financial Officer, will discuss Matson's second quarter results.
The conference call will be broadcast live along with an additional slide presentation on the Company's website at www.matson.com, under Investors.
Participants may register for the conference call at:
https://register.vevent.com/register/BI50173006aa0245ddae17cd86ba37457f
Registered participants will receive the conference call dial-in number and a unique PIN code to access the live event. While not required, it is recommended you join 10 minutes prior to the event starting time. A replay of the conference call will be available approximately two hours after the event by accessing the webcast link at www.matson.com, under Investors.
About the Company
Founded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services. Matson provides a vital lifeline to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia. Matson also operates premium, expedited services from China to Long Beach, California, provides service to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Dutch Harbor to Asia. The Company's fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and custom-designed barges. Matson Logistics, established in 1987, extends the geographic reach of Matson's transportation network throughout North America. Its integrated, asset-light logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, Asia supply chain services, and forwarding to Alaska. Additional information about the Company is available at www.matson.com.
GAAP to Non-GAAP Reconciliation
This press release, the Form 8-K and the information to be discussed in the conference call include non-GAAP measures. While Matson reports financial results in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company also considers other non-GAAP measures to evaluate performance, make day-to-day operating decisions, help investors understand our ability to incur and service debt and to make capital expenditures, and to understand period-over-period operating results separate and apart from items that may, or could, have a disproportional positive or negative impact on results in any particular period. These non-GAAP measures include, but are not limited to, Earnings Before Interest, Income Taxes, Depreciation and Amortization ("EBITDA") and Net Debt.
Forward-Looking Statements
Statements in this news release that are not historical facts are "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation those statements regarding performance and financial results, cash flow expectations and uses of cash and cash flow, supply chain challenges in China, terminal and port congestion on the U.S. West Coast, container dwell times, demand for consumer and retail-related goods, Transpacific freight rates and Matson's rate premium, volume levels and demand for Matson's China service, duration of CCX service, tourism levels, unemployment rates, energy-related exploration and production activity, economic recovery and drivers in Hawaii, Alaska and Guam, economic conditions in the U.S. and global economies, inflation, interest rates, personal and discretionary income, rail congestion, warehouse unit activity, refleeting initiatives and EBITDA contribution, capital expenditures, the costs and timing of liquified natural gas installations on certain vessels, labor contract renewals, timing and amount of contribution to Capital Construction Fund ("CCF"), federal and state cash tax savings, and share repurchase activity. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement, including but not limited to risks and uncertainties relating to repeal, substantial amendment or waiver of the Jones Act or its application, or our failure to maintain our status as a United States citizen under the Jones Act; changes in economic conditions or governmental policies, including from the COVID-19 pandemic; our ability to offer a differentiated service in China for which customers are willing to pay a significant premium; new or increased competition or improvements in competitors' service levels; our relationship with customers, agents, vendors and partners and changes in related agreements; fuel prices, our ability to collect fuel related surcharges and/or the cost or limited availability of required fuels; evolving stakeholder expectations related to environmental, social and governance matters; timely or successful completion of fleet upgrade initiatives; the occurrence of poor weather, natural disasters, maritime accidents, spill events and other physical and operating risks, including those arising from climate change; transitional and other risks arising from climate change; the magnitude and timing of the impact of public health crises, including COVID-19; significant operating agreements and leases that may not be replaced on favorable terms; any unanticipated dry-dock or repair expenses; joint venture relationships; conducting business in a foreign shipping market, including the imposition of tariffs or a change in international trade policies; any delays or cost overruns related to the modernization of terminals; war, terrorist attacks or other acts of violence; consummating and integrating acquisitions; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; relations with our unions; satisfactory negotiation and renewal of expired collective bargaining agreements without significant disruption to Matson's operations; loss of key personnel or failure to adequately manage human capital; the use of our information technology and communication systems and cybersecurity attacks; changes in our credit profile and our future financial performance; our ability to obtain future debt financings; continuation of the Title XI and CCF programs; costs to comply with and liability related to numerous safety, environmental, and other laws and regulations; and disputes, legal and other proceedings and government inquiries or investigations. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021 and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release. We do not undertake any obligation to update our forward-looking statements.
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GAITHERSBURG, Md., Aug. 1, 2022 /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX), a biotechnology company dedicated to developing and commercializing next-generation vaccines for serious infectious diseases, today announced it will report its second quarter 2022 financial results and operational highlights on Monday, August 8, 2022, following the close of U.S. financial markets. Details of the event and replay are as follows:
About Novavax
Novavax, Inc. (Nasdaq: NVAX) is a biotechnology company that promotes improved health globally through the discovery, development, and commercialization of innovative vaccines to prevent serious infectious diseases. The company's proprietary recombinant technology platform harnesses the power and speed of genetic engineering to efficiently produce highly immunogenic nanoparticles designed to address urgent global health needs. NVX-CoV2373, the company's COVID-19 vaccine, has received authorization from multiple regulatory authorities globally, including the U.S., EC and the WHO. The vaccine is currently under review by multiple regulatory agencies worldwide, including for additional indications and populations such as adolescents and as a booster. In addition to its COVID-19 vaccine, Novavax is also currently evaluating a COVID-seasonal influenza combination vaccine candidate in a Phase 1/2 clinical trial, which combines NVX-CoV2373 and NanoFlu*, its quadrivalent influenza investigational vaccine candidate, and is also evaluating an Omicron strain-based vaccine (NVX-CoV2515) as well as a bivalent Omicron-based / original strain-based vaccine. These vaccine candidates incorporate Novavax' proprietary saponin-based Matrix-M adjuvant to enhance the immune response and stimulate high levels of neutralizing antibodies.
For more information, visit www.novavax.com and connect with us on LinkedIn.
*NanoFlu identifies a recombinant hemagglutinin (HA) protein nanoparticle influenza vaccine candidate produced by Novavax. This investigational candidate was evaluated during a controlled phase 3 trial conducted during the 2019-2020 influenza season.
Contacts:
Investors
Alex Delacroix | 240-268-2022
ir@novavax.com
Media
Ali Chartan or Giovanna Chandler | 202-709-5563
media@novavax.com
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SOURCE Novavax, Inc. | https://www.wbtv.com/prnewswire/2022/08/01/novavax-host-conference-call-discuss-second-quarter-2022-financial-results-operational-highlights-august-8-2022/ | 2022-08-01T21:26:12Z | https://www.wbtv.com/prnewswire/2022/08/01/novavax-host-conference-call-discuss-second-quarter-2022-financial-results-operational-highlights-august-8-2022/ | false |
The United Nations kicked off a conference on the status of a 50-year treaty on nuclear nonproliferation — as crises fester in the Middle East, the Korean peninsula and Ukraine.
Copyright 2022 NPR
The United Nations kicked off a conference on the status of a 50-year treaty on nuclear nonproliferation — as crises fester in the Middle East, the Korean peninsula and Ukraine.
Copyright 2022 NPR | https://www.ctpublic.org/2022-08-01/un-kicks-off-nuclear-nonproliferation-conference-as-global-fears-fester | 2022-08-01T21:26:53Z | https://www.ctpublic.org/2022-08-01/un-kicks-off-nuclear-nonproliferation-conference-as-global-fears-fester | true |
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SYDNEY -- An Indigenous Australian parliamentarian was instructed to retake her oath of office on Monday after she changed it to label Britain's queen a colonizer.
Greens Senator Lidia Thorpe told parliament's upper house with her right fist raised above her head that she would "bear true allegiance to the colonizing Her Majesty Queen Elizabeth II."
The 96-year-old monarch is also Australia's head of state.
Senate President Sue Lines told Thorpe, a DjabWurrung Gunnai Gunditjmara woman, that she was required to recite the affirmation -- a form of the parliamentary oath that omits a reference to God -- as written.
After a pause, Thorpe -- a senator since September 2020 who retained her seat at a Federal election in May -- recited the affirmation correctly.
Buckingham Palace spokespeople had no immediate response to a request for comment on Thorpe's remark.
Australia's Indigenous leaders have toiled for generations to win recognition for injustices suffered by their peoples since European colonization began in the 1700s.
Prime Minister Anthony Albanese is seeking to make changes to the constitution to recognize Indigenous minorities and require governments to consult Aboriginal people on decisions that impact their lives.
On Saturday he unveiled the wording of a draft question for a referendum as part of that plan. | https://www.unionleader.com/news/back_page/indigenous-australian-senator-tweaks-oath-to-label-queen-a-colonizer/article_77b25504-4753-5843-98ce-963cac2a2a35.html | 2022-08-01T21:28:17Z | https://www.unionleader.com/news/back_page/indigenous-australian-senator-tweaks-oath-to-label-queen-a-colonizer/article_77b25504-4753-5843-98ce-963cac2a2a35.html | true |
- 2Q22 EPS of $9.49
- 2Q22 Net Income and EBITDA of $380.7 million and $536.0 million, respectively
- Year-over-year increase in 2Q22 consolidated operating income driven by China service strength
- Repurchased approximately 1.6 million shares in 2Q22
HONOLULU, Aug. 1, 2022 /PRNewswire/ -- Matson, Inc. ("Matson" or the "Company") (NYSE: MATX), a leading U.S. carrier in the Pacific, today reported net income of $380.7 million, or $9.49 per diluted share, for the quarter ended June 30, 2022. Net income for the quarter ended June 30, 2021 was $162.5 million, or $3.71 per diluted share. Consolidated revenue for the second quarter 2022 was $1,261.1 million compared with $874.9 million for the second quarter 2021.
"Matson performed well in the second quarter 2022 with higher year-over-year operating income in both Ocean Transportation and Logistics," said Chairman and Chief Executive Officer Matt Cox. "Within Ocean Transportation, our China service continued to see significant demand for its expedited ocean services as volume for e-commerce, garments and other goods remained elevated. The increase in consolidated operating income year-over-year was driven by continued strength in the China service. Currently in the Transpacific tradelane, we are seeing solid demand for our China service as China's factory production continues to recover from the COVID-19-related supply chain challenges. However, in recent weeks we have seen a gradual decline in the Transpacific freight rate environment off the highs experienced earlier this year. This indicates that rates have likely peaked for now, and, at this time, we expect an orderly marketplace for the remainder of the year with our vessels continuing to operate at or near capacity and earning a significant rate premium to the market because of our differentiated, fast ocean services. To this end, we continue to expect to operate the CCX service through the October peak season this year."
Mr. Cox added, "In our domestic ocean tradelanes, we saw continued strength in Alaska with higher year-over-year volume and softer volumes in Hawaii and Guam compared to the year ago period. In Logistics, operating income increased year-over-year with strength across all of the business lines as we continued to see favorable supply and demand fundamentals in our core markets."
Second Quarter 2022 Discussion and Update on Business Conditions
Ocean Transportation: The Company's container volume in the Hawaii service in the second quarter 2022 was 1.5 percent lower year-over-year. The decrease was primarily due to lower retail-related demand. During the quarter, we saw continued improvement in the Hawaii economy supported by strong domestic tourist arrivals and a modest improvement in international tourist trends. In the near-term, we expect continued economic recovery in Hawaii from the pandemic supported by an improving unemployment rate and increasing tourism traffic, but there are negative trends from a combination of economic effects that create uncertainty in the economic growth trajectory. The negative trends include weakening economic conditions in the U.S. and global economies and lower household discretionary income as a result of high inflation, higher interest rates and the end of the pandemic-era stimulus helping personal income.
In China, the Company's container volume in the second quarter 2022 increased 11.7 percent year-over-year. The increase was a result of four more eastbound voyages than the prior year. Volume demand in the quarter was driven by e‑commerce, garments and other goods. Matson continued to realize a significant rate premium over the Shanghai Containerized Freight Index in the second quarter 2022 and achieved average freight rates that were considerably higher than in the year ago period. Currently in the Transpacific tradelane, we are seeing solid demand for our China service as China's factory production continues to recover from the COVID-19-related supply chain challenges. However, in recent weeks we have seen a gradual decline in the Transpacific freight rate environment off the highs experienced earlier this year. This indicates that rates have likely peaked for now, and, at this time, we expect an orderly marketplace for the remainder of the year with our vessels continuing to operate at or near capacity and earning a significant rate premium to the market because of our differentiated, fast ocean services. To this end, we continue to expect to operate the CCX service through the October peak season this year.
In Guam, the Company's container volume in the second quarter 2022 decreased 7.0 percent year-over-year primarily due to lower retail-related demand. In the near-term, we expect the Guam economy to continue to benefit from a recovery in tourism, but there are negative trends as a result of higher inflation, higher interest rates and the end of the pandemic-era stimulus helping personal income that creates uncertainty in the economic growth trajectory.
In Alaska, the Company's container volume for the second quarter 2022 increased 12.2 percent year-over-year primarily due to (i) higher northbound volume primarily due to higher retail-related demand and an additional sailing and (ii) higher volume from Alaska-Asia Express ("AAX"). In the near-term, we expect the Alaska economy to benefit from the resumption of summer tourism and increased energy-related exploration and production activity as a result of elevated oil prices, but there are negative trends as a result of higher inflation, higher interest rates and the end of the pandemic-era stimulus helping personal income that creates uncertainty in the economic growth trajectory.
The contribution in the second quarter 2022 from the Company's SSAT joint venture investment was $24.7 million, or $11.9 million higher than the second quarter 2021. The increase was primarily driven by higher other terminal revenue.
Logistics: In the second quarter 2022, operating income for the Company's Logistics segment was $23.1 million, or $10.2 million higher compared to the level achieved in the second quarter 2021. The increase was due primarily to higher contributions from all services as we continued to see favorable supply and demand fundamentals in our core markets.
Ocean Transportation revenue increased $366.3 million, or 53.6 percent, during the three months ended June 30, 2022, compared with the three months ended June 30, 2021. The increase was primarily due to higher revenue in China and higher fuel-related surcharge revenue primarily due to higher energy prices. The higher revenue in China was primarily due to considerably higher average freight rates and higher volume.
On a year-over-year FEU basis, Hawaii container volume decreased 1.5 percent primarily due to lower retail-related volume; Alaska volume increased 12.2 percent primarily due to (i) higher northbound volume primarily due to higher retail-related demand and an additional sailing and (ii) higher volume from AAX; China volume was 11.7 percent higher as a result of four more eastbound voyages than the prior year; Guam volume was 7.0 percent lower primarily due to lower retail-related demand; and Other containers volume increased 19.2 percent primarily due to the addition of China-Auckland Express volume in the South Pacific.
Ocean Transportation operating income increased $269.0 million during the three months ended June 30, 2022, compared with the three months ended June 30, 2021. The increase was primarily due to considerably higher average freight rates and higher volume in China and a higher contribution from SSAT, partially offset by higher fuel-related expenses, net of fuel-related surcharge recovery, and higher operating costs and expenses primarily due to the CLX+ and CCX services.
The Company's SSAT terminal joint venture investment contributed $24.7 million during the three months ended June 30, 2022, compared to a contribution of $12.8 million during the three months ended June 30, 2021. The increase was primarily driven by higher other terminal revenue.
Ocean Transportation revenue increased $749.7 million, or 60.3 percent, during the six months ended June 30, 2022, compared with the six months ended June 30, 2021. The increase was primarily due to higher revenue in China, higher fuel-related surcharge revenue primarily due to higher energy prices, and higher revenue in Alaska. The higher revenue in China was primarily due to considerably higher average freight rates and higher volume. The higher revenue in Alaska was primarily the result of higher volume.
On a year-over-year FEU basis, Hawaii container volume decreased 1.1 percent primarily due to lower retail-related demand; Alaska volume increased 15.9 percent primarily due to (i) higher northbound volume primarily due to higher retail-related demand and volume related to a competitor's dry-docking, (ii) higher volume from AAX and (iii) higher southbound volume primarily due to higher seafood volume; China volume was 12.5 percent higher as a result of nine more eastbound voyages than the prior year; Guam volume was 0.9 percent higher primarily due to higher retail-related demand; and Other containers volume increased 25.0 percent primarily due to the addition of China-Auckland Express volume in the South Pacific.
Ocean Transportation operating income increased $571.1 million during the six months ended June 30, 2022, compared with the six months ended June 30, 2021. The increase was primarily due to considerably higher average freight rates and higher volume in China and a higher contribution from SSAT, partially offset by higher fuel-related expenses, net of fuel-related surcharge recovery, and higher operating costs and expenses primarily due to the CLX+ and CCX services.
The Company's SSAT terminal joint venture investment contributed $58.7 million during the six months ended June 30, 2022, compared to a contribution of $22.0 million during the six months ended June 30, 2021. The increase was primarily driven by higher other terminal revenue.
Logistics revenue increased $19.9 million, or 10.4 percent, during the three months ended June 30, 2022, compared with the three months ended June 30, 2021. The increase was primarily due to higher supply chain management and transportation brokerage revenue.
Logistics operating income increased $10.2 million, or 79.1 percent, during the three months ended June 30, 2022, compared with the three months ended June 30, 2021. The increase was primarily due to higher contributions from all services.
Logistics revenue increased $90.2 million, or 26.3 percent, during the six months ended June 30, 2022, compared with the six months ended June 30, 2021. The increase was primarily due to higher transportation brokerage revenue.
Logistics operating income increased $20.5 million, or 107.9 percent, during the six months ended June 30, 2022, compared with the six months ended June 30, 2021. The increase was primarily due to higher contributions from all services.
Liquidity, Cash Flows and Capital Allocation
Matson's Cash and Cash Equivalents increased by $326.6 million from $282.4 million at December 31, 2021 to $609.0 million at June 30, 2022. Matson generated net cash from operating activities of $691.1 million during the six months ended June 30, 2022, compared to $238.8 million during the six months ended June 30, 2021. Capital expenditures totaled $68.4 million for the six months ended June 30, 2022, compared with $101.3 million for the six months ended June 30, 2021. Total debt decreased by $32.4 million during the six months to $596.6 million as of June 30, 2022, of which $531.6 million was classified as long-term debt. As of June 30, 2022 Matson had available borrowings under its revolving credit facility of $642.0 million.
During the second quarter 2022, Matson repurchased approximately 1.6 million shares for a total cost of $138.1 million. As of the end of the second quarter 2022, there were approximately 1.2 million shares remaining in the share repurchase program.
As previously announced, Matson's Board of Directors declared a cash dividend of $0.31 per share payable on September 1, 2022 to all shareholders of record as of the close of business on August 4, 2022.
Teleconference and Webcast
A conference call is scheduled on August 1, 2022 at 4:30 p.m. ET when Matt Cox, Chairman and Chief Executive Officer, and Joel Wine, Executive Vice President and Chief Financial Officer, will discuss Matson's second quarter results.
The conference call will be broadcast live along with an additional slide presentation on the Company's website at www.matson.com, under Investors.
Participants may register for the conference call at:
https://register.vevent.com/register/BI50173006aa0245ddae17cd86ba37457f
Registered participants will receive the conference call dial-in number and a unique PIN code to access the live event. While not required, it is recommended you join 10 minutes prior to the event starting time. A replay of the conference call will be available approximately two hours after the event by accessing the webcast link at www.matson.com, under Investors.
About the Company
Founded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services. Matson provides a vital lifeline to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia. Matson also operates premium, expedited services from China to Long Beach, California, provides service to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Dutch Harbor to Asia. The Company's fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and custom-designed barges. Matson Logistics, established in 1987, extends the geographic reach of Matson's transportation network throughout North America. Its integrated, asset-light logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, Asia supply chain services, and forwarding to Alaska. Additional information about the Company is available at www.matson.com.
GAAP to Non-GAAP Reconciliation
This press release, the Form 8-K and the information to be discussed in the conference call include non-GAAP measures. While Matson reports financial results in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company also considers other non-GAAP measures to evaluate performance, make day-to-day operating decisions, help investors understand our ability to incur and service debt and to make capital expenditures, and to understand period-over-period operating results separate and apart from items that may, or could, have a disproportional positive or negative impact on results in any particular period. These non-GAAP measures include, but are not limited to, Earnings Before Interest, Income Taxes, Depreciation and Amortization ("EBITDA") and Net Debt.
Forward-Looking Statements
Statements in this news release that are not historical facts are "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation those statements regarding performance and financial results, cash flow expectations and uses of cash and cash flow, supply chain challenges in China, terminal and port congestion on the U.S. West Coast, container dwell times, demand for consumer and retail-related goods, Transpacific freight rates and Matson's rate premium, volume levels and demand for Matson's China service, duration of CCX service, tourism levels, unemployment rates, energy-related exploration and production activity, economic recovery and drivers in Hawaii, Alaska and Guam, economic conditions in the U.S. and global economies, inflation, interest rates, personal and discretionary income, rail congestion, warehouse unit activity, refleeting initiatives and EBITDA contribution, capital expenditures, the costs and timing of liquified natural gas installations on certain vessels, labor contract renewals, timing and amount of contribution to Capital Construction Fund ("CCF"), federal and state cash tax savings, and share repurchase activity. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement, including but not limited to risks and uncertainties relating to repeal, substantial amendment or waiver of the Jones Act or its application, or our failure to maintain our status as a United States citizen under the Jones Act; changes in economic conditions or governmental policies, including from the COVID-19 pandemic; our ability to offer a differentiated service in China for which customers are willing to pay a significant premium; new or increased competition or improvements in competitors' service levels; our relationship with customers, agents, vendors and partners and changes in related agreements; fuel prices, our ability to collect fuel related surcharges and/or the cost or limited availability of required fuels; evolving stakeholder expectations related to environmental, social and governance matters; timely or successful completion of fleet upgrade initiatives; the occurrence of poor weather, natural disasters, maritime accidents, spill events and other physical and operating risks, including those arising from climate change; transitional and other risks arising from climate change; the magnitude and timing of the impact of public health crises, including COVID-19; significant operating agreements and leases that may not be replaced on favorable terms; any unanticipated dry-dock or repair expenses; joint venture relationships; conducting business in a foreign shipping market, including the imposition of tariffs or a change in international trade policies; any delays or cost overruns related to the modernization of terminals; war, terrorist attacks or other acts of violence; consummating and integrating acquisitions; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; relations with our unions; satisfactory negotiation and renewal of expired collective bargaining agreements without significant disruption to Matson's operations; loss of key personnel or failure to adequately manage human capital; the use of our information technology and communication systems and cybersecurity attacks; changes in our credit profile and our future financial performance; our ability to obtain future debt financings; continuation of the Title XI and CCF programs; costs to comply with and liability related to numerous safety, environmental, and other laws and regulations; and disputes, legal and other proceedings and government inquiries or investigations. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021 and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release. We do not undertake any obligation to update our forward-looking statements.
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CHICAGO (AP) _ Equity Commonwealth (EQC) on Monday reported a key measure of profitability in its second quarter.
The Chicago-based real estate investment trust said it had funds from operations of $5.1 million, or 4 cents per share, in the period.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $899,000, or 1 cent per share.
The office building real estate investment trust, based in Chicago, posted revenue of $15.5 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 EQC at https://www.zacks.com/ap/EQC | https://www.ourmidland.com/business/article/Equity-Commonwealth-Q2-Earnings-Snapshot-17343825.php | 2022-08-01T21:33:20Z | https://www.ourmidland.com/business/article/Equity-Commonwealth-Q2-Earnings-Snapshot-17343825.php | true |
Whoever recently won the $1.337 billion Mega Millions jackpot won't ever have to reveal their identity. The Illinois Lottery says that winners of prizes over $250,000 can request that their name and hometown be kept confidential.
That isn't the case in many states, but a growing number of state legislators have sought to grant anonymity to lottery winners and offer them a sense of privacy and security.
"It's been actually a little trend in the industry over the past, every four or five years, to look at doing anonymity — for legislatures to go in and change the way the lotteries operate and put in the anonymity clauses," Gregg Edgar, executive director of the Arizona Lottery, told NPR.
In Arizona, lottery winners used to have just 90 days of secured anonymity before that person's information became public record. Now, the organization's website says "winners of $100,000 or greater may elect to keep their name permanently confidential."
Why do few states grant anonymity?
The North American Association of State and Provincial Lotteries, a nonprofit trade association, says players cannot remain anonymous in most jurisdictions.
"State and provincial lawmakers want the public to know that the lottery is honestly run and so require that at a minimum the name of the winner and their city of residence be made," its website reads. "This way the public can be reassured that the prize really was paid out to a real person."
Edgar said he has a fiduciary responsibility to Arizona's budget to be transparent about how the organization earns and spends the money.
"For a lot of us, we look at it as – this is public funds, this is public [money], we need to make sure that we're transparent and that people can see that there are winners that come through," he said. But, he added, that transparency has to be balanced against protecting the safety of winners.
Edgar expects that pushes to protect the anonymity of lottery winners will continue in other states across the country as jackpots continue to grow.
States have their own public records laws
Vermont is among the majority of states that don't grant anonymity.
"While the Lottery does routinely honor requests from winners not to post their personal information on social media, any person can still request to obtain copy of, or to inspect, records produced or acquired by the Lottery in the course of its business under the Vermont Public Records Act," said Wendy Knight, commissioner of the state's liquor and lottery department, in a statement to NPR.
"Any player who is concerned about privacy and security issues related to claiming a prize may want to obtain professional services through an accountant, attorney, tax adviser and/or other consultant to assess and strategize about their available options and decide what makes the most sense for them," Knight added.
Lawmakers who have pushed for the anonymity of lottery winners have cited privacy and safety concerns. A 2021 law in Missouri now makes it a crime to reveal a lottery winner's identity.
Supporters of the legislation wanted to protect winners from threats or harassment when others found out about their prize, according to an earlier report from the Associated Press.
For information on anonymity where you live, check your state lottery's website.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wbaa.org/2022-08-01/we-might-never-know-who-won-the-mega-millions-jackpot-thats-not-usually-the-case | 2022-08-01T21:33:42Z | https://www.wbaa.org/2022-08-01/we-might-never-know-who-won-the-mega-millions-jackpot-thats-not-usually-the-case | false |
WFO EL PASO Warnings, Watches and Advisories for Tuesday, August 2, 2022
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AIR QUALITY ALERT
Air Quality Alert Message
Relayed by National Weather Service El Paso Tx/Santa Teresa NM
232 PM MDT Mon Aug 1 2022
...AIR QUALITY ALERT IN EFFECT FROM 6 AM TO 9 PM MDT TUESDAY...
The Texas Department of Environmental Quality (TCEQ) has issued an
Ozone Action Day for the El Paso Area, from 6 AM to 9 PM MDT
Tuesday.
Atmospheric conditions are expected to be favorable for producing
high levels of ozone pollution in the El Paso area. You can help
prevent ozone Pollution by sharing a ride, walking, riding a
bicycle, taking your lunch to work, avoiding drive through lanes,
conserving energy and keeping your vehicle properly tuned.
For more information on ozone:
OZONE: THE FACTS
www.tceq.texas.gov/airquality/monops/ozonefacts.html
EPA AIR NOW:
www.airnow.gov/index.cfm?action=airnow.local_city&cityid=236
TAKE CARE OF TEXAS:
www.takecareoftexas.org/air/airquality
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Copyright 2022 AccuWeather | https://www.lakecountystar.com/weather/article/TX-WFO-EL-PASO-Warnings-Watches-and-Advisories-17343714.php | 2022-08-01T21:34:38Z | https://www.lakecountystar.com/weather/article/TX-WFO-EL-PASO-Warnings-Watches-and-Advisories-17343714.php | true |
Congress OKs measure to end FAA furloughs
WASHINGTON -- Furloughed air traffic controllers will soon be heading back to work, ending a week of coast-to-coast flight delays that left thousands of travelers frustrated and furious.
Unable to ignore the travelers' anger, Congress overwhelmingly approved legislation Friday to allow the Federal Aviation Administration to withdraw the furloughs. But the vote left many Democrats upset that it weakened their leverage to lift budget-wide cuts that are hurting Head Start and other programs with less lobbying clout and popular support.
With President Barack Obama's promised signature, the measure will erase one of the most stinging and publicly visible consequences of the $85 billion, across-the-board cuts known as the sequester.
Yesterday's House approval was 361-41 and followed the previous evening's passage by the Senate, which didn't even bother with a roll call. Lawmakers then streamed toward the exits -- and airports -- for a weeklong spring recess.
White House spokesman Jay Carney said Obama would sign the bill, but Carney complained that the measure left the rest of the sequester intact.
"This is a Band-Aid solution. It does not solve the bigger problem," he said.
There was no immediate word on when the controllers' furloughs would end. Sen. Susan Collins (R-Maine), who helped craft the measure, was told by Transportation Secretary Ray LaHood on Friday that the agency is "doing everything they can to get things back on track as quickly as possible," said Collins spokesman Kevin Kelley.
In the week since the furloughs began, news accounts have prominently featured nightmarish tales of delayed flights and stranded air passengers. The FAA said there had been at least 863 flights delayed on Wednesday attributed to the furloughs, with hundreds of others daily since the furloughs began Sunday.
Republicans have used the situation to accuse the Obama administration of purposely forcing the controllers to take unpaid days off to dial up public pressure on Congress to roll back the sequester.
"The president has an obligation to implement these cuts in a way that respects the American people, rather than using them for political leverage," House Speaker John Boehner (R-Ohio) said in a statement.
Halting the furloughs was the latest example of lawmakers easing parts of the sequester that became too painful.
They previously used a separate, wide-ranging spending bill to provide more money for meat and poultry inspectors. Attorney General Eric Holder cited extra funds in that same bill as the reason the Justice Department would be able to avoid furloughs.
The latest bill would let the FAA use up to $253 million from an airport improvement program and other accounts to halt the furloughs through the Sept. 30 end of the government's fiscal year. | https://www.newsday.com/news/nation/congress-oks-measure-to-end-faa-furloughs-s05360 | 2022-08-01T21:35:13Z | https://www.newsday.com/news/nation/congress-oks-measure-to-end-faa-furloughs-s05360 | true |
Man who stormed Capitol with gun gets 87 months in prison
WASHINGTON (AP) — A Texas man convicted of storming the U.S. Capitol with a holstered handgun, helmet and body armor was sentenced Monday to more than seven years in prison, the longest sentence imposed so far among hundreds of Capitol riot cases.
Prosecutors said Guy Reffitt told fellow members of the Texas Three Percenters militia group that he planned to drag House Speaker Nancy Pelosi out of the Capitol building by her ankles, “with her head hitting every step on the way down,” according to a court filing.
Reffitt’s prison sentence — seven years and three months — is two years more than the previous longest prison sentence for a Capitol riot defendant. But it’s less than half the length of the 15-year prison term requested by a federal prosecutor, who called Reffitt a domestic terrorist and said he wanted to physically remove and replace members of Congress.
Reffitt was the first person to go on trial for the Jan. 6, 2021, attack, in which supporters of then-President Donald Trump halted the joint session of Congress for certifying Joe Biden’s 2020 electoral victory.
U.S. District Judge Dabney Friedrich, who presided over Reffitt’s jury trial, also sentenced him to three years of supervised release after his prison term and ordered him to pay $2,000 in restitution.
Sentencing guidelines calculated by the judge called for a term of imprisonment ranging from seven years and three months to nine years.
Friedrich rejected prosecutors’ contention that an “upward departure for terrorism” — leading to a far longer sentence — was warranted in Reffitt’s case. It was the first time that prosecutors have requested that sentencing enhancement for a Jan. 6 case.
“He wanted to physically and literally remove Congress,” Assistant U.S. Attorney Jeffrey Nestler told the judge. “We do believe that he is a domestic terrorist.”
Friedrich, however, questioned why Reffitt would merit the terrorism enhancement when many other rioters engaged in violence and made similarly disturbing threats.
The longest sentence before Reffitt’s was five years and three months, for two men who pleaded guilty to assaulting police officers at the Capitol.
Reffitt, who already has been jailed for approximately 19 months, initially balked at speaking to the judge during Monday’s hearing. But he changed his mind during a lunch break and offered an expletive-laden apology to police officers, lawmakers and congressional staffers who were at the Capitol on Jan. 6. Calling himself “an idiot,” Reffitt struggled to explain why he stormed the Capitol.
“It was a big blur,” he said. “It was just very chaotic and confusing.”
Friedrich questioned the sincerity of Reffitt’s apology and expressions of remorse, noting that he has been publishing statements from jail in which he portrays himself and other rioters as patriots who were justifiably rebelling against a tyrannical U.S. government.
“Not only are they not patriots, they are direct threats to our democracy and will be punished as such,” the judge said.
Reffitt suggested that his fiery rhetoric from prison was hyperbole necessary to raise money to support his family.
“I’m on the street if I don’t say something that would garner money for them,” he said.
Defense attorney Clinton Broden asked for Reffitt to be sentenced to no more than two years in prison. Broden noted that Reffitt didn’t assault any law enforcement officers or enter the Capitol building.
Videos captured the confrontation between outnumbered Capitol police officers and a mob of people, including Reffitt, who approached them on the west side of the Capitol.
Reffitt was armed with a Smith & Wesson pistol in a holster on his waist, carrying zip-tie handcuffs and wearing body armor and a helmet equipped with a video camera when he advanced on the officers, according to prosecutors. He retreated after an officer pepper sprayed him in the face, but he waved on other rioters who ultimately breached the building, prosecutors said.
Reffitt didn’t testify at his trial before jurors convicted him in March of all five counts in his indictment. The jury found him guilty of obstructing Congress’ joint session, of interfering with police officers outside the Capitol and of threatening his two teenage children if they reported him to law enforcement.
Reffitt’s 19-year-old son, Jackson, testified that his father told him and his sister, then 16, that they would be traitors if they reported him to authorities and warned them that “traitors get shot.”
Guy Reffitt was a member of the Texas Three Percenters militia group, according to prosecutors. The Three Percenters movement refers to the myth that only 3% of Americans fought in the Revolutionary War against the British.
Reffitt lived with his wife and children in Wylie, Texas, a Dallas suburb. He drove to Washington, D.C., with Rocky Hardie, a fellow member of the militia group.
Hardie testified that both of them were armed with holstered handguns when they attended Trump’s “Stop the Steal” rally before the riot. Hardie also said Reffitt gave him two pairs of zip-tie cuffs in case they needed to detain anybody.
More than 840 people have been charged with federal crimes related to the riot. Over 340 of them have pleaded guilty, mostly to misdemeanors. More than 220 have been sentenced, with nearly half of them receiving terms of imprisonment. Approximately 150 others have trial dates stretching into 2023.
Reffitt is one of seven Capitol riot defendants to get a jury trial so far. Jurors have unanimously convicted all seven of them on all counts in their respective indictments.
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Follow AP’s coverage of the Jan. 6 committee hearings at https://apnews.com/hub/capitol-siege.
Copyright 2022 The Associated Press. All rights reserved. | https://www.wlbt.com/2022/08/01/man-who-stormed-capitol-with-gun-gets-87-months-prison/ | 2022-08-01T21:35:31Z | https://www.wlbt.com/2022/08/01/man-who-stormed-capitol-with-gun-gets-87-months-prison/ | true |
ANDOVER, Mass. (AP) _ TransMedics Group Inc. (TMDX) on Monday reported a loss of $11.5 million in its second quarter.
The Andover, Massachusetts-based company said it had a loss of 41 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 32 cents per share.
The medical technology company posted revenue of $20.5 million in the period, which beat Street forecasts. Three analysts surveyed by Zacks expected $16.3 million.
TransMedics expects full-year revenue in the range of $67 million to $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 TMDX at https://www.zacks.com/ap/TMDX | https://www.ourmidland.com/business/article/TransMedics-Q2-Earnings-Snapshot-17343807.php | 2022-08-01T21:35:59Z | https://www.ourmidland.com/business/article/TransMedics-Q2-Earnings-Snapshot-17343807.php | true |
Now White House says Biden has 'lingering symptoms' - after his doctor said he had NONE: Karine Jean-Pierre says President is 'experiencing some things' - but is still working '8-plus hours a day'
- Biden has been stuck in the White House for 12 consecutive days
- He was treated with Paxlovid following his first positive test for infection
- First lady Jill Biden remains in the family home in Wilmington, Delaware, and has been testing negative
- Biden had planned to reunite with her Sunday before getting his 'rebound' case
- White House physician Dr. Kevin O'Connor said Biden is still feeling well and is showing no symptoms
- White House Press Secretary Karine Jean-Pierre while avoiding specifics on President Joe Biden's symptoms on Monday
- She said he was not experiencing any 'recurring symptoms'
- Biden first tested positive on July 21, then tested negative on the 27th
- Biden tested positive again Saturday in a 'rebound' case
The White House on Monday said President Joe Biden continues to have mild 'lingering symptoms' but took pains not to spell out what they are following the president's second round of covid, as he continues in his 12th day of isolation.
White House Press Secretary Karine Jean-Pierre made the comment after White House physician Dr. Kevin O'Connor said in a letter Biden continues to 'feel well' after suffering a rebound case of the virus shortly after testing negative.
'No reoccurring symptoms – meaning like, if you look at [O'Connor's] original letter, there's nothing. There's nothing severe right? Because he feels fine. He feels he feels good.'
'But as we know, all of us have had COVID, we do have a little bit of a lingering cough, a little bit of maybe a lingering sniffle. That's not uncommon to happen, so that's what we are talking about,' she said, without specifying the exact nature of the president's ailments.
'Many of us have had COVID before and they tend to be lingering symptoms and that's what I'm talking about,' White House Press Secretary Karine Jean-Pierre said Monday, while reviewing few details about what symptoms the president is experiencing after his 'rebound' case of covid
He appears to be doing better than he was following his original diagnosis last month. During Biden's first round, 'we had talked about a little fatigue, we talked about aches, you know there was a little bit of discomfort. That has not occurred,' she said.
Jean-Pierre continued to dance around the exact nature of what the president was going through, while rattling off minor symptoms.
'And there are some, you know, you still have a dry cough, you still have you know a little sniffles that lasts for a little bit longer,' she said.
'Many of us have had COVID before and they tend to be lingering symptoms and that's what I'm talking about,' she said, speaking to a press corps that, like much of the country, has seen a series of covid cases during the pandemic.
Pressed on whether Biden was still experiencing some things, she said 'of course' he was – and then pointed to Biden's chronic dry cough, which proceeded his positive tests for covid.
Her remarks drew repeated questions from the press about the precise nature of the president's symptoms, what he was doing in isolation, and when he would resume travel.
Jean-Pierre acknowledged the president was experiencing 'lingering symptoms'
She said Biden would continue to follow Centers for Disease Control guidelines, which call for five days of isolation following a positive covid test.
But she noted there are no official guidelines for travel for someone who has a 'rebound' case from a recent case of covid.
'There there are no CDC recommendations regarding travel for rebound. So that does not exist for rebound cases,' she said, as the president seeks to get back on the road.
She also brushed back questions about whether the president kept too busy a schedule despite battling covid, and defended the medical team's decision to give the president Paxlovid, which has been linked to return cases in a minority of cases.
'He tends to have a dry cough. That is not unusual,' she said. Biden continues to work, but Jean-Pierre didn't immediately provide details on his activities, while teasing an update later.
'He has been working eight-plus hours a day That is a schedule that he continues to keep,' she said.
A White House spokesman, asked what symptoms the president is currently suffering,' appeared to confirm a runny nose and cough, pointing to Jean-Pierre's statement that 'there are some [symptoms], you know, you still have a dry cough. You still have, you know, a little sniffles that that lasts for a little bit longer.'
Jean-Pierre spoke after the president doctor confirmed that he was still testing positive for COVID as of Monday morning and will continue his strict isolation, even as the president 'continues to feel well.'
Biden now hasn't left the White House complex in 12 days after he suffered a rebound case on Saturday that is believed to have been sparked by his Paxlovid treatment regimen.
White House physician Dr. Kevin O'Connor said Biden is still feeling well and is showing no symptoms.
The president has no public appearances on his schedule on Monday. In his stead, White House Press Secretary Karine Jean-Pierre will brief reporters.
'The President continues to feel well as he starts his week,' O'Connor wrote. 'Given his rebound positivity which we reported Saturday, we continued daily monitoring. This morning, as could be anticipated, his SARS-CoV-2 antigen testing remained positive.'
President Biden's doctor confirmed that he was still testing positive for COVID as of Monday morning and will continue his strict isolation
O'Connor said Biden would continue to work from the White House. He also explained that the president's positive test was 'anticipated' given similar patients in his position.
The President will continue his strict isolation measures as previously described.'
According to O'Connor, 'He will continue to conduct the business of the American people from the Executive Residence.' O'Connor wrote that Biden 'continues to be very specifically conscientious to protect any of the Executive Residence, White House, Secret Service and other staff whose duties require nay (albeit socially distanced) proximity to him.'
That means Biden will continue to stay away from the West Wing, where aides conduct official business.
It all comes at crunch time in Washington, where Biden is in sight of grabbing some policy wins even as he eschews sitting down with lawmakers.
West Virginia Sen. Joe Manchin (D), who spent months negotiating directly with Biden, announced last week he had reached a deal with Senate Majority Leader Charles Schumer on a package that raises $739 billion in revenue, with $433 billion in spending on climate and other measures, and about $300 billion in deficit reduction.
Biden has been isolating in the White House for 12 days since testing positive for covid
Biden 'continues to feel well,' writes White House physician Dr. Kevin O'Connor
Biden's dog Commander has been his companion. First lady Jill Biden is in Wilmington
Biden released a video from COVID isolation on Sunday where he FaceTimes with advocates on Capitol Hill in lieu of going down there to help champion the PACT Act, which was defeated by Republicans and aims to aid veterans who were impacted by burn bits and other toxic chemicals
But Sen. Kyrsten Sinema (D-Ariz.), whose vote would be crucial for passage, has yet to give the 'reconciliation' proposal, which is protected from Republican filibuster, a green light.
And House Speaker Nancy Pelosi is on a tour of Asia, with aggressive statements out of Beijing over reports she plans to visit Taiwan.
The president had tested negative for COVID-19 four days in a row after being infected last month. But medical experts insist his rebound case, while rare, is not completely unusual.
He tested positive on Saturday, and went back into isolation. Officials said he had six close contacts before the positive hit.
Physicians have noted that some people in higher risk categories who are treated with Paxlovid, as Biden was, are prone to suffer 'rebound' infections.
First lady Jill Biden remains in the family home in Wilmington, Delaware, and has been testing negative.
Biden had planned to reunite with her Sunday before getting his 'rebound' case. | https://www.dailymail.co.uk/news/article-11070467/Karine-Jean-Pierre-says-Biden-lingering-symptoms-doctor-says-feeling-well.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | 2022-08-01T21:36:01Z | https://www.dailymail.co.uk/news/article-11070467/Karine-Jean-Pierre-says-Biden-lingering-symptoms-doctor-says-feeling-well.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | true |
FORT WORTH, Texas, Aug. 1, 2022 /PRNewswire/ -- The Elm at River Park, a 293-unit multifamily community in desirable southwest Fort Worth, has been sold by Embrey.
The purchase was made by TA Realty. Nationally recognized Embrey Management Services will continue to manage the community.
"It has been a pleasure to develop and build this beautiful community," said John Kirk, Managing Director and Executive Vice President for Embrey. "The Elm at River Park's excellent location and upscale amenities will make this a highly desirable place to live for many years to come."
Amenities include a game lounge, a resort-style pool with cabanas, a dog park and pet spa, a fitness center with on-demand programs, and a business center with micro-offices and a conference room.
Residential units include inviting kitchens with granite countertops, and stainless steel appliances, plus wine and dry bars in select units.
San Antonio-based Embrey is a diversified real estate investment company that owns, develops, builds, acquires and manages multifamily and commercial assets in targeted markets across the United States. Since 1974, Embrey has developed more than 44,000 apartments and over 6 million square feet of commercial property. Embrey is a leading developer in the multifamily sector, with more than 6,000 units under construction or in development. www.embreydc.com
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SOURCE Embrey | https://www.mysuncoast.com/prnewswire/2022/08/01/embrey-closes-sale-fort-worth-texas-multifamily-community-elm-river-park/ | 2022-08-01T21:37:26Z | https://www.mysuncoast.com/prnewswire/2022/08/01/embrey-closes-sale-fort-worth-texas-multifamily-community-elm-river-park/ | true |
Rep. Arrington introduces bill to provide Medicare and Medicaid recognition to FECs
AUSTIN, Texas, Aug. 1, 2022 /PRNewswire/ -- The National Association of Freestanding Emergency Centers (NAFEC) applauds Representative Jodey Arrington (R-TX 19) and 10 co-sponsors for introducing H.R. 8597 - The Medicare Emergency Care Improvement Act. This important legislation would expand emergency medical access to rural Americans, improve the quality of urban care and provide permanent Medicare and Medicaid recognition to freestanding emergency centers (FEC), allowing patients to keep vital emergency medical access they have been able to access during the pandemic.
"FECs are an essential part of our nation's healthcare system, providing high-quality, cost-effective care to millions of patients each year," said NAFEC President Rhonda Sandel. "Many FECs have been providing care to Medicare beneficiaries since the beginning of the pandemic under a temporary program established by CMS. But unless the statute is updated to provide permanent recognition, these beneficiaries will lose access to their FECs when the Public Health Emergency terminates. We are grateful for Rep. Arrington's leadership working to preserve and expand access to quality emergency care for all Americans."
In April 2020, as a response to the COVID-19 Public Health Emergency and to expand patient access, the Centers for Medicare and Medicaid Services (CMS) issued a waiver allowing FECs to enroll as Medicare-certified hospitals and receive Medicare reimbursement for the duration of the pandemic. Nearly 60 percent of FECs nationwide enrolled in the temporary program and showed the benefit of long-term implementation. Since the waiver was implemented, an actuarial study of Medicare claims found more efficient care with a 22 percent cost reduction across all acuity conditions.
"In 2010, Texas began licensing FECs, and now there are more than 200 across several states. The benefit these facilities provided throughout the pandemic is undeniable; however, in classic fashion, the government has lagged behind the pace of healthcare innovation," said Rep. Arrington. "Unless Congress enacts a law providing permanent recognition to FECs prior to the end of the public health emergency, Medicare beneficiaries will face a critical lack of emergency care options. I encourage my colleagues to join me in supporting the Emergency Care Improvement Act to expand healthcare access across the board."
The bill has also been endorsed by the American College of Emergency Physicians.
FECs place emergency care directly into communities. With ER physicians on-site 24/7, advanced imaging, lab and licensed pharmacy services, they provide a new model of care delivery. Patients with emergency conditions can be seen, diagnosed and stabilized quickly, reducing costs and saving lives.
About NAFEC
The National Association of Freestanding Emergency Centers (NAFEC) is a member-based association representing freestanding emergency centers across the country. The Association works with national leaders to ensure this industry's fair regulation and growth, as well as raise public awareness of the industry and promote an overall understanding of the unique benefits of freestanding emergency centers.
Media Contact:
Alice Claiborne, 713-865-6342
aclaiborne@themach1group.com
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SOURCE National Association of Freestanding Emergency Centers | https://www.mysuncoast.com/prnewswire/2022/08/01/emergency-care-improvement-act-aims-expand-emergency-healthcare-access/ | 2022-08-01T21:37:33Z | https://www.mysuncoast.com/prnewswire/2022/08/01/emergency-care-improvement-act-aims-expand-emergency-healthcare-access/ | false |
Centerspace Reports Second Quarter 2022 Financial Results
Published: Aug. 1, 2022 at 4:44 PM EDT|Updated: 54 minutes ago
MINNEAPOLIS, Aug. 1, 2022 /PRNewswire/ -- Centerspace (NYSE: CSR) announced today its financial and operating results for the three and six months ended June 30, 2022. The tables below show Net Income, Funds from Operations ("FFO")1, and Core FFO1, all on a per share basis, for the three and six months ended June 30, 2022; Same-Store Revenues, Expenses, and Net Operating Income ("NOI")1 over comparable periods; and Same-Store Weighted-Average Occupancy for each of the three months ended June 30, 2022, March 31, 2022, and June 30, 2021.
Highlights
Net Loss was $0.30 per diluted share for the second quarter of 2022, compared to Net Income of $1.48 per diluted share for the same period of 2021;
Core FFO increased 14.3% to $1.12 per diluted share for the three months ended June 30, 2022, compared to $0.98 for the three months ended June 30, 2021;
Same-store revenues increased by 11.7% for the second quarter of 2022 compared to the second quarter of 2021, driving an 11.5% increase in NOI compared to the same period of the prior year; and
Revised 2022 financial outlook, increasing our guidance range for net loss per share to $0.31 to $0.14 per diluted share. We also increased our same-store NOI growth guidance for 2022 to 10.0% to 12.0%, an increase of 2% over our previous guidance range. This resulted in an increase in the Core FFO guidance range to $4.45 to $4.61 per diluted share.
Balance Sheet
At the end of the second quarter, Centerspace had $196.2 million of total liquidity on its balance sheet, consisting of $183.0 million available under the lines of credit and cash and cash equivalents of $13.2 million.
Revised 2022 Financial Outlook
Centerspace revised its 2022 financial outlook and increased its earnings per share, Core FFO and same-store NOI guidance. For additional information, see S-17 of the Supplemental Financial and Operating Data for the quarter ended June 30, 2022 included at the end of this release. These ranges should be considered in their entirety. The table below reflects the revised outlook.
Earnings Call
Supplemental Information
Supplemental Operating and Financial Data for the quarter ended June 30, 2022 included herein ("Supplemental Information"), is available in the Investors section on Centerspace's website at www.centerspacehomes.com or by calling Investor Relations at 701-837-7104. Non-GAAP financial measures and other capitalized terms, as used in this earnings release, are defined and reconciled in the Supplemental Financial and Operating Data, which accompanies this earnings release.
About Centerspace
Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, as of June 30, 2022, Centerspace owned 83 apartment communities consisting of 14,838 apartment homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Centerspace was named a Top Workplace for 2021 by the Minneapolis Star Tribune. For more information, please visit www.centerspacehomes.com.
Forward-Looking Statements
Certain statements in this press release and the accompanying Supplemental Operating and Financial Data are based on the company's current expectations and assumptions, and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial conditions, or plans expressed or implied by the forward-looking statements. Although the company believes the expectations reflected in its forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be achieved. Such risks, uncertainties, and other factors that might cause such differences include, but are not limited to those risks and uncertainties detailed from time to time in Centerspace's filings with the Securities and Exchange Commission, including the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" contained in its Annual Report on Form 10-K for the year ended December 31, 2021, in its subsequent quarterly reports on Form 10-Q, and in other public reports. The company assumes no obligation to update or supplement forward-looking statements that become untrue due to subsequent events.
CENTERSPACE NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (unaudited)
This release contains certain non-GAAP financial measures. The non-GAAP financial measures should not be considered a substitute for operating results determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The definitions and calculations of these non-GAAP financial measures, as calculated by us, may not be comparable to non-GAAP financial measures reported by other REITs that do not define each of the non-GAAP financial measures exactly as Centerspace does.
The company provides certain information on a same-store and non-same-store basis. Same-store apartment communities are owned or in service for substantially all of the periods being compared, and, in the case of newly-constructed properties, have achieved a target level of physical occupancy of 90%. On the first day of each calendar year, Centerspace determines the composition of its same-store pool for that year as well as adjusts the previous year, which allows us to evaluate full period-over-period operating comparisons for existing apartment communities and their contribution to net income. The company believes that measuring performance on a same-store basis is useful to investors because it enables evaluation of how a fixed pool of its communities are performing year-over-year. Centerspace uses this measure to assess whether or not the company has been successful in increasing NOI, renewing the leases on existing residents, controlling operating costs, and making prudent capital improvements.
Reconciliation of Operating Income (Loss) to Net Operating Income
Net operating income, or NOI, is a non-GAAP financial measure which the company defines as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation, amortization, financing, property management overhead, casualty losses, and general and administrative expenses. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders, or cash flow from operating activities as a measure of financial performance.
* Not a meaningful percentage
* Not a meaningfulpercentage
Reconciliation of Same-Store Controllable Expenses to Total Property Operating Expenses, Including Real Estate Taxes
Same-store controllable expenses exclude real estate taxes and insurance, in order to provide a measure of expenses that are within management's control, and is used for the purposes of budgeting, business planning, and performance evaluation. This is a non-GAAP financial measure and should not be considered an alternative to total expenses or total property operating expenses.
Reconciliation of Net Income (Loss) Available to Common Shareholders to Funds From Operations and Core Funds From Operations
Centerspace believes that FFO, which is a non-GAAP financial measure used as a standard supplemental measure for equity real estate investment trusts, is helpful to investors in understanding its operating performance, primarily because its calculation does not assume that the value of real estate assets diminishes predictably over time, as implied by the historical cost convention of GAAP and the recording of depreciation.
Centerspace uses the definition of FFO adopted by the National Association of Real Estate Investment Trusts, Inc. ("Nareit"). Nareit defines FFO as net income or loss calculated in accordance with GAAP, excluding:
depreciation and amortization related to real estate;
gains and losses from the sale of certain real estate assets; and
impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.
The exclusion in Nareit's definition of FFO of gains and losses from the sale of real estate assets and impairment write-downs helps to identify the operating results of the long-term assets that form the base of the company's investments, and assists management and investors in comparing those operating results between periods.
Due to the limitations of the Nareit FFO definition, Centerspace has made certain interpretations in applying this definition. The company believes that all such interpretations not specifically identified in the Nareit definition are consistent with this definition. Nareit's FFO White Paper 2018 Restatement clarified that impairment write-downs of land related to a REIT's main business are excluded from FFO and a REIT has the option to exclude impairment write-downs of assets that are incidental to its main business.
While FFO is widely used by Centerspace as a primary performance metric, not all real estate companies use the same definition of FFO or calculate FFO in the same way. Accordingly, FFO presented here is not necessarily comparable to FFO presented by other real estate companies. FFO should not be considered as an alternative to net income or any other GAAP measurement of performance, but rather should be considered as an additional, supplemental measure. FFO also does not represent cash generated from operating activities in accordance with GAAP, nor is it indicative of funds available to fund all cash flow needs, including the ability to service indebtedness or make distributions to shareholders.
Core Funds from Operations ("Core FFO") is FFO as adjusted for non-routine items or items not considered core to business operations. By further adjusting for items that are not considered part of core business operations, the company believes that Core FFO provides investors with additional information to compare core operating and financial performance between periods. Core FFO should not be considered as an alternative to net income, or any other GAAP measurement of performance, but rather should be considered an additional supplemental measure. Core FFO also does not represent cash generated from operating activities in accordance with GAAP, nor is it indicative of funds available to fund the company's cash needs, including its ability to service indebtedness or make distributions to shareholders. Core FFO is a non-GAAP and non-standardized financial measure that may be calculated differently by other REITs and should not be considered a substitute for operating results determined in accordance with GAAP.
Reconciliation of Net Income (Loss) Available to Common Shareholders to Adjusted EBITDA
Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, gain/loss on sale of real estate and other investments, impairment of real estate investments, gain/loss on extinguishment of debt, gain/loss from involuntary conversion; and other non-routine items or items not considered core to business operations. The company considers Adjusted EBITDA to be an appropriate supplemental performance measure because it permits investors to view income from operations without the effect of depreciation, the cost of debt, or non-operating gains and losses. Adjusted EBITDA is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP.
Reconciliation of Net Income (Loss) Available to Common Shareholders to FFO and Core FFO
The following table presents reconciliations of Net income (loss) available to common shareholders to FFO and Core FFO, which are non-GAAP financial measures described in greater detail under "Non-GAAP Financial Measures and Reconciliations." They should not be considered as alternatives to net income or any other GAAP measurement of performance, but rather should be considered as an additional, supplemental measure. FFO and Core FFO also do not represent cash generated from operating activities in accordance with GAAP, nor are they indicative of funds available to fund all cash needs, including the ability to service indebtedness or make distributions to shareholders. The outlook and projections provided below are based on current expectations and are forward-looking.
Reconciliation of Operating Income to Net Operating Income
Net operating income, or NOI, is a non-GAAP financial measure which the company defines as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation, amortization, financing, property management overhead, casualty losses, and general and administrative expenses. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders, or cash flow from operating activities as a measure of financial performance.
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.wcjb.com/prnewswire/2022/08/01/centerspace-reports-second-quarter-2022-financial-results/ | 2022-08-01T21:38:34Z | https://www.wcjb.com/prnewswire/2022/08/01/centerspace-reports-second-quarter-2022-financial-results/ | false |
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Flow Country World Heritage bid expected for 2023
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Plans for almost 250 new homes on Skye
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Biker died doing long-planned North Coast 500 trip
Motorcyclist dies after crash with car | https://www.bbc.co.uk/news/topics/ck7rdppj2e7t | 2022-08-01T21:39:48Z | https://www.bbc.co.uk/news/topics/ck7rdppj2e7t | false |
A 55-year-old woman died at the scene after her 2022 GMC Canyon struck a telephone pole and fence on Saturday evening, according to the Department of Public Safety.
DPS officials reported on Monday that Diana Dee of Dayton was driving the GMC westbound on West County Road 127 – around 6 miles west of Midland. It was there that the vehicle veered off the roadway to the right, according to DPS.
“The driver then overcorrected to the left sending (the GMC) into a skid,” DPS reported. “(The vehicle) then struck a telephone pole and fence. The driver of the vehicle was ejected from the vehicle.”
DPS reported that Dee was not wearing seat belt. The accident happened around 6:34 p.m. Saturday. | https://www.mrt.com/news/local/article/DPS-Woman-dies-in-Saturday-accident-in-Midland-17343501.php | 2022-08-01T21:40:48Z | https://www.mrt.com/news/local/article/DPS-Woman-dies-in-Saturday-accident-in-Midland-17343501.php | true |
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Two ways to read the story
An unlikely boyhood friendship, forged amid the fear and hatred that led to Japanese Americans’ incarceration during World War II, has inspired a new institute to overcome today’s resurgent tribalism.
The Heart Mountain Wyoming Foundation broke ground this weekend on the Mineta-Simpson Institute, named after two statesmen who met in the Heart Mountain detention camp as Boy Scouts – one from inside the camp and another from a nearby town – and later became a bipartisan power duo in Congress.
Why We Wrote This
Amid increased polarization and growing fears about the fragility of American democracy, national divisions can feel insurmountable. Here’s a serious effort to cultivate respect through the lessons of history and the example of a remarkable bipartisan power duo.
The institute will be located adjacent to an existing interpretative center and provide a forum for talks, workshops, and other events to apply the lessons of the past to the challenges of the present, including hysteria, hate, and growing partisanship.
The idea was driven by former incarcerees on the foundation’s board, who saw present-day echoes of the politics of fear that led to the detention of 120,000 Japanese Americans. They see a redemptive value in bringing the lessons of their experience to bear on the challenges of today, and providing an example of how national division and distrust can be overcome.
“It’s not about going backwards,” says Aura Sunada Newlin, interim executive director of the foundation. “It’s about creating a new future.”
As a kid, Alan Simpson watched the tar-paper shacks shoot up in the prairie nearby, as the government hastily constructed a camp after Japan bombed Pearl Harbor in 1941. The signs around town went up equally fast, as 14,000 Japanese Americans, uprooted from their lives on the West Coast, were detained in the shadow of Heart Mountain, one of 10 such camps.
“This is for their own good,” he recalls one sign saying. Others used ethnic slurs to make clear the newcomers – some of whom worked in town – were not welcome at certain establishments. Meanwhile, Gov. Nels Smith criticized California for using Wyoming as a “dumping ground” for a distrusted population.
Among the newcomers was Norman Mineta, a kid from San Jose who loved baseball but had his bat taken away by authorities upon entering the camp. So he would sneak through the fence to the river to fish and hunt magpies, like the local boys, Mr. Simpson recalls. But Mr. Simpson might never have learned that had it not been for Glenn Livingston, his Boy Scout troop leader in nearby Cody, Wyoming.
Why We Wrote This
Amid increased polarization and growing fears about the fragility of American democracy, national divisions can feel insurmountable. Here’s a serious effort to cultivate respect through the lessons of history and the example of a remarkable bipartisan power duo.
“There are three Boy Scout troops out there and they’re all American, just like you,” Mr. Simpson remembers him saying. “We’re going to go out there for a jamboree.”
Under the guard towers manned by soldiers and searchlights, 11-year-old Al and Norm practiced tying knots, shared a tent, and built a moat around it, directing the runoff to a bully’s tent down the hill, which sent them into fits of laughter. Three decades later, Mr. Simpson was serving in the Wyoming state legislature when he learned that his old chum had also entered politics, becoming the first Japanese American mayor of a major city – San Jose, California.
“Do you remember the fat kid who cackled and tied knots?” Mr. Simpson wrote in a letter to Mr. Mineta, describing himself. The young mayor sure did.
That unlikely boyhood friendship, forged amid fear and hatred, grew into a bipartisan force to be reckoned with after Mr. Mineta was elected a Democratic representative to Congress and Mr. Simpson became a Republican senator. They worked their respective sides of the aisle to secure reparations for Japanese Americans, and were each respected by the other side for their bipartisan spirit. President George W. Bush appointed Mr. Mineta to his Cabinet, and President Barack Obama tasked Mr. Simpson in 2010 with co-chairing the bipartisan National Commission on Fiscal Responsibility and Reform.
In honor of their example, the Heart Mountain Wyoming Foundation broke ground this weekend on the Mineta-Simpson Institute, which will be located adjacent to an existing interpretative center and provide a forum for talks, workshops, and other events to address today’s resurgent tribalism.
“The friendship of Norm and Al really represents what this nation can be, and what this nation should be,” said Republican Congresswoman Liz Cheney of Wyoming, whose first exposure to campaigning was crisscrossing the state with her father, Dick Cheney, and Mr. Simpson in 1978 when they were running for the House and Senate, respectively. In her remarks at the groundbreaking ceremony, she added that their friendship “demonstrated what can be accomplished when we come together and we put the good of our country ahead of any politics or partisanship.”
The idea for the Mineta-Simpson Institute was driven by former incarcerees serving on the foundation’s board who saw present-day echoes of the politics of fear that had led to their community’s detention. They see a redemptive value in bringing the lessons of their experience to bear on the challenges of today, and providing an example of how national division and distrust can be overcome.
The foundation has raised $7.1 million of their $8.25 million goal and plans to open the institute’s doors next summer. They hope to eventually draw members of state legislatures or even Congress, where a coarsening partisanship has caused that institution to largely grind to a halt – both reflecting and fueling the national divides over everything from abortion to voting rights.
“It’s exhausting to have to feel so much anger toward each other,” says Aura Sunada Newlin, interim executive director of the foundation.
“There are tremendous museums in Washington, D.C., and Los Angeles and Seattle. But there’s something different when you come and set foot on a place where people were actually incarcerated on the basis of race,” adds Ms. Newlin, a great-granddaughter of Heart Mountain incarcerees. Plus, the expansiveness and barren beauty of the landscape create a unique environment for contemplation, adds the fourth-generation Wyomingite. “I feel like it’s so important for people to come and feel that – to feel uncomfortable, to feel small and vulnerable in the face of this huge sky. And to imagine what it must have felt like to arrive in this place.”
Moving forward without bitterness
When Sam Mihara arrived as a fourth grader from San Francisco, he and his parents and brother were assigned a 20-foot square barrack room with four military cots, no electricity, and no water. They used communal toilets with no partitions and were served bread and potatoes with pickled vegetables. His father went blind and his grandfather died due to medical mistreatment, he says in a phone interview.
While many of the older generation felt it their duty to remain loyal to the United States, he watched young Japanese Americans gather after dinner to discuss resisting the draft. Among them was Takashi Hoshizaki, who went to jail instead of serving in the military, and received an apology from the government only decades later – along with $20,000 in reparations, thanks to the legislation Representative Mineta and Senator Simpson advanced.
For a long time, Mr. Mihara felt bitter about his experience and wouldn’t set foot in Wyoming.
“I had a lot of hate,” he says. “Finally, it dawned on me – it doesn’t do much good to be bitter. ... The best thing I can do is to educate, so that future leaders don’t make the same mistake.”
Over the past 10 years, he has spoken to more than 90,000 students of all ages across the country, from Columbia Law School to Heart Mountain, where he serves on the foundation’s board.
“When I give talks, sometimes I get the question – ‘Do you still believe in America?’” he says. “The answer is yes,” he adds, noting that in many countries it wouldn’t have been possible to criticize the government the way he has. “As long as we are free to address the mistakes that we’ve made and do our best to correct them, I think we’ll be OK.”
Likewise, Mr. Hoshizaki, the draft resister and a fellow board member, says he feels no bitterness – only a desire to help secure civil rights for all, including through the Mineta-Simpson Institute. “I’m going to push hard to make sure that on a constitutional level the denial of civil rights will not happen to other groups,” he says.
Mr. Mineta, as secretary of Transportation under President George W. Bush, was responsible for grounding all air traffic on 9/11 and later helped ensure that Muslim Americans were not singled out by the government the way his community had been after Pearl Harbor. His memorial service in Washington this spring – held just two days after the Jan. 6 committee started hearings on one of the most divisive days in modern history – drew hundreds of people, including Democratic Speaker of the House Nancy Pelosi and former Bush chief of staff Andrew Card. They each gave tributes, along with Mr. Mineta’s boyhood friend from Wyoming.
“I was a beneficiary of a giant man,” said Senator Simpson, whose eulogy drew the heartiest applause.
In an interview with the Monitor several weeks later, sitting in a sunny room of the Heart Mountain interpretative center with his wife, Ann, overlooking the grassland where thousands of barracks once held his friend and thousands of others, he said that a center where people could come together to discuss racism, hysteria, hate, and partisanship “would be the fondest hope of my life or his.”
“Creating a new future”
The Mineta-Simpson Institute’s programming got underway this summer with workshops for 72 educators from around the country on how to take these lessons of history and apply it to their teaching of the Constitution and civil rights, a weeklong program supported by the National Endowment for the Humanities. They also plan to pilot leadership workshops for next year on how to break through tribalism to find practical solutions – an initiative that will likely start with local leaders and expand to include state legislators as well as leaders from corporate, nonprofit, and community organizations.
Other initiatives include an artist series, private retreats, events for the public to support an engaged citizenry, and a lecture series named after Maurice Walk, a government lawyer who resigned his post in protest of the treatment of Japanese Americans. While many of the institute’s activities will harness the power of place at Heart Mountain, the foundation also plans to expand its reach through online programming.
“We’re not just talking about history, but making it relevant, taking the lessons of the past and using them to help people find common ground again,” says Deni Hirsh, the foundation’s membership and development manager.
Her big dream is that someday they can host the freshman class of representatives in Congress.
Dakota Russell, former executive director and a member of the advisory board, says the idea is that “before that tribal mindset sets in, that we capture them then and really offer a viable alternative.” And they have proof that it works in a relationship that started right here, despite the barbed wire that divided their communities.
“In the model of Mineta and Simpson, we have the example of two men who are on opposite sides of the aisle, but loved each other so much,” says Ms. Newlin, who rejects the cynical view that their example of civility is outmoded today, or represents a Pollyannish desire to return to some idyllic but impractical past.
“It’s not about going backwards,” she says. “It’s about creating a new future.” | https://www.csmonitor.com/USA/Politics/2022/0801/From-an-unlikely-WWII-era-friendship-plans-for-strengthening-democracy?icid=rss | 2022-08-01T21:41:03Z | https://www.csmonitor.com/USA/Politics/2022/0801/From-an-unlikely-WWII-era-friendship-plans-for-strengthening-democracy?icid=rss | true |
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GUATEMALA CITY (AP) — A prize-winning Guatemalan journalist jailed on alleged money laundering charges that government critics have denounced as a pressure tactic has faced consequences for his work before.
In 2003, government agents searched José Rubén Zamora Marroquin’s home and threatened his life after he wrote a column suggesting former dictator José Efraín Ríos Montt, then president of the congress, was running a parallel government.
Five years later, armed men abducted Zamora in Guatemala’s capital before releasing him 10 hours later outside the city beaten and drugged. No one was arrested, but at the time it was believed to be in response to his newspaper’s work.
On Friday, plainclothes investigators and police with assault rifles arrested Zamora at his home. His initial appearance before a judge was canceled Monday, because the case file was apparently unavailable. The hearing was not immediately rescheduled, meaning Zamora would remain in jail.
It also meant that the details of the charges against Zamora remain a mystery. On Friday, government investigators also raided the offices of El Periodico, holding its employees in place for more than 15 hours.
Zamora founded El Periodico in 1996 and it quickly gained a reputation for uncovering government corruption. The paper made reporting scoops on the current administration of President Alejandro Giammattei and at least three of his predecessors.
Last year and this year, El Periodico published a series of investigations about the visit of Russian business people to Guatemala who met with Giammattei. The paper’s investigation accused Giammattei of accepting bribes in exchange for a concession of property in the port of Santo Tomas de Castilla.
Attorney General Consuelo Porras, who was recently reappointed by Giammattei to another term as the country’s top law enforcement official, has been sanctioned by the United States for pursuing investigations against prosecutors and judges who investigated corruption.
On Monday, authorities searched the home of one of those earlier targets, former judge Erika Aifán, who had fled to the United States after denouncing corruption.
Porras’ special prosecutor against corruption, Rafael Curruchiche, who is handling Zamora’s case, was also sanctioned by the U.S. government as an alleged obstacle to investigating corruption.
Curruchiche has said the case is focused on Zamora’s work as a businessman not as a journalist, but has offered no details.
That was difficult for others at El Periodico to reconcile because the government froze the newspape's bank accounts.
“The bank accounts were suspended at the request of the (prosecutor’s office), with the only intention being to paralyze the finances of said media outlet, making it impossible to meet with its labor and contractual obligations,” said Gerson Ortiz, El Periodico’s news director.
Zamora’s son, Ramón Zamora, was more direct. “This is not a case against my father, it is a systematic attack against freedom of expression and democracy,” he said. “They started with the activists, continued on to the prosecutors and now they are starting to pursue journalists.” | https://www.beaumontenterprise.com/news/article/Guatemalan-journalist-known-for-investigations-17343605.php | 2022-08-01T21:42:37Z | https://www.beaumontenterprise.com/news/article/Guatemalan-journalist-known-for-investigations-17343605.php | true |
HAMILTON, Bermuda, Aug. 1, 2022 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) ("White Mountains") announced today that it has completed the sale of NSM Insurance Group to investment funds affiliated with global investment firm Carlyle (NASDAQ: CG).
White Mountains is in a quiet period until second quarter earnings are released.
Contact:
Rob Seelig
+1 (603) 640-2212
ir@whitemountains.com
View original content:
SOURCE White Mountains Insurance Group, Ltd. | https://www.mysuncoast.com/prnewswire/2022/08/01/white-mountains-completes-sale-nsm/ | 2022-08-01T21:43:22Z | https://www.mysuncoast.com/prnewswire/2022/08/01/white-mountains-completes-sale-nsm/ | true |
NPR's Ari Shapiro talks with Corinne Fleischer, the World Food Programme's Middle East, North Africa and Eastern Europe regional director, about what grain shipments from Ukraine means for some areas.
Copyright 2022 NPR
NPR's Ari Shapiro talks with Corinne Fleischer, the World Food Programme's Middle East, North Africa and Eastern Europe regional director, about what grain shipments from Ukraine means for some areas.
Copyright 2022 NPR | https://www.knau.org/2022-08-01/resuming-ukrainian-grain-exports-may-help-reduce-food-insecurity-in-the-middle-east | 2022-08-01T21:43:30Z | https://www.knau.org/2022-08-01/resuming-ukrainian-grain-exports-may-help-reduce-food-insecurity-in-the-middle-east | false |
CAIRO (AP) — Sudan says it has detected the country’s first case of the monkeypox virus in the conflict-wrecked Darfur region.
The Health Ministry said late Sunday that the 16-year-old student’s case was discovered last week in West Darfur province. It did not give further details about the patient.
The ministry said there were at least 38 suspected cases of monkeypox and all tested negative to the virus but one in West Darfur. It said health authorities were working to determine the student’s contacts to limit the spread of the virus.
An outbreak of monkeypox could be devastating for Sudan, which suffered from decades of conflict in Darfur and other parts of the country, and international isolation. The East African nation is in turmoil since a military coup last year derailed its short-lived transition to democracy.
The virus originates in primates and other wild animals and causes fever, body aches, chills and fatigue in most patients. People with severe cases can develop a rash and lesions on the face, hands and other parts of the body.
The smallpox-related disease was commonly found in parts of central and west Africa, before spreading to different parts of the world.
The World Health Organization last month declared the monkeypox a global emergency, to ensure that the world takes the current outbreaks seriously. | https://www.cbs42.com/news/international/sudan-detects-first-case-of-monkeypox-in-darfur/ | 2022-08-01T21:44:36Z | https://www.cbs42.com/news/international/sudan-detects-first-case-of-monkeypox-in-darfur/ | true |
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INDIANAPOLIS (AP) — There was no masking Richard Childress' anger when he learned star driver Tyler Reddick was leaving his race team. Reddick's current contract runs through 2023 and he told his boss he was moving on when it expires only 10 days after scoring his first career Cup Series win.
Childress was livid in his initial response, saying the “timing of this announcement could not be any worse,” and his grandson, Reddick's teammate Austin Dillon, was equally unimpressed.
“For all the hard work and effort that your guys put in for you, it can affect you going into the playoffs, even though you say it’s not going to,” Dillon said.
Turns out it isn't affecting Reddick, who picked up his second win in five races on Sunday with a victory on the road course at Indianapolis Motor Speedway. And it isn't hurting the No. 8 team, partly because Childress took a day to calm down, regroup, and deliver a message to the organization.
“After they made their announcement, I thought about it a lot that night, gave it a lot of thought, and it’s more than just about one person. It’s about a team,” Childress said. “Stayed up most of the night thinking about what I should do, how I wanted to handle it. I went in the next day and told the whole team ‘it wasn’t a perfect circumstance the way it went down, but we’re going to give it everything we’ve got this year, and we’ll see where we go next year.’ ”
Make no mistake, though: Childress was adamant Reddick — a driver he's referred to as “the next Cale Yarborough” — will fulfill his contract and drive his car next season.
But for now? Well, any hurt feelings have been pushed aside as Reddick helps RCR contend for the Cup title. His win at Indy made him the first RCR driver since Kevin Harvick in 2013 to win multiple races in a season, and multiple victories for RCR in a season for the first time since 2017.
Crew chief Randall Burnett said the key to finding success in a strained situation was understanding Reddick's decision is “a business deal.”
“We’ve still got a lot of racing left to do with Tyler, and that’s what I told our guys. We’re all professionals. We’ve seen drivers come and go and things move around, and that’s just part of our sport,” Burnett said. “We’ve talked about it as a group, and Richard sat in on some of them and talked with all of us about it.
"The biggest thing we can do is go out and do what we did (at Indy) and that’s put fast cars underneath Tyler and try to win races and show everybody what this team is made of.”
Reddick's second victory solidly locks him into the playoff field for the second time in his three Cup seasons. The two-time Xfinity Series champion said nothing has changed for him since telling RCR he was going to drive for Denny Hamlin and Michael Jordan at 23XI Racing in 2024.
“My commitment level, if anything, probably is a little bit higher,” Reddick said. "I just know that we’ve had time to continue to work on our cars and make them better and grow as a team and go in the right direction, and now it’s like, all right, we have a hard stop. This is the end of the road that we have together.
“For me that puts, I think, a good amount of pressure on me to just keep finding more.”
RCR hasn't won a championship since 1994 with Dale Earnhardt, who won all six of Childress' Cup titles. But the team owner pointed out that RCR nearly won the title in 2013, Harvick's final season before Harvick moved to Stewart-Haas Racing.
Harvick won four races that year and finished third in the final standings.
But RCR hasn't been nearly as competitive since Harvick left. Reddick has been a critical piece in the long rebuild and now he's leaving, too, but Childress seems determined not to allow the organization to slip.
“It’s great to be back competitive again. The doors have been open, the lights have been on, but we haven’t been competitive,” Childress said. “It feels great to come to a racetrack and know you’re going to be one of the teams that’s going to be racing for the win.”
___
More AP auto racing: https://apnews.com/hub/auto-racing and https://twitter.com/AP_Sports | https://www.beaumontenterprise.com/sports/article/Column-Reddick-win-shows-RCR-can-overcome-17343808.php | 2022-08-01T21:44:54Z | https://www.beaumontenterprise.com/sports/article/Column-Reddick-win-shows-RCR-can-overcome-17343808.php | true |
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Three seriously injured as two motorbikes crash
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Orkney bird tag tracked to London home | https://www.bbc.co.uk/news/topics/cllmr11n9r4t | 2022-08-01T21:45:26Z | https://www.bbc.co.uk/news/topics/cllmr11n9r4t | true |
WASHINGTON (AP) — A Texas man convicted of storming the U.S. Capitol with a holstered handgun, helmet and body armor was sentenced Monday to more than seven years in prison, the longest sentence imposed so far among hundreds of Capitol riot cases.
Prosecutors said Guy Reffitt told fellow members of the Texas Three Percenters militia group that he planned to drag House Speaker Nancy Pelosi out of the Capitol building by her ankles, “with her head hitting every step on the way down,” according to a court filing.
Reffitt’s prison sentence — seven years and three months — is two years more than the previous longest prison sentence for a Capitol riot defendant. But it’s less than half the length of the 15-year prison term requested by a federal prosecutor, who called Reffitt a domestic terrorist and said he wanted to physically remove and replace members of Congress.
Reffitt was the first person to go on trial for the Jan. 6, 2021, attack, in which supporters of then-President Donald Trump halted the joint session of Congress for certifying Joe Biden’s 2020 electoral victory.
U.S. District Judge Dabney Friedrich, who presided over Reffitt’s jury trial, also sentenced him to three years of supervised release after his prison term and ordered him to pay $2,000 in restitution.
Justice Department prosecutors recommended a 15-year prison sentence for Reffitt, who already has been jailed for approximately 19 months. They said he was a militia group member who intended to drag lawmakers out of the building and take over Congress to stop the certification of the Electoral College vote.
Sentencing guidelines calculated by the court’s probation department called for a sentence ranging from nine years to 11 years and three months. Prosecutors argued that an “upward departure for terrorism” was warranted in Reffitt’s case.
The longest sentence before Reffitt’s was five years and three months, for two men who pleaded guilty to assaulting police officers at the Capitol.
Defense attorney Clinton Broden asked for Reffitt to be sentenced to no more than two years in prison. Broden noted that Reffitt didn’t assault any law enforcement officers or enter the Capitol building.
Videos captured the confrontation between outnumbered Capitol police officers and a mob of people, including Reffitt, who approached them on the west side of the Capitol.
Reffitt was armed with a Smith & Wesson pistol in a holster on his waist, carrying zip-tie handcuffs and wearing body armor and a helmet equipped with a video camera when he advanced on the officers, according to prosecutors. He retreated after an officer pepper sprayed him in the face, but he waved on other rioters who ultimately breached the building, prosecutors said.
Reffitt didn’t testify at his trial before jurors convicted him in March of all five counts in his indictment. The jury found him guilty of obstructing Congress’ joint session, of interfering with police officers outside the Capitol and of threatening his two teenage children if they reported him to law enforcement.
Reffitt’s 19-year-old son, Jackson, testified that his father told him and his sister, then 16, that they would be traitors if they reported him to authorities and warned them that “traitors get shot.”
Guy Reffitt was a member of the Texas Three Percenters militia group, according to prosecutors. The Three Percenters movement refers to the myth that only 3% of Americans fought in the Revolutionary War against the British.
Reffitt lived with his wife and children in Wylie, Texas, a Dallas suburb. He drove to Washington, D.C., with Rocky Hardie, a fellow member of the militia group.
Hardie testified that both of them were armed with holstered handguns when they attended Trump’s “Stop the Steal” rally before the riot. Hardie also said Reffitt gave him two pairs of zip-tie cuffs in case they needed to detain anybody.
More than 840 people have been charged with federal crimes related to the riot. Over 340 of them have pleaded guilty, mostly to misdemeanors. More than 220 have been sentenced, with nearly half of them receiving terms of imprisonment. Approximately 150 others have trial dates stretching into 2023.
Reffitt is one of seven Capitol riot defendants to get a jury trial so far. Jurors have unanimously convicted all seven of them on all counts in their respective indictments. | https://www.wric.com/news/u-s-world/jan-6-rioter-who-stormed-capitol-with-gun-gets-7-plus-years-in-prison/ | 2022-08-01T21:45:59Z | https://www.wric.com/news/u-s-world/jan-6-rioter-who-stormed-capitol-with-gun-gets-7-plus-years-in-prison/ | true |
Flow Country World Heritage bid expected for 2023
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Plans for almost 250 new homes on Skye
Orange lobster is one in 10 million
Sniffer dogs to search for rogue island hedgehogs
Skye's new hospital officially opened | https://www.bbc.co.uk/news/topics/cllmr11nz75t | 2022-08-01T21:46:50Z | https://www.bbc.co.uk/news/topics/cllmr11nz75t | false |
Encompass Health reports results for second quarter 2022
Published: Aug. 1, 2022 at 5:02 PM EDT|Updated: 45 minutes ago
BIRMINGHAM, Ala., Aug. 1, 2022 /PRNewswire/ -- Encompass Health Corporation (NYSE: EHC), the largest owner and operator of inpatient rehabilitation hospitals in the United States, today reported its results of operations for the second quarter ended June 30, 2022 and affirmed its 2022 guidance.
"Our second quarter results are further evidence of the strong demand for our inpatient rehabilitation services," said President and Chief Executive Officer of Encompass Health Mark Tarr. "Second quarter discharge growth was 4.9%, on top of 18.7% discharge growth in the second quarter of 2021. While we continue to face near-term staffing challenges, we remain confident in the long-term prospects for our business."
On July 1, 2022, Encompass Health completed the spin off of Enhabit Home Health & Hospice ("Enhabit"), which is now an independent, publicly traded company. Enhabit's second quarter results are required to be in this earnings release, but no commentary on those results is included herein. Beginning with the third quarter of 2022, Enhabit's historical results will be reported in Encompass Health's discontinued operations.
Consolidated results
See attached supplemental information for calculations of non-GAAP measures and reconciliations to their most comparable GAAP measure.
General and administrative expenses
General and administrative expenses decreased as a percent of consolidated revenue due to improved operating leverage, a decline in the mark-to-market value of the Company's nonqualified 401(k) plan, and lower incentive compensation in Q2 2022.
General and administrative expenses in the above table exclude $22.9 million and $4.1 million in costs associated with the strategic alternatives review of the Company's home health and hospice business for the second quarter of 2022 and the second quarter of 2021, respectively.
Inpatient rehabilitation segment results
Revenue – Inpatient revenue growth resulted from increased volumes and pricing. Total discharge growth for the second quarter of 2022 was 4.9% with same-store growth of 1.6%. Revenue reserves related to bad debt as a percent of revenue increased 50 basis points, primarily attributable to a shift in payor mix toward non-Medicare payors.
Growth in net patient revenue per discharge of 1.3% primarily resulted from an increase in reimbursement rates, partially offset by the resumption of sequestration.
Outpatient and other revenue was unchanged.
Adjusted EBITDA – The 11.4% decrease in Adjusted EBITDA primarily resulted from increased utilization and pricing of agency staffing and sign-on and shift bonuses.
The Company is affirming its guidance for its ongoing inpatient rehabilitation business for full-year 2022.
For considerations regarding the Company's 2022 guidance ranges, see the supplemental information posted on the Company's website at http://investor.encompasshealth.com. See also the "Other information" section below for an explanation of why the Company does not provide guidance for comparable GAAP measures for Adjusted EBITDA and adjusted earnings per share.
Earnings conference call and webcast
The Company will host an investor conference call at 10:00 a.m. Eastern Time on Tuesday, August 2, 2022 to discuss its results for the second quarter of 2022. For reference during the call, the Company will post certain supplemental information at http://investor.encompasshealth.com.
The conference call may be accessed by dialing 866 342-8591 and giving the pass code EHCQ222. International callers should dial 203 518-9713 and give the same pass code. Please call approximately ten minutes before the start of the call to ensure you are connected. The conference call will also be webcast live and will be available for on-line replay at http://investor.encompasshealth.com by clicking on an available link.
About Encompass Health
Encompass Health (NYSE: EHC) is the largest owner and operator of inpatient rehabilitation hospitals in the United States. With a national footprint that includes 150 hospitals in 35 states and Puerto Rico, the Company provides high-quality, compassionate rehabilitative care for patients recovering from a major injury or illness, using advanced technology and innovative treatments to maximize recovery. Encompass Health is ranked as one of Fortune's 100 Best Companies to Work For. For more information, visit encompasshealth.com, or follow us on our newsroom, Twitter, Instagram and Facebook.
Other information
The information in this press release is summarized and should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (the "June 2022 Form 10-Q"), when filed, as well as the Company's Current Report on Form 8-K filed on August 1, 2022 (the "Q2 Earnings Form 8-K"), to which this press release is attached as Exhibit 99.1. In addition, the Company will post supplemental information today on its website at http://investor.encompasshealth.com for reference during its August 2, 2022 earnings call.
The financial data contained in the press release and supplemental information include non-GAAP financial measures, including the Company's adjusted earnings per share, leverage ratio, Adjusted EBITDA, and adjusted free cash flow. Reconciliations to their most comparable GAAP measure, except with regard to non-GAAP guidance, are included below or in the Q2 Earnings Form 8-K. Readers are encouraged to review the "Note Regarding Presentation of Non-GAAP Financial Measures" included in the Q2 Earnings Form 8-K which provides further explanation and disclosure regarding the Company's use of these non-GAAP financial measures.
Excluding net operating revenues, the Company does not provide guidance on a GAAP basis because it is unable to predict, with reasonable certainty, the future impact of items that are deemed to be outside the control of the Company or otherwise not indicative of its ongoing operating performance. Such items include government, class action, and related settlements; professional fees—accounting, tax, and legal; mark-to-market adjustments for stock appreciation rights; gains or losses related to hedging instruments; loss on early extinguishment of debt; adjustments to its income tax provision (such as valuation allowance adjustments and settlements of income tax claims); items related to corporate and facility restructurings; and certain other items the Company believes to be not indicative of its ongoing operations. These items cannot be reasonably predicted and will depend on several factors, including industry and market conditions, and could be material to the Company's results computed in accordance with GAAP.
However, the following reasonably estimable GAAP measures for 2022 would be included in a reconciliation for Adjusted EBITDA if the other reconciling GAAP measures could be reasonably predicted:
Interest expense and amortization of debt discounts and fees - estimate of $160 million to $170 million
Amortization of debt-related items - approximately $10 million
The Q2 Earnings Form 8-K and, when filed, the June 2022 Form 10-Q can be found on the Company's website at http://investor.encompasshealth.com and the SEC's website at www.sec.gov.
For the three months ended June 30, 2022, net cash used in investing activities was $123.2 million and resulted primarily from capital expenditures. Net cash used in financing activities during the three months ended June 30, 2022 was $19.3 million and resulted primarily from cash dividends paid on common stock and distributions to noncontrolling interests of consolidated affiliates.
For the three months ended June 30, 2021, net cash used in investing activities was $226.0 million and primarily resulted from capital expenditures and the acquisition of assets from Frontier Home Health and Hospice. Net cash used in financing activities during the three months ended June 30, 2021 was $186.4 million and primarily resulted from net debt payments, cash dividends paid on common stock, and distributions to noncontrolling interests of consolidated affiliates.
For the six months ended June 30, 2022, net cash used in investing activities was $246.3 million and primarily resulted from capital expenditures. Net cash used in financing activities during the six months ended June 30, 2022 was $80.2 million and primarily resulted from cash dividends paid on common stock and distributions to noncontrolling interests of consolidated affiliates.
For the six months ended June 30, 2021, net cash used in investing activities was $321.6 million and primarily resulted from capital expenditures and the acquisition of assets from Frontier Home Health and Hospice. Net cash used in financing activities during the six months ended June 30, 2021 was $263.9 million and primarily resulted from net debt payments, cash dividends paid on common stock and distributions to noncontrolling interests of consolidated affiliates.
Encompass Health Corporation and Subsidiaries Forward-Looking Statements
Statements contained in this press release and the supplemental information which are not historical facts, such as those relating to the spin off of the home health and hospice business and its impact on the business model, outlook and guidance, the nature of the COVID-19 pandemic and its impact on Encompass Health's business and financial assumptions, legislative and regulatory developments, financial guidance, development projects, balance sheet and cash flow plans, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, Encompass Health, through its senior management, may from time to time make forward-looking public statements concerning the matters described herein. All such estimates, projections, and forward-looking information speak only as of the date hereof, and Encompass Health undertakes no duty to publicly update or revise such forward-looking information, whether as a result of new information, future events, or otherwise. Such forward-looking statements are necessarily estimates based upon current information, involve a number of risks and uncertainties, and relate to, among other things, future events, Encompass Health's plan to repurchase its debt or equity securities, dividend strategies, effective income tax rates, its business strategy, its financial plans, its future financial performance, its projected business results or model, its ability to return value to shareholders, its projected capital expenditures, its leverage ratio, its acquisition opportunities, and the impact of future legislation or regulation. Actual events or results may differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors which could cause actual events or results to differ materially from those estimated by Encompass Health include, but are not limited to, the continued spread of COVID-19, including the speed, depth, geographic reach and duration of the spread, which could decrease our patient volumes and revenues and lead to staffing and supply shortages and associated cost increases; actions to be taken by the Company in response to the pandemic; the legal, regulatory and administrative developments that occur at the federal, state and local levels; Encompass Health's infectious disease prevention and control efforts; the demand for Encompass Health's services, including based on any downturns in the economy, consumer confidence, or the capital markets and unemployment among family members; the price of Encompass Health's common stock as it affects Encompass Health's willingness and ability to repurchase shares and the financial and accounting effects of any repurchases; any adverse outcome of various lawsuits, claims, and legal or regulatory proceedings involving Encompass Health, including any matters related to yet undiscovered issues, if any, in acquired operations; Encompass Health's ability to attract and retain key management personnel; any adverse effects on Encompass Health's stock price resulting from the integration of acquired operations; potential disruptions, breaches, or other incidents affecting the proper operation, availability, or security of Encompass Health's or its vendors' information systems, including unauthorized access to or theft of patient, business associate, or other sensitive information or inability to provide patient care because of system unavailability as well as unforeseen issues, if any, related to integration of acquired systems; the ability to successfully integrate acquired operations, including realization of anticipated tax benefits, revenues, and cost savings, minimizing the negative impact on margins arising from the changes in staffing and other operating practices, and avoidance of unforeseen exposure to liabilities; Encompass Health's ability to successfully complete and integrate de novo developments, acquisitions, investments, and joint ventures consistent with its growth strategy; increases in Medicare audit activity, including increased use of sampling and extrapolation, resulting in additional unpaid reimbursement claims and an increase in the backlog of appealed claims denials; changes, delays in (including in connection with resolution of Medicare payment reviews or appeals), or suspension of reimbursement for Encompass Health's services by governmental or private payors; changes in the regulation of the healthcare industry at either or both of the federal and state levels, including as part of national healthcare reform and deficit reduction and Encompass Health's ability to adapt operations to those changes; competitive pressures in the healthcare industry and Encompass Health's response thereto; Encompass Health's ability to obtain and retain favorable arrangements with third-party payors; Encompass Health's ability to control costs, particularly labor and employee benefit costs, including group medical expenses; adverse effects resulting from coverage determinations made by Medicare Administrative Contractors regarding its Medicare reimbursement claims and lengthening delays in Encompass Health's ability to recover improperly denied claims through the administrative appeals process on a timely basis; Encompass Health's ability to adapt to changes in the healthcare delivery system, including value-based purchasing and involvement in coordinated care initiatives or programs that may arise with its referral sources; Encompass Health's ability to attract and retain nurses, therapists, and other healthcare professionals in a highly competitive environment with often severe staffing shortages, which may be worsened by the pandemic, and the impact on Encompass Health's labor expenses from potential union activity, staffing shortages, and competitive compensation practices; general conditions in the economy and capital markets, including any instability or uncertainty related to armed conflict or an act of terrorism, governmental impasse over approval of the United States federal budget, an increase in the debt ceiling, or an international sovereign debt crisis; the increase in the costs of defending and insuring against alleged professional liability claims, including claims associated with patient and employee exposures to COVID-19, and Encompass Health's ability to predict the estimated costs related to such claims; and other factors which may be identified from time to time in Encompass Health's SEC filings and other public announcements, including Encompass Health's Form 10‑K for the year ended December 31, 2021 and Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022, when filed.
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.wflx.com/prnewswire/2022/08/01/encompass-health-reports-results-second-quarter-2022/ | 2022-08-01T21:47:17Z | https://www.wflx.com/prnewswire/2022/08/01/encompass-health-reports-results-second-quarter-2022/ | false |
Published: Aug. 1, 2022 at 1:20 PM MST|Updated: 1 hour ago
Company to host a conference call tomorrow, Aug. 2, 2022 at 11 AM EDT
DALLAS, Aug. 1, 2022 /PRNewswire/ -- Enhabit Home Health & Hospice (NYSE: EHAB), a leading home health and hospice care provider, today reported its results of operations for the second quarter ended June 30, 2022.
"It has been a very busy and rewarding quarter as we worked hard in preparation of becoming an independent, publicly traded company on July 1," Enhabit's President and Chief Executive Officer, Barb Jacobsmeyer said. "During the quarter, we continued to build and strengthen our team for the long-term as we addressed the ongoing challenging operating environment for the healthcare industry. Despite labor challenges and inflation, we saw momentum in our recruiting and retention efforts that will help us meet the growing demand for our services. We remain focused on providing high-quality, compassionate care to our patients that will ultimately drive long-term value for all of our stakeholders."
QUARTERLY PERFORMANCE - CONSOLIDATED
Consolidated second quarter 2022 results were impacted by the continued shift to non-episodic payor mix in the home health segment, the partial resumption of sequestration and higher cost of services related to labor, mileage reimbursement and fleet costs.
Net service revenue of $268.0 million, declined 6.3% from Q2'21
Net income of $20.1 million, down 37.8% from Q2'21
Adjusted EBITDA of $40.3 million, down 30.3% from Q2'21
Earnings per diluted share of $0.41
Adjusted earnings per diluted share of $0.47
RECENT COMPANY HIGHLIGHTS
Completed the spin-off from Encompass Health on July 1, 2022 to become an independent publicly traded company on the NYSE under the ticker "EHAB"
Continued to drive strong growth in Medicare Advantage admissions, with non-episodic admissions up 21.5% year over year
Began experiencing positive growth trends in hospice admissions late in the second quarter
Entered into a five-year, $350 million revolving credit facility and $400 million term loan A
Opened a de novo hospice location in Temple, Texas in May 2022; year-to-date total of three de novo hospice locations
FINANCIAL RESULTS
Consolidated
Consolidated revenue decreased year over year primarily due to lower volumes in both segments, the continued shift to more non-episodic patients in home health, and the partial resumption of sequestration. Lower volumes year over year resulted from capacity constraints resulting from increased usage of paid-days-off, referral challenges resulting from the impact of rebranding on electronic referral systems, and decreased admissions from acute care hospitals.
Adjusted EBITDA decreased year over year primarily due to lower revenue and higher cost of services related to labor, fleet, and mileage reimbursement.
SEGMENT RESULTS
Home health
The year-over-year decrease in revenue primarily was due to a decline in total admissions, the continued shift to more non-episodic patients and the partial resumption of sequestration. Total admissions decreased year over year primarily due to a reduction in episodic admissions offset by continued growth in non-episodic admissions. Factors contributing to the decrease in volumes included capacity constraints resulting from increased usage of paid-days-off, referral challenges resulting from the impact of rebranding on electronic referral systems, and decreased admissions from acute care hospitals. Revenue per episode was generally flat year over year as the increase in Medicare reimbursement rates was offset by the partial resumption of sequestration, the timing of completed episodes and patient mix under the Patient Driven Groupings Model.
Adjusted EBITDA decreased year over year primarily due to lower revenue and higher cost of services related to labor, fleet, and mileage reimbursement.
Hospice
The year-over-year decrease in revenue primarily was due to the decrease in average daily census and the partial resumption of sequestration. Admissions decreased year over year primarily due to capacity constraints and staffing challenges leading to a decline in referrals. In addition, fewer patients began care relative to the discharge rate during the second quarter of 2022.
Adjusted EBITDA decreased year over year primarily due to lower revenue and higher cost of services related to labor, fleet, mileage reimbursement and our use of Medalogix Muse for patient care planning.
GUIDANCE
The Company has revised its full-year 2022 guidance to reflect the current challenging operating environment which has resulted in the return of volumes to be slower than expected.
The guidance assumes an approximate $12 million impact from the resumption of sequestration and $8 to $10 million of additional overhead costs in the back half of the year associated with the separation from Encompass Health.
For additional considerations regarding the Company's 2022 guidance ranges, see the supplemental information posted on the Company's website at http://investors.ehab.com. See also the "Other Information" section below for an explanation of why the Company does not provide guidance for comparable GAAP measures for Adjusted EBITDA and adjusted earnings per share.
CONFERENCE CALL INFORMATION
The Company will host an investor conference call at 11 AM Eastern Time on Aug. 2, 2022 to discuss its results for the second quarter of 2022. To access the live call by phone, dial toll-free (888) 660-6150 or international (929) 203-0843; the conference ID is 5248158. A simultaneous webcast of the call may be accessed by visiting http://investors.ehab.com. Following the call, a replay will be available at the same location.
For reference during the call, the company will post certain supplemental information at http://investors.ehab.com.
ABOUT ENHABIT HOME HEALTH & HOSPICE
Enhabit Home Health & Hospice is a leading national home health and hospice provider working to expand what's possible for patient care in the home. The Company's team of clinicians supports patients and their families where they are most comfortable, with a nationwide footprint spanning 251 home health locations and 100 hospice locations across 34 states. Enhabit leverages advanced technology and compassionate teams to deliver extraordinary patient care. For more information, visit www.ehab.com.
OTHER INFORMATION
The information in this press release is summarized and should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (the "June 2022 Form 10-Q"), when filed, as well as the Company's Current Report on Form 8-K filed on August 1, 2022 (the "Q2 Earnings Release Form 8-K"), to which this press release is attached as Exhibit 99.1. In addition, the Company will post supplemental information today on its website at http://investors.ehab.com for reference during its August 2, 2022 earnings call.
The financial data contained in the press release and supplemental information includes non-GAAP financial measures as defined in Regulation G under the Securities Exchange Act of 1934, including Adjusted EBITDA, leverage ratios, adjusted earnings per share, and adjusted free cash flow. Schedules are attached that reconcile these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States. The Q2 Earnings Release Form 8-K provides further explanation and disclosure regarding the Company's use of non-GAAP financial measures and should be read in conjunction with this supplemental information.
Excluding net operating revenue, the Company does not provide guidance on a GAAP basis because it is unable to predict, with reasonable certainty, the future impact of items that are deemed to be outside the control of the Company or otherwise non-indicative of its ongoing operating performance. Such items include gains or losses related to hedging instruments; loss on early extinguishment of debt; adjustments to its income tax provision (such as valuation allowance adjustments and settlements of income tax claims); items related to corporate and facility restructurings; and certain other items the Company believes to be non-indicative of its ongoing operations. These items cannot be reasonable predicted and will depend on several factors, including industry and market conditions, and could be material to the Company's results computed in accordance with GAAP.
However, the following reasonably estimable GAAP measures for 2022 would be included in a reconciliation for Adjusted EBITDA if the other reconciling GAAP measures could be reasonably predicted:
Interest expense and amortization of debt discounts and fees - estimate of $11.2 million to $15.2 million
Amortization of debt-related items - approximately $1.3 million
The Q2 Earnings Form 8-K and, when filed, the June 2022 Form 10-Q can be found on the Company's website at http://investors.ehab.com and the SEC's website at www.sec.gov.
FORWARD-LOOKING STATEMENTS
Statements contained in this press release which are not historical facts, such as those relating to future events, projections, financial guidance, legislative or regulatory developments, strategy or growth opportunities, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All such estimates, projections, and forward-looking information speak only as of the date hereof, and Enhabit undertakes no duty to publicly update or revise such forward-looking information, whether as a result of new information, future events, or otherwise. Such forward-looking statements are necessarily estimates based upon current information and involve a number of risks and uncertainties. Actual events or results may differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors which could cause actual events or results to differ materially from those estimated by Enhabit include, but are not limited to, our ability to execute on our strategic plans, regulatory and other developments impacting the markets for our services, changes in reimbursement rates, general economic conditions, our ability to attract and retain key management personnel and healthcare professionals, the impact of the ongoing COVID-19 pandemic, potential disruptions or breaches of our or our vendors' information systems, the outcome of litigation, our ability to successfully complete and integrate de novo developments, acquisitions, investments, and joint ventures, our ability to control costs, particularly labor and employee benefit costs, and other factors which may be identified from time to time in Enhabit's SEC filings and other public announcements, including Enhabit's Form 10 Registration Statement filed on May 25, 2022, as amended on June 9, 2022 and June 14, 2022 and Form 10-Q for the quarter ended June 30, 2022, when filed.
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.kold.com/prnewswire/2022/08/01/enhabit-reports-second-quarter-financial-results/ | 2022-08-01T21:47:32Z | https://www.kold.com/prnewswire/2022/08/01/enhabit-reports-second-quarter-financial-results/ | false |
Maine-based internet service provider utilizes Tarana's next-generation fixed wireless technology to bring fast, affordable monthly packages to Millinocket
HALLOWELL, Maine, Aug. 1, 2022 /PRNewswire/ -- Outer Reach Broadband, a Maine-based internet service provider, announced today the launch of its internet service to the town of Millinocket, providing a far less expensive alternative to cable companies and the like. Utilizing next-generation fixed wireless access (ngFWA) technology from Tarana, an industry-altering broadband solution provider, Outer Reach is now able to provide over 1,800 Millinocket homes with high-speed, reliable internet service. Monthly internet packages start at just $44.99.
"Joining the Millinocket community is a huge thrill for us," said Tom Kirby, President of Outer Reach Broadband. "It's a truly special town that will benefit from accessible high-speed internet subscriptions in exciting new ways. Our home-grown approach to connecting communities was made for Maine towns just like Millinocket, so we're really looking forward to these new opportunities."
For the project, Outer Reach implemented Tarana's Gigabit 1 (G1) wireless broadband solution to cover six square miles with high-speed internet service. Planning and development for the project kicked off in December 2021 and was entirely completed in June 2022, totaling just six months to deploy a full, Tarana-backed network. Basil Alwan, CEO of Tarana, said, "We are delighted to help Outer Reach close the digital divide in small-town Maine. Now the people of Millinocket have an option for quality internet without long delays or high prices. It is great to see our G1 platform making a difference in deserving communities."
Outer Reach Broadband is a Maine broadband company founded in 2020, on a mission to close Maine's digital divide by providing fast, reliable and affordable internet access. Outer Reach is committed to delivering dependable customer service and cutting edge fixed wireless technology. For more information, visit https://outerreachbroadband.com.
Tarana is on a mission to accelerate the pace of bringing fast and affordable internet access to the world. With a decade of research and $400M+ of investment, they've created an entirely unique next-generation fixed wireless access (ngFWA) technology instantiated in their Gigabit 1 (G1) platform. G1 delivers a game-changing advance in broadband economics using both licensed and unlicensed spectrum, and has been installed by over 120 service providers globally since launching in 2021. Visit www.taranawireless.com to learn more.
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SOURCE Outer Reach Broadband, LLC | https://www.kold.com/prnewswire/2022/08/01/outer-reach-broadband-launches-high-speed-internet-service-millinocket-maine/ | 2022-08-01T21:50:22Z | https://www.kold.com/prnewswire/2022/08/01/outer-reach-broadband-launches-high-speed-internet-service-millinocket-maine/ | false |
Customer benefits of investments include bolstering electric grid and more clean energy
ST. LOUIS, Aug. 1, 2022 /PRNewswire/ -- Today, Ameren Missouri filed with the Missouri Public Service Commission (PSC) a request to adjust its electric base rates next year. The new rates would take effect in mid-2023 to recover the cost of major upgrades for electric system reliability and resiliency for customers, as well as investments to support the transition to cleaner energy for the benefit of customers and local communities.
The filing made today will be carefully reviewed by the PSC and many other stakeholders over the next 11 months. If the request is approved by regulators, the rate adjustment in 2023 would cost an average residential electric customer about $12 a month (based on approximately 1,017 kilowatt-hours of usage per month). Ameren Missouri's electric rates today are only slightly higher than they were five years ago and this rate adjustment request, if approved, would reflect a yearly average increase of approximately 2.3% since 2017.
"The electric system upgrades Ameren Missouri has made are crucial to ensuring our customers have safe and reliable energy during the continued transition to cleaner sources of generation," said Mark Birk, chairman and president of Ameren Missouri, a subsidiary of Ameren Corporation, (NYSE: AEE). "Our customers depend on us to deliver reliable service and they're seeing fewer outages with shorter durations, delivering up to a 40% improvement in reliability on circuits with innovative technology. Thanks to these investments, our system performs better even in extreme weather events such as Winter Storm Uri last year and the intense heat we are experiencing this summer."
Even in this challenging economic climate, Ameren Missouri is working to keep electric rates as low as possible for customers by cutting its costs and making prudent investments. Residential rates for Ameren Missouri customers are more than 23% below national and Midwest averages, according to the latest Edison Electric Institute Typical Bills and Average Rates Report.
"Our goal is to keep rates as low as possible, while protecting long-term energy reliability and resiliency for our customers," said Warren Wood, vice president of regulatory and legislative affairs at Ameren Missouri. "We do this by focusing on necessary and prudent system investments our customers depend on, while also reducing our operational costs wherever possible in these uncertain economic times. We work to meet the needs of our customers today while transitioning to a stronger, smarter, cleaner, more reliable and resilient grid for future generations."
The need for reliable, resilient and affordable energy has never been greater. Ameren Missouri changed its long-term energy plan earlier this summer to address these needs while thoughtfully transitioning to cleaner sources of energy and to achieve its net-zero carbon emissions goal by 2045.
Key components of the rate review adjustment request include:
- Strengthening the grid through Ameren Missouri's Smart Energy Plan, including infrastructure upgrades bolstering reliability and resiliency, more renewable generation, installation of smart meters, and the addition of programs to stimulate economic growth for communities across the state.
- Offering rate options that fit a range of customer lifestyles, thanks to how smart meters communicate with the updated grid. Customer benefits include the opportunity to reduce costs by using information from their smart meter to help shift the timing of their energy usage. Smart meters also enable quicker restoration in the event of an outage and faster connection when moving or starting service.
- Evolving our generation plans for cleaner energy and to ensure the system remains reliable and resilient for all customers.
- Providing cleaner energy to the communities we serve through the Neighborhood Solar program by installing parking lot solar facilities in partnership with local organizations.
A slide presentation with additional details regarding Ameren Missouri's rate review adjustment request will be available at AmerenInvestors.com beginning at 4 p.m. Central time on Aug. 1, 2022.
As the communities we serve manage current economic conditions, Ameren Missouri has made even more energy assistance available. The company recently expanded its Clean Slate program by adding $1 million in additional funding to help those who may not qualify for state or federal assistance. Ameren Missouri also offers flexible payment options and connects customers with government and community assistance funding programs through the Low-Income Home Energy Assistance Program (LIHEAP).
"We want our customers to know we are here to help them," Birk said. "Any customers in need of assistance should contact us today for information regarding access to energy assistance grants with expanded eligibility requirements and to arrange flexible payment options. We also have energy efficiency programs and energy management tools to make it easier for customers to manage their energy use."
For more information about the filing, visit AmerenMissouri.com/InvestingInMissouri.
Ameren Missouri has been providing electric and gas service for more than 100 years, and the company's electric rates are among the lowest in the nation. Ameren Missouri's mission is to power the quality of life for its 1.2 million electric and 135,000 natural gas customers in central and eastern Missouri. The company's service area covers 64 counties and more than 500 communities, including the greater St. Louis area. For more information, visit Ameren.com/Missouri or follow us on Twitter at @AmerenMissouri or Facebook.com/AmerenMissouri.
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SOURCE Ameren Missouri | https://www.wbay.com/prnewswire/2022/08/01/amid-major-system-upgrades-ensure-reliability-resiliency-ameren-missouri-requests-psc-review-adjust-rates-next-summer/ | 2022-08-01T21:53:14Z | https://www.wbay.com/prnewswire/2022/08/01/amid-major-system-upgrades-ensure-reliability-resiliency-ameren-missouri-requests-psc-review-adjust-rates-next-summer/ | false |
NEW YORK, Aug. 1, 2022 /PRNewswire/ -- Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that Allied Universal® expanded and relocated from a 12,000 square foot space at ESRT's One Grand Central Place to a 30,000 square foot space at 501 Seventh Avenue.
Located adjacent to Penn District's new developments with convenient access to Penn Station, tenants of 501 Seventh Avenue enjoy ESRT's leading healthy building technologies and indoor environmental quality.
"The market flight to quality is not just about new development; it is about tenant's desire for newly built and renovated, energy-efficient office space in modernized healthy buildings with convenient access to mass transit at an accessible price point," said Thomas P. Durels, executive vice president, real estate at Empire State Realty Trust.
Louis D'Avanzo and Michael Baraldi of Cushman & Wakefield represented Allied Universal® in the lease negotiations. Shanae Ursini of ESRT and Ron Lo Russo, Heather Thomas, Patrick Murphy, Will Yeatman, and Pierce Hance of Cushman & Wakefield represented the property owner.
More information about 501 Seventh Avenue, and current availabilities, 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, (i) the current public health crisis and economic disruption from the COVID-19 pandemic, (ii) a failure of conditions or performance regarding any event or transaction described above, (iii) regulatory changes and (iv) 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.wymt.com/prnewswire/2022/08/01/allied-universal-expands-by-22000-square-feet-with-empire-state-realty-trust-501-seventh-avenue/ | 2022-08-01T21:54:12Z | https://www.wymt.com/prnewswire/2022/08/01/allied-universal-expands-by-22000-square-feet-with-empire-state-realty-trust-501-seventh-avenue/ | true |
Several days after the U.S. Commerce Department reported that the nation’s gross domestic product (GDP) had declined for the second quarter in a row, people on Twitter began sharing an image of a headline about the economy under President Joe Biden.
The image appears to show the news magazine The Atlantic’s masthead with an article titled: “The Quiet Courage of Biden’s Negative Growth Economy,” written by the author Tim Nichols.
Matt Rinaldi, who serves as chairman of the Republican Party of Texas, and political commentator Dinesh D’Souza are among those who shared the image on Twitter.
“This is NOT a parody,” D’Souza wrote on July 29.
THE QUESTION
Did The Atlantic publish an article titled: “The Quiet Courage of Biden’s Negative Growth Economy”?
THE SOURCES
- Anna Bross, senior vice president of communications at The Atlantic
- Search of The Atlantic’s website using the Wayback Machine, a digital archive tool
- Advanced search of The Atlantic’s Twitter account
THE ANSWER
No, The Atlantic didn’t publish an article titled: “The Quiet Courage of Biden’s Negative Growth Economy.”
WHAT WE FOUND
Anna Bross, senior vice president of communications at The Atlantic, said in an email that the image is “fabricated and is not an actual Atlantic article.”
The publication doesn’t have a writer by the name of Tim Nichols, either, which VERIFY confirmed by visiting the magazine's writers webpage. There is a contributing writer for The Atlantic named Tom Nichols, who currently writes the Peacefield newsletter.
“We have reported this as fake and as a trademark infringement,” Bross said.
The image shared on social media appears to imitate articles published to “The Atlantic Daily” section
VERIFY searched for the headline using the Wayback Machine, a digital archive tool, and did not find any mention of it on The Atlantic’s website. An advanced search for the headline on Twitter also did not return any results.
The Atlantic did publish a story with the headline “The Quiet Courage of Bob Moses” in July 2021, following the passing of the 86-year-old civil rights activist. That article was written by William Sturkey, a professor of history at the University of North Carolina at Chapel Hill.
This isn’t the first time that a fabricated Atlantic headline has circulated online. In June 2022, people on social media shared an image with a headline that read, “The Heroism of Biden’s Bike Fall” after Biden fell while trying to dismount his bicycle.
Bross told the Associated Press then that article was also “not a real article from The Atlantic.” | https://www.wthr.com/article/news/verify/social-media/fact-check-atlantic-headline-quiet-courage-biden-negative-growth-economy-fake/536-3b200b34-e8d3-4ef7-88c2-6bc65d023980 | 2022-08-01T21:58:47Z | https://www.wthr.com/article/news/verify/social-media/fact-check-atlantic-headline-quiet-courage-biden-negative-growth-economy-fake/536-3b200b34-e8d3-4ef7-88c2-6bc65d023980 | true |
THE WOODLANDS, Texas, Aug. 1, 2022 /PRNewswire/ -- TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE:TTI) today announced second quarter 2022 financial results and lithium and bromine brine sampling results from the recently completed exploratory well.
Second quarter 2022 revenue of $141 million increased 8% from the first quarter of 2022 and 38% from the second quarter of 2021. Net income before discontinued operations was $1.8 million, inclusive of $4.9 million of non-recurring charges and expenses. This compares to net income before discontinued operations of $7.7 million in the first quarter of 2022, inclusive of $564,000 of non-recurring credits, net of charges. Net income per share from continuing operations was $0.01 in the second quarter compared to a net income per share from continuing operations in the first quarter of $0.06. Adjusted net income per share from continuing operations was $0.05 compared to $0.06 in the first quarter of 2022 and to a loss of $0.02 in the second quarter of 2021.
Adjusted EBITDA for the second quarter was $18.7 million, compared to $20.5 million in the first quarter of 2022 and to $13.0 million in the second quarter of 2021. The second quarter of 2022 included a $1.3 million unfavorable impact as a result of a European supplier declaring force majeure and being unable to provide a key raw material to our European industrial chemicals operations as a result of the Russia/Ukraine conflict. The supplier has since resumed supplying TETRA, but currently at reduced volumes. Additionally, the second quarter included unrealized losses on investments of $0.7 million. Excluding the impact of the aforementioned items, Adjusted EBITDA for the second quarter of 2022 would have been $20.7 million.
Cash flow from operating activities was $17.9 million in the second quarter of 2022 compared to $5.9 million in the first quarter of 2022. Adjusted free cash flow from continuing operations was $6.4 million.
In the first quarter of 2022, the Company completed the drilling and sampling of an exploratory well on TETRA's Arkansas leased acreage under which it owns certain mineral rights and secured fluid samples from multiple zones of interest within the Smackover Formation for the purpose of validating the historical mineral concentrations. An analysis of those samples by two independent laboratories showed higher concentration levels of lithium and bromine compared to the average concentrations for each mineral used in the Company's previously reported exploration targets. The third-party laboratory results showed an average concentration of 473 mg/liter of lithium, which are 67% higher than the average used in the exploration target, and 5,350 mg/liter for bromine, which are 8% higher than the average used in the exploration target.
TETRA had previously announced in 2021 the completion of a 2021 Exploration Target Assessment, a geological introduction technical report on its bromine and lithium carbonate equivalent project in southern Arkansas. The assessment included conceptual exploration targets of 2.54 million to 8.58 million tons of bromine and 85,000 to 286,000 tons of lithium carbonate equivalent within the Smackover Formation reservoir. The potential quantity and grade of the exploration targets are conceptual in nature, and there has been insufficient exploration to estimate a mineral resource. The purpose of completing the exploratory well was to obtain the fluid sample analysis and retain an independent geological consulting firm to analyze these results and determine whether there is sufficient information to prepare a mineral resource geological model and estimation on the Smackover Formation bromine and lithium carbonate equivalent underlying the TETRA acreage. TETRA is expected to receive this independent report in the third quarter of 2022.
Brady Murphy, TETRA President and Chief Executive Officer, stated, "We continue to deliver strong results in what we believe are the early stages of a longer term up cycle for the oil and gas sector, while continuing to make significant progress on our low carbon energy opportunities. Despite unprecedented inflation challenges for fuel, labor and equipment in the U.S. and the Russia/Ukraine war impacting our European supply chain, we delivered results in-line with our internal expectations.
"Water & Flowback Services revenue of $66 million improved $28 million (75%) year-on-year. Income before taxes in the second quarter was $1.6 million. Adjusted EBITDA of $9.9 million improved by $7.9 million (397%) year-on-year. The second quarter revenue for our United States land business was the highest since the third quarter of 2019, despite significantly fewer active frac fleets. Water & Flowback Services Adjusted EBITDA margins were 15.1%, hitting our full-year targets earlier than expected, as our technology, integration and digitalization investments continue to gain traction while price increases continue to modestly stay ahead of inflation. While U.S. market growth is limited by availability of additional frac fleets, we continue to gain market share with broad customer acceptance of our integrated water management business model, leading water recycling capabilities and delivering the best in-class sand management services with the recently patented TETRA SandStormTM advanced cyclone technology. We added four new recycling projects during the second quarter and saw record recycling volumes in the Permian Basin - recycling 571 million gallons, up 62% from a year ago and 17% from the first quarter of 2022. Integrated water management projects increased from 55 projects in the first quarter of 2022 to 62 projects with 36 different customers in the second quarter of 2022. We continue to see strong utilization and higher pricing for the TETRA Sandstorm technology, and at the end of the second quarter we were awarded our largest scope of work yet for a super major operator in the Delaware Basin and Eagleford shale play. During the second quarter we also introduced our new automated drill out technology for a large independent producer in the Appalachian Basin. This new technology is expected to reduce well site personnel by more than 30%, reduce rig up/down time by approximately 40%, and reduce HSE exposure – making a meaningful impact to our customer's well economics.
"Completion Fluids & Products second quarter 2022 revenue of $75 million increased year-on-year by 16% and increased from the first quarter of 2022 by 2% as the seasonal uplift for our Northern European industrial chemicals operations was partially offset by lower Gulf of Mexico and international fluid sales as the first quarter benefited from sales pulling in from the second quarter. Income before taxes for the quarter was $15.3 million. Adjusted EBITDA margins were 23.7% for the quarter, down from the first quarter and down year-on-year due to revenue mix and some inflationary costs on our European industrial chemicals business. In the second quarter our TETRA Advanced Displacement System (TADS) was awarded the 2021 E&P Special Meritorious Award for Engineering Innovation for the Drilling Fluids/Stimulation category. Also, during the second quarter we received a large order for calcium chloride from an international lithium producer who will treat their brine with the material as a part of their lithium extraction process. This is expected to represent a new market opportunity for TETRA's industrial chemicals business as lithium production ramps up across the globe.
"Our low carbon energy businesses and opportunities continue to make meaningful progress. As noted above, we received independent third-party laboratory results of lithium and bromine concentration from our brine fluid sample. We expect to receive a resource report in the third quarter that will quantify our estimated lithium and bromine resources on our leased acreage. We have engaged an engineering firm to begin work on a front-end engineering and design study (FEED). We also expect to soon begin work on a preliminary economic assessment (PEA). With the growing demand for bromine for deep water projects and for zinc bromide electrolytes for long-duration battery storage, our bromine needs are expected to expand beyond our current long-term agreement. We anticipate that producing our own bromine from our acreage may be more cost-effective than our current sources, creating an opportunity for margin enhancement in addition to significant incremental revenue. Sales of our high purity zinc bromine solution, TETRA PureFlow® to Eos Energy Enterprises, Inc. ("Eos") increased significantly during the second quarter compared to the first quarter of 2022. As Eos continues to add to its backlog and expand its production capacity, we expect shipments to further increase in the second half of 2022.
"We continue to make significant progress on our base business, introduce technology and digitalization, evolve our low carbon opportunities and find new markets for our existing products, which collectively contribute to a broader earnings base and higher growth market opportunities – setting the stage for significant shareholder value creation."
This press release includes the following financial measures that are not presented in accordance with generally accepted accounting principles in the United States ("GAAP"): Adjusted income (loss) per share from continuing operations, Adjusted EBITDA, and Adjusted EBITDA Margin (Adjusted EBITDA as a percent of revenue) on consolidated and segment basis, Adjusted income/(loss) from continuing operations, adjusted free cash flow from continuing operations, and net debt. Please see Schedules E through H for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.
Second Quarter Results and Highlights
A summary of key financial metrics for the second quarter are as follows:
Completion Fluids & Products second quarter 2022 revenue of $75 million increased 2% from the first quarter of 2022 due to the seasonal increase for our Northern Europe industrial chemicals business, partially offset by lower activity in the Gulf of Mexico and international markets as sales were previously moved into the first quarter of 2022. Completion Fluids & Products income before taxes was $15.3 million in the second quarter (20.4% of revenue) compared to $19.3 million (26.4% of revenue) in the first quarter of 2022. Adjusted EBITDA of $17.7 million, which included a $0.8 million mark-to-market loss from TETRA's equity holding in Standard Lithium and a $0.6 million unrealized gain from TETRA's investment in CarbonFree, decreased $1.4 million sequentially. Completion Fluids & Products adjusted EBITDA margins were 23.7% in the second quarter compared to 26.1% in the first quarter of 2022. Excluding the unrealized gains and losses from investments for both periods, adjusted EBITDA margins decreased sequentially by 210 basis points. Second quarter margins were negatively impacted by inflationary pressures as we are seeing increased pricing for raw materials and our Northern Europe industrial business was impacted by $1.3 million from a force majeure declaration from a key raw materials supplier, resulting in lower production levels and under absorption at our Kokkola, Finland plant.
Water & Flowback Services revenue was $66 million in the second quarter of 2022, an increase of 16% from the first quarter of 2022. Income before taxes was $1.6 million. Adjusted EBITDA of $9.9 million (15.1% of revenue) increased 21% sequentially and was up by a factor of five from the second quarter of 2021 due to increased activity in the North America onshore business combined with ongoing pricing improvements. Adjusted EBITDA margins improved 60 basis points from the first quarter of 2022 to 15.1% as we continue to see some pricing improvements to help offset inflationary pressures. We expect the third-quarter Adjusted EBITDA margins to further improve reflecting continued better pricing, stronger activity levels and the commencement of operations of two early production facilities in Argentina.
Free Cash Flow and Balance Sheet
Cash from operating activities was $17.9 million in the second quarter and adjusted free cash flow from continuing operations was $6.4 million. Liquidity at the end of the second quarter was $103 million, the highest since 2019 and improved $8 million from the first quarter of 2022 driven by positive free cash flow and availability under our ABL facility. Liquidity is defined as unrestricted cash plus availability under our revolving credit facilities. At the end of the second quarter, unrestricted cash was $36 million and availability under our credit agreements was $67 million. Long-term debt, with a September 2025 maturity, was $153 million, while net debt was $117 million. TETRA's net leverage ratio continued to improve and was 1.8X at the end of the second quarter of 2022.
Non-recurring Charges and Expenses
Non-recurring charges and expenses are reflected on Schedule E and include $2.3 million of non-cash impairment and other charges, $0.6 million of costs associated with the exploratory brine well, $1.5 million of cumulative adjustments to long-term incentives and appreciation right expenses, and $0.6 million of transaction and other expenses. The $1.3 million of under absorption from our Kokkola plant and the $0.7 million of unrealized losses are included in both our reported and adjusted earnings.
Conference Call
TETRA will host a conference call to discuss these results tomorrow, August 2, at 10:30 a.m. Eastern Time. The phone number for the call is 1-888-347-5303. The conference call will also be available by live audio webcast and may be accessed through the Company's investor relations website at http://ir.tetratec.com/events-and-webcasts. A replay of the conference call will be available at 1-877-344-7529 conference number 2427423, for one week following the conference call and the archived webcast will be available through the Company's website for thirty days following the conference call.
Investor Contact
For further information: Elijio Serrano, CFO, TETRA Technologies, Inc., The Woodlands, Texas, Phone: (281) 367-1983, www.tetratec.com
Financial Statements, Schedules and Non-GAAP Reconciliation Schedules (Unaudited)
Schedule A: Consolidated Income Statement
Schedule B: Condensed Consolidated Balance Sheet
Schedule C: Consolidated Statements of Cash Flows
Schedule D: Statement Regarding Use of Non-GAAP Financial Measures
Schedule E: Non-GAAP Reconciliation of Adjusted Income (Loss) From Continuing Operations
Schedule F: Non-GAAP Reconciliation of Adjusted EBITDA
Schedule G: Non-GAAP Reconciliation of Net Debt
Schedule H: Non-GAAP Reconciliation to Adjusted Free Cash Flow From Continuing Operations
Schedule I: Non-GAAP Reconciliation to Net Leverage Ratio
Company Overview
TETRA Technologies, Inc. is an industrial and oil & gas products and services company operating on six continents focused on bromine-based completion fluids, calcium chloride, water management solutions, frac flowback and production well testing services. Calcium chloride is used in the oil and gas industry, and also has broad industrial applications to the agricultural, road, food and beverage, and lithium production markets. TETRA is evolving its business model by expanding into the low carbon energy markets with its chemistry expertise, key mineral acreage and global infrastructure. Recently announced initiatives include commercialization of TETRA PureFlow® an ultra-pure zinc bromide for stationary batteries and energy storage; advancing an innovative carbon capture utilization and storage technology with CarbonFree to capture CO2 and mineralize emissions to make commercial, carbon-negative chemicals; and development of TETRA's lithium and bromine mineral acreage to meet the growing demand for oil and gas products and energy storage. Visit the Company's website at www.tetratec.com.
Cautionary Statement Regarding Forward Looking Statements
This news release includes certain statements that are deemed to be forward-looking statements. Generally, the use of words such as "may," "see," "expectation," "expect," "intend," "estimate," "projects," "anticipate," "believe," "assume," "could," "should," "plans," "targets" or similar expressions that convey the uncertainty of future events, activities, expectations or outcomes identify forward-looking statements that the Company intends to be included within the safe harbor protections provided by the federal securities laws. These forward-looking statements include statements concerning economic and operating conditions that are outside of our control, including statements concerning recovery of the oil and gas industry; customer delays for international completion fluids related to global shipping and logistics issues; potential revenue associated with prospective energy storage projects or our pending carbon capture partnership; exploration targets of lithium and bromine, the potential extraction of lithium and bromine from the leased acreage, the economic viability thereof, the demand for such resources, and the timing and costs of such activities; the ability to obtain an inferred resource report and preliminary economic assessment regarding our lithium and bromine acreage; projections concerning the Company's business activities, financial guidance, estimated earnings, earnings per share, and statements regarding the Company's beliefs, expectations, plans, goals, future events and performance, and other statements that are not purely historical. With respect to the Company's disclosures of exploration targets, including bromine and lithium carbonate equivalent concentrations, it is uncertain if further exploration will result in the estimation of a mineral resource. The exploration targets expressed should not be misrepresented or misconstrued as an estimate of a mineral resource or mineral reserve. It is possible that the exploration target quantity and grade could change as our exploration activities are completed and evaluated. These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future performances or results and that actual results or developments may differ materially from those projected in the forward-looking statements. Some of the factors that could affect actual results are described in the section titled "Risk Factors" contained in the Company's Annual Reports on Form 10-K, as well as other risks identified from time to time in its reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission.
Schedule D: Statement Regarding Use of Non-GAAP Financial Measures
In addition to financial results determined in accordance with U.S. GAAP, this press release may include the following non-GAAP financial measures for the Company: adjusted income (loss) per share from continuing operations; consolidated and segment adjusted EBITDA; segment adjusted EBITDA as a percent of revenue ("Adjusted EBITDA margin"); adjusted income (loss) from continuing operations, adjusted free cash flow from continuing operations; net debt, and net leverage ratio. The following schedules provide reconciliations of these non-GAAP financial measures to their most directly comparable U.S. GAAP measures. The non-GAAP financial measures should be considered in addition to, not as a substitute for, financial measures prepared in accordance with U.S. GAAP, as more fully discussed in the Company's financial statements and filings with the Securities and Exchange Commission.
Management believes that the exclusion of the special charges from the historical results of operations enables management to evaluate more effectively the Company's operations over the prior periods and to identify operating trends that could be obscured by the excluded items.
Adjusted income (loss) from continuing operations is defined as the Company's income (loss) before noncontrolling interests and discontinued operations, excluding certain special or other charges (or credits), and including noncontrolling interest attributable to continued operations. Adjusted income (loss) from continuing operations is used by management as a supplemental financial measure to assess financial performance, without regard to charges or credits that are considered by management to be outside of its normal operations.
Adjusted earnings (loss) per share from continuing operations is defined as the Company's diluted earnings (loss) per share excluding certain special or other charges (or credits), discontinued operations and noncontrolling interest attributable to discontinued operations. Adjusted diluted earnings (loss) per share is used by management as a supplemental financial measure to assess financial performance, without regard to charges or credits that are considered by management to be outside of its normal operations.
Adjusted EBITDA (and adjusted EBITDA as a percent of revenue) is defined as earnings before interest, taxes, depreciation, amortization, impairments and certain non-cash charges, non-recurring adjustments and discontinued operations. Adjusted EBITDA (and adjusted EBITDA margin) is used by management as a supplemental financial measure to assess the financial performance of the Company's assets, without regard to financing methods, capital structure or historical cost basis and to assess the Company's ability to incur and service debt and fund capital expenditures.
Adjusted free cash flow from continuing operations is defined as cash from operations less discontinued operations EBITDA and discontinued operations capital expenditures, less capital expenditures net of sales proceeds and cost of equipment sold, less payments on financing lease obligations and including cash distributions to TETRA from CSI Compressco and cash from other investments. Management uses this supplemental financial measure to:
- assess the Company's ability to retire debt;
- evaluate the capacity of the Company to further invest and grow; and
- to measure the performance of the Company as compared to its peer group.
Adjusted free cash flow from continuing operations do not necessarily imply residual cash flow available for discretionary expenditures, as they exclude cash requirements for debt service or other non-discretionary expenditures that are not deducted.
Net debt is defined as the sum of the carrying value of long-term and short-term debt on its consolidated balance sheet, less cash, excluding restricted cash on the balance sheet. Management views net debt as a measure of TETRA's ability to reduce debt, add to cash balances, pay dividends, repurchase stock, and fund investing and financing activities.
Net leverage ratio is defined as debt excluding financing fees & discount on term loan and including letters of credit and guarantees, less cash divided by trailing twelve months adjusted EBITDA for credit facilities. Adjusted EBITDA for credit facilities consists of adjusted EBITDA described above, plus equity compensation expense, less non-cash (gain) loss on sale of investments, (gain) loss on sales of assets and excluding certain special or other charges (or credits). Management primarily uses this metric to assess TETRA's ability to borrow, reduce debt, add to cash balances, pay distributions, and fund investing and financing activities.
Schedule G: Non-GAAP Reconciliation of Net Debt (Unaudited)
The following reconciliation of net debt is presented as a supplement to financial results prepared in accordance with GAAP.
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SANTA FE, N.M., Aug. 1, 2022 /PRNewswire/ -- Thornburg Income Builder Opportunities Trust (the "Trust") (NASDAQ: TBLD) today announced a monthly distribution of $0.10417 per share on the Trust's common shares, payable on August 19, 2022 to common shareholders of record as of August 11, 2022.
The Trust's monthly distributions are shown below:
Distribution rates are not performance and are calculated by summing the Trust's monthly distribution per share over four quarters and dividing by the net asset value or market price per share, as applicable, as of the distribution announcement date. Distributions on common shares are generally paid from net investment income (regular interest and dividends) and may also include capital gains and/or a return of capital. The Trust's distribution payable on August 19, 2022, does not include a return of capital but includes short-term capital gains in the amount of $0.05581. The specific tax characteristics of the distributions will be reported to the Trust's common shareholders on Form 1099 after the end of the 2022 calendar year. The final determination for all distributions paid in 2022 will be made in early 2023 and reported to you on Form 1099-DIV. You should not use this notice as a substitute for your 1099-DIV.
Shareholders should not assume that the source of a distribution from the Trust is net income or profit. A distribution comprised in whole or in part by a return of capital does not necessarily reflect the Trust's investment performance and should not be confused with "yield" or "income." Future distributions may consist of a return of capital. For further information regarding the Trust's distributions, please visit www.thornburg.com/tbld-distributions.
The Trust's investment objective is to provide current income and additional total return. The Trust seeks to achieve its objective by investing, directly or indirectly, at least 80% of its managed assets in a broad range of income-producing securities. The Trust invests in both equity and debt securities of companies located in the United States and around the globe. The Trust may invest in non-U.S. domiciled companies, including up to 20% of its managed assets at the time of investment in equity and debt securities of emerging market companies.
As a registered investment company, the Trust is subject to a 4% excise tax that is imposed if the Trust does not distribute to common shareholders by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made to use the Trust's fiscal year). In certain circumstances, the Trust may elect to retain income or capital gain to the extent that the Board of Trustees, in consultation with Trust management, determines it to be in the interest of shareholders to do so.
The common share distributions paid by the Trust for any particular period may be more than the amount of net investment income from that period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a common shareholder invested in the Trust, up to the amount of the common shareholder's tax basis in their common shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the common shareholder's potential gain, or reduce the common shareholder's potential loss, on any subsequent sale or other disposition of common shares.
About Thornburg
Thornburg is a global investment firm delivering on strategy for institutions, financial professionals and investors worldwide. The privately held firm, founded in 1982, is an active, high-conviction manager of fixed income, equities, multi-asset solutions and sustainable investments. With $41 billion1 in client assets as of June 30, 2022, the firm offers mutual funds, closed-end funds, institutional accounts, separate accounts and UCITS funds for non-U.S. investors.
As an independent firm, Thornburg can take on a wide range of opportunities, explore ideas thoroughly and work across strategies to deliver consistent risk-adjusted outperformance over the long term. The firm attracts free-thinking professionals who are eager to pursue investment outcomes beyond the confines of popular wisdom. From nimble operational capabilities to principles and actions fitting of a global citizen, Thornburg's world-class investment platform and team are aligned on strategy to serve investors.
Thornburg's U.S. headquarters is in Santa Fe, New Mexico with offices in London, Hong Kong and Shanghai. For more information, visit www.thornburg.com or call 877 215 1330.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. A registration statement relating to these securities has been filed with and declared effective by the U.S. Securities and Exchange Commission.
Before investing, carefully consider the Trust's investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor, visit www.thornburg.com/tbld, or call 877 215 1330. Read them carefully before investing.
Certain statements in this press release constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Trust, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the Trust nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.
Risk is inherent in all investing. There can be no assurance that the Trust will achieve its investment objective, and you could lose some or all of your investment.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
Thornburg Securities Corporation, Distributor
1Includes $40 billion in assets under management and $1.4 billion in assets under advisement as of June 30, 2022.
Media Inquiries
Michael Corrao
Director of Global Communications
Thornburg Investment Management
Tel: +1 505 467 5345
Email: mcorrao@thornburg.com
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SANTA MONICA, Calif. (AP) _ Douglas Emmett Inc. (DEI) on Monday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Santa Monica, California, said it had funds from operations of $105.2 million, or 51 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 51 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $24.4 million, or 14 cents per share.
The real estate investment trust posted revenue of $247 million in the period.
Douglas Emmett expects full-year funds from operations to be $2.03 to $2.07 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DEI at https://www.zacks.com/ap/DEI | https://www.mrt.com/business/article/Douglas-Emmett-Q2-Earnings-Snapshot-17343912.php | 2022-08-01T21:59:55Z | https://www.mrt.com/business/article/Douglas-Emmett-Q2-Earnings-Snapshot-17343912.php | false |
Univar Solutions Reports Strong 2022 Second Quarter Financial Results and Raises Full-Year 2022 Guidance
Published: Aug. 1, 2022 at 4:15 PM EDT|Updated: 2 hours ago
DOWNERS GROVE, Ill., Aug. 1, 2022 /PRNewswire/ -- Univar Solutions Inc. (NYSE: UNVR) ("Univar Solutions" or "the Company"), a leading global solutions provider to users of specialty ingredients and chemicals, today announced the Company financial results for the second quarter ended June 30, 2022.
Second Quarter 2022 Highlights
Strong net income of $162.9 million was 6.3 percent higher than the $153.2 million reported in the prior-year second quarter. Adjusted net income(1) of $169.3 million compared to $97.4 million in the prior-year second quarter.
Earnings per diluted share improved to $0.96 compared to $0.90 per diluted share in the prior-year second quarter. Adjusted earnings per diluted share(1) increased to $1.00 from $0.57 in the prior-year second quarter.
Strong Adjusted EBITDA(1) was $291.6 million compared to $197.5 million in the prior-year second quarter. Adjusted EBITDA margin(1) of 9.7 percent improved from 8.2 percent in the prior-year second quarter.
Net cash provided by operating activities decreased to $48.2 million from $83.7 million in the prior- year second quarter.
Leverage ratio(1) was 2.2x at June 30, 2022, compared to 2.4x at March 31, 2022.
Share repurchases returned $81 million of capital to shareholders during the second quarter.
Full-year Adjusted EBITDA(1) guidance increased to the range of $1,040 million to $1,080 million.
Univar Solutions Reports Strong 2022 Second Quarter Financial Results and Raises Full-Year 2022 Guidance
"The outstanding results we have delivered for eight straight quarters demonstrate the sound execution of our strategy of putting the customer at the centre of all we do, supported by continued excellent operational execution by our dedicated and talented team," said David Jukes, president, and chief executive officer. "Creating value for both customers and suppliers, we are building robust competitive moats, seeing improvement in our NPS scores and market share gains. Looking forward, we remain focused on the execution of our strategy and delivering market share growth both organically and inorganically. We are confident in our ability to capitalize on evolving global trends as we leverage our asset base, extensive private transportation fleet, digital capabilities, and long-standing commitment to our ESG goals."
Company Performance
Univar Solutions operating performance results are described below and, unless otherwise indicated, are a comparison of second quarter 2022 results with second quarter 2021 results.
Consolidated Results
Univar Solutions reported net sales of $3.0 billion, an increase of 26.0 percent on a reported basis and 30.2 percent on a constant currency basis(1) compared to the prior-year second quarter. Higher sales were attributable to our pricing discipline in inflationary markets and market share gains.
Gross profit (exclusive of depreciation) of $736.0 million increased 22.2 percent on a reported basis and 26.0 percent on a constant currency basis(1). Higher gross profit was driven primarily by our pricing discipline in inflationary markets, operational execution, and market share gains, and partially offset by higher input cost inflation. Gross margin decreased 80 basis points to 24.4 percent compared to the prior-year second quarter, primarily due to higher input cost inflation, partially offset by our pricing discipline in inflationary markets.
Net income was $162.9 million, or $0.96 per diluted share, compared to net income of $153.2 million, or $0.90 per diluted share, in the prior-year second quarter. The increase was primarily due to higher gross profit (exclusive of depreciation), partially offset by higher taxes. The 2021 second quarter also reflected a gain from the Distrupol divestiture.
Adjusted earnings per diluted share(1) of $1.00 in the quarter increased from $0.57 in the prior-year second quarter primarily due to higher net income.
Adjusted EBITDA(1) of $291.6 million increased $94.1 million, or 47.6 percent, compared to the prior-year second quarter, or an increase of 52.7 percent on a constant currency basis(1). The increase was primarily driven by higher gross profit, partially offset by higher outbound freight and handling, as well as higher Warehousing, Selling and Administrative (WS&A) costs.
Net cash provided by operating activities decreased to $48.2 million from $83.7 million in the second quarter last year, primarily driven by higher net working capital use due to chemical price inflation.
Liquidity was $1,011.8 million as of June 30, 2022, inclusive of $234.8 million of cash on hand and availability under committed, asset-based credit facilities.
Segment Results
USA:
USA external sales increased 31.3 percent during the quarter, primarily due to our pricing discipline in inflationary markets and market share gains.
Gross profit (exclusive of depreciation) increased by 29.7 percent, primarily driven by our pricing discipline in inflationary markets, operational execution, and market share gains, partially offset by input cost inflation. Gross margin decreased 40 basis points to 25.1 percent, primarily driven by input cost inflation, partially offset by our pricing discipline in inflationary markets.
Adjusted EBITDA(1) increased 58.1 percent to $198.6 million, primarily driven by higher gross profit, partially offset by higher outbound freight and handling as well as WS&A. The increase in WS&A was primarily due to higher operating costs and variable compensation, partially offset by net synergies. Adjusted EBITDA margin(1) increased by 170 basis points to 10.1 percent, reflecting the business operating leverage.
EMEA:
EMEA external sales increased 8.6 percent, or 26.9 percent on a constant currency basis(1). The increase was primarily due to our pricing discipline in inflationary markets and market share gains.
Gross profit (exclusive of depreciation) increased 1.9 percent, or 18.5 percent on a constant currency basis(1), primarily driven by our pricing discipline in inflationary markets, operational execution, and market share gains. Gross margin decreased 160 basis points to 23.8 percent, driven by input cost inflation, partially offset by our pricing discipline in inflationary markets.
Adjusted EBITDA(1) increased 5.4 percent to $50.4 million on a reported basis, or 24.7 percent on a constant currency basis(1), compared to the prior-year second quarter. This increase was primarily driven by higher gross profit. Adjusted EBITDA margin(1) decreased 30 basis points to 9.2 percent, primarily due to lower gross margin, partially offset by the business operating leverage.
CANADA:
Canada external sales increased by 25.0 percent, or 29.8 percent on a constant currency basis(1), primarily due to our pricing discipline in inflationary markets and market share gains.
Gross profit (exclusive of depreciation) increased by 18.0 percent, or 22.9 percent on a constant currency basis(1). The increase was primarily driven by our pricing discipline in inflationary markets, operational execution, and market share gains, partially offset by input cost inflation. Gross margin decreased 140 basis points to 23.3 percent, primarily driven by input cost inflation, partially offset by our pricing discipline in inflationary markets.
Adjusted EBITDA(1) increased 28.0 percent to $32.0 million, or 33.6 percent on a constant currency basis(1) compared to the prior year. The increase in Adjusted EBITDA(1) was primarily due to higher gross profit, partially offset by higher WS&A, which was impacted by higher operating costs and variable compensation. Adjusted EBITDA margin(1) increased by 20 basis points to 10.7 percent, reflecting the business operating leverage.
LATAM:
LATAM external sales increased by 32.8 percent, or 30.1 percent on a constant currency basis(1), largely due to our pricing discipline in inflationary markets and the Sweetmix acquisition.
Gross profit (exclusive of depreciation) increased by 21.4 percent, or 17.9 percent on a constant currency basis(1), primarily due to our pricing discipline in inflationary markets and the Sweetmix acquisition, partially offset by input cost inflation. Gross margin decreased 190 basis points to 20.3 percent, primarily driven by input cost inflation, partially offset by our pricing discipline in inflationary markets.
Adjusted EBITDA(1) increased 21.8 percent to $16.2 million on a reported basis, or 18.0 percent on a constant currency basis(1). Adjusted EBITDA(1) increased primarily due to higher gross profit, partially offset by higher WS&A given increased corporate cost allocation as a result of the SAP implementation and higher operating costs. Adjusted EBITDA margin(1) decreased 70 basis points to 8.1 percent, primarily due to lower gross margin, partially offset by the business operating leverage.
Outlook
The Company expects Adjusted EBITDA(1) to be between $240 million and $260 million for the third quarter of 2022 as compared to $210.9 million for the third quarter of 2021. For full-year 2022, Adjusted EBITDA(1) is expected to increase to a range of $1,040 million to $1,080 million, as compared to $797.7 million for full-year 2021. Our forecast reflects anticipated continued strong operational execution, market share growth and cost management. Net Free Cash Flow(1) for full-year 2022 is expected to be in a range of $400 million to $450 million.
The Company reaffirms its commitment to its objectives and expects to deliver:
Ingredients & Specialties (I&S) organic delivered gross profit(1) growth of greater than 200 basis points above economic consensus
Productivity improvements through Value Capture to maintain WS&A to Gross Profit(1) ratio of less than 50 percent
Adjusted EBITDA(1) margins of greater than 9 percent
50 percent Net Free Cash Flow(1) conversion
Deliver greater than 15 percent Return on Invested Capital (ROIC)(1)
Maintain leverage between 2.0x and 2.5x
Accretive strategic M&A
Average annual capital return to shareholders of 20 percent to 30 percent of Adjusted Net Income(1)
The majority of the Company's debt obligations mature in 2026 and beyond and the Company is in full compliance with the covenants under its credit agreements as of June 30, 2022.
Conference Call and Webcast Details
The Company will host a webcast with investors to discuss second quarter 2022 results at 9:00 a.m. ET on August 2, 2022, which can be accessed on the Investor Relations section of its website at http://investors.univarsolutions.com. After the live webcast, a replay of the webcast will be available on the same website until August 2, 2024.
About Univar Solutions
Univar Solutions (NYSE: UNVR) is a leading global specialty chemical and ingredient distributor representing a premier portfolio from the world's leading producers. With the industry's largest private transportation fleet and technical sales force, unparalleled logistics know-how, deep market and regulatory knowledge, formulation and recipe development, and leading digital tools, the Company is well-positioned to offer tailored solutions and value-added services to a wide range of markets, industries, and applications. While fulfilling its purpose to help keep communities healthy, fed, clean and safe, Univar Solutions is committed to helping customers and suppliers innovate and focus on Growing Together. Learn more at www.univarsolutions.com.
Use of Non-GAAP Measures
In this press release, the Company's financial results are provided both in accordance with accounting principles generally accepted in the United States of America (GAAP) and using certain Non-GAAP financial measures. In particular, the Company presents the Non-GAAP financial measures of gross profit (exclusive of depreciation), gross margin (defined as gross profit (exclusive of depreciation) divided by net sales on a consolidated basis and by external sales on a segment level, as applicable), delivered gross profit (defined as gross profit (exclusive of depreciation) less outbound freight and handling, Adjusted EBITDA, Adjusted EBITDA margin (defined as Adjusted EBITDA divided by net sales on a consolidated basis and by external sales on a segment level, as applicable), Adjusted net income, Adjusted earnings per diluted share, leverage ratio, net free cash flow, ROIC (defined as the last twelve months ("LTM") Adjusted Net Income divided by Net Assets Deployed) and results on a constant currency basis. The Non-GAAP financial measures are included as a complement to results provided in accordance with GAAP because management believes these Non-GAAP financial measures help investors' ability to analyze underlying trends in the Company's business, evaluate its performance relative to other companies in its industry and provide useful information to both management and investors by excluding certain items that may not be indicative of the Company's core operating results. Additionally, the Company has used, and may continue to use, Adjusted EBITDA and Adjusted earnings per diluted share in setting performance incentive targets to more closely align management compensation with operational performance.
The Company evaluates its results of operations on both an as reported and a constant currency basis. The constant currency presentation is a Non-GAAP financial measure, which excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing information on a constant currency basis provides valuable supplemental information regarding its results of operations, consistent with how it evaluates its performance. The Company calculates constant currency percentages and other information by converting its financial results in local currency for a period using the average exchange rate for the prior period to which it is comparing.
The Non-GAAP financial measures noted above are not calculated in accordance with GAAP and should not be considered a substitute for any other measure of financial performance presented in accordance with GAAP. Additionally, other companies may calculate Adjusted EBITDA and other such metrics differently than the Company does, limiting their usefulness as comparative measures. For further information related to the Company's use of non-GAAP financial measures, and reconciliations to the most directly comparable GAAP measures, see the schedules attached hereto.
Forward-Looking Statements
This press release includes certain statements relating to future events and our intentions, beliefs, expectations, and outlook for the future, which are "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, as amended, including, without limitation, statements regarding the impacts of the effects of COVID-19 on the Company, the Company's anticipated future results and financial performance, liquidity position and cash flows, actions regarding expense control and cost reductions, expected net synergies from the Nexeo acquisition, capital expenditures and other statements regarding the Company's Streamline 2022 Program and other initiatives. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company's control. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions. A detailed discussion of these factors and uncertainties is contained in the Company's filings with the Securities and Exchange Commission. Potential factors that could affect such forward-looking statements include, among others: general economic conditions, particularly fluctuations in industrial production and consumption and the timing and extent of economic downturns and potential recoveries the sustained geographic spread of the COVID-19 pandemic; the duration and severity of the COVID-19 pandemic; current and new actions that may be taken by governmental authorities to address or otherwise mitigate the impact of the COVID-19 pandemic; the potential negative impacts of COVID-19 on the global economy and our employees, customers, vendors and suppliers; the overall impact of the COVID-19 pandemic on our business, results of operations and financial condition; significant changes in the business strategies of producers or in the operations of our customers; increased competitive pressures, including as a result of competitor consolidation; significant changes in the pricing, demand and availability of chemicals; our indebtedness, the restrictions imposed by and costs associated with our debt instruments, and our ability to obtain additional financing; the broad spectrum of laws and regulations that we are subject to, including extensive environmental, health and safety laws and regulations; potential business disruptions and security breaches, including cybersecurity incidents; an inability to generate sufficient working capital; increases in transportation and fuel costs and changes in our relationship with third party providers; accidents, safety failures, environmental damage, product quality issues; delivery failures or potential hazards and risks related to our operations and the hazardous materials we handle, potential inability to obtain adequate insurance coverage; ongoing litigation; potential product liability claims and recalls and other environmental, legal and regulatory risks; challenges associated with international operations; exposure to interest rate and currency fluctuations; risks associated with integration of legacy business systems; possible impairment of goodwill and intangible assets; an inability to integrate the business and systems of the companies we acquire, including failure to realize the anticipated benefits of such acquisitions; negative developments affecting our pension plans and multi-employer pensions; labor disruptions associated with the unionized portion of our workforce; our ability to attract or retain a qualified and diverse workforce; our ability to execute on our strategies related to environmental, social, and governance matters, and achieve related expectations may be impacted as a result of evolving regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs and the availability of requisite financing and changes in carbon markets; and the other factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as well as other filings with the Securities and Exchange Commission. We caution you that the forward-looking information presented in this press release is not a guarantee of future events or results, and that actual events or results may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek, "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.wymt.com/prnewswire/2022/08/01/univar-solutions-reports-strong-2022-second-quarter-financial-results-raises-full-year-2022-guidance/ | 2022-08-01T21:59:58Z | https://www.wymt.com/prnewswire/2022/08/01/univar-solutions-reports-strong-2022-second-quarter-financial-results-raises-full-year-2022-guidance/ | true |
End-users can avoid costly delays waiting on new replacement components by repairing electronics
SPRINGFIELD, Mo., Aug. 1, 2022 /PRNewswire/ -- When electronic parts begin to throw error codes or stop working all together in equipment, users can face delays in work, which often cost time and money. Equipment owners have options with how to fix electronic issues and get their machinery up and running again. One pathway for equipment owners to get back to work faster and in a more sustainable way is the electronics repair program at CNH Industrial Reman, available through authorized Case IH, New Holland Agriculture & Construction, Case Construction dealers. This program often provides repair for electronic parts that are obsolete and no longer available. Also, with extended supply chain issues in the market, the repair solution can help avoid delays when new replacement parts are limited or experiencing long lead times.
"With current market conditions impacting the delivery of new machines, we are seeing larger than normal demand for older machine parts support," said Travis Stewart, product manager for electronics at CNH Industrial Reman. "That's what makes the electronic repair program so important. New parts for older equipment may be obsolete and no longer available. Our resources can repair and sometimes reverse engineer obsolete electronic components that are critical for machines to operate. It's providing end-users with an alternative solution to get back to work in a sustainable way."
Stewart says partnerships with key vendors are critical to providing broad access to repaired electronic parts. For example, CNH Reman partners with Breizelec, Inc. to complete repairs on CNH Industrial branded electronic parts. By partnering with companies that already have repair and redesign electronics capabilities as well as understand how the machinery works, CNH Reman can repair parts that otherwise might not be available.
"The partnership between Breizelec and CNH Reman is beneficial to end users because it keeps their equipment operating," said Lisa Trudel, General Manager of the North America Division at Breizelec, Inc. "Dealerships can offer customers a timely repair option that is also sustainable for a reasonable price. In some cases, repaired parts may be available as soon as the next day."
Through strategic partnerships and constant discovery, CNH Reman is continuously increasing electronic repair capabilities to support agricultural and construction machines. Equipment owners facing delays for new replacement parts or having difficulty with locating obsolete parts are encouraged to work with their Case IH, New Holland Agriculture & Construction, or Case Construction dealerships on exploring the option for electronic repairs.
To learn more about CNH Reman, visit mycnhreman.com.
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SOURCE CNH Industrial Reman | https://www.kait8.com/prnewswire/2022/08/01/cnh-industrial-reman-electronics-repair-program-provides-sustainable-option-equipment-owners/ | 2022-08-01T22:02:28Z | https://www.kait8.com/prnewswire/2022/08/01/cnh-industrial-reman-electronics-repair-program-provides-sustainable-option-equipment-owners/ | true |
Tomaree Road footpath issues addressed with Asset Manager claiming four to eight years for completion Port Stephens by News Of The Area - Modern Media - August 2, 2022 IN early 2022 Port Stephens Councillor Giacomo Arnott raised a motion regarding the Tomaree Road footpath, or lack of it. Councillor Arnott said wheelchair-bound residents currently had to use the road to travel along parts of Tomaree Road, where there is no footpath provided. Advertise with News of The Area today. It’s worth it for your business. Message us. Phone us – (02) 4981 8882. Email us – [email protected] At the Council meeting on 26 July 2022, an information paper was presented to the Council regarding the status of the road. John Maretich, Port Stephens Council Asset Section Manager said the footpath had been identified in Council’s adopted Pathway Plan and with the recent road rehabilitation, 680 metres of new pathway was completed on Tomaree Road, from Rigney Street to Verona Road. “This (above) leaves two missing links in the pathway network on Tomaree Road; 431m from Verona Road to Messines Street and 87m from Rigney Street to Marine Drive,” Mr Maretich said. He said the road rehabilitation of Verona Road to Messines Street was listed in the Capital Works Program for the 2029-2030 financial year and the section between Rigney Street to Marine Drive is listed in the Capital Works Program for the 2026-2027 financial year. “As part of these works, a footpath and kerb and gutter will be included where the road reserve allows. “Sections of the Tomaree Road reserve corridor are narrow and the inclusion of a footpath for the entire length may not be possible without restricting residential access. “A detailed survey and design will need to be undertaken as part of the planning proposal to ascertain if a footpath is achievable,” he said. Mr Maretich said if addition of a footpath was achievable, the path would include provisions for compliant kerb ramp under the Disability Discrimination Act to allow all-ability access. By Tara CAMPBELL | https://www.newsofthearea.com.au/tomaree-road-footpath-issues-addressed-with-asset-manager-claiming-four-to-eight-years-for-completion-97820 | 2022-08-01T22:02:32Z | https://www.newsofthearea.com.au/tomaree-road-footpath-issues-addressed-with-asset-manager-claiming-four-to-eight-years-for-completion-97820 | false |
A New Jersey man has been charged with murder after authorities conducted an investigation into his testimony at the trial of his alleged accomplice, Bergen County Prosecutor Mark Musella said.
Dylan E. Rodriguez, 21, of North Bergen, testified in Bergen County Superior Court on March 2 in the trial of Lexie Burke, one of several people accused in the killing of David Duque-Soto during a home invasion robbery in Fairview in 2019, officials said.
Police found the 23-year-old victim’s body in his Fourth Street apartment about 8 p.m. on June 29, 2019, authorities said.
Investigators alleged that Burke, David Martinez and Raul Torres, all of North Bergen, and Carlos Burgos, of Jersey City, visited the apartment with a plan to steal drugs and money, according to prosecutors.
The four men were charged with felony murder and multiple offenses related to weapons and robbery.
Rodriguez was later charged with hindering apprehension, weapons offenses and possession with the intent to distribute marijuana after investigators found that he was in possession of the handgun used in the homicide, officials said.
After testifying as a co-defendant on March 2, the prosecutor’s office alleged that Rodriguez provided the weapon to the men prior to the homicide, contrary to his statements made in court under oath, authorities said.
Rodriguez was arrested on July 24 and charged with felony murder, accomplice liability to commit armed robbery, possession of a weapon for an unlawful purpose, conspiracy to commit armed robbery, perjury, hindering apprehension and tampering with evidence, according to the prosecutor’s office.
After the March trial, Burke pleaded guilty to charges connected to the killing, according to a NorthJersey.com report. The statuses of the cases against the other men wasn’t immediately clear.
Rodriguez is being held at Bergen County Jail pending his first appearance in Central Judicial Processing Court. Defense attorney information was not immediately available.
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Nicolas Fernandes may be reached at nfernandes@njadvancemedia.com. | https://www.nj.com/bergen/2022/08/after-testifying-at-alleged-accomplices-trial-nj-man-charged-in-home-invasion-killing.html | 2022-08-01T22:02:49Z | https://www.nj.com/bergen/2022/08/after-testifying-at-alleged-accomplices-trial-nj-man-charged-in-home-invasion-killing.html | false |
CRAWFORDSVILLE, Ind. (WISH) — A 23-year-old man from Delaware died after being struck by a semi on I-74 east of Crawfordsville on Monday morning, the Indiana State Police say.
Jean Roodje, of Laurel, Delaware, died at the crash scene.
Police believe Roodje had driven a 2008 Pontiac G6 car into a barrier cable near the State Road 32 exit sometime before 1 a.m. Monday. Roodje was struck about a mile north of where the car was found, and Roodje is believed to have been the driver of the car.
Daniel Hatfield, 35, of the Dayton suburb of Bellbrook, Ohio, was driving a 2020 Volvo semi west on I-74 when he saw the pedestrian and unsuccessfully tried to avoid hitting him, state police say. | https://www.wishtv.com/news/local-news/delaware-man-dies-after-struck-by-semi-while-walking-on-i-74-overnight/ | 2022-08-01T22:07:31Z | https://www.wishtv.com/news/local-news/delaware-man-dies-after-struck-by-semi-while-walking-on-i-74-overnight/ | false |
EAST RUTHERFORD, N.J. (AP) — Adoree Jackson has taken over as the New York Giants' No. 1 cornerback since the team's decision to release James Bradberry in May in a salary cap move.
Jackson, who will turn 27 next month, is the old man in the cornerbacks' room. Entering his sixth season and second with the Giants, he's the mentor to young DBs, such as Aaron Robinson and Cor'Dale Flott.
Being an older guy can have its humorous moments.
Jackson was listening to a song by 50 Cent recently and he noticed one of the younger players with a quizzical look on his face.
So he asked the rookie if he knew the artist. He didn't, so Jackson asked him what year he was born.
The response was 2001. Jackson was in the first grade in Illinois, playing video games, wearing his tank tops and wanting to be like 50 Cent.
“So, it was crazy that he didn’t know who that was,” Jackson said. “I think that’s the strangest thing. I mean I came in and they thought I was super young and now that the roles reversed, I’m not old but in the middle, and they are super young like 20, 21. It’s crazy just to see the difference in the age gap.”
With the team in pads for the first time on Monday, Jackson got most of his reps against Kadarius Toney and Kenny Golladay, the Giants top receivers.
“I feel like every year is always an opportunity of a lifetime," Jackson said. “I feel like it’s just the same thing for all of us out there.”
What's different this year is Jackson has replaced Bradberry as the Giants shutdown cornerback. If defensive coordinator Wink Martindale wants one of his cornerbacks to travel with an opponent's top receiver, Jackson will probably get the call and rotate from side to side. Normally, he plays on the right side of the defense.
In the opening week of training camp, Robinson, a second-round pick last year, has been working with the No. 1 defense on the left side.
Flott has also worked on that side, while third-year pro Darnay Holmes has backed up Jackson.
Robinson, who missed the first two months of his rookie season with a core muscle injury, showed flashes last year. He might be even better this year.
“It's me knowing I am going into my second year and with another step ahead, it's time for me to step up for myself and my teammates.”
Jackson likes what he has seen from Robinson, especially his competitiveness.
The other cornerback who has caught his eye is Holmes. The two have known each other since Jackson moved to California after his freshman year in high school. After he enrolled at Southern Cal, he tried to recruit Holmes there. Holmes went to rival UCLA.
Holmes had three interceptions in the first three days of camp, and forced a fumble by Saquon Barkley.
“I’ve seen growth in him as a person and that displays in his game,” Jackson said. “So, I get to see him coming into his own and just doing his thing.”
What Jackson needs to do more in the NFL is making interceptions. He has three in five seasons despite seemingly being near the ball a lot.
“I can’t even explain that. I’m just glad I at least got three. I am fortunate enough to have that,” said Jackson, who had six interceptions in college. “I want to get more but, when opportunities come your way and they present themselves I just have to make the most of them.”
The Giants are hoping they come this year.
NOTES: Giants center Jon Feliciano missed his third straight day of practice because of heat issues on Thursday. Coach Brian Daboll expects him back soon. Safety Dane Belton, the fourth-round pick, had his left arm in a sling and missed practice. He'll be out a little longer. ... The first pads practice was run heavy and Barkley had a couple of impressive runs. ... Daboll isn't running many 7-on-7 drills so quarterbacks can get the feeling of having people around them. ... Fourth-year LB Oshane Ximines had a couple of nice moves in the one-on-one lineman drills. ...PK Graham Gano was in prime form, making 7 of 8 field-goal attempts.
___
More AP NFL: https://apnews.com/hub/nfl and https://apnews.com/hub/pro-32 and https://twitter.com/AP_NFL | https://www.mrt.com/sports/article/Jackson-taking-over-as-New-York-Giants-top-17343838.php | 2022-08-01T22:08:34Z | https://www.mrt.com/sports/article/Jackson-taking-over-as-New-York-Giants-top-17343838.php | true |
Adjusted EBITDA - $82 million
Earnings Per Share - $1.06/share (Adjusted EPS $0.79/share)
Other Quarter Highlights
- Net sales were $573 million, a $134 million (30.6%) YoY increase, the highest quarterly sales since Q2 2013
- Gross margin was 19%
- Free cash flow was $56 million during the second quarter
CHICAGO, Aug. 1, 2022 /PRNewswire/ -- Titan International, Inc. (NYSE: TWI), a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, today reported results for the second quarter ended June 30, 2022.
"The positive momentum we have seen in our business kept on rolling this quarter and when combined with the continuing strong execution of our team, it resulted in excellent financial performance. As indicated by the updated full year 2022 guidance we released in June, we feel good about our business and our end-markets," stated Paul Reitz, President and Chief Executive Officer. "We experienced sales growth of 31% from the second quarter last year and sales grew sequentially 3% from the first quarter to the second quarter. More importantly, our margins were good, and we delivered adjusted EBITDA of $82 million in the second quarter. This performance was buoyed by strong financial performance across all parts of the business as our Titan team keeps running hard like a good, long-distance marathoner.
"Perhaps the most important aspect of our performance is that we are generating significant cash flow and we have strengthened our financial position considerably. We generated $56 million in free cash flow in Q2, and our debt leverage fell below 2 times adjusted EBITDA, with expected further improvements in the second half of the year. The strong financial performance over the past couple years, combined with significant improvements in our balance sheet and solid free cash flow now coming through means we are driving increased shareholder value.
"Nearly everywhere you turn these days you will get hit with noise and our end-markets of Agriculture, Construction and Mining are no exception. However, like everything, you need to spend some time sifting through the noise to get a clear picture as a quick look at the headlines likely does not tell the complete, accurate story. We believe that the complete picture is farmers are going to still make a high level of income in 2022 and they are sitting on strong balance sheets as well. The large Ag equipment fleet is aged with low levels of available used equipment. Demand and order books are in a solid position in Ag and should continue on that path well into the future as supply chain and labor disruptions at OEM's have extended the duration of retail demand, not destroyed it. The overall, bigger picture view is that Ag fundamentals remain in a strong position and we expect the future to remain bright in the sector. This view is also true for our global construction and mining markets, where we continue to see demand holding at a good level through 2022 that should carry to 2023 as public infrastructure spending picks up.
Outlook
"Our expectations for financial performance remain strong and during the second half of the year we anticipate continued top-line and bottom-line expansion relative to prior year performance. Given our performance in Q2 and our current visibility in the second half of the year, we now expect full year sales in 2022 to be $2.2 billion, with an increased adjusted EBITDA target between $240 million and $250 million. Based on this latest outlook, current cash flow expectations have improved accordingly, and we now believe we can deliver an increased level of free cash flow between $90 million and $100 million for the full year. By almost all standards, we expect this year to be the strongest in Titan's history, and we continue to see positive signs for demand to remain robust into 2023."
Results of Operations
Net sales for the second quarter ended June 30, 2022, were $572.9 million, compared to $438.6 million in the comparable quarter of 2021, an increase of 30.6 percent. The net sales increase was across all segments and driven by a variety of factors, most notably healthier market conditions, while there was an unfavorable impact from foreign currency translation of 2.7 percent or $11.9 million, primarily due to the weakening euro currency.
Gross profit for the second quarter ended June 30, 2022 was $109.7 million, compared to $61.5 million in the comparable prior year period. Gross margin was 19.1 percent of net sales for the quarter, compared to 14.0 percent of net sales in the comparable prior year period. The solid growth in gross profit and margin during the second quarter as compared to the prior year period was across all segments and was driven by the impact of increases in net sales, as described previously, and better overhead absorption in our production facilities. In addition, cost reduction and productivity initiatives continue to be executed across global production facilities.
Selling, general, administrative, research and development (SGARD) expenses for the second quarter of 2022 were $36.9 million, compared to $35.1 million for the comparable prior year period. As a percentage of net sales, SGARD was 6.4 percent, compared to 8.0 percent for the comparable prior year period. The increase in SG&A was driven primarily by an increase in variable costs associated with improved operating performance and growth in sales.
Income from operations for the second quarter of 2022 was $69.7 million, or 12.2 percent of net sales, compared to income of $23.7 million, or 5.4 percent of net sales, for the second quarter of 2021. The increase in income from operations was primarily due to the higher sales and improvements in gross profit margins.
Brazilian Tax Credits
In June 2021, the Company's Brazilian subsidiaries received a notice that they had prevailed on an existing legal claim in regard to certain non-income (indirect) taxes that had been previously charged and paid. The matter specifically relates to companies' rights to exclude the state tax on goods circulation (a value-added-tax or VAT equivalent, known in Brazil as "ICMS") from the calculation of certain additional indirect taxes (specifically the program of social integration ("PIS") and contribution for financing of social security ("COFINS")) levied by the Brazilian States on the sale of goods.
During the second quarter of 2022, the Company submitted the related supporting documentation and received the approval from the Brazilian tax authorities for one of its Brazilian subsidiaries. For the three months ended June 30, 2022, the Company recorded $22.5 million within other income in the condensed consolidated statements of operations. The Company also recorded $7.8 million of income tax expense associated with the recognition of these indirect tax credits. The Company excluded the impacts from these tax credits within both adjusted net income applicable to common shareholders and adjusted EBITDA. A reconciliation of each of these measures can be found at the end of this release. The Company expects to be able to apply the tax credits received to settle the income tax liability that was incurred as a result of the credit. The Company also expects to utilize the majority of the credit against future PIS/COFINS and income tax obligations over the next twelve months.
During the third quarter of 2022, the Company plans to submit the related supporting documentation to the Brazilian tax authorities for its other Brazilian subsidiary. After review by the Brazilian tax authorities, the Company could receive approximately $10 million of additional indirect tax credits to be applied as credits against future PIS/COFINS and income tax obligations. The Company plans to recognize the full benefit of the indirect tax credits, contingent upon successful approval and verification from the Brazilian tax authorities.
Segment Information
During the quarter ended June 30, 2022, net sales increased 38 percent driven by increased market activity through all of our global operations. Volume increased from healthy demand in the global agricultural market, reflective of high farm commodity prices and increased farmer income, the need for replacement of an aging large equipment fleet and the need to replenish equipment inventory levels within the equipment dealer channels.
The increase in gross profit and margin is primarily attributable to the impact of increases in net sales as described previously and cost reduction and productivity initiatives executed across global production facilities. The Company balanced the increases of related raw materials and other inflationary cost impacts with corresponding price increases to protect profitability.
During the quarter ended June 30, 2022, the 19 percent increase in earthmoving/construction net sales was driven by increased demand across all aspects of the construction and mining markets.
The increase in gross profit and margin was primarily driven by better price and mix of products produced and continued improved production efficiencies stemming from the strong management actions taken to improve profitability for the long-term. The Company balanced the increases related to raw materials and other inflationary cost impacts with corresponding price increases to maintain profitability.
During the quarter ended June 30, 2022, the 44 percent increase in net sales was driven by increased market activity, similar to agriculture and construction markets, with growth coming from product growth initiatives. A portion of the increase in demand related to specialty products in the United States, primarily custom mixing of rubber stock to third parties.
The increase in gross profit and margin was due primarily to sales growth, increased price/product mix and the positive impact of sales volume increase on overhead absorption. Margins related to the growth initiatives in specialty products in the United States are stronger than the average margins for other products in the segment.
Non-GAAP Financial Measures
Adjusted EBITDA was $82.2 million for the second quarter of 2022, compared to $37.4 million in the comparable prior year period. The Company utilizes EBITDA and adjusted EBITDA, which are non-GAAP financial measures, as a means to measure its operating performance. A reconciliation of net income (loss) to EBITDA and adjusted EBITDA can be found at the end of this release.
Adjusted net income applicable to common shareholders for the second quarter of 2022 was income of $50.2 million, equal to income of $0.80 per basic share and $0.79 per diluted share, compared to income of $14.0 million, equal to income of $0.23 per basic and diluted share, in the second quarter of 2021. The Company utilizes adjusted net income applicable to common shareholders, which is a non-GAAP financial measure, as a means to measure its operating performance. A reconciliation of net income (loss) applicable to common shareholders and adjusted net income applicable to common shareholders can be found at the end of this release.
Financial Condition
The Company ended the second quarter of 2022 with total cash and cash equivalents of $116.7 million, compared to $98.1 million at December 31, 2021. Long-term debt at June 30, 2022, was $441.1 million, compared to $452.5 million at December 31, 2021. Short-term debt was $44.1 million at June 30, 2022, compared to $32.5 million at December 31, 2021. Net debt (total debt less cash and cash equivalents) was $368.5 million at June 30, 2022, compared to $386.8 million at December 31, 2021.
Net cash provided by operating activities for the first six months of 2022 was $48.9 million, compared to net cash used by operations of $17.5 million for the comparable prior year period. Capital expenditures were $19.5 million for the first six months of 2022, compared to $14.6 million for the comparable prior year period. Capital expenditures during the first six months of 2022 and 2021 represent equipment replacement and improvements, along with new tools, dies and molds related to new product development, as the Company seeks to enhance the Company's manufacturing capabilities and drive productivity gains.
Teleconference and Webcast
Titan will be hosting a teleconference and webcast to discuss the second quarter financial results on Tuesday, August 2, 2022, at 9:30 a.m. Eastern Time.
The real-time, listen-only webcast can be accessed using the following link https://events.q4inc.com/attendee/382414202 or on our website at www.titan-intl.com within the "Investor Relations" page under the "News & Events" menu (https://ir.titan-intl.com/news-and-events/events/default.aspx). Listeners should access the website at least 15 minutes prior to the live event to download and install any necessary audio software.
A webcast replay of the teleconference will be available on our website (https://ir.titan-intl.com/news-and-events/events/default.aspx) soon after the live event.
In order to participate in the real-time teleconference, with live audio Q&A, participants should use one of the following dial in numbers:
United States Toll Free: 1 844 200 6205
United States: 1 646 904 5544
All other locations: +1 929 526 1599
Participants Access Code: 962862
About Titan
Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in West Chicago, Illinois, the Company globally produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. For more information, visit www.titan-intl.com.
Safe Harbor Statement
This press release contains forward-looking statements. These forward-looking statements are covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "plan," "would," "could," "potential," "may," "will," and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, these assumptions are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond Titan International, Inc.'s control. As a result, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to, the effect of the COVID-19 pandemic on our operations and financial performance; the effect of a recession on the Company and its customers and suppliers; changes in the Company's end-user markets into which the Company sells its products as a result of domestic and world economic or regulatory influences or otherwise; changes in the marketplace, including new products and pricing changes by the Company's competitors; the Company's ability to maintain satisfactory labor relations; unfavorable outcomes of legal proceedings; the Company's ability to comply with current or future regulations applicable to the Company's business and the industry in which it competes or any actions taken or orders issued by regulatory authorities; availability and price of raw materials; levels of operating efficiencies; the effects of the Company's indebtedness and its compliance with the terms thereof; changes in the interest rate environment and their effects on the Company's outstanding indebtedness; unfavorable product liability and warranty claims; actions of domestic and foreign governments, including the imposition of additional tariffs; geopolitical and economic uncertainties relating to the countries in which the Company operates or does business; risks associated with acquisitions, including difficulty in integrating operations and personnel, disruption of ongoing business, and increased expenses; results of investments; the effects of potential processes to explore various strategic transactions, including potential dispositions; fluctuations in currency translations; risks associated with environmental laws and regulations; risks relating to our manufacturing facilities, including that any of our material facilities may become inoperable; risks relating to financial reporting, internal controls, tax accounting, and information systems; and the other risks and factors detailed in the Company's periodic reports filed with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those reports. These forward-looking statements are made only as of the date hereof. The Company cautions that any forward-looking statements included in this press release are subject to a number of risks and uncertainties, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events, or for any other reason, except as required by law.
Titan International, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)
Amounts in thousands, except earnings per share data
The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). These supplemental schedules provide a quantitative reconciliation between each of adjusted net income (loss) attributable to Titan, EBITDA, adjusted EBITDA, net sales on a constant currency basis, and net debt, each of which is a non-GAAP financial measure and the most directly comparable financial measures calculated and reported in accordance with GAAP.
We present adjusted net income attributable to Titan, adjusted earnings per common share, EBITDA, adjusted EBITDA, net sales on a constant currency basis, and net debt, as we believe that they assist investors with analyzing our business results. In addition, management reviews each of these non-GAAP financial measures in order to evaluate the financial performance of each of our segments, as well as the Company's performance as a whole. We believe that the presentation of these non‑GAAP financial measures will permit investors to assess the performance of the Company on the same basis as management.
Adjusted net income attributable to Titan, adjusted earnings per common share, EBITDA, adjusted EBITDA, net sales on a constant currency basis, and net debt should be considered supplemental to, not a substitute for, the financial measures calculated in accordance with GAAP. One should not consider these measures in isolation or as a substitute for our results reported under GAAP. These measures have limitations in that they do not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, these measures may be calculated differently than non-GAAP financial measures reported by other companies, limiting their usefulness as comparative measures. We attempt to compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.
The table below provides a reconciliation of adjusted net income attributable to Titan to net income (loss) applicable to common shareholders, the most directly comparable GAAP financial measure, for the three and six-month periods ended June 30, 2022 and 2021.
The table below provides a reconciliation of net income (loss) to EBITDA and adjusted EBITDA, which are non-GAAP financial measures, for the three and six-month periods ended June 30, 2022 and 2021.
The table below sets forth, for the three and six-month period ended June 30, 2022, the impact to net sales of currency translation (constant currency) by geography (in thousands, except percentages):
The table below provides a reconciliation of net debt, which is a non-GAAP financial measure:
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SOURCE Titan International, Inc. | https://www.kxii.com/prnewswire/2022/08/01/titan-international-inc-reports-strong-quarterly-financial-performance/ | 2022-08-01T22:09:23Z | https://www.kxii.com/prnewswire/2022/08/01/titan-international-inc-reports-strong-quarterly-financial-performance/ | false |
WINDSOR, Conn., Aug. 1, 2022 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that as part of the Company's long-term strategy to maximize stockholder value, its Board of Directors has authorized a stock repurchase program, which will enable the Company to repurchase up to $1 billion in aggregate of the Company's outstanding shares of common stock. Under the renewed program, the Company's proposed repurchases may be made from time to time in one or more transactions on the open market or in privately negotiated purchase and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations promulgated under Securities Exchange Act of 1934, as amended.
The timing and amount of any shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with SS&C's stock plans and for other corporate purposes.
"We have confidence in SS&C's business model, and believe the current share price undervalues SS&C's financial strength and future prospects," said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. "We will use our free cash flow to opportunistically repurchase stock and pay down debt, while maintaining the flexibility to pursue high quality acquisitions."
About SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 20,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology.
Additional information about SS&C (Nasdaq:SSNC) is available at www.ssctech.com.
Follow SS&C on Twitter, Linkedin and Facebook.
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SOURCE SS&C | https://www.wbrc.com/prnewswire/2022/08/01/ssampc-announces-1-billion-stock-repurchase-program/ | 2022-08-01T22:09:37Z | https://www.wbrc.com/prnewswire/2022/08/01/ssampc-announces-1-billion-stock-repurchase-program/ | false |
Last Uvalde school shooting survivor leaves hospital
Published: Aug. 1, 2022 at 3:47 PM CDT|Updated: 1 hour ago
UVALDE, Texas (CNN) - University Health San Antonio posted on Twitter that the final patient from May’s deadly school shooting in Uvalde, Texas, has been released.
They shared video of 10-year-old Mayah Zamora walking down a hospital hallway Friday and handing out roses to the nurses and other staff. Those around her clapped, chanted and cheered as she made her exit.
Mayah was in the hospital for 67 days after she was critically injured by a gunman who opened fire inside Robb Elementary School back in May. Her family set up a GoFundMe page to help pay for her medical bills.
In total, 19 children and two teachers were killed. It was America’s deadliest school shooting since 2012.
Copyright 2022 CNN Newsource. All rights reserved. | https://www.kttc.com/2022/08/01/last-uvalde-school-shooting-survivor-leaves-hospital/ | 2022-08-01T22:11:28Z | https://www.kttc.com/2022/08/01/last-uvalde-school-shooting-survivor-leaves-hospital/ | false |
Last Uvalde school shooting survivor leaves hospital
Published: Aug. 1, 2022 at 3:47 PM CDT|Updated: 1 hour ago
UVALDE, Texas (CNN) - University Health San Antonio posted on Twitter that the final patient from May’s deadly school shooting in Uvalde, Texas, has been released.
They shared video of 10-year-old Mayah Zamora walking down a hospital hallway Friday and handing out roses to the nurses and other staff. Those around her clapped, chanted and cheered as she made her exit.
Mayah was in the hospital for 67 days after she was critically injured by a gunman who opened fire inside Robb Elementary School back in May. Her family set up a GoFundMe page to help pay for her medical bills.
In total, 19 children and two teachers were killed. It was America’s deadliest school shooting since 2012.
Copyright 2022 CNN Newsource. All rights reserved. | https://www.kalb.com/2022/08/01/last-uvalde-school-shooting-survivor-leaves-hospital/ | 2022-08-01T22:12:42Z | https://www.kalb.com/2022/08/01/last-uvalde-school-shooting-survivor-leaves-hospital/ | false |
Supreme Court certifies ruling ending Trump border policy
SAN DIEGO (AP) — The Supreme Court on Monday certified its month-old ruling allowing the Biden administration to end a cornerstone Trump-era border policy to make asylum-seekers wait in Mexico for hearings in U.S. immigration court, a pro forma act that has drawn attention amid near-total silence from the White House about when, how and even whether it will dismantle the policy.
The two-word docket entry read “judgment issued” to record that justices voted 5-4 in a ruling issued June 30 that the administration could scrap the “Remain in Mexico” policy, overruling a lower court that forced the policy to be reinstated in December.
Homeland Security Secretary Alejandro Mayorkas said shortly after the Supreme Court victory that justices would need to communicate the decision to a lower court, which, in turn, should lift the order to keep the policy in place in a lawsuit filed by the state of Texas. Beyond that, administration officials have said little, including whether any of the thousands subject to the policy since December will be allowed to enter and remain in the United States while their cases are being considered in immigration court.
The White House and Homeland Security Department had no immediate comment on the Supreme Court certification; the Justice Department declined comment. Officials in Mexico had no immediate comment.
About 70,000 migrants were subject to the policy, known officially as “Migrant Protection Protocols,” or MPP, from when former President Donald Trump introduced it in January 2019 until President Joe Biden suspended it on his first day in office in January 2021, fulfilling a campaign promise. Many were allowed to return to the United States to pursue their cases during the early months of Biden’s presidency.
Nearly 5,800 people have been subject to the policy from December through June, according to figures released Friday, a modest number that would make any reluctance to end it seem less plausible. Nicaraguans account for the largest number, with others from Cuba, Colombia and Venezuela.
A sign posted last week at the entrance to the Salvation Army migrant shelter in Tijuana, Mexico, by the United Nations’ International Organization for Migration appeared to best capture the public understanding of the policy’s status: “Wait for official information! The Remain in Mexico (MPP) program remains in effect. The United States government will inform you of any changes.”
Copyright 2022 The Associated Press. All rights reserved. | https://www.cleveland19.com/2022/08/01/supreme-court-certifies-ruling-ending-trump-border-policy/ | 2022-08-01T22:13:29Z | https://www.cleveland19.com/2022/08/01/supreme-court-certifies-ruling-ending-trump-border-policy/ | true |
NEW YORK, Aug. 1, 2022 /PRNewswire/ -- Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that Allied Universal® expanded and relocated from a 12,000 square foot space at ESRT's One Grand Central Place to a 30,000 square foot space at 501 Seventh Avenue.
Located adjacent to Penn District's new developments with convenient access to Penn Station, tenants of 501 Seventh Avenue enjoy ESRT's leading healthy building technologies and indoor environmental quality.
"The market flight to quality is not just about new development; it is about tenant's desire for newly built and renovated, energy-efficient office space in modernized healthy buildings with convenient access to mass transit at an accessible price point," said Thomas P. Durels, executive vice president, real estate at Empire State Realty Trust.
Louis D'Avanzo and Michael Baraldi of Cushman & Wakefield represented Allied Universal® in the lease negotiations. Shanae Ursini of ESRT and Ron Lo Russo, Heather Thomas, Patrick Murphy, Will Yeatman, and Pierce Hance of Cushman & Wakefield represented the property owner.
More information about 501 Seventh Avenue, and current availabilities, 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, (i) the current public health crisis and economic disruption from the COVID-19 pandemic, (ii) a failure of conditions or performance regarding any event or transaction described above, (iii) regulatory changes and (iv) 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.cleveland19.com/prnewswire/2022/08/01/allied-universal-expands-by-22000-square-feet-with-empire-state-realty-trust-501-seventh-avenue/ | 2022-08-01T22:13:54Z | https://www.cleveland19.com/prnewswire/2022/08/01/allied-universal-expands-by-22000-square-feet-with-empire-state-realty-trust-501-seventh-avenue/ | false |
IDAHO COUNTY, Idaho — Idaho State Police has issued an endangered missing person alert for a man who hasn't been seen since the afternoon of July 27.
71-year-old Randy Clark Jackson was supposed to be driving from Kamiah to Lewiston, then back to Kamiah, ISP said in the alert issued on behalf of the Idaho County Sheriff's Office.
A possible sighting was reported in Clearwater County. According to that report, Jackson may have been turning onto the Greer Bridge Road, possibly driving a 1995 GMC Suburban, colored green. It didn't have a license plate, but did have a "We the People" bumper sticker.
Jackson is described as 6-foot-2, 360 pounds, with red hair and blue eyes. He suffers from hearing loss and has back and hip issues, according to ISP.
Jackson was last seen wearing a gray button-down shirt, blue-and-black shorts, brown shoes and gray socks.
Anyone with information concerning his whereabouts is asked to call the Idaho County Sheriff's Office at 208-983-1100.
Watch more crime news:
See the latest Treasure Valley crime news in our YouTube playlist:
MISSING CHILD: One year goes by with no sign of missing Fruitland boy
MORE IDAHO NEWS: U.S. Forest Service: Moose fire was 'human caused' | https://www.ktvb.com/article/news/local/idaho/missing-and-endangered-in-north-central-idaho-randy-clark-jackson/277-d733fd15-5ff7-49b2-8089-fc678d0faef5 | 2022-08-01T22:14:03Z | https://www.ktvb.com/article/news/local/idaho/missing-and-endangered-in-north-central-idaho-randy-clark-jackson/277-d733fd15-5ff7-49b2-8089-fc678d0faef5 | true |
Company Expands to Myrtle Beach Metro Area
DOTHAN, Ala., Aug. 1, 2022 /PRNewswire/ -- Construction Partners, Inc. (NASDAQ: ROAD) (the "Company"), a vertically integrated civil infrastructure company specializing in the construction and maintenance of roadways across five southeastern states, today announced that it has acquired Southern Asphalt, Inc., headquartered in Conway, South Carolina. As a result of the acquisition, the Company added two hot-mix asphalt plants and more than 200 employees in the Myrtle Beach, South Carolina metro area.
Fred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, "We are pleased to extend our footprint into eastern South Carolina with today's transaction. Horry County and the larger Myrtle Beach metro area are among the fastest-growing markets in the nation, resulting in opportunities to bid on an attractive mix of public and commercial projects. We welcome a talented and experienced workforce to our team, and we look forward to operating in this dynamic region of South Carolina."
About Construction Partners, Inc.
Construction Partners, Inc. is a vertically integrated civil infrastructure company operating across five southeastern states, with 59 hot-mix asphalt plants, 14 aggregate facilities and one liquid asphalt terminal. Publicly funded projects make up the majority of its business and include local and state roadways, interstate highways, airport runways and bridges. The majority of the Company's public projects are maintenance-related. Private sector projects include paving and sitework for office and industrial parks, shopping centers, local businesses and residential developments. To learn more, visit www.constructionpartners.net.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained herein that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of words such as "seek" "continue," "estimate," "predict," "potential," "targeting," "could," "might," "may," "will," "expect," "should," "anticipate," "intend," "project," "outlook," "believe," "plan" and similar expressions or their negative. The forward-looking statements contained in this press release include, without limitation, statements relating to the benefits of a business acquisition and the expected results of the acquired business. These and other forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Important factors that could cause actual results to differ materially from those expressed in the forward-looking statements are set forth in the Company's most recent Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, its Current Reports on Form 8-K and other reports the Company files with the SEC. Forward-looking statements speak only as of the date they are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events, or circumstances or other changes affecting such statements except to the extent required by applicable law.
Contact:
Rick Black
Dennard Lascar Investor Relations
ROAD@DennardLascar.com
(713) 529-6600
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SOURCE Construction Partners, Inc. | https://www.kmvt.com/prnewswire/2022/08/01/construction-partners-inc-completes-south-carolina-acquisition/ | 2022-08-01T22:14:28Z | https://www.kmvt.com/prnewswire/2022/08/01/construction-partners-inc-completes-south-carolina-acquisition/ | false |
Dave and Erica Harrig stayed true to their values when they won a lottery jackpot of more than $61 million in 2013. It made all the difference.
The couple from Gretna, Nebraska, a community on the outskirts of Omaha where Dave Harrig now is a volunteer firefighter, allowed themselves to buy a new home, some vintage automobiles and a few ocean cruises after they both quit their jobs.
But nine years later, they still live much as they always did, remaining in their community, keeping up with church, family and friends, and teaching their children to work hard to make a living despite any financial windfall that might come their way.
Many other winners haven’t been as lucky, suffering personal setbacks and lawsuits or becoming the victims of scams. The latest winner of a big jackpot came Friday, when a single ticket sold in Illinois matched the numbers for a $1.337 billion Mega Millions prize. Illinois is among the states where winners of more than $250,000 can choose to not reveal their names.
Dave Harrig, an Air Force veteran who worked in aircraft maintenance, says keeping things simple probably saved him and his family from the kind of hassles and tragedies that have befallen other big winners.
Almost overnight, the Harrig family mailbox was filled with letters full of hard luck stories: sick children, lost jobs, burned out homes.
Dave Harrig said they ignored them all and focused on their own family and charities.
They didn't even touch the principal on their winnings until just a few years ago, when they tapped into it to fund a new museum of firefighting in Gretna that will open soon.
“We have nicer things, a bigger house, and more than we ever had in the past. But we are the same, and my wife and I keep each other in check,” Dave Harrig said, encouraging future lottery winners to invest wisely, choose a national investment adviser rather than a local one, and to avoid advisers who try to sell financial products.
They've ignored false rumors that have swirled about them, suggesting that his wife at one point ran off with a doctor and that he had a lawyer girlfriend. Their four children endured teasing at school.
“We're still learning, but it has helped to stay working together as a team,” he said of himself and his wife.
He acknowledged the struggles of some past winners, saying the experience of winning a jackpot “can really accentuate your character and any addictions.”
The late Andrew Whittaker Jr., of West Virginia, suffered lawsuits and personal setbacks after he claimed a record $315 million Powerball jackpot on Christmas night in 2002.
At the time, it was the largest U.S. lottery jackpot won by a single ticket. People harassed him so much with requests for money he was quoted several times saying he wished he had torn up the ticket.
Before dying of natural causes in 2020 at age 72, he struggled with alcohol and gambling problems and had a series of personal tragedies, including the death of his granddaughter.
Winning the lottery brought other kinds of headaches for Manuel Franco, of West Allis, Wisconsin, who claimed a $768 million lottery jackpot in April 2019.
Then just 24, Franco excitedly held a news conference to discuss his win, but later reportedly went into hiding amid harassment by strangers and the news media.
The Better Business Bureau of Wisconsin began warning people in 2021 about messages from scammers who claimed to be the multimillion-dollar winner.
Using Franco’s name, the scammers sent text messages, social media messages, phone calls and emails phishing for personal information, telling recipients they had been chosen to receive money.
The BBB said scammers got more than $13,000 from people they tricked, including people in Alabama and Colorado.
Despite the problems encountered by the winners, lottery officials favor publicly identifying winners to instill public trust in the games.
That's in large part because some past drawings have been rigged. Former Multi-State Lottery Association information security director Eddie Tipton pleaded guilty in 2017 to manipulating software so he could predict winning numbers on certain days of the year. He and his brother rigged jackpots in numerous states for a combined payout of some $24 million. | https://www.ktvb.com/article/news/nation-world/winning-the-lottery-lucky-or-not/507-a71ec496-30dc-4b4b-923d-8423ccf0a2e3 | 2022-08-01T22:14:52Z | https://www.ktvb.com/article/news/nation-world/winning-the-lottery-lucky-or-not/507-a71ec496-30dc-4b4b-923d-8423ccf0a2e3 | true |
Several days after the U.S. Commerce Department reported that the nation’s gross domestic product (GDP) had declined for the second quarter in a row, people on Twitter began sharing an image of a headline about the economy under President Joe Biden.
The image appears to show the news magazine The Atlantic’s masthead with an article titled: “The Quiet Courage of Biden’s Negative Growth Economy,” written by the author Tim Nichols.
Matt Rinaldi, who serves as chairman of the Republican Party of Texas, and political commentator Dinesh D’Souza are among those who shared the image on Twitter.
“This is NOT a parody,” D’Souza wrote on July 29.
THE QUESTION
Did The Atlantic publish an article titled: “The Quiet Courage of Biden’s Negative Growth Economy”?
THE SOURCES
- Anna Bross, senior vice president of communications at The Atlantic
- Search of The Atlantic’s website using the Wayback Machine, a digital archive tool
- Advanced search of The Atlantic’s Twitter account
THE ANSWER
No, The Atlantic didn’t publish an article titled: “The Quiet Courage of Biden’s Negative Growth Economy.”
WHAT WE FOUND
Anna Bross, senior vice president of communications at The Atlantic, said in an email that the image is “fabricated and is not an actual Atlantic article.”
The publication doesn’t have a writer by the name of Tim Nichols, either, which VERIFY confirmed by visiting the magazine's writers webpage. There is a contributing writer for The Atlantic named Tom Nichols, who currently writes the Peacefield newsletter.
“We have reported this as fake and as a trademark infringement,” Bross said.
The image shared on social media appears to imitate articles published to “The Atlantic Daily” section
VERIFY searched for the headline using the Wayback Machine, a digital archive tool, and did not find any mention of it on The Atlantic’s website. An advanced search for the headline on Twitter also did not return any results.
The Atlantic did publish a story with the headline “The Quiet Courage of Bob Moses” in July 2021, following the passing of the 86-year-old civil rights activist. That article was written by William Sturkey, a professor of history at the University of North Carolina at Chapel Hill.
This isn’t the first time that a fabricated Atlantic headline has circulated online. In June 2022, people on social media shared an image with a headline that read, “The Heroism of Biden’s Bike Fall” after Biden fell while trying to dismount his bicycle.
Bross told the Associated Press then that article was also “not a real article from The Atlantic.” | https://www.ktvb.com/article/news/verify/social-media/fact-check-atlantic-headline-quiet-courage-biden-negative-growth-economy-fake/536-3b200b34-e8d3-4ef7-88c2-6bc65d023980 | 2022-08-01T22:14:58Z | https://www.ktvb.com/article/news/verify/social-media/fact-check-atlantic-headline-quiet-courage-biden-negative-growth-economy-fake/536-3b200b34-e8d3-4ef7-88c2-6bc65d023980 | false |
BOSTON, Aug. 1, 2022 /PRNewswire/ - The five John Hancock closed-end funds listed below declared their monthly distributions today as follows:
Premium Dividend Fund (the "Fund") declared its monthly distribution pursuant to the Fund's managed distribution plan (the "PDT Plan"). Under the PDT Plan, the Fund makes monthly distributions of an amount equal to $0.0975 per share. This amount will be paid monthly until further notice.
Distributions under the PDT Plan may consist of net investment income, net realized long-term capital gains, net realized short-term capital gains and, to the extent necessary, return of capital. The Fund may also make additional distributions (i) for purposes of not incurring federal income tax on investment company taxable income and net capital gain of the Fund, if any, not included in such regular distributions and (ii) for purposes of not incurring federal excise tax on ordinary income and capital gain net income, if any, not included in such regular monthly distributions. The Board may amend the terms of the PDT Plan or terminate the PDT Plan at any time.
Tax-Advantaged Dividend Income Fund (the "Fund") declared its monthly distribution pursuant to the Fund's managed distribution plan (the "HTD Plan"). Under the HTD Plan, the Fund makes monthly distributions of an amount equal to $0.1380 per share. This amount will be paid monthly until further notice.
Distributions under the HTD Plan may consist of net investment income, net realized long-term capital gains, net realized short-term capital gains and, to the extent necessary, return of capital. The Fund may also make additional distributions (i) for purposes of not incurring federal income tax on investment company taxable income and net capital gain of the Fund, if any, not included in such regular distributions and (ii) for purposes of not incurring federal excise tax on ordinary income and capital gain net income, if any, not included in such regular monthly distributions. The Board may amend the terms of the HTD Plan or terminate the HTD Plan at any time.
*****
A portion of a Fund's current distribution may include sources other than net investment income, including a return of capital. Investors should understand that a return of capital is not a distribution from income or gains of a Fund. As required under the Investment Company Act of 1940, a notice with the estimated components of the distribution will be sent to shareholders at the time of payment if it does not consist solely of net investment income. Such notice will also be posted to the Funds' website at www.jhinvestments.com. The notice should not be used to prepare tax returns as the estimates indicated in the notice may differ from the ultimate federal income tax characterization of distributions. After the end of each calendar year, investors will be sent a Form 1099-DIV informing them how to report distributions received during that year for federal income tax purposes.
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.kalb.com/prnewswire/2022/08/01/john-hancock-closed-end-funds-declare-monthly-distributions/ | 2022-08-01T22:15:19Z | https://www.kalb.com/prnewswire/2022/08/01/john-hancock-closed-end-funds-declare-monthly-distributions/ | true |
Angelina Jolie dances on Tik Tok after announcing daughter Zahara will go to Spelman College
'Maleficent' star Angelina Jolie and Brad Pitt share daughter Zahara, 17.
‘Maleficent’ star Angelina Jolie has some pep in her step, after announcing her eldest daughter, Zahara Jolie-Pitt, is heading to Spelman College.
The Academy Award-winning actress was seen dancing on TikTok with her daughter, attempting to learn the electric slide.
The mother of six posted to her Instagram that Jolie-Pitt, who she shares with ex-husband Brad Pitt, will be attending the historically Black women's liberal arts school in Atlanta.
Jolie posted a picture of her daughter and other young women to her Instagram writing, "Zahara with her Spelman sisters! Congratulations to all new students starting this year. A very special place and an honor to have a family member as a new Spelman girl."
Back in Los Angeles, the actress got her groove on with her daughter, whom she adopted from Ethiopia.
The two attended a gathering alongside alumni from both Spelman College and Morehouse College, another historically Black college for men.
A timid Jolie can be seen laughing in the TikTok video alongside Jolie-Pitt, trying to learn the dance.
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Jolie shares five other children with Pitt.
The two have had a contentious divorce, with their eldest son, Maddox, allegedly estranged from his father.
In addition to Maddox, the ex-couple also share Pax, Shiloh, Vivienne, and Knox.
CLICK HERE TO GET THE FOX NEWS APP | https://www.foxnews.com/entertainment/angelina-jolie-dances-tiktok-announces-daughter-zahara-go-spelman | 2022-08-01T22:15:48Z | https://www.foxnews.com/entertainment/angelina-jolie-dances-tiktok-announces-daughter-zahara-go-spelman | false |
PITTSBURGH (AP) _ Kennametal Inc. (KMT) on Monday reported fiscal fourth-quarter net income of $41.7 million.
On a per-share basis, the Pittsburgh-based company said it had net income of 50 cents. Earnings, adjusted for one-time gains and costs, were 53 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.
The engineered products maker posted revenue of $530 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $521.8 million.
For the year, the company reported profit of $144.6 million, or $1.72 per share. Revenue was reported as $2.01 billion.
For the current quarter ending in October, Kennametal said it expects revenue in the range of $480 million to $500 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 KMT at https://www.zacks.com/ap/KMT | https://www.sfgate.com/business/article/Kennametal-Fiscal-Q4-Earnings-Snapshot-17343845.php | 2022-08-01T22:16:01Z | https://www.sfgate.com/business/article/Kennametal-Fiscal-Q4-Earnings-Snapshot-17343845.php | true |
FAIRMONT, W.Va. (AP) _ MVB Financial Corp. (MVBF) on Monday reported second-quarter net income of $3 million.
On a per-share basis, the Fairmont, West Virginia-based company said it had profit of 23 cents.
The company posted revenue of $40 million in the period. Its adjusted revenue was $38.6 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 MVBF at https://www.zacks.com/ap/MVBF | https://www.sfgate.com/business/article/MVB-Financial-Q2-Earnings-Snapshot-17343924.php | 2022-08-01T22:16:14Z | https://www.sfgate.com/business/article/MVB-Financial-Q2-Earnings-Snapshot-17343924.php | false |
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