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Stewart-Haas Racing restructured its leadership department of the NASCAR team to replace president Brett Frood, who was announced as commissioner of the National Lacrosse League on Tuesday.
Frood has been with SHR since Tony Stewart became co-owner of the organization in 2009. He’ll still be an an executive advisor to SHR, as well as the board chairman for all Stewart-related entities.
Brian McKinley will move from vice president of sales to chief commercial officer for SHR, while Greg Zipadelli, who guided Stewart to two of his three Cup championships, was named chief competition officer. Current team co-president Joe Custer will continue his role, and the entire executive team has fiduciary oversight for SHR co-owners Stewart and Gene Haas.
The biggest move is the departure of Frood, who was recruited by Stewart 18 years ago upon Frood’s graduation from Harvard Business School. But he came from the lacrosse world and led Brown to Ivy League titles in 1994 and 1995 as captain of the team that also advanced to the 1994 NCAA Final Four.
“Brett is the type of person that puts 100% effort into any project,” Stewart said. “No job is too big, but no job is beneath him, either. He’s negotiated multi-million dollar contracts and then the next day has stood in the mud at Eldora Speedway to hang sponsor banners.
“I’m lucky to have him and SHR is in a great place because of him. Being commissioner of the National Lacrosse League is a dream job for him. They’re getting one of the most trustworthy, detail-oriented people I’ve ever met.”
Frood called his 14 years at SHR “some of the most satisfying of my professional career” but couldn’t turn down the NLL.
“Becoming commissioner of the National Lacrosse League is a once-in-a-lifetime opportunity. I appreciate the support everyone has provided me at Stewart-Haas Racing as I embark on this new chapter,” Frood said.
Frood will assist with the transition of McKinley, who joined the organization in 2020 and has secured several commercial partnerships for SHR. He previously was the co-head of global partnerships at Feld Entertainment, where he managed more than $40 million worth of partner activation across seven live touring properties.
“Brian McKinley joined SHR two years ago and in his short time here has already made a big impact,” Stewart said. “He’s helped secure new partnerships and made strong bonds with partners who have been a part of our race team for years. Brian has earned this opportunity.”
Zipadelli was Stewart’s crew chief for 10 years, beginning with Stewart’s rookie 1999 season. The duo won the 2002 and 2005 championships for Joe Gibbs Racing before Stewart left for an ownership stake in Haas’ team ahead of the 2009 season.
Stewart hand-picked Zipadelli to lead SHR’s competition department when the team expanded to three cars in 2012.
“Obviously, I think a lot of Greg Zipadelli,” Stewart said. “He brought the same determination that made us so successful together on the racetrack to Stewart-Haas Racing.”
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More AP auto racing: https://apnews.com/hub/auto-racing and https://twitter.com/AP_Sports | https://cbs4indy.com/sports/ap-sports/shr-restructures-as-frood-leaves-nascar-team-for-lacrosse/ | 2022-08-02T21:05:10Z | https://cbs4indy.com/sports/ap-sports/shr-restructures-as-frood-leaves-nascar-team-for-lacrosse/ | false |
HOUSTON, Aug. 2, 2022 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom-engineered solutions for the management, control and distribution of electrical energy, today announced results for the fiscal 2022 third quarter ended June 30, 2022.
Fiscal Third Quarter Key Highlights:
- Revenues totaled $135 million;
- Net Income was $9 million, or $0.76 per diluted share including;
- New orders totaled $202 million;
- Backlog as of June 30, 2022, totaled $503 million;
- Cash and short-term investments as of June 30, 2022, totaled $99 million.
Brett A. Cope, Powell's Chairman and Chief Executive Officer, stated, "Powell delivered a solid fiscal third quarter as we continue to recover from challenges brought on by the pandemic including the on-going disruptions to the global supply chain. Our operating divisions across the company delivered solid execution as we continue to progress productivity improvements across all elements of the business including our engineering, manufacturing and strategic sourcing teams. The $202 million of new orders represents the highest quarterly total of new orders in over two years and more importantly, marks the fifth consecutive quarter of increasing gross new order activity. It is also notable that there were no single, large project orders in the quarter as market activity was much more broad and balanced across most of our end markets."
Revenues for the third quarter totaled $135.5 million compared to $127.9 million in the second quarter and compared to $115.8 million in the third quarter in the prior year.
New orders placed in the third quarter totaled $202 million compared to $151 million in the second quarter and compared to $103 million of new orders in the third quarter of the prior fiscal year.
Backlog as of June 30, 2022, totaled $503 million which represents sequential growth of 14% compared to $440 million as of March 31, 2022, and compares to $426 million as of June 30, 2021.
Net income in the fiscal third quarter was $9.1 million, or $0.76 per diluted share, compared to a net loss of $1.2 million, or $0.10 per diluted share, in the fiscal second quarter and compared to a net loss of $2.0 million, or $0.17 per diluted share, in the fiscal third quarter of the prior year.
During the third fiscal quarter, the business recognized income resulting from two non-operational events. First, a $1.6 million after tax gain was realized through the divestiture of a non-core, industrial valve repair and servicing division within the Powell Canada entity. This generated $4 million of cash and added $0.14 per diluted share. Secondly, due to the sustained, positive earnings generated out of Powell Canada, the valuation allowance that was previously established against the entity's deferred tax assets was reversed. The reversal of this allowance results in a non-cash, increase in Net Income of $5.9 million or $0.49 per diluted share.
Cope added, "We remain pleased with the steady and consistent recovery of our Industrial end markets as well as the improvements that our strategic efforts, both to diversify our business and broaden our Services offering, are yielding. Across the industrial landscape, our Oil & Gas and Petrochemical end markets continue to show signs of a slow and steady recovery, supported by the favorable fundamentals of LNG, gas pipeline and gas-to-chemical projects. We continue to experience robust activity within our Utility and Commercial end markets. As a result, we are entering our fiscal fourth quarter on very strong financial footing and with a large, healthy backlog of project orders."
OUTLOOK
Commenting on the Company's outlook, Michael Metcalf, Powell's Chief Financial Officer said, "Our book-to-bill ratio of 1.5x in the third quarter demonstrates the ongoing recovery across our core end markets and we are optimistic that these conditions will persist in the coming quarters. While we are experiencing a gradual and consistent recovery across our industrial base of customers, the positive momentum that we've seen in our Utility and Commercial markets is very encouraging, as evidenced by our strong backlog, closing the third quarter at $503 million. Although the macro inflationary pressure and component availability challenges still persist across the supply chain, we continue to make steady progress offsetting these headwinds through pricing actions, efficiency improvements and strong supplier partnerships. Looking forward, we continue to anticipate gradually improving profitability as pricing, factory efficiencies and cost controls continue to gain traction, further enabling us to execute our strong and growing order book."
CONFERENCE CALL
Powell Industries has scheduled a conference call for Wednesday, August 3, 2022, at 11:00 a.m. Eastern time. To participate in the conference call, dial 1-833-953-2431 (domestic) or 1-412-317-5760 (international) at least 10 minutes before the call begins and ask for the Powell Industries conference call. A telephonic replay of the conference call will be available through August 10, 2022 and may be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using passcode 7590577#.
Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting powellind.com. To listen to the live call on the web, please visit the website at least 15 minutes before the call begins to register, download and install any necessary audio software. For those who cannot listen to the live webcast, an archive will be available shortly after the call and will remain available for approximately 90 days at powellind.com.
Powell Industries, Inc., headquartered in Houston, designs, manufactures and services custom-engineered equipment and systems for the distribution, control and monitoring of electrical energy. Powell markets include large industrial customers such as utilities, oil and gas producers, refineries, liquefied natural gas facilities, petrochemical plants, pulp and paper producers, mining operations and commuter railways. For more information, please visit powellind.com.
Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.
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SOURCE Powell Industries | https://www.wbrc.com/prnewswire/2022/08/02/powell-industries-announces-fiscal-2022-third-quarter-results/ | 2022-08-02T21:06:19Z | https://www.wbrc.com/prnewswire/2022/08/02/powell-industries-announces-fiscal-2022-third-quarter-results/ | true |
Vermont man charged with killing mom at sea will remain in jail, judge rules
Prosecutors say Nathan Carman murdered his mom Linda Carman and his grandfather, John Chakalos, for money
A Vermont man charged with murdering his mother at sea in 2016 in a scheme to get his hands on her millions was denied bail Tuesday in federal court.
Nathan Carman has been detained since his arrest in May on an eight-count indictment for insurance fraud and fatally shooting his mom, Linda Carman, in Sept. 2016, while the pair were on a fishing trip near Block Island in Rhode Island.
U.S. District Judge Geoffrey Crawford ruled that Carman, 28, is a flight risk and a potential danger to the community.
Vermont federal prosecutors say that Carman also murdered his grandfather, John Chakalos, in 2013 also for financial gain. Chakalos had made a fortune building and renting nursing homes.
VERMONT MAN NATHAN CARMAN CHARGED WITH KILLING MOTHER LINDA CARMAN AT SEA, PLEADS NOT GUILTY
In support of Carman's bid for freedom, his father, Earle Clark Carman, wrote a letter to the judge calling his son a "responsible young man who poses no risk to himself or others" and only wants to prove his innocence.
"There is no reason why he would harm the two most important people in his life, his mother and his grandfather or anyone else," he wrote in an Aug. 1 letter that also says Carman was diagnosed with Asperger's syndrome.
But prosecutors say he had every motive to kill them both: money. He had emailed Chakalos' trust attorney a series of questions about the trust and his financial interests in it the same year he allegedly fatally shot him in 2013.
He was also the only family member who refused to take a polygraph test after Chakolos was found dead, according to prosecutors.
Shortly before his mom's killing, she had changed her will to remove him as a beneficiary, court documents say.
On Sept. 18, 2016, he took his mom out on his boat "Chicken Pox" for what he told her was a fishing trip – but prosecutors say it was really a premeditated scheme to execute her and inherit her millions.
FLORIDA EX-WIFE OF SLAIN MICROSOFT EXECUTIVE HIRES CRIMINAL DEFENSE LAWYER
After the pair failed to return the following day as planned, authorities launched an extensive search that didn't locate Carman or his mother.
One week later, a commercial ship came upon Carman on an inflatable raft drifting in the sea and rescued him.
He told investigators an implausible story of how the boat sank with his mom on it – yet he did not radio for help, wrote Assistant U.S. Attorney Nathanael Burris in a motion opposing his release.
The government argued that Carman is a danger to others and a flight risk. A search warrant executed at his home after his arrest turned up $10,000 in cash he could easily use to cross the Canadian or Mexican border, Burris wrote.
Carman also has a new boat aptly named "Out Foxed" that he could use to flee, the attorney argued.
There is evidence that Carman suffers from mental illness that is more severe than Asperger's, the government contends.
Carman's neighbor described him as "mentally unhealthy" and once witnessed him throwing what appeared to be human excrement into his backyard, according to court papers.
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Carman has denied any involvement in the killings of his mom or grandfather. The Vermont Office of the Public Defender, who is presenting Carman, declined to comment | https://www.foxnews.com/us/vermont-man-charged-killing-mom-sea-remain-jail-judge-rules | 2022-08-02T21:06:41Z | https://www.foxnews.com/us/vermont-man-charged-killing-mom-sea-remain-jail-judge-rules | true |
HOUSTON (AP) _ Powell Industries Inc. (POWL) on Tuesday reported earnings of $9.1 million in its fiscal third quarter.
The Houston-based company said it had net income of 76 cents per share.
The energy equipment company posted revenue of $135.5 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 POWL at https://www.zacks.com/ap/POWL | https://www.sfgate.com/business/article/Powell-Industries-Fiscal-Q3-Earnings-Snapshot-17346375.php | 2022-08-02T21:06:58Z | https://www.sfgate.com/business/article/Powell-Industries-Fiscal-Q3-Earnings-Snapshot-17346375.php | false |
Sen. Kyrsten Sinema (D-AZ) waits for an elevator to go to the Senate floor at the U.S. Capitol in Washington, U.S. August 2, 2022. REUTERS/Jonathan Ernst
WASHINGTON -- Senate Democrats on Monday were awaiting a ruling from a chamber referee this week on whether they can override the legislature's normal rules to pass a $430 billion drugs, energy and tax bill despite Republican objections.
The decision by the referee, officially known as the "parliamentarian," will have a profound impact on President Joe Biden's domestic agenda heading into the Nov. 8 midterm elections, when Republicans are favored to win back control of the House of Representatives and perhaps the Senate amid voter discontent over inflation.
Senate Majority Leader Chuck Schumer on Monday confirmed that he planned to begin debate this week.
Under the "reconciliation" procedure Democrats are hoping to use to pass the bill, only a simple majority of votes in the 100-member chamber would be needed to steer the bill towards passage, instead of the 60 needed for most legislation.
With the Senate split 50-50 among Democrats and Republicans, the process would allow for passage as Democratic Vice President Kamala Harris could break any tie vote and secure a victory for Biden.
The bill being reviewed by the Senate parliamentarian was crafted by Democratic Senator Joe Manchin, who has often stood in the way of key Biden priorities, and with the blessing of Senate Majority Leader Chuck Schumer.
Still unknown, however, is whether Democratic Senator Krysten Sinema, like Manchin a maverick in the caucus, will lend her support.
A Sinema spokesperson said she was still reviewing the bill and would also wait to see which provisions, if any, the parliamentarian allows to stay in the bill.
Without Sinema's vote the entire effort could be doomed, as no Republicans were expected to vote yes on what Democrats are calling the "Inflation Reduction Act of 2022."
It would provide new federal funding for a significant reduction in U.S. carbon dioxide emissions that contribute to climate change and allow Medicare, the federal health insurance program for the elderly and disabled, to negotiate lower pharmaceutical prices. Tax increases aimed at the wealthy would partially offset the costs, with lower drug prices also saving the government money, the bill's backers say.
But Republicans have been attacking the measure, arguing it will violate a Biden pledge to not raise taxes on those earning less than $400,000 annually. Senator Mike Crapo, top Republican on the Senate Finance Committee, criticized the bill as he released an analysis he requested from the Joint Committee on Taxation (JCT), a nonpartisan congressional panel.
The JCT report said the bill's tax provisions would indirectly raise the effective tax burden on Americans with incomes of $200,000 or less, by $16.7 billion in 2023.
The tax burden effect in the JCT analysis is due to small estimated reductions of incomes from potential wage cuts that could result from companies' higher tax bills, or lower stock values, said Kimberly Clausing, a tax law professor at the University of California-Los Angeles and a former U.S. Treasury tax official.
The legislation would raise the tax burden by another $14.1 billion on taxpayers with annual incomes of between $200,000 and $500,000, according to the JCT analysis.
Democrats on the finance committee, which oversees tax policy, say the analysis is "incomplete."
"A family making less than $400,000 will not pay one penny in additional taxes," Ashley Schapitl, spokeswoman for the Senate Finance Committee Democrats, said in a statement. "It doesn’t include the benefits to middle-class families of making health insurance premiums and prescription drugs more affordable. The same goes for clean energy incentives for families." | https://www.unionleader.com/news/business/economy/senate-democrats-hope-for-green-light-on-430-bln-climate-drug-bill/article_b024a793-e054-5c60-b627-586f1c9aa1c0.html | 2022-08-02T21:07:21Z | https://www.unionleader.com/news/business/economy/senate-democrats-hope-for-green-light-on-430-bln-climate-drug-bill/article_b024a793-e054-5c60-b627-586f1c9aa1c0.html | false |
TORONTO (AP) _ Aptose Biosciences Inc. (APTO) on Tuesday reported a loss of $10.6 million in its second quarter.
On a per-share basis, the Toronto-based company said it had a loss of 11 cents.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share.
In the final minutes of trading on Tuesday, the company's shares hit 71 cents. A year ago, they were trading at $2.66.
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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 APTO at https://www.zacks.com/ap/APTO | https://www.sfchronicle.com/business/article/Aptose-Biosciences-Q2-Earnings-Snapshot-17346276.php | 2022-08-02T21:07:27Z | https://www.sfchronicle.com/business/article/Aptose-Biosciences-Q2-Earnings-Snapshot-17346276.php | false |
SEATTLE (AP) _ Starbucks Corp. (SBUX) on Tuesday reported fiscal third-quarter profit of $912.9 million.
On a per-share basis, the Seattle-based company said it had profit of 79 cents. Earnings, adjusted for one-time gains and costs, were 84 cents per share.
The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share.
The coffee chain posted revenue of $8.15 billion in the period, which missed Street forecasts. Eleven analysts surveyed by Zacks expected $8.22 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SBUX at https://www.zacks.com/ap/SBUX | https://www.sfgate.com/business/article/Starbucks-Fiscal-Q3-Earnings-Snapshot-17346314.php | 2022-08-02T21:07:41Z | https://www.sfgate.com/business/article/Starbucks-Fiscal-Q3-Earnings-Snapshot-17346314.php | true |
BOISE, Idaho — The Idaho Bureau of Laboratories is reporting a critical sample handling error that resulted in a false positive monkeypox test for one patient, and a false negative test for another patient in southwest Idaho.
Monkeypox testing was suspended temporarily on August 1, while laboratory staff conducted a full-scale investigation into the source of the error. Once staff was able to remedy the error, testing once again resumed at the Bureau of Laboratories and other commercial laboratories in the area.
Southwest District Health (SWDH) announced in a press release, "Lab results have confirmed that, to date, there are zero (0) confirmed cases of monkeypox in the Southwest District Health region. The region Southwest District Health serves includes Adams, Canyon, Gem, Owyhee, Payette, and Washington Counties, respectively."
SWDH is encouraging anyone experiencing an "unexplained skin rash with or without a fever" to contact their healthcare provider and avoid contact with others. Call ahead to notify healthcare workers if possible.
Tell your doctor if in the month before developing symptoms:
- You had contact with a person who might have had monkeypox.
- You were in an area where monkeypox has been reported (currently, Europe, North America, South America, Australia) or in an area where monkeypox is more commonly found (the Democratic Republic of the Congo, Republic of the Congo, Nigeria, Central African Republic, Cameroon, Côte d'Ivoire, Gabon, Liberia, Sierra Leone, Sudan).
SWDH recommends community members stay current on monkeypox trends in our area; individuals and families can reduce the risk of contracting and spreading monkeypox with informed decision making.
"We are confident this was a one-time event, and we have implemented corrective actions to ensure an error like this does not happen again", Idaho Bureau of Laboratories Chief Dr. Christopher Ball said. "We remain committed to providing Idahoans accurate and timely information as we respond to this new outbreak. We sincerely apologize to all those who were impacted by this unfortunate situation."
The affected patients have been notified along with anyone who may have been in contact with them.
The Idaho Department of Health and Welfare said they are committed to strengthening the health, safety, and independence of all Idahoans.
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See the latest news from around the Treasure Valley and the Gem State in our YouTube playlist: | https://www.ktvb.com/article/news/health/monkeypox/monkeypox-reporting-error-leads-to-an-internal-lab-investigation/277-fe3138c8-dee9-4361-91bb-c87a78ec1abe | 2022-08-02T21:07:45Z | https://www.ktvb.com/article/news/health/monkeypox/monkeypox-reporting-error-leads-to-an-internal-lab-investigation/277-fe3138c8-dee9-4361-91bb-c87a78ec1abe | false |
ONTARIO, Ontario (AP) _ Waste Connections Inc. (WCN) on Tuesday reported second-quarter earnings of $224.1 million.
The Ontario, Ontario-based company said it had net income of 87 cents per share. Earnings, adjusted for one-time gains and costs, were $1 per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.
The solid waste services provider posted revenue of $1.82 billion in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $1.8 billion.
Waste Connections expects full-year revenue of $7.13 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WCN at https://www.zacks.com/ap/WCN | https://www.sfgate.com/business/article/Waste-Connections-Q2-Earnings-Snapshot-17346398.php | 2022-08-02T21:08:17Z | https://www.sfgate.com/business/article/Waste-Connections-Q2-Earnings-Snapshot-17346398.php | false |
TULSA, Okla., Aug. 2, 2022 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced the release of its 2021-2022 Corporate Sustainability Report. The report highlights the company's progress and commitment toward environmental, social and governance (ESG) performance. View the report on ONEOK's website, www.oneok.com.
Corporate Sustainability Report Highlights:
- Targeting a 2.2 million metric ton (MMT) reduction of the company's combined Scope 1 and Scope 2 emissions by 2030, which represents a 30% reduction in total operational emissions attributable to ONEOK assets in 2019.
- Collaborating with producers to continue the reduction of well-head flaring through infrastructure investments to increase natural gas capture.
- Qualifying for inclusion in more than 30 ESG-related stock market indices highlighting that ONEOK's efforts are being recognized by investors.
- Receiving in 2021, an MSCI ESG Rating of AA.
- Contributing more than $8 million and approximately 4,800 volunteer hours across 215 communities during 2021.
- Being named to JUST Capital's list of Top 100 U.S. Companies Supporting Healthy Communities and Families.
- Receiving a perfect score in the Human Rights Campaign Foundation's Corporate Equality Index for the second year in a row.
"2021 provided another year of growth and progress for ONEOK – both in terms of our business and our sustainability efforts," said Pierce H. Norton II, ONEOK president and chief executive officer. "Operating safely, sustainably and environmentally responsibly remains key to our success, and encouraging a culture of employee and stakeholder engagement will continue to drive our company forward.
"Our ESG-related performance is a source of pride for ONEOK, and we are committed to continuing to make progress while also remaining dedicated to delivering energy products and services vital to an advancing world," added Norton.
ONEOK, Inc. (pronounced ONE-OAK) (NYSE: OKE) is a leading midstream service provider and owner of one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Rocky Mountain, Mid-Continent and Permian regions with key market centers and an extensive network of natural gas gathering, processing, storage and transportation assets.
ONEOK is a FORTUNE 500 company and is included in the S&P 500.
For the latest news about ONEOK, find us at www.oneok.com or on LinkedIn, Facebook, Twitter and Instagram.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Some of the statements contained and incorporated in this news release are forward-looking statements as defined under federal securities laws. Examples of forward-looking statements contained herein include our GHG emission reduction targets. We make these forward-looking statements in reliance on the safe harbor protections provided under federal securities laws and other applicable laws. 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 reflect our expectations as of the date of this press release and include the information concerning possible or assumed future results of our operations and other statements contained or incorporated herein identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "guidance," "intend," "may," "might," "plan," "potential," "project," "scheduled," "should," "will," "would" and other words and terms of similar meaning.
Readers should not place undue reliance on forward-looking statements and are urged to carefully review and consider the various disclosures we make from time to time with the United States Securities and Exchange Commission (SEC), which are available via the SEC's website at www.sec.gov and our website at www.oneok.com. 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. 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:
- The impact of the transition to a lower carbon economy, including the timing and extent of the transition, as well as the expected role of different energy sources, including natural gas, NGLs and crude oil, in such a transition;
- The pace of technological advancements and industry innovation, including those focused on reducing GHG emissions and advancing other climate-related initiatives, and our ability to take advantage of those innovations and developments;
- The effectiveness of our risk-management function, including mitigating cyber- and climate-related risks;
- Our ability to identify and execute opportunities, and the economic viability of those opportunities, including those relating to renewable natural gas, carbon capture, use, and storage, other renewable energy sources such as solar and wind and alternative low carbon fuel sources such as hydrogen;
- The ability of our existing assets and our ability to apply and continue to develop our expertise to support the growth of, and transition to, various renewable and alternative energy opportunities, including through the positioning and optimization of our assets;
- Our ability to efficiently reduce our GHG emissions (both Scope 1 and 2 emissions), including through the use of lower carbon power alternatives, management practices and system optimizations;
- The effects of changes in governmental policies and regulatory actions, including changes with respect to tax policy, emissions credits, carbon offsets and carbon pricing;
- The necessity to focus on maintaining and enhancing our existing assets while reducing our Scope 1 and 2 GHG emissions;
- the risks associated with pending or possible acquisitions and dispositions, including our ability to finance or integrate any such acquisitions and any regulatory delay or conditions imposed by regulatory bodies in connection with any such acquisitions and dispositions; and
- Those factors listed under "Forward-looking Statements" in our Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2021 (2021 Annual Report), and in our other filings that we make with the SEC, which are available via the SEC's website at www.sec.gov and our website at www.oneok.com.
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, known and unknown, could also affect adversely our future results. These and other risks are described in greater detail in Part I, Item 1A, Risk Factors, in our 2021 Annual Report and in our other filings that we make with the SEC, which are available via the SEC's website at www.sec.gov and our website at www.oneok.com. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Any such forward-looking statement speaks only as of the date on which such statement is made, and other than as required under securities laws, we undertake no, and expressly disclaim any, obligation or duty to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.
While future events or changes discussed herein may be significant, any significance should not be read as necessarily rising to the level of materiality of the disclosures required under the U.S. federal securities laws. Our targets are aspirational and not guarantees or promises that all targets will be met. Statistics and metrics included in our sustainability-related documents are estimates and may be based on assumptions, developing standards or third-party data that we have not independently vetted.
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SOURCE ONEOK, Inc. | https://www.kalb.com/prnewswire/2022/08/02/oneok-releases-2021-2022-corporate-sustainability-report/ | 2022-08-02T21:08:46Z | https://www.kalb.com/prnewswire/2022/08/02/oneok-releases-2021-2022-corporate-sustainability-report/ | true |
NEW YORK, Aug. 2, 2022 /PRNewswire/ -- Paramount Global (NASDAQ: PARA; PARAA) today announced that its Board of Directors has declared a quarterly cash dividend of $0.24 per share on both its Class A and Class B Common Stock. The dividend will be payable on October 3, 2022, to stockholders of record at the close of business on September 15, 2022.
At the same time, the Board of Directors also declared a quarterly cash dividend of $1.4375 per share on its 5.75% Series A Mandatory Convertible Preferred Stock. The dividend will be payable on October 3, 2022, to stockholders of record at the close of business on September 15, 2022.
About Paramount
Paramount Global (NASDAQ: PARA, PARAA) is a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic studios, networks and streaming services, Paramount's portfolio of consumer brands includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+, Pluto TV and Simon & Schuster, among others. Paramount delivers the largest share of the U.S. television audience and boasts one of the industry's most important and extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, the company provides powerful capabilities in production, distribution, and advertising solutions.
For more information about Paramount, please visit www.paramount.com and follow @Paramount on social platforms.
PARA-IR
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Woman files lawsuit after being denied morning after pill from pharmacist
AITKIN, Minn. (KARE) – A Minnesota woman said she had to drive more than 100 miles for emergency contraception after she said a pharmacist denied her prescription because of his religious beliefs. The woman is now suing.
With a corporate office in Plymouth, Minnesota, Thrifty White Pharmacy has 94 locations total. According to court documents, it was the only pharmacy in all of McGregor, Minnesota.
The documents said when Andrea Anderson’s contraception failed, her doctor wrote her a prescription for the morning after pill. However, the Thrifty White pharmacist on duty said he wouldn’t fill it because of his “beliefs.”
Anderson tried a bigger chain 20 miles away, a CVS, where a pharmacist also indicated she could not fill it.
Eventually, she traveled to Brainerd, Minnesota, and got the pill.
Jill Hasday, a centennial professor in law at the University of Minnesota, said Anderson had to drive 100 miles for access to the pill because of her location in the state.
“If you live in Minneapolis and a pharmacy denies you access to morning after pills, you may be upset, but you can go down the street. But in many areas there’s really not many options, so these denials weigh very large just in a practical manner,” Hasday said.
Anderson settled with CVS but is suing Thrifty White in Aitkin County. The case is filed under the state’s Human Rights Act.
“There’s no factual dispute about what happened,” Hasday said. “It’s just a question of law. This is the first case in Minnesota that really raises the question of: Is denying women access to birth control a violation of their protection from sex discrimination under the Human Rights Act?”
It’s a case of interest in Minnesota and nationwide, following the Supreme Court’s decision to overturn Roe v. Wade, and many states then implementing abortion bans.
“One live question in many states is: What is going to be the reach of these prohibitions?” Hasday said. “Many of the same people who are opposed to abortion are also opposed to either all birth control or certainly birth control of the nature of the morning after pill. So, in states that have moved to restrict abortion, you’re already beginning to see moves to restrict the morning after pill.”
The U.S. House of Representatives voted in July to pass a bill that would guarantee access to contraception. However, many reproductive rights activists are concerned contraceptive measures are at risk after the overturn of Roe v. Wade.
Copyright 2022 KARE via CNN Newsource. All rights reserved. | https://www.cleveland19.com/2022/08/02/woman-files-lawsuit-after-being-denied-morning-after-pill-pharmacist/ | 2022-08-02T21:09:04Z | https://www.cleveland19.com/2022/08/02/woman-files-lawsuit-after-being-denied-morning-after-pill-pharmacist/ | false |
Stuart McWhorter stepping down as director
NASHVILLE, Tenn., Aug. 2, 2022 /PRNewswire/ -- Stuart McWhorter is stepping down as chairman of the board of directors of Nashville-based FB Financial Corporation. He is rejoining Governor Bill Lee's administration and replacing Bob Rolfe as commissioner of the Tennessee Department of Economic and Community Development.
McWhorter will be succeeded as chair by William F. (Bill) Carpenter III, one of the nation's most accomplished health care executives. Carpenter was a founding employee of LifePoint Health, a leading healthcare company which, under his leadership, grew to become a Fortune 500 business. He served as LifePoint's Chief Executive Officer from 2006 to 2018 and was chair of its board of directors from 2010 to 2018.
"I have enjoyed my time serving FirstBank and am leaving to continue working to advance Tennessee's economic future with Governor Lee's administration," said McWhorter. "Bill Carpenter has a proven track record for many influential industry organizations, and I have full confidence in his ability to fill this seat." Prior to joining LifePoint, Carpenter was a partner at the law firm of Waller Lansden Dortch & Davis, LLP, where his practice consisted primarily of corporate finance transactions, mergers and acquisitions and health care regulatory matters. While at Waller Lansden Dortch & Davis, he also served as head of the firm's health law group.
"We have the utmost gratitude and respect for Stuart and his commitment to FirstBank, and we wish him all the best in his new role as commissioner," said Chris Holmes, President and CEO. "Bill's decades of legal and corporate experience and invaluable knowledge of the Nashville community make him an ideal fit for this role. We anticipate a seamless transition in leadership and look forward to continuing FirstBank's success under his leadership."
Throughout his professional career, Carpenter has been a devout community leader through his involvement in various organizations and boards. Additionally, Carpenter is a past member of the board of directors of the American Hospital Association, the past chairman of the boards of directors of Federation of American Hospitals and Nashville Health Care Council and past member of the board of directors of Nashville Public Radio. In addition, Mr. Carpenter has served on the boards of directors of many local community organizations, including NashvilleHealth, the Center for Medical Interoperability and United Way of Greater Nashville. He currently serves as Chairman of the Board of Trust at Montgomery Bell Academy.
About FirstBank
Nashville-based FirstBank, a wholly owned subsidiary of FB Financial Corporation (NYSE: FBK), is the third largest Tennessee-headquartered bank, with 82 full-service branches across Tennessee, South Central Kentucky, Alabama and North Georgia, and a national mortgage business with offices across the Southeast. The bank serves five of the major metropolitan markets in Tennessee and, with approximately $12.6 billion in total assets, has the resources to provide a comprehensive variety of financial services and products.
Contact:
Staci Kirpach
Staci.Kirpach@FinnPartners.com
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All financial figures are in Canadian dollars unless otherwise noted
CALGARY, AB, Aug. 2, 2022 /PRNewswire/ - Gibson Energy Inc. announced today its financial and operating results for the three and six months ended June 30, 2022.
"We are pleased to report another solid quarter from both an operational and financial perspective, with both the Infrastructure and Marketing segments performing in-line with our expectations," said Steve Spaulding, President and Chief Executive Officer. "Beyond our consistent financial results in the first half of 2022, we are pleased to have placed the Biofuels Blending Project into service and have seen meaningful progress in our buyback initiative through the repurchase of approximately 1.6% of our outstanding shares, or $60 million, through the second quarter. We are also excited to have recently added Diane Kazarian, who brings extensive audit and risk experience, to our Board. Looking through the balance of the year, in refining our timing expectations of capital sanctions, we now expect to deploy between $100 million and $125 million of growth capital and intend to continue our share repurchases, with the potential to increase amounts allocated towards our buyback initiative as our improving business outlook is realized."
- Revenue of $3,196 million in the second quarter, a $1,521 million or 91% increase over the second quarter of 2021, a result of higher commodity prices increasing contribution from the Marketing segment
- Infrastructure Adjusted EBITDA(1) of $112 million in the second quarter, a $6 million or 5% decrease from the second quarter of 2021, principally due to a $20 million payment for the present value of the remaining term of a rail loading contract benefitting the second quarter of 2021, which was partially offset by non-recurring fees of $5 million within the second quarter of 2022
- Marketing Adjusted EBITDA(1) of $12 million in the second quarter, a $6 million or 33% decrease from the second quarter of 2021, with a weaker environment for the Crude Marketing business partly offset by a stronger contribution from Refined Products
- Adjusted EBITDA(1) on a consolidated basis of $114 million in the second quarter, a $14 million or 11% decrease over the second quarter of 2021, primarily as result of the factors described above
- Net Income of $36 million in the second quarter, a $4 million or 11% increase over the second quarter of 2021, due to higher depreciation expense in the comparative period partly offset by the factors described above
- Distributable Cash Flow(1) of $74 million in the second quarter, a $19 million or 20% decrease from the second quarter of 2021, a result of the factors described above and a slight increase in current income tax expense
- Dividend Payout ratio(2) on a trailing twelve-month basis of 73%, at the lower end of its 70% – 80% target range
- Net Debt to Adjusted EBITDA ratio(2) at June 30, 2022 of 3.0x, at the bottom end of the Company's target range
- Placed the Biofuels Blending Project at its Edmonton Terminal into service on schedule and within budgeted capital on a fixed-fee basis and a 25-year term
- Completed the Fuel Switching Project at the Moose Jaw Facility on schedule and within budgeted capital, increasing throughput capacity to 24,000 bbl/d, or by 10%, while reducing emissions intensity by 15%
- Subsequent to the quarter, announced the addition of Ms. Diane Kazarian to the Company's Board of Directors
- Repurchased 1.5 million shares for an aggregate $40 million in the second quarter, and a total of approximately 2.4 million shares or 1.6% of outstanding shares to date this year
- Performed a review of capital expenditures in 2022, with an updated outlook for growth capital of $100 million to $125 million, given timing of the sanction of certain growth opportunities, and maintenance capital of $25 million to $30 million
- Targeted share repurchases in 2022 of up to $100 million, with the potential to increase if current expectations of business performance are realized, reflecting Gibson's commitment to returning capital to shareholders
- Renewed the Company's principal $750 million syndicated credit facility, which features sustainability-linked terms, extending its maturity into 2027
The 2022 second quarter Management's Discussion and Analysis and unaudited Condensed Consolidated Financial Statements provide a detailed explanation of Gibson's financial and operating results for the three months ended June 30, 2022, as compared to the three and six months ended June 30, 2021. These documents are available at www.gibsonenergy.com and at www.sedar.com.
A conference call and webcast will be held to discuss the 2022 second quarter financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Wednesday, August 3, 2022.
The conference call dial-in numbers are:
- 416-764-8659 / 1-888-664-6392
- Conference ID: 31070574
This call will also be broadcast live on the Internet and may be accessed directly at the following URL:
The webcast will remain accessible for a 12-month period at the above URL. Additionally, a digital recording will be available for replay two hours after the call's completion until August 17, 2022, using the following dial-in numbers:
- 416-764-8677 / 1-888-390-0541
- Replay Entry Code: 070574#
Gibson has also made available certain supplementary information regarding the 2022 second quarter financial and operating results, available at www.gibsonenergy.com.
Gibson Energy Inc. ("Gibson" or the "Company") (TSX: GEI), is a Canadian-based liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products. Headquartered in Calgary, Alberta, the Company's operations are focused around its core terminal assets located at Hardisty and Edmonton, Alberta, and include the Moose Jaw Facility and an infrastructure position in the U.S.
Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.
Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements). These statements relate to future events or future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "aim", "target", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast", "pursue", "potential" and "capable" and similar expressions are intended to identify forward-looking statements. The forward-looking statements reflect Gibson's beliefs and assumptions with respect to, among other things, future operating and financial results, future growth in worldwide demand for crude oil and petroleum products; crude oil prices; no material defaults by the counterparties to agreements with Gibson; Gibson's ability to obtain qualified personnel, owner-operators, lease operators and equipment in a timely and cost-efficient manner; the regulatory framework governing taxes and environmental matters in the jurisdictions in which Gibson conducts and will conduct its business; operating costs; future capital expenditures to be made by Gibson; Gibson's ability to obtain financing for its capital programs on acceptable terms; the Company's future debt levels; the impact of increasing competition on the Company; the impact of changes in government policies on Gibson; the impact of future changes in accounting policies on the Company's consolidated financial statements; the demand for crude oil and petroleum products and Gibson's operations generally; the Company's ability to successfully implement the plans and programs disclosed in Gibson's strategy, including advancing energy transition-aligned opportunities and its sustainability and ESG goals and other assumptions inherent in management's expectations in respect of the forward-looking statements identified herein.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Gibson believe these statements to be reasonable, no assurance can be given that the results or events anticipated in these forward-looking statements will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. Actual results or events could differ materially from those anticipated in these forward-looking statements as a result of, among other things, risks inherent in the businesses conducted by Gibson; competitive factors in the industries in which Gibson operates; prevailing global and domestic financial market and economic conditions; world-wide demand for crude oil and petroleum products; volatility of commodity prices, currency, inflation and interest rates fluctuations; product supply and demand; operating costs and the accuracy of cost estimates; exposure to counterparties and partners, including ability and willingness of such parties to satisfy contractual obligations in a timely manner; future capital and growth expenditures; capital expenditures by oil and gas companies; production of crude oil; decommissioning, abandonment and reclamation costs; changes to Gibson's business plans or strategy; Gibson's plans to repurchase shares and the amount thereof; ability to access various sources of debt and equity capital, generally, and on terms acceptable to Gibson; changes in government policies, laws and regulations, including environmental and tax laws and regulations; competition for employees and other personnel, equipment, material and services related thereto; dependence on certain key suppliers and key personnel; reputational risks; acquisition and integration risks; capital project delivery and success; risks associated with Gibson's use of technology; ability to obtain regulatory approvals necessary for the conduct of Gibson's business; the availability and cost of employees and other personnel, equipment, materials and services; labour relations; seasonality and adverse weather conditions, including its impact on product demand, exploration, production and transportation; inherent risks associated with the exploration, development, production and transportation of crude oil and petroleum products; risks related to widespread epidemics or pandemic outbreaks, including the COVID-19 pandemic and government responses related thereto, and the impact thereof to the other risks inherent in the businesses conducted by Gibson; risks related to actions of OPEC and non-OPEC countries, including the effect thereof on the demand for crude oil and petroleum products and commodity prices; and political developments around the world, including the areas in which Gibson operates, the development and performance of technology and new energy efficient products, services and programs including but not limited to the use of zero-emission and renewable fuels, carbon capture and storage, electrification of equipment powered by zero-emission energy sources and utilization and availability of carbon offsets, many of which are beyond the control of Gibson. Readers are cautioned that the foregoing lists are not exhaustive. For an additional discussion of material risk factors relating to Gibson and its operations, please refer to those included in Gibson's Annual Information Form dated February 22, 2022 as filed on SEDAR and available on the Gibson website at www.gibsonenergy.com.
For further information, please contact:
Mark Chyc-Cies
Vice President, Strategy, Planning & Investor Relations
Phone: (403) 776-3146
Email: mark.chyc-cies@gibsonenergy.com
This press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company's performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.
For further details on these specified financial measures, including relevant reconciliations, see the "Specified Financial Measures" section of the Company's MD&A for the three and six months ended June 30, 2022 and 2021, which is incorporated by reference herein and is available on Gibson's SEDAR profile at www.sedar.com and Gibson's website at www.gibsonenergy.com.
a) Adjusted EBITDA
Noted below is the reconciliation to the most directly comparable GAAP measures of the Company's segmented and consolidated adjusted EBITDA for the three and six months ended June 30, 2022 and 2021:
b) Distributable Cash Flow
The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities:
c) Dividend Payout Ratio
d) Net Debt To Adjusted EBITDA Ratio
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PRINCETON, N.J., Aug. 2, 2022 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a leader in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery using blood purification via its proprietary polymer adsorption technology, today reported unaudited financial and operating results for the quarter ended June 30, 2022.
Second Quarter 2022 Financial Results
- Total Q2 2022 revenue, including product sales and grant income, was $8.5 million versus $12.0 million in Q2 2021, a decrease of 29%
- Q2 2022 product sales were $7.3 million (negligible COVID-related sales) versus $11.4 million (includes $1.7 million in COVID-related sales) in Q2 2021. The decrease in the average Euro to U.S. dollar exchange rate lowered Q2 2022 product sales by approximately $840,000. On a constant currency basis, Q2 2022 core non-COVID sales would have been approximately $8.2 million, which represents a 15% decrease from approximately $9.7 million in core non-COVID sales a year ago, but comparable to the average currency adjusted core non-COVID sales over the prior three quarters
- As expected, COVID-19 related sales during the quarter were negligible reflecting the low severity of current COVID-19 illness resulting from high rates of vaccination and natural immunity
- Product gross margins were approximately 67% in Q2 2022, versus 82% in Q2 2021. The decrease in the gross margin percentage was due primarily to manufacturing inefficiencies from a scheduled 4-week production hiatus as we relocated to our new production facility during the quarter
- The Company maintains a healthy balance sheet with cash and cash equivalents of $31.9 million (which includes $1.7 million in restricted cash) as of June 30, 2022, and no debt
Recent Operating Highlights:
- More than 179,000 cumulative CytoSorb devices have been utilized worldwide as of June 30, 2022, compared to more than 143,000 devices utilized cumulatively a year ago
- Announced today the signing of an expanded global marketing agreement with Fresenius Medical Care where CytoSorb® will become a featured blood purification therapy on Fresenius Medical Care Critical Care platforms
- Entered into a 3-year preferred supplier agreement with Asklepios Group, one of the largest private hospital operators in Germany
- Partnered with Nikkiso to distribute the PureAdjust® hemoperfusion blood pump and supplies in a total of 14 countries, a key part of CytoSorbents' standalone device and machine strategy to expand the market for its products
- Hosted the 2022 CytoSorb World Users' Meeting that highlighted the broad market potential of CytoSorb as an interdisciplinary therapeutic approach for a wide range of life-threatening illnesses
- Multiple scientific papers were published on the positive use of CytoSorb in the areas of antithrombotic drug removal during acute aortic dissection and in vitro whole blood removal, Ex vivo lung perfusion for lung transplantation, Normothermic regional perfusion of Donation after Circulatory Death (DCD) human liver and kidney donors for organ transplant, Severe acute pancreatitis (PACIFIC study), Treatment of hyperbilirubinemia in acute liver dysfunction patients, A reduction in sepsis-associated mortality in left-sided acute infective endocarditis, and many others.
- Relocated and established our Company headquarters and state of the art manufacturing facility in our new Princeton, New Jersey mixed-use facility
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents stated, "Our second quarter core non-COVID product sales on a constant currency basis were $8.2 million and stable to the average currency adjusted core product sales for the prior three quarters. Although not the growth we are seeking, we achieved this despite continued softness in the German market, as the weakened healthcare system worked to recover from the massive COVID surge in the prior quarter and grappled with a myriad of problems. These include, for example, staffing shortages, budget issues, elective procedures restrictions, and a major 11-week hospital strike in western Germany that spanned a fifth of the population, postponing more than 10,000 operations and closing hospital wards. Year-over-year results were further impacted by a lack of COVID-19 related revenue due to a lessening in disease severity globally, and a drop of 12% in the Euro, to near parity with the U.S. dollar.
"Like most international companies, including those in the medical device and blood purification industries, we are dealing with not only fallout from the COVID pandemic, but also a storm of global macroeconomic and geopolitical uncertainty. That said, although our numbers do not yet reflect it, we are seeing some early but encouraging signs of improvement in key markets:
- Continued strong and positive feedback from customers in both our direct and international territories, highlighted by the success of our recent in-person CytoSorb World User's meeting, with nearly 300 of the world's leading critical care physicians and research scientists from 40 countries participating
- Marked improvement in sales representative access to hospitals in Germany, with 40% more sales visits during the quarter as compared to the prior quarter, though still down from pre-pandemic levels
- Increasing levels of activity, interest, and in-person attendance of healthcare professionals at medical congresses in Europe and Latin America, and specific countries such as India, Spain, and Portugal
- Strong pipeline of positive data being submitted and published by the international user community on CytoSorb use in a wide variety of areas
- Though early, the Nikkiso expansion has triggered broad interest by customers in our stand-alone hemoperfusion pump offering, with initial placements, pump evaluations underway, and scheduled demonstrations at a number of hospitals
- Growing synergy with our sales and medical affairs teams, and internal therapy area vertical leadership in critical care, cardiac surgery, and liver and kidney applications with a prioritization on sales support and clinical data
- Recent preferred supplier agreement with Asklepios Group, one of the largest private hospital networks in Germany, making CytoSorb available without restrictions to all hospitals in the network
- The potential for future sales acceleration, particularly in Germany, based upon the expansion of the Fresenius Medical Care global marketing partnership announced today, as further discussed below
Dr. Chan continued, "As we work to restore sales growth, we continue to advance our other key initiatives.
- U.S. STAR-T and STAR-D clinical trials – These trials remain our top clinical priority with each trial now having a critical mass of more than 20 centers active and screening for enrollment. As we expand to 30 sites for each trial, recently approved by the FDA, the majority of our operational plans, resources, and focus have shifted from study start-up activities (Phase I) to activities driving enrollment (Phase II). For our lead study STAR-T, enrollment continues and we are targeting the first Data Safety Monitoring Board (DSMB) review at 40 patients enrolled, expected to be achieved with a slight delay in the next few months. STAR-D is underway also, with the rapid activation of trial sites
- U.S. Manufacturing - Buildout of our new Princeton, NJ manufacturing facility is now complete with production of commercial devices split between our older production facility and our new facility, and final certification expected before the end of this year. Product gross margins dropped from 82% to 67%, driven mainly by production inefficiencies incurred by a scheduled 4- week production hiatus as we transitioned from our old to new manufacturing facilities, and lower sales volumes. We expect gross margins to return to previous levels as we complete the relocation to the new facility, eliminate the costs of the Monmouth Junction, NJ facility later this year, and begin to capture manufacturing efficiencies driven by an expected improvement in market conditions and increased product demand
- Partnerships - Today we are pleased to announce an expanded global marketing agreement with long-time partner, Fresenius Medical Care ("Fresenius"), the world's leading provider of products and services for patients with renal diseases with headquarters and a strong sales and marketing footprint in Germany. Under the terms of the agreement, CytoSorb will become a featured blood purification therapy on Fresenius Medical Care's critical care blood purification platforms for the removal of cytokines, bilirubin, and myoglobin in critically ill patients, helping to expand the dimensions of blood purification beyond hemodialysis. Fresenius will be responsible for the specific worldwide marketing and combined promotion of CytoSorb with its critical care products across Fresenius-led in-person, virtual, social media, and web-based marketing programs and events during the term of the collaboration. In addition to strengthening and expanding the global marketing of CytoSorb, we plan to work together to bring new innovative solutions to the market. To help support the increased marketing and promotional efforts of the expanded collaboration, CytoSorbents has agreed to subsidize a portion of the marketing costs through a royalty payment to Fresenius Medical Care, with the royalty rate being based on certain assumptions regarding CytoSorb sales in the intensive care unit on Fresenius Medical Care platforms, excluding the United States, and subject to further adjustment should these assumptions change. Additional information can be found in the Form 8-K filed today.
Dr. Chan concluded, "We are excited about the many opportunities that we have to drive our business forward, but are proceeding conservatively, recognizing there is a seasonality to European business in general in the third quarter, driven by a lull in business activity as much of Europe takes vacation in July and August. Because of this, we are focused on executing our game plan, while controlling costs and conserving cash. We believe the high cash burn in Q2 2022 was an anomaly with a number of non-recurrent expenditures. These include, for example, the final $4.8 million payment related to the construction, capital equipment, and other costs of our new manufacturing facility (with the exception of approximately $300K in costs for the remainder of 2022), an approximate $1 million reduction in gross margin driven mainly by inefficiencies caused by scheduled production shutdowns associated with the relocation to our new manufacturing facilities, and lower sales volumes, and a $0.6 million increase in grant and accounts receivables during the quarter. Excluding these factors, our cash burn for Q2 2022 would have been approximately $6.5 million."
'In addition, we have $5 million (based on cost of goods) in working capital tied up in CytoSorb inventory that we have strategically built over several quarters to buffer against any potential disruption in production with the transition to the new facility. With fairly good visibility that the new manufacturing facility will come on-line as expected, we plan to release and monetize a portion of this inventory, which we expect could contribute an additional $1 million to our second half 2022 cash flow. Finally, we retain financial flexibility to add debt from our $15 million term loan with Bridge Bank if desired."
Results of Operations
Comparison for the three months ended June 30, 2022 and 2021:
Revenues:
Total revenue, including product revenue and grant income, for the second quarter of 2022 was $8.5 million, down 39% from $12.0 million in the second quarter of 2021. Revenue from product sales was approximately $7.3 million in the three months ended June 30, 2022, as compared to approximately $11.4 in the three months ended June 30, 2021, a decrease of approximately $4.0 million, or 36%. The decrease in the average exchange rate of the Euro to the U.S. dollar negatively impacted 2022 product sales by approximately $0.8 million. For the three months ended June 30, 2022, the average exchange rate of the Euro to the U.S. dollar was $1.06 as compared to an average exchange rate of $1.21 for the three months ended June 30, 2021. We estimate that demand for CytoSorb to treat COVID-19 patients was de minimis in the second quarter of 2022 as compared to approximately $1.7 million in the second quarter of 2021. Overall direct sales declined by approximately $3.4 million resulting primarily from lower sales in Germany due to COVID-19 pandemic-driven market conditions. COVID-19 restrictions remain in place at many hospitals throughout Germany and these restrictions continue to limit our access to hospital personnel, particularly the physicians.
Cost of Revenues:
For the three months ended June 30, 2022 and 2021, cost of revenue was approximately $3.6 million and $2.7 million, respectively. Product gross margins were approximately 67% for the three months ended June 30, 2022 as compared to approximately 82% for the three months ended June 30, 2021. The decrease in the gross margin percentage in 2022 was due primarily to inefficiencies associated with relocation of our production activities to our new manufacturing facility during the second quarter of 2022.
Operating Expenses:
For the three months ended June 30, 2022, operating expenses were approximately $13.3 million, as compared to approximately $14.2 million for the three months ended June 30, 2021, a decrease of approximately $0.9 million or 6%. Selling, general and administrative (SG&A) expenses decreased approximately 14% to $8.4 million in the quarter from $9.8 million in the prior year. This decrease was due to a decrease in royalty expenses of approximately $0.4 million due to the decrease in product sales, a decrease in non-cash restricted stock expense of approximately $1.5 million related to restricted stock units granted to the Company's executive officers and a decrease in non-cash stock compensation expense of approximately $0.8 million. This was offset by increases in salaries, commissions, and related costs of approximately $0.2 million, an increase in sales and marketing costs, which include advertising and conference attendance of approximately $0.4 million, an increase in travel and entertainment costs of approximately $0.3 million and an increase in occupancy costs of approximately $0.4 million related to the rent expense on our new manufacturing facility. Research and development expenses increased by approximately $0.5 million primarily due to costs related to our STAR-T and STAR-D trials in the United States.
Gain (Loss) on Foreign Currency Transactions:
For the three months ended June 30, 2022, the loss on foreign currency transactions was approximately $2.5 million as compared to a gain of approximately $0.2 million for the three months ended June 30, 2021. The 2022 loss was directly related to the decrease in the spot exchange rate of the Euro to the U.S. dollar at June 30, 2022 as compared to March 31, 2022. The spot exchange rate of the Euro to the U.S. dollar was $1.05 per Euro at June 30, 2022, as compared to $1.11 per Euro at March 31, 2022.
Comparison for the six months ended June 30, 2022 and 2021:
Revenues:
Total revenues were approximately $17.2 million for the six months ended June 30, 2022, as compared to total revenues of approximately $22.6 million for the six months ended June 30, 2021, a decrease of approximately $5.4 million, or 24%. Revenue from product sales was approximately $15.3 million in the six months ended June 30, 2022, as compared to approximately $21.5 million in the six months ended June 30, 2021, a decrease of approximately $6.2 million or 29%. The decrease in the average exchange rate of the Euro to the U.S. dollar negatively impacted 2022 product sales by approximately $1.4 million. For the six months ended June 30, 2022, the average exchange rate of the Euro to the U.S. dollar was $1.09 as compared to an average exchange rate of $1.21 for the six months ended June 30, 2021. Though difficult to quantify, we estimate that approximately $0.3 million of total product sales in the six months ended June 30, 2022 was due to the demand for CytoSorb to treat COVID-19 patients as compared to $3.5 million in the six months ended June 30, 2021. Overall direct sales declined by of approximately $5.4 million resulting primarily from lower sales in Germany due to COVID-19 pandemic-driven market conditions. COVID-19 restrictions remain in place at many hospitals throughout Germany and these restrictions continue to limit our access to hospital personnel, particularly the physicians.
Cost of Revenues:
For the six months ended June 30, 2022 and 2021, cost of revenue was approximately $5.8 million and $5.5 million, respectively, an increase of approximately $0.3 million. Product gross margins were approximately 74% for the six months ended June 30, 2022 and approximately 79% for the six months ended June 30, 2021. The reduction in product gross margin is due primarily to inefficiencies associated with the relocation of our production activities to our new manufacturing facility during the second quarter of 2022.
Operating Expenses:
For the six months ended June 30, 2022, operating expenses were approximately $27.5 million as compared to approximately $24.9 million for the six months ended June 30, 2021, an increase of approximately $2.6 million, or 10%, for the six months ended June 30, 2022. Research and development expenses were approximately $8.4 million as compared to approximately $6.0 million for the six months ended June 30, 2021, an increase of approximately $2.4 million or 40%. This increase was due to an increase in costs associated with our STAR-T and STAR-D trials in the United States. Selling, general and administrative expenses were approximately $17.6 million for the six months ended June 30, 2022, as compared to $17.5 million for the six months ended June 30, 2021, an increase of $0.1 million. This increase is related to an increase in salaries, commissions and related costs of approximately $1.2 million, an increase in sales and marketing costs, which include advertising and conference attendance of approximately $0.7 million, an increase in travel and entertainment costs of approximately $0.5 million and an increase in occupancy costs of approximately $0.7 million related to the rent expense on our new manufacturing facility. These increases were offset by a decrease in royalty expenses of approximately $0.5 million, a decrease in non-cash restricted stock expense of approximately $1.7 million related to restricted stock units granted to the Company's executive officers, a decrease in non-cash stock compensation expense of approximately $0.7 million.
Gain (Loss) on Foreign Currency Transactions:
For the six months ended June 30, 2022, the loss on foreign currency transactions was approximately $3.7 million as compared to a loss of approximately $1.1 million for the six months ended June 30, 2021. The 2022 loss was directly related to the decrease in the spot exchange rate of the Euro to the U.S. dollar as of June 30, 2022 as compared to December 31, 2021. The spot exchange rate of the Euro to the U.S. dollar was $1.05 per Euro as of June 30, 2022, as compared to $1.14 per Euro at December 31, 2021.
Liquidity and Capital Resources
Since inception, our operations have been primarily financed through the issuance of debt and equity securities. As of June 30, 2022, we had current assets of approximately $41.6 million including unrestricted cash on hand of approximately $30.2 million and current liabilities of approximately $10.6 million. As of June 30, 2022, $25 million of our total shelf amount was allocated to our ATM facility, all of which is still available. In addition, we have $15 million of debt availability, providing financial flexibility, if needed. In April 2022, we received approximately $0.7 million in cash from the approved sale of our net operating losses and research and development credits from the State of New Jersey.
We are also managing our resources proactively, continuing to invest in key areas such as our U.S. pivotal STAR-T and STAR-D trials. In April 2022, we began instituting tighter cost controls which are expected to reduce our planned cash burn by an additional $2 million per quarter. We are currently actively engaged in making further reductions to our operating costs to reduce our future cash burn.
We believe that we have sufficient cash to fund the Company's operations beyond twelve months from the issuance of these financial statements.
2022 Outlook Guidance
The macro environment in which we operate remains difficult to predict given the complex drivers of our business, the global nature of our operations, and external factors such as the COVID-19 pandemic, the Russia-Ukraine war, inflation, foreign currency exchange rate volatility, and other factors that are not under our direct control. Because of this, we expect that our business, and in particular product sales, may continue to see challenges for the remainder of 2022. However, we expect a gradual recovery of normalized hospital activity and sales access in Germany and other key countries in the coming quarters. With improved access and other growth initiatives, we expect a resumption of growth in our core non-COVID-19 product sales.
For additional information, please see the Company's Form 10-Q for the period ended June 30, 2022 filed on August 2, 2022 on http://www.sec.gov.
Conference Call
The Company will conduct its second quarter 2022 results call today at 4:30 p.m. Eastern time.
Conference Call Details:
Date: Tuesday, August 2, 2022
Time: 4:30 PM Eastern Time
Toll free: 1-877-451-6152
International: 1-201-389-0879
Conference ID: 13731826
Live Presentation Webcast:
https://viavid.webcasts.com/starthere.jsp?ei=1561029&tp_key=ddc6a4af76
It is recommended that participants dial in approximately 10 minutes prior to the start of the call. There will also be a simultaneous live webcast of the conference call that can be accessed through the following audio feed link: https://viavid.webcasts.com/starthere.jsp?ei=1561029&tp_key=ddc6a4af76
An archived recording of the conference call will be available under the Investor Relations section of the Company's website at http://cytosorbents.com/investor-relations/financial-results/.
About CytoSorbents Corporation (NASDAQ: CTSO)
CytoSorbents Corporation is a leader in the treatment of life-threatening conditions in intensive care and cardiac surgery using blood purification. Its flagship product, CytoSorb®, is approved in the European Union with distribution in more than 70 countries around the world as an extracorporeal cytokine adsorber designed to reduce the "cytokine storm" or "cytokine release syndrome" seen in common critical illnesses that may result in massive inflammation, organ failure and patient death. These are conditions where the risk of death can be extremely high, yet few to no effective treatments exist. CytoSorb is also being used during and after cardiothoracic surgery to remove inflammatory mediators that can lead to post-operative complications, including multiple organ failure. More than 179,000 cumulative CytoSorb devices have been utilized as of June 30, 2022. CytoSorb was originally introduced into the European Union under CE-Mark as a first-in-kind cytokine adsorber. Additional CE-Mark label expansions were received for the removal of bilirubin and myoglobin in clinical conditions such as liver disease and trauma, respectively, and both ticagrelor and rivaroxaban during cardiothoracic surgery. CytoSorb has also received FDA Emergency Use Authorization in the United States for use in adult critically ill COVID-19 patients with imminent or confirmed respiratory failure. The DrugSorb™-ATR Antithrombotic Removal System, which is based on the same polymer technology as CytoSorb, has also been granted FDA Breakthrough Designation for the removal of ticagrelor, as well as FDA Breakthrough Designation for the removal of the direct oral anticoagulant (DOAC) drugs, apixaban and rivaroxaban, in a cardiopulmonary bypass circuit during urgent cardiothoracic surgery. The Company has initiated two FDA approved pivotal trials designed to support U.S. marketing approval of DrugSorb-ATR. The first is the 120-patient, 30 center STAR-T (Safe and Timely Antithrombotic Removal-Ticagrelor) randomized, controlled trial evaluating the ability of intraoperative DrugSorb-ATR use to reduce perioperative bleeding risk in patients on ticagrelor undergoing cardiothoracic surgery. The second is the 120-patient, 30 center STAR-D (Safe and Timely Antithrombotic Removal-Direct Oral Anticoagulants) randomized, controlled trial, evaluating the intraoperative use of DrugSorb-ATR to reduce perioperative bleeding risk in patients undergoing cardiothoracic surgery on direct oral anticoagulants, including apixaban and rivaroxaban.
CytoSorbents' purification technologies are based on biocompatible, highly porous polymer beads that can actively remove toxic substances from blood and other bodily fluids by pore capture and surface adsorption. Its technologies have received non-dilutive grant, contract, and other funding of more than $39.5 million from DARPA, the U.S. Department of Health and Human Services (HHS), the National Institutes of Health (NIH), National Heart, Lung, and Blood Institute (NHLBI), the U.S. Army, the U.S. Air Force, U.S. Special Operations Command (SOCOM), Air Force Material Command (USAF/AFMC), and others. The Company has numerous marketed products and products under development based upon this unique blood purification technology protected by many issued U.S. and international patents and registered trademarks, and multiple patent applications pending, including ECOS-300CY®, CytoSorb-XL™, HemoDefend-RBC™, HemoDefend-BGA™, VetResQ®, K+ ontrol™, DrugSorb™, DrugSorb™-ATR, ContrastSorb, and others. For more information, please visit the Company's websites at www.cytosorbents.com and www.cytosorb.com or follow us on Facebook and Twitter.
Forward-Looking Statements
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, future targets and outlooks for our business, expectations regarding the future impacts of COVID-19 or the ongoing conflict between Russia and the Ukraine or other macroeconomic factors, representations and contentions and are not historical facts and typically are identified by use of terms such as "may," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements in this press release represent management's current judgment and expectations, but our actual results, events and performance could differ materially from those in the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, the risks discussed in our Annual Report on Form 10-K, filed with the SEC on March 10, 2022, as updated by the risks reported in our Quarterly Reports on Form 10-Q, and in the press releases and other communications to shareholders issued by us from time to time which attempt to advise interested parties of the risks and factors which may affect our business. We caution you not to place undue reliance upon any such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as required under the Federal securities laws.
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U.S. Company Contact:
Amy Vogel
305 College Road East
Princeton, NJ 08540
+1 (732) 329-8885
avogel@cytosorbents.com
European Company Contact:
Josephine Kraus
+49 30 765 84 66 23
josephine.kraus@cytosorbents.com
Public Relations Europe:
Marcus Schult
commponists
+49 69 13823 ext. 960
+49 172 4238938
marcus.schult@die-kommponisten.com
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SOURCE CytoSorbents Corporation | https://www.cleveland19.com/prnewswire/2022/08/02/cytosorbents-reports-second-quarter-2022-financial-operational-results/ | 2022-08-02T21:11:25Z | https://www.cleveland19.com/prnewswire/2022/08/02/cytosorbents-reports-second-quarter-2022-financial-operational-results/ | false |
Oakland youth football coach describes chaos when shots rang out at game
By JULIETTE GOODRICH
Click here for updates on this story
OAKLAND, California (KPIX) — The coach for local youth football on Monday described the chaos that unfolded when a shooting injured three people during a game at Oakland Technical High Sunday afternoon.
The two teams of kids were playing the game they love on the football field Sunday at around 1 p.m. when shots rang out in front of hundreds of people watching the game at the Oakland high school.
“I heard gunshots and I had to take cover and get the kids down with me,” said Walte Orr, who Is president of the Oakland Dynamites Football team. He’s known as Coach Chewy. “A lot of us had to lay on the ground and do what we can to protect them, basically.”
The youth football team for ten-year-old kids was playing a Fresno team at Oakland Tech High school when bullets flew into the bleachers hitting a six-year-old girl, a man and a woman. All three were rushed to an area hospital for treatment. They were not critically injured. The shooting victims have not been identified
The Dynamites, a nonprofit youth football and cheer organization, posted an apology Monday morning on Facebook and said their goal is to create a safe and fun environment for youth.
“We don’t condone any of the senseless violence that occurred today,” the team’s statement said. “We are also gonna cooperate with the police and city officials to see that all parties involved go to jail!”
Oakland police are searching for suspects in the shooting and asking the public for any information or evidence related to the incident.
“We are looking for physical descriptions, photos, videos that anyone at this event may have,” Oakland police chief LeRonne Armstrong said Monday. “This could have been a horrible tragedy.”
Armstrong said that several people in the stands had guns and that they knew one another.
This isn’t the league’s first incident involving a gun. In February of last year, there was a fatal shooting in Oakland’s Concordia Park during one of the team’s practices in the presence of dozens of children. A suspect was arrested in that shooting.
Orr said this is not a Dynamite Football problem, but rather an Oakland problem. Armstrong has vowed to provide security.
“This is the second year in a row for the Oakland police department to provide security at football practices and at football games, just so kids can play football in peace without the threat of gunfire,” he said. “We are not going to allow these people. these individuals that bring guns to this environment, to get away with this and stop these young people from participating in these activities. We will not allow them to do it.”
Three other shootings occurred in Oakland Sunday. One person was killed in a shooting in East Oakland off 90th Avenue. Another person was wounded on 14th Street and a third victim was located in West Oakland off 30th Street.
One arrest was made in the four shootings.
“It was a challenging day yesterday,” Armstrong said.
He said police and Crime Stoppers are offering $15,000 for information leading to an arrest in the shooting at Oakland Technical High School. Police have some video of the event, but they are not releasing it until they are sure who opened fire.
The Dynamites also announced that the team would be holding a 6 p.m. “parent meeting/prayer circle” at the field on Monday.
OPD is investigating and have asked anyone with information to contact the police felony assault unit at (510) 238-3426.
Please note: This content carries a strict local market embargo. If you share the same market as the contributor of this article, you may not use it on any platform. | https://kion546.com/cnn-regional/2022/08/02/oakland-youth-football-coach-describes-chaos-when-shots-rang-out-at-game/ | 2022-08-02T21:11:52Z | https://kion546.com/cnn-regional/2022/08/02/oakland-youth-football-coach-describes-chaos-when-shots-rang-out-at-game/ | true |
CHICAGO (AP) _ Sprout Social Inc. (SPT) on Tuesday reported a loss of $14.6 million in its second quarter.
On a per-share basis, the Chicago-based company said it had a loss of 27 cents. Losses, adjusted for stock option expense, were 4 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 6 cents per share.
The developer of cloud software posted revenue of $61.4 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $60.3 million.
For the current quarter ending in October, Sprout Social expects its results to range from a loss of 4 cents per share to a loss of 3 cents per share.
The company said it expects revenue in the range of $64.9 million to $65 million for the fiscal third quarter.
Sprout Social expects full-year results to range from a loss of 11 cents per share to a loss of 10 cents per share, with revenue ranging from $253.9 million to $254 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 SPT at https://www.zacks.com/ap/SPT | https://www.sfchronicle.com/business/article/Sprout-Social-Q2-Earnings-Snapshot-17346277.php | 2022-08-02T21:11:54Z | https://www.sfchronicle.com/business/article/Sprout-Social-Q2-Earnings-Snapshot-17346277.php | true |
MILWAUKEE (AP) _ Weyco Group Inc. (WEYS) on Tuesday reported net income of $4.5 million in its second quarter.
On a per-share basis, the Milwaukee-based company said it had net income of 47 cents.
The footwear distributor posted revenue of $74.4 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 WEYS at https://www.zacks.com/ap/WEYS | https://www.sfchronicle.com/business/article/Weyco-Q2-Earnings-Snapshot-17346295.php | 2022-08-02T21:12:57Z | https://www.sfchronicle.com/business/article/Weyco-Q2-Earnings-Snapshot-17346295.php | false |
Police: Iowa man assaulted woman for several hours by choking her, beating her
By Web Staff
Click here for updates on this story
JASPER COUNTY, Iowa (KCCI) — A Newton man is facing eight charges, including attempted murder, domestic abuse and drugs.
According to court documents, Derek Belschner assaulted a woman multiple times over the course of five hours.
KCCI is not naming the woman or how the two knew each other to protect the victim.
Court records say Belschner choked the woman until she lost consciousness at least once. He allegedly beat her, causing injuries to her head, throat, face, body, arms and legs.
An affidavit says the woman was able to escape with her young children and call police.
Police searched Belschner’s home and found several guns and marijuana products.
He is being held in the Jasper County jail.
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Startup EV brands Tesla, Lucid, Rivian, and Polestar have touted desirable products and a direct-sales business model that avoids dealership hassles. But they may not be connecting as well with prospective customers as traditional luxury brands, according to a recent study from consultancy Pied Piper.
In a ranking of 25 brands, Rivian came in last place, with Polestar and Lucid just ahead. Tesla was ranked 21st. Established luxury brands selling mostly gasoline-powered vehicles—Cadillac, Infiniti, and Mercedes-Benz—took the top three spots.
This is the first time for this annual study that it included Lucid, Polestar, and Rivian which, like Tesla, all eschew the standard franchised dealership model. While many car shoppers find the dealership experience aggravating, the study dinged these brands for not offering a consistent sales process from location to location (or, in the case of Rivian, phone interactions, as the company hadn’t opened any showrooms when the study was conducted).
Meanwhile, Tesla has failed to keep pace with its growing sales volumes, analysts claim. It scored above average in previous studies, but no longer offers adequate levels of customer support either in-person or online.
That’s bad news for Tesla, which is more often seen as a rival for luxury brands rather than mainstream brands based on pricing, demographics of its customers, and market share. Tesla price hikes have only underscored that the automaker competes mostly with luxury brands.
At the same time, EV buyers have long panned the dealer experience for EVs—and as we’ve underscored in the past, many dealers haven’t even wanted to sell EVs.
That appears to be changing with long waiting lists for some EVs, pricing surcharges, and other indications that dealers are no longer losing money on any extra time it might take to sell them—and thus, this study might help indicate, perhaps they’re willing to pay some extra effort to answer EV buyers’ questions. That in turn may suggest brewing trouble when less-established brands with digital-focused models run out of early adopters who already know the vehicles through and through.
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- Are regulators focusing too much on EV sales and not enough on retiring ICE vehicles? | https://www.cenlanow.com/automotive/internet-brands/study-ev-startup-brands-arent-doing-well-in-connecting-with-prospective-customers/ | 2022-08-02T21:14:24Z | https://www.cenlanow.com/automotive/internet-brands/study-ev-startup-brands-arent-doing-well-in-connecting-with-prospective-customers/ | true |
Rapper Mystikal was jailed in Louisiana on Monday, accused of rape more than a year after prosecutors dropped charges that had kept him jailed for 18 months in another part of the state.
Michael “Mystikal” Tyler was arrested on charges including rape and domestic abuse battery, Sheriff Bobby Webre of Ascension Parish, just outside Baton Rouge, said in a Facebook post Monday.
The 51-year-old hip-hop legend is being held without bond on 10 charges, according to the sheriff’s office inmate lookup.
Attorney Joel Pearce, of Shreveport, who represented the rapper in the earlier case, said he believes bond will be discussed at a hearing Tuesday in Ascension Parish.
“I’m expecting it to be a big bond,” he said.
Pearce said he has not been retained for Tyler’s current case but they are supposed to meet Wednesday or Thursday to discuss the case. He said he will make a statement then.
Pearce represented the rapper on charges brought in 2017 accusing him of a sexual assault at a Shreveport casino in 2016. Prosecutors dropped those rape and kidnapping charges in December 2020 after new evidence was presented to a grand jury and it did not bring a new indictment.
Shreveport is more than 200 miles (320 kilometers) northwest of Ascension Parish.
Webre said deputies were called to a hospital just before midnight Sunday about a sexual assault and interviewed the victim, who had minor injuries.
“Through further investigation, Michael ‘Mystikal’ Tyler was identified as a suspect,” the statement said.
The new charges include first-degree rape, simple robbery, false imprisonment, simple criminal damage to property, and drug charges including possession of amphetamines. Conviction for first-degree rape carries at least a life sentence — the prosecutor can chose whether to ask for the death penalty.
Tyler pleaded guilty in 2003 to sexual battery and served six years in prison.
In April 2021, he told The Associated Press that his past put him in a “horrible fraternity,” but he was ready to move on.
Mystikal’s 2000 hit, “Shake (it Fast)” peaked at No. 13 on the Billboard Hot 100. His 2000 album “Let’s Get Ready” went multiplatinum.
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To follow AP coverage of hip hop and rap, go to https://apnews.com/hub/hip-hop-and-rap. | https://www.cenlanow.com/news/ap-top-headlines/rapper-mystikal-again-accused-of-rape-held-without-bond/ | 2022-08-02T21:15:39Z | https://www.cenlanow.com/news/ap-top-headlines/rapper-mystikal-again-accused-of-rape-held-without-bond/ | false |
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FLORHAM PARK, N.J. (AP) — Zach Wilson knows what comes with the territory of being an NFL quarterback, especially one in the New York area.
With such a large media presence and massive fan base, every throw on the field — even in practice — and each move off it is scrutinized. So how does the soon-to-be 23-year-old Jets QB handle all the chatter?
“Who’s scrutinizing?” Wilson asked with a wry smile. “I mean, I’m sorry — I don’t read any of you guys’ stuff. It’s only (Joe) Flacco that scrutinizes me — in our ping-pong tournaments we’ve got going on outside of this.”
Wilson has a simple way to deal with it all: He deletes all the social media apps from his phone before training camp.
“I mean, I’m not a big social media guy,” he said. “I don’t have access to that kind of stuff. I keep my mind here with the guys and in the playbook and with our coaches and learn from what those guys are telling me.”
That's right. No tweets, Facebook posts or Instagram videos and photos for Wilson until after the season ends.
“I want to be locked in on what's going on on our field and in our meeting rooms,” he said.
Wilson said he started deleting his social media apps before camp while he was in college at BYU. He has what he calls his "social media team” that helps post things, if needed.
“They'll send me content — ‘Do you want to put this up or that up?’” Wilson said. "I generate stuff with our guys on our team, like, ‘Hey, I think that would be cool to post or show off so-and-so.’ But really when it comes down to just reading things, I don't ever get into that stuff.
“I don't ever just scroll down social media.”
Wilson is in an unique spot, though, because he regularly trends for his football exploits, of course. But he also ended up buzzing on the gossip pages during the offseason for rumors about his dating life. His mother Lisa is also a popular personality on Instagram, with more than 119,000 followers.
"For me, it's just comes to limiting what voices I really need to hear," Wilson said. "And right now, it's hearing what my coaches have to say, what the other quarterbacks have to say and really, my teammates and what we're thinking every single play.
“Even parents can sometimes be a distraction.”
Sorry, Mom and Dad. There are no “dislike” buttons yet.
NOTES: RB Michael Carter was held out of practice with what coach Robert Saleh called a minor ankle issue. Carter is day to day with the hope he'll be back on the field later this week. ... DE Vinny Curry is sidelined with a hamstring injury. ... LT George Fant participated in a few plays during team drills for the first time this summer. He's working his way back from offseason arthroscopic knee surgery.
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More AP NFL coverage: https://apnews.com/hub/nfl and https://twitter.com/AP_NFL | https://www.sfchronicle.com/sports/article/Trending-Jets-Wilson-deletes-social-media-apps-17346286.php | 2022-08-02T21:16:22Z | https://www.sfchronicle.com/sports/article/Trending-Jets-Wilson-deletes-social-media-apps-17346286.php | false |
WFO BOSTON Warnings, Watches and Advisories for Tuesday, August 2, 2022
_____
SPECIAL WEATHER STATEMENT
Special Weather Statement
National Weather Service Boston/Norton MA
355 PM EDT Tue Aug 2 2022
...A developing thunderstorm will impact portions of southern
Windham and east central Tolland Counties through 500 PM EDT...
At 355 PM EDT, Doppler radar was tracking a developing thunderstorm
over Chaplin, or near Windham, moving east at 15 mph.
HAZARD...Winds in excess of 40 mph.
SOURCE...Radar indicated.
IMPACT...Strong winds could cause minor damage such as downed
branches.
Locations impacted include...
Mansfield, Windham, Plainfield, Willimantic, Killingly, Brooklyn,
Canterbury, Pomfret, Sterling, Chaplin, Hampton and Scotland.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
Get indoors when you hear thunder. Do not resume outdoor activities
until at least 30 minutes after the storm has passed.
LAT...LON 4170 7222 4171 7223 4180 7220 4188 7180
4164 7179 4164 7188
TIME...MOT...LOC 1955Z 268DEG 11KT 4176 7215
MAX HAIL SIZE...0.00 IN
MAX WIND GUST...40 MPH
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Copyright 2022 AccuWeather | https://www.sfchronicle.com/weather/article/CT-WFO-BOSTON-Warnings-Watches-and-Advisories-17346214.php | 2022-08-02T21:16:40Z | https://www.sfchronicle.com/weather/article/CT-WFO-BOSTON-Warnings-Watches-and-Advisories-17346214.php | false |
2022 Q2 quarterly HIGHLIGHTS compared to the corresponding period of 2021:
- Revenues were $14.8 million, an increase of 4%, compared to $14.3 million
- Net income was $4.1 million, or $0.60 per basic share and $0.51 per diluted share, compared to $6.7 million, or $1.00 per basic share and $0.83 per diluted share
- Cash and cash equivalents at June 30, 2022 increased to $40.0 million from $28.5 million
SANTA CLARA, Calif., Aug. 2, 2022 /PRNewswire/ -- Semler Scientific, Inc. (Nasdaq: SMLR), a company that provides technology solutions to improve the clinical effectiveness and efficiency of healthcare providers, today reported financial results for the three and six months ended June 30, 2022.
"We achieved record revenues and cash generation during the second quarter of 2022 due to increased orders for QuantaFlo® from existing and new customers," said Doug Murphy-Chutorian, M.D., chief executive officer of Semler Scientific. "At the same time, we have taken steps to evolve into a multi-product company offering healthcare solutions to our expanding client base."
FINANCIAL RESULTS
For the quarter ended June 30, 2022, compared to the corresponding period of 2021, Semler Scientific reported:
- Revenues of $14.8 million, an increase of $0.5 million, or 4%, compared to $14.3 million
- Cost of revenues of $1.0 million for each of the periods. As a percentage of revenues, cost of revenues decreased to 6%, compared to 7%
- Total operating expenses, which includes cost of revenues, of $9.6 million, an increase of $1.8 million, or 23%, compared to $7.8 million. As a percentage of revenues, operating expenses increased to 65%, compared to 55%
- Pre-tax net income of $5.2 million, a decrease of $1.3 million, or 20%, compared to $6.5 million
- Income tax expense of $1.1 million, or an effective tax rate of 22%, compared to an income tax benefit of $0.2 million, or an effective tax rate benefit of 3%, which partially accounts for the differences in net income between periods
- Net income of $4.1 million, or $0.60 per basic share and $0.51 per diluted share, a decrease of $2.6 million, or 39%, compared to $6.7 million, or $1.00 per basic share and $0.83 per diluted share
Semler Scientific's two largest customers (including their affiliates) comprised 38% and 32% of quarterly revenues. Revenue from Semler Scientific's largest customer (including their affiliates) in the first quarter of 2022 was 39% of first quarter revenues.
For the six months ended June 30, 2022, compared to the corresponding period of 2021, Semler Scientific reported:
- Revenues of $28.8, an increase of $1.3 million, or 5%, compared to $27.5 million
- Cost of revenues of $2.0 million, a decrease of $0.6 million, or 25%, compared to $2.6 million. As a percentage of revenues, cost of revenues decreased to 7%, compared to 9%
- Total operating expenses, which includes cost of revenues, of $19.7 million, an increase of $4.7 million, or 31%, compared to $15.0 million. As a percentage of revenues, operating expenses increased to 68%, compared to 55%
- Pre-tax net income of $9.1 million, a decrease of $3.4 million, or 27%, compared to $12.5 million
- Income tax expense of $1.7 million, or an effective tax rate of 19% compared to $0.9 million, or an effective tax rate of 7%, which partially accounts for the differences in net income between periods
- Net income of $7.4 million, or $1.10 per basic share and $0.92 per diluted share, a decrease of $4.2 million, or 36%, compared to $11.6 million, or $1.72 per basic share and $1.42 per diluted share
Semler Scientific's two largest customers (including their affiliates) comprised 39% and 32% of six months revenues.
Semler Scientific had cash and cash equivalents of $40.0 million as of June 30, 2022 compared to $37.3 million as of December 31, 2021.
SECOND QUARTER 2022 MAJOR ACCOMPLISHMENTS
Among the achievements during the second quarter of 2022 were:
- Highest quarterly revenues since inception.
- Consecutive quarterly profitability since the fourth quarter of 2017.
- Highest cash and cash equivalents balance since inception.
- Re-purchased $2.8 million, representing 99,012 shares of Semler Scientific's common stock at an average price of $28.75 per share.
2022 Financial Guidance Update
In 2022, Semler Scientific expects continued profitability and generation of cash from operating activities, as well as increased spending to support anticipated growth in its business.
For the second half of 2022, Semler Scientific believes that:
- Revenue will range from $29.2 million to $31.2 million representing a growth rate of 14% to 21% compared to the second half of 2021
- Operating expenses will range from $22.8 million to $24.3 million
For the year ended December 31, 2022, Semler Scientific believes that:
- Annual revenue will range from $58.0 million to $60.0 million, representing a growth rate of 9% to 14%
- Operating expenses will range from $42.5 million to $44.0 million. The guidance for operating expenses indicates less spending than previously anticipated due to greater efficiencies achieved in Semler Sceintific's sales organization during the first half of 2022.
OTHER NOTABLE EVENTS
Mellitus Health and Insulin Insights™
In the second quarter of 2022, Semler Scientific acquired $179,000 principal amount of outstanding convertible notes of Mellitus Health Inc., and loaned $1.0 million to Mellitus through the purchase of a senior secured promissory note.
Initial installations and new sales for Insulin Insights™ continue to progress. Semler Scientific still anticipates minimal revenue from these customers during 2022.
QuantaFlo® Product Extension
Semler Scientific is currently introducing the product extension of QuantaFlo® for use as an aid in diagnosing another cardiovascular disease to its existing client base using its current sales team. The product extension uses Semler Scientific's installed equipment with a software update. Semler Scientific does not expect significant revenue from the extension in 2022.
Share Buyback Authorization
Semler Scientific has $17 million remaining in the board authorized stock repurchase program. The timing and amount of any transactions will be subject to the discretion of Semler Scientific based upon market conditions and other opportunities that it may have for the use or investment of cash balances.
Notice of Conference Call
Semler Scientific will host a conference call today at 4:30 p.m. ET. The call will address results of the second quarter and first half of 2022, as well as provide a business update on Semler Scientific's market outlook and strategies for the near-term future.
Participants are encouraged to pre-register for the conference call using the following link: https://dpregister.com/sreg/10168191/f35f88fef1. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. Those without internet access or who are unable to pre-register may dial in by calling:
Domestic callers: (866) 777‑2509
International callers: (412) 317‑5413
Please specify to the operator that you would like to join the "Semler Scientific Call." The conference call will be archived on Semler Scientific's website at www.semlerscientific.com.
About Semler Scientific, Inc.:
Semler Scientific, Inc. is a company that provides technology solutions to improve the clinical effectiveness and efficiency of healthcare providers. Semler Scientific's mission is to develop, manufacture and market innovative products and services that assist its customers in evaluating and treating chronic diseases. Semler Scientific's patented and U.S. Food and Drug Administration (FDA), cleared product, QuantaFlo®, is a rapid point-of-care test that measures arterial blood flow in the extremities to aid in the diagnosis of cardiovascular diseases, such as peripheral arterial disease (PAD). QuantaFlo® is used by Semler Scientific's customers to more comprehensively evaluate their patients for risk of mortality and major adverse cardiovascular events (MACE), associated with a positive QuantaFlo® test. Semler Scientific has an agreement with a private company to exclusively market and distribute Insulin Insights™, an FDA-cleared software product that recommends optimal insulin dosing for diabetic patients in the United States, including Puerto Rico, except for selected accounts, and it made investments in this private software company and in another private company whose product, Discern™, is a test for early Alzheimer's disease. Semler Scientific continues to develop additional complementary innovative products in-house, and seeks out other arrangements for additional products and services that it believes will bring value to its customers and to the company. Semler Scientific believes its current products and services, and any future products or services that it may offer, positions it to provide valuable information to its customer base, which in turn permits them to better guide patient care. Additional information about Semler Scientific can be found at www.semlerscientific.com.
Forward-Looking Statements
This press release contains "forward-looking" statements. Such statements can be identified by, among other things, the use of forward-looking language such as the words "goal," "may," "will," "intend," "expect," "anticipate," "estimate," "project," "would," "could" or words with similar meaning or the negatives of these terms or by the discussion of strategy or intentions. The forward-looking statements in this release include statements regarding Semler Scientific's ability to evolve into a multi-product company, expansion of its client base, continued profitability and cash generation from operations and spending, projected second half and annual revenue and operating expenses, revenues from Insulin Insights™ and the QuantaFlo® extension, and the share buyback program. Such forward-looking statements are subject to a number of risks and uncertainties that could cause Semler Scientific's actual results to differ materially from those discussed here, such as whether or not insurance plans and other customers will continue to license its cardiovascular testing products, whether or not it will be able to successfully expand its product offering, whether or not QuantaFlo® can successfully test another cardiovascular disease, as well as Semler Scientific's ability to continue to control expenses and preserve cash and meet its projected revenue and operating expense targets, whether or not the seasonality trends identified in the first quarter will continue, as well as continued uncertainty created by the ongoing COVID‑19 pandemic, including any new variants, along with those risk factors detailed in Semler Scientific's SEC filings. These forward-looking statements involve assumptions, estimates, and uncertainties that reflect current internal projections, expectations or beliefs. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. All forward-looking statements contained in this press release are qualified in their entirety by these cautionary statements and the risk factors described above. Furthermore, all such statements are made as of the date of this release and Semler Scientific assumes no obligation to update or revise these statements unless otherwise required by law.
INVESTOR CONTACT:
Susan A. Noonan
S.A. Noonan Communications
susan@sanoonan.com
917 513 5303
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SOURCE Semler Scientific, Inc. | https://www.kmvt.com/prnewswire/2022/08/02/semler-reports-second-quarter-first-half-2022-financial-results/ | 2022-08-02T21:17:36Z | https://www.kmvt.com/prnewswire/2022/08/02/semler-reports-second-quarter-first-half-2022-financial-results/ | true |
ADAPT Triad minimal residual disease analysis study intended to evaluate the association between circulating tumor DNA (ctDNA) positivity and recurrence intervals
MADISON, Wis., Aug. 2, 2022 /PRNewswire/ -- Exact Sciences Corp. (NASDAQ: EXAS), a global leader in cancer diagnostics, announced today that it has entered a collaboration agreement with the West German Study Group (WSG), an international research institution that focuses on practice-changing clinical studies in breast cancer. Together, Exact Sciences and WSG plan to conduct a prospective, multicenter validation study in hormone receptor (HR)-positive, HER2-negative early breast cancer patients. The study is intended to demonstrate the ability of Exact Sciences' tumor-informed ctDNA liquid biopsy test to detect minimal residual disease (MRD) and to collect important long-term follow-up and outcome data.
The combined analysis, called ADAPT Triad, is expected to include data from approximately 3,000 German patients enrolled in two ongoing WSG ADAPT trials and one WSG registry study. All patients included in the analysis are stratified using the Oncotype DX Breast Recurrence Score® test. The study is part of Exact Sciences' global initiative to generate clinical validation data for its tumor-informed ctDNA MRD liquid biopsy test, currently in development.
"This ADAPT Triad project with WSG offers a tremendous opportunity to help inform treatment decisions and recurrence monitoring, and ultimately improve future outcomes for breast cancer patients," said Rick Baehner, MD, chief medical officer of Precision Oncology for Exact Sciences. "In addition to helping validate our MRD assay, we're also eager to better understand the potential synergies involving the predictive and prognostic information provided by our Oncotype DX Breast Recurrence Score® test. WSG's expertise in breast cancer research makes them ideal collaborators to conduct these important MRD studies in HR positive, HER2-negative early breast cancer."
The ADAPT Triad MRD analysis study in breast cancer builds on Exact Sciences and the National Surgical Adjuvant Breast and Bowel Project's (NSABP) CORRECT-MRD II clinical validation study to detect MRD in colorectal cancer patients. These studies will help create a solid evidence foundation for Exact Sciences' MRD program in two core cancer types where the company has established leadership.
"The WSG's ADAPT study program examines ways to achieve patient-specific decision-making for the treatment of early breast cancer based on biological markers," said Professor Nadia Harbeck, Scientific Director of the WSG and Head of the Breast Centre at LMU Klinikum Munich, Germany. "Partnering with our long-time collaborators at Exact Sciences to evaluate the association of post-initial therapy, pre-recurrence ctDNA with distant recurrence-free interval is a worthy addition to our program and will help change the treatment and monitoring program for solid tumors."
About Minimal Residual Disease
Minimal residual disease (MRD) refers to the presence of tumor-specific DNA in the body after cancer treatment. These fragments of genetic information, known as circulating tumor DNA (ctDNA), are shed into the blood by solid tumors as part of the tumor growth cycle. Their presence may indicate that a tumor is likely to return. Solid tumors are typically undetected until they are advanced enough to be picked up by a radiologic image or physician examination. The detection of ctDNA at extremely low levels has the potential to provide crucial insights that may help discover cancer recurrence earlier and inform treatment decisions.
About Exact Sciences' MRD Program
The Exact Sciences' MRD program is powered by our in-house capabilities to advance a tumor-informed or a tumor-naïve solution, with an initial focus on tumor-informed (bespoke) with whole exome or whole genome sequencing. This approach identifies somatic genomic alterations in DNA extracted from the patient's tumor tissue and detects a subset of these mutations in ctDNA present in the patient's blood. The MRD test that Exact Sciences is developing is intended for patients diagnosed with solid tumor malignancies to detect ctDNA before, during, and after cancer treatment. Such information may be used for guidance of adjuvant therapy decisions and/or for monitoring of cancer recurrence, in conjunction with other clinicopathological findings, providing more than 12 million testing opportunities in the United States alone.1
About Exact Sciences Corp.
A leading provider of cancer screening and diagnostic tests, Exact Sciences relentlessly pursues smarter solutions providing the clarity to take life-changing action, earlier. Building on the success of Cologuard® and Oncotype® tests, Exact Sciences is investing in its product pipeline to support patients before and throughout their cancer diagnosis and treatment. Exact Sciences unites visionary collaborators to help advance the fight against cancer. For more information, please visit the company's website at www.exactsciences.com, follow Exact Sciences on Twitter @ExactSciences, or find Exact Sciences on Facebook.
About the West German Study Group and ADAPT
The West German Study Group (WSG) is a collaborative academic research group that focuses on the design, organization, and implementation of clinical studies in the field of breast cancer. Its ADAPT studies aim to develop new therapeutic strategies that significantly improve efficacy and tolerability in comparison with existing standard therapies. Its scientific work focusses on the individualization of breast cancer treatment and the development of de-escalated therapeutic strategies with the aim of finding the best possible treatment for each patient. More than 12,000 patients have already participated in WSG studies.
NOTE: Oncotype, Oncotype DX, and Oncotype DX Breast Recurrence Score are trademarks or registered trademarks of Genomic Health, Inc. Exact Sciences and Cologuard are trademarks or registered trademarks of Exact Sciences Corporation. All other trademarks and service marks are the property of their respective owners.
Forward-Looking Statements
This news release contains forward-looking statements concerning our expectations, anticipations, intentions, beliefs or strategies regarding the future. These forward-looking statements are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions and events to differ materially from those anticipated. There can be no assurance as that the WSG ADAPT MRD analysis study will successfully validate Exact Sciences' MRD test or that Exact Sciences will be able to successfully develop or market any MRD or recurrence monitoring tests. Therefore, you should not place undue reliance on forward-looking statements. Risks and uncertainties that may affect our forward-looking statements are described in the Risk Factors sections of Exact Sciences' most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and in Exact Sciences' other reports filed with the Securities and Exchange Commission. Exact Sciences undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Exact Sciences
U.S. Media Contact: Steph Spanos, sspanos@exactsciences.com, 608-556-4380
Int'l Media Contact: Federico Maiardi, fmaiardi@exactsciences.com, +41 79-138-1326
Investor Contact: Megan Jones, meganjones@exactsciences.com, 608-535-8815
WSG Media Contact: Michael Städele, Michael.Staedele@wsg-online.com, +49 216156623 10
1 Source: U.S. Census data, Exact Sciences estimates; includes U.S. markets only
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The Mind Unleashed – by Elijah Cohen
The Earth recently completed a rotation faster than ever before at 1.59 millisecond under 24 hours, and the consequences for how we keep time have experts around the world alarmed.
It could be the first time in world history that global clocks will have to be sped up.
“This would be required to keep civil time—which is based on the super-steady beat of atomic clocks—in step with solar time, which is based on the movement of the Sun across the sky,” Time and Date reported.
Scientists don’t know what is causing our planet to spin faster than ever before, but some experts fear it could be “devastating,” while others speculate the shorter days could be related to climate change, of course.
Earth is spinning faster than it has in the last half-century, igniting a fiery debate about what we should do to keep the world on track. pic.twitter.com/3v0A6ru1gI
— Seeker by The Verge (@Seeker) July 30, 2022
⏰ If it feels like there is never enough time in the day, there may be a reason.
Earth experienced its shortest day since records began last month https://t.co/g2eLh0DFaH
— The Telegraph (@Telegraph) July 31, 2022
Since the Earth’s rotation has always largely been slowing down throughout time, atomic clocks have thus far only added positive leap seconds to keep up. 27 leap seconds have been needed to keep atomic time accurate since the 1970s.
However, it just emerged that on June 29, the Earth recorded its shortest day since scientists began using atomic clocks to measure its rotation, in what was only the latest of speed records set for our planet since 2020. It even came close again more recently on July 26, having completed a rotation in 1.5 milliseconds under 24 hours.
https://twitter.com/timeanddate/status/1552278114855751681?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1552278114855751681%7Ctwgr%5Ed1e15359e0cfe0af990b8b1f792a0452db95a4ca%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fthemindunleashed.com%2F2022%2F07%2Fearth-spinning-faster-than-ever-before-scientists-dont-know-why.html
A negative leap second would mean that our clocks skip one second, which could potentially create problems for IT systems,” the Time and Date website warned.
Meanwhile, Meta warned in a blog post last month that adding a negative leap second could have consequences for smartphones, computers and communications systems.
Citing Meta’s blog, the Independent reported that the leap second would “mainly benefits scientists and astronomers” but that it is a “risky practice that does more harm than good.”
Meta also warned that by adding a negative leap second, clocks will change from 23:59:58 to 00:00:00, and that this could have an unintended “devastating effect” on software relying on timers and schedulers.
“The impact of a negative leap second has never been tested on a large scale; it could have a devastating effect on the software relying on timers or schedulers,” Meta said.
This is due in part to the fact that time moving forward is seen as a constant in most technological systems.
If the internal clocks of these IT systems ever have to be adjusted backwards to account for an abnormally fast rotation of the Earth, widespread disruptions and massive outages are to be expected.
Time and Date suggests that the diminishing length of the shortest days may be related to Earth’s “inner or outer layers, oceans, tides, or even temperature,” although experts aren’t sure.
Leonid Zotov, Christian Bizouard, and Nikolay Sidorenkov will argue at the upcoming annual meeting of the Asia Oceania Geosciences Society this week that the Earth’s rotation speeding up may be related to the ‘Chandler wobble,’ the term given to the small and irregular movement of the geographical poles across the surface of the globe.
“The normal amplitude of the Chandler wobble is about three to four meters at Earth’s surface,” Zotov told Time and Date, adding: “But from 2017 to 2020 it disappeared.”
The International Earth Rotation Service in Paris, which tracks the planet’s rotation, will notify governments six months in advance if and when leap seconds must be added or removed.
As for whether or not the Earth will keep spinning faster and faster as the days continue to get shorter, nobody knows. | https://fromthetrenchesworldreport.com/the-earth-just-started-spinning-faster-than-ever-before-and-scientists-dont-know-why/305290 | 2022-08-02T21:18:17Z | https://fromthetrenchesworldreport.com/the-earth-just-started-spinning-faster-than-ever-before-and-scientists-dont-know-why/305290 | false |
TROY, Mich., Aug. 2, 2022 /PRNewswire/ -- Meritor, Inc. (NYSE: MTOR) today reported financial results for its third fiscal quarter that ended June 30, 2022.
Third-Quarter Highlights
- Sales of $1,212 million
- Net income attributable to Meritor and net income from continuing operations attributable to Meritor of $73 million
- Diluted earnings per share from continuing operations of $1.02
- Adjusted income from continuing operations attributable to the company of $77 million, or $1.07 of adjusted diluted earnings per share
- Adjusted EBITDA of $142 million and adjusted EBITDA margin of 11.7 percent
- Operating cash flow was $117 million
- Free cash flow was $93 million
Third-Quarter Results
For the third quarter of fiscal year 2022, Meritor posted sales of $1,212 million, up $196 million, or approximately 19 percent, from the same period last year.
Net income attributable to Meritor and net income from continuing operations attributable to Meritor were each $73 million, or $1.02 per diluted share, compared to $42 million for each, or $0.58 per diluted share, in the same period last year.
Adjusted income from continuing operations attributable to the company in the third quarter of fiscal year 2022 was $77 million, or $1.07 of adjusted diluted earnings per share, compared to $45 million, or $0.62 of adjusted diluted earnings per share, in the same period last year.
Adjusted EBITDA was $142 million, compared to $107 million in the third quarter of fiscal year 2021. Adjusted EBITDA margin increased to 11.7 percent compared to 10.5 percent in the same period last year.
Cash provided by operating activities was $117 million in the third quarter of fiscal year 2022, compared to $39 million in the same period last year.
Cummins Transaction
On May 26, Meritor's shareholders voted in favor of the Cummins acquisition bid, further validating the potential of what Cummins and Meritor can achieve together. The companies are working together to complete the acquisition this week as we have received all regulatory approvals to close the transaction.
About Meritor
Meritor, Inc. is a leading global supplier of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for commercial vehicle and industrial markets. With more than a 110-year legacy of providing innovative products that offer superior performance, efficiency and reliability, the company serves commercial truck, trailer, off-highway, defense, specialty and aftermarket customers around the world. Meritor is based in Troy, Michigan, United States, and is made up of approximately 9,600 diverse employees who apply their knowledge and skills in manufacturing facilities, engineering centers, joint ventures, distribution centers and global offices in 19 countries. Meritor common stock is traded on the New York Stock Exchange under the ticker symbol MTOR. For important information, visit the company's website at www.meritor.com.
Forward-Looking Statement
This release contains statements relating to future results of the company (including certain outlooks, projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "estimate," "should," "are likely to be," "will" and similar expressions. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement pursuant to which the company would become a wholly owned subsidiary of Cummins Inc. (the "Merger"); the failure to satisfy any of the closing conditions to the completion of the Merger within the expected timeframes or at all; risks related to disruption of management's attention from ongoing business operations due to the Merger; the effect of the announcement of the Merger on the ability to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom the company does business, or on operating results and business generally; the ability to meet expectations regarding the timing and completion of the Merger; the duration and severity of the COVID-19 pandemic and its effects on public health, the global economy and financial markets, as well as our industry, customers, operations, workforce, supply chains, distribution systems and demand for our products; the ongoing conflict between Russia and Ukraine; reliance on major OEM customers and possible negative outcomes from contract negotiations with our major customers, including failure to negotiate acceptable terms in contract renewal negotiations and our ability to obtain new customers; the outcome of actual and potential product liability, warranty and recall claims; our ability to successfully manage rapidly changing volumes in the commercial truck markets and work with our customers to manage demand expectations in view of rapid changes in production levels; global economic and market cycles and conditions; availability and sharply rising costs of raw materials, including steel, transportation and labor, and our ability to manage or recover such costs; technological changes in our industry as a result of the trends toward electrified drivetrains and the integration of advanced electronics and their impact on the demand for our products and services; our ability to manage possible adverse effects on European markets or our European operations, or financing arrangements related thereto in the event one or more countries exit the European monetary union; risks inherent in operating abroad (including foreign currency exchange rates, restrictive government actions regarding trade, implications of foreign regulations relating to pensions and potential disruption of production and supply due to terrorist attacks or acts of aggression); risks related to our joint ventures; the ability to achieve the expected benefits of strategic initiatives and restructuring actions; our ability to successfully integrate the products and technologies of the commercial vehicles business of Siemens and future results of such acquisition, including its generation of revenue and it being accretive; the demand for commercial and specialty vehicles for which we supply products; whether our liquidity will be affected by declining vehicle production in the future; OEM program delays; demand for and market acceptance of new and existing products; successful development and launch of new products; labor relations of our company, our suppliers and customers, including potential disruptions in supply of parts to our facilities or demand for our products due to work stoppages; the financial condition of our suppliers and customers, including potential bankruptcies; possible adverse effects of any future suspension of normal trade credit terms by our suppliers; potential impairment of long-lived assets, including goodwill; potential adjustment of the value of deferred tax assets; competitive product and pricing pressures; the amount of our debt; our ability to continue to comply with covenants in our financing agreements; our ability to access capital markets; credit ratings of our debt; the outcome of existing and any future legal proceedings, including any proceedings or related liabilities with respect to environmental, asbestos-related, or other matters; rising costs of pension benefits; possible changes in accounting rules; and other substantial costs, risks and uncertainties, including but not limited to those detailed in our Annual Report on Form 10-K for the year ended September 30, 2021 and from time to time in other filings of the company with the SEC. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.
All earnings per share amounts are on a diluted basis. The company's fiscal year ends on the Sunday nearest Sept. 30, and its fiscal quarters generally end on the Sundays nearest Dec. 31, March 31 and June 30. All year and quarter references relate to the company's fiscal year and fiscal quarters, unless otherwise stated.
Non-GAAP Financial Measures
In addition to the results reported in accordance with accounting principles generally accepted in the United States ("GAAP"), we have provided information regarding non-GAAP financial measures. These non-GAAP financial measures include adjusted income (loss) from continuing operations attributable to the company, adjusted diluted earnings (loss) per share from continuing operations, adjusted EBITDA, adjusted EBITDA margin, segment adjusted EBITDA, segment adjusted EBITDA margin, free cash flow and free cash flow conversion.
Adjusted income (loss) from continuing operations attributable to the company and adjusted diluted earnings (loss) per share from continuing operations are defined as reported income (loss) from continuing operations and reported diluted earnings (loss) per share from continuing operations before restructuring expenses, asset impairment charges and other special items as determined by management. Adjusted EBITDA is defined as income (loss) from continuing operations before interest, income taxes, depreciation and amortization, non-controlling interests in consolidated joint ventures, loss on sale of receivables, restructuring expenses, asset impairment charges and other special items as determined by management. Adjusted EBITDA margin is defined as adjusted EBITDA divided by consolidated sales from continuing operations. Segment adjusted EBITDA is defined as income (loss) from continuing operations before interest expense, income taxes, depreciation and amortization, noncontrolling interests in consolidated joint ventures, loss on sale of receivables, restructuring expense, asset impairment charges and other special items as determined by management. Segment adjusted EBITDA excludes unallocated legacy and corporate expense (income), net. Segment adjusted EBITDA margin is defined as segment adjusted EBITDA divided by consolidated sales from continuing operations, either in the aggregate or by segment as applicable. Free cash flow is defined as cash flows provided by (used for) operating activities less capital expenditures. Free cash flow conversion is defined as free cash flow over adjusted income from continuing operations attributable to the company. Beginning in the second quarter of fiscal year 2021, the company no longer includes an adjustment for non-cash tax expense related to the use of deferred tax assets in jurisdictions with net operating loss carryforwards or tax credits in adjusted income (loss) from continuing operations attributable to the company and adjusted diluted earnings (loss) per share from continuing operations.
Management believes these non-GAAP financial measures are useful to both management and investors in their analysis of the company's financial position and results of operations. In particular, adjusted EBITDA, adjusted EBITDA margin, segment adjusted EBITDA, segment adjusted EBITDA margin, adjusted income (loss) from continuing operations attributable to the company, adjusted diluted earnings (loss) per share from continuing operations and free cash flow conversion are meaningful measures of performance to investors as they are commonly utilized to analyze financial performance in our industry, perform analytical comparisons, measure value creation, benchmark performance between periods and measure our performance against externally communicated targets.
Free cash flow is used by investors and management to analyze our ability to service and repay debt and return value directly to shareholders. Free cash flow conversion is a specific financial measure of our M2022 plan used to measure the company's ability to convert earnings to free cash flow and provides useful information about our ability to achieve strategic goals.
Management uses the aforementioned non-GAAP financial measures for planning and forecasting purposes, and segment adjusted EBITDA is also used as the primary basis for the Chief Operating Decision Maker ("CODM") to evaluate the performance of each of our reportable segments.
Our Board of Directors uses adjusted EBITDA margin, free cash flow, adjusted diluted earnings (loss) per share from continuing operations and free cash flow conversion as key metrics to determine management's performance under our performance-based compensation plans, provided that, solely for this purpose, adjusted diluted earnings (loss) per share from continuing operations also includes an adjustment for the use of deferred tax assets in jurisdictions with net operating loss carryforwards or tax credits.
Adjusted income (loss) from continuing operations attributable to the company, adjusted diluted earnings (loss) per share from continuing operations, adjusted EBITDA, adjusted EBITDA margin, segment adjusted EBITDA, segment adjusted EBITDA margin and free cash flow conversion should not be considered a substitute for the reported results prepared in accordance with GAAP and should not be considered as an alternative to net income or cash flow conversion calculations as an indicator of our financial performance. Free cash flow and free cash flow conversion should not be considered a substitute for cash provided by (used for) operating activities, or other cash flow statement data prepared in accordance with GAAP, or as a measure of financial position or liquidity. In addition, these non-GAAP cash flow measures do not reflect cash used to repay debt or cash received from the divestitures of businesses or sales of other assets and thus do not reflect funds available for investment or other discretionary uses. These non-GAAP financial measures, as determined and presented by the company, may not be comparable to related or similarly titled measures reported by other companies. Set forth below are reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.
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SOURCE Meritor, Inc. | https://www.kfyrtv.com/prnewswire/2022/08/02/meritor-reports-third-quarter-fiscal-year-2022-results/ | 2022-08-02T21:19:36Z | https://www.kfyrtv.com/prnewswire/2022/08/02/meritor-reports-third-quarter-fiscal-year-2022-results/ | false |
FDA told to pay ₹1 crore fine
MANGALURU August 03, 2022 01:20 ISTIII Additional District and Sessions Judge B.B. Jakati on Tuesday sentenced U. Omprakash Hedge, a First Division Assistant (FDA), to four years simple imprisonment and imposed a fine of ₹1 crore on finding him guilty in a disproportionate assets case.
The Lokayutka Police in Mangaluru had in January 2014 registered a case against Hegde of the Bantwal Taluk Office on the charge of being in possession of assets disproportionate to his known sources of income.
The then Police Inspector S. Vijay Prasad investigated the case and filed the charge-sheet. Special Public Prosecutor Ravindra Manippady examined witnesses before the court.
The judge convicted Hegde under the provisions of Prevention of Corruption Act 1988. While imposing the fine of ₹1 crore, the judge said that if Hegde fails to deposit the fine amount, he will have to undergo additional simple imprisonment of one year. | https://www.thehindu.com/news/cities/Mangalore/fda-told-to-pay-1-crore-fine/article65717602.ece/amp/ | 2022-08-02T21:21:54Z | https://www.thehindu.com/news/cities/Mangalore/fda-told-to-pay-1-crore-fine/article65717602.ece/amp/ | false |
LEHI, Utah, Aug. 2, 2022 /PRNewswire/ -- Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple"), a comfort innovation company known for creating the "World's First No Pressure® Mattress," will report second quarter 2022 financial results on Tuesday, August 9, 2022, at approximately 4:05 p.m. ET. The Company will hold a conference call that day at 4:30 p.m. ET to review the financial results.
Investors and analysts interested in participating in the call are invited to dial (888) 882-4478 (domestic) or (646) 828-8193 (international) and provide the Conference ID: 6808645. The conference call will also be available to interested parties through a live webcast at investors.purple.com. Please visit the website at least 15 minutes prior to the start of the call to register and download any necessary software.
A telephone replay of the call will be available until August 23, 2022, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the Conference ID: 6808645. Please note participants must enter the conference identification number in order to access the replay. After the conference call, a webcast replay will remain available on the investor relations section of the Company's website for 30 days.
About Purple
Purple is a digitally-native vertical brand with a mission to help improve lives through innovative comfort solutions. We design and manufacture a variety of innovative, premium, branded comfort products, including mattresses, pillows, bedding, frames and more. Our products are the result of over 30 years of innovation and investment in proprietary and patented comfort technologies and the development of our own manufacturing processes. Our proprietary gel technology, GelFlex Grid, is the foundation of many of our comfort products and provides a range of benefits that differentiate our offerings from other competitors' products. We market and sell our products through our direct-to-consumer online channels, traditional retail partners, third-party online retailers and our owned retail showrooms. Visit Purple online at purple.com and "like" Purple on Facebook and "follow" on Instagram.
Investor Contact:
Brendon Frey, ICR
brendon.frey@icrinc.com
203-682-8200
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SOURCE Purple Innovation, Inc. | https://www.kbtx.com/prnewswire/2022/08/02/purple-report-second-quarter-2022-results-august-9-2022/ | 2022-08-02T21:22:06Z | https://www.kbtx.com/prnewswire/2022/08/02/purple-report-second-quarter-2022-results-august-9-2022/ | true |
JACKSONVILLE, Fla., Aug. 2, 2022 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE: FNF) today announced that its Board of Directors has declared a quarterly cash dividend of $0.44 per share. The dividend will be payable September 30, 2022, to stockholders of record as of September 16, 2022.
About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. More information about FNF can be found at www.fnf.com.
About F&G
F&G is part of the FNF family of companies. F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit www.fglife.com.
FNF-G
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SOURCE Fidelity National Financial, Inc.; FGL Holdings | https://www.kswo.com/prnewswire/2022/08/02/fidelity-national-financial-inc-announces-quarterly-cash-dividend-044/ | 2022-08-02T21:24:12Z | https://www.kswo.com/prnewswire/2022/08/02/fidelity-national-financial-inc-announces-quarterly-cash-dividend-044/ | true |
INDIANAPOLIS — A nationwide task force has been formed to investigate and take legal action against telecommunications companies responsible for robocalls, Indiana Attorney General Todd Rokita announced Tuesday.
Rokita said the bipartisan Anti-Robocall Litigation Task Force will include 50 attorneys general led by Indiana, Ohio and North Carolina.
“Robocalls aren’t just a Hoosier problem. They are a nationwide problem,” AG Rokita said in a press release. “That is why I am proud to lead my fellow attorneys general in the fight against these scammers and robocallers. If the telecom industry won’t police itself, this unprecedented task force will.”
In the release, Rokita said the new task force has issued civil investigative demands to 20 gateway providers and other entities that are accused of being responsible for 60% of robocalls.
“Gateway providers that bring foreign traffic into the U.S. telephone network have a responsibility to ensure the traffic is legal, but these providers are not taking sufficient action to stop robocall traffic,” reads the release. “In many cases, they appear to be intentionally turning a blind eye in exchange for steady revenue.”
According to the National Consumer Law Center and Electronic Privacy Information Center, over 33 million scam robocalls are made to Americans every day, noted the AG. Rokita also said an estimated $29.8 billion dollars was stolen through scam calls in 2021.
The AG’s office offers the following tips to avoid scams and unwanted calls:
- Be wary of callers who specifically ask you to pay by gift card, wire transfer, or cryptocurrency. For example, the Internal Revenue Service does not accept iTunes gift cards.
- Look out for prerecorded calls from imposters posing as government agencies. Typically, the Social Security Administration does not make phone calls to individuals.
- If you suspect fraudulent activity, immediately hang up and do not provide any personal information.
- Contact our Consumer Protection Division at 1-888-834-9969 or donotcall@atg.in.gov.
- Add your number to the Indiana Do Not Call List
- File a Do Not Call or Text complaint here. | https://fox59.com/news/national-world/nationwide-task-force-formed-to-fight-robocalls/ | 2022-08-02T21:27:23Z | https://fox59.com/news/national-world/nationwide-task-force-formed-to-fight-robocalls/ | false |
Second Quarter Highlights
- Net premiums written increase of 10.4%*, with strong growth from each segment
- Rate increases(1) of 6.9% in Core Commercial, 8.0% in Specialty and 3.2% in Personal Lines
- Renewal price change(1) of 11.0% in Core Commercial, 12.0% in Specialty and 5.4% in Personal Lines
- Catastrophe losses of $77.4 million, or 6.0 points of the combined ratio, including favorable development on prior-year catastrophes
- Current accident year loss and loss adjustment expense ("LAE") ratio, excluding catastrophes(2), of 60.1%, included improved loss ratios within Specialty and Core Commercial, which were more than offset by the impact of higher property severity in Personal Lines
- Net investment income of $70.5 million, below the prior-year quarter due to the elevated level of partnership income in the second quarter of 2021
- Book value per share of $72.20, down 9.3% from March 31, 2022, primarily driven by a decrease in the fair value of fixed maturity investments due to the higher interest rate environment
WORCESTER, Mass., Aug. 2, 2022 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) today reported net income of $22.6 million, or $0.63 per diluted share, in the second quarter of 2022, compared to $128.5 million, or $3.52 per diluted share, in the prior-year quarter. Operating income(3) was $83.9 million, or $2.32 per diluted share, for the second quarter of 2022. This compared to operating income of $104.0 million, or $2.85 per diluted share, in the prior-year quarter. The difference between net and operating income in the second quarter of 2022 was primarily due to the after-tax decrease in the fair value of equity securities of $46.6 million, or $1.29 per fully diluted share, which is excluded from operating income.
"We are pleased to report another strong quarter – punctuated by an 11.1% operating return on equity(4) and operating earnings per share of $2.32, as well as double-digit premium growth," said John C. Roche, president and chief executive officer at The Hanover. "Year-to-date, we generated an operating ROE of 13.4% and a 24.0% increase in operating income per share to $5.58, reflecting our continued business momentum, and demonstrating our adeptness to navigate our business through the unprecedented complexities of the current economic environment.
"We remain focused on pricing and other levers to address the ongoing headwinds in Personal Lines, in particular in homeowners," said Roche. "At the same time, very strong performance and returns across our commercial businesses helped to largely offset these pressures, culminating in a consolidated ex-CAT combined ratio(5) of 90.2% in the second quarter. We are pleased with the impressive results within our Core Commercial and Specialty lines as they delivered improved profitability, significant renewal price increases of 11% and 12%, and net written premium growth of 7.7% and 14.0%, respectively. With the ongoing support of our robust agency relationships and talented team, we continue to have confidence in our ability to profitably grow our business and deliver superior returns to our valued shareholders."
"Our diversified book of business, proven insurance portfolio and analytical acumen are serving us exceptionally well in this dynamic environment, allowing us to produce consistent underwriting profit," said Jeffrey M. Farber, executive vice president and chief financial officer at The Hanover. "Additionally, our high-quality investment portfolio generated pre-tax net investment income of $70.5 million. Looking ahead, we expect the current rising interest rate environment to be a long-term positive as robust insurance cashflow and maturing assets are reinvested at higher yields.
"Given the continued elevated inflation and supply chain disruption, we are updating our full year outlook," said Farber. "We expect our ex-CAT combined ratio to be in the range of 90.5% to 91.5%, an increase of one point from our original 2022 outlook. The updated range incorporates our year-to-date performance and assumes no additional prior-year development. In addition, we expect pre-tax net investment income to be in the range of $280 to $285 million, up approximately 5% from our original expectations. While we anticipate some continuing near-term pressure within Personal Lines, we have full confidence in our ability to achieve our 14% long-term operating ROE target as we leverage our specialized capabilities and deliver substantial shareholder value."
Second Quarter Operating Highlights
Core Commercial
Core Commercial operating income before taxes was $66.9 million in the second quarter of 2022, compared to $69.9 million in the second quarter of 2021. The Core Commercial combined ratio was 92.6%, compared to 91.9% in the prior-year quarter. Catastrophe losses in the second quarter of 2022 were $17.8 million, or 3.7 points of the combined ratio, which is net of $10.9 million of favorable prior-year catastrophe development. This compared to catastrophe losses of $13.8 million, or 3.1 points, in the prior-year quarter, which was net of $8.7 million of favorable prior-year catastrophe development.
Second quarter 2022 results included $2.8 million, or 0.6 points, of net favorable prior-year reserve development, excluding catastrophes, driven primarily by continued favorability in workers' compensation. This compared to net favorable prior-year reserve development of $4.6 million, or 1.0 point, in the second quarter of 2021.
Core Commercial current accident year combined ratio, excluding catastrophes, decreased 0.3 points to 89.5% in the second quarter of 2022, from 89.8% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, decreased by 0.6 points to 57.0%, primarily driven by the benefit of rate increases earning in.
Net premiums written were $454.2 million in the quarter, up 7.7% from the prior-year quarter, primarily driven by strong growth of 10.5% in small commercial. Core Commercial average rate increased 6.9% in the second quarter, while renewal price change averaged 11.0%.
The following table summarizes premiums and the components of the combined ratio for Core Commercial:
Specialty
Specialty operating income before taxes was $45.2 million in the second quarter of 2022, compared to $34.5 million in the second quarter of 2021. The Specialty combined ratio was 89.4%, compared to 92.3% in the prior-year quarter. Catastrophe losses in the second quarter of 2022 were $6.6 million, or 2.2 points of the combined ratio, which is net of $3.1 million of favorable prior-year catastrophe development. This compared to catastrophe losses of $4.4 million, or 1.7 points, in the prior-year quarter, which was net of $3.3 million of favorable prior-year catastrophe development.
Second quarter 2022 results included $1.2 million, or 0.4 points, of net favorable prior-year reserve development, excluding catastrophes. This compared to net favorable prior-year reserve development of $3.3 million, or 1.3 points, in the second quarter of 2021.
Specialty current accident year combined ratio, excluding catastrophes, decreased 4.3 points to 87.6% in the second quarter of 2022, from 91.9% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, decreased by 4.7 points to 52.3%, due to the benefit of rate increases earning in, as well as the impact of a large property loss in the prior-year second quarter.
Net premiums written were $302.3 million in the quarter, up 14.0% from the prior-year quarter, driven primarily by rate and exposure increases. Specialty average rate increased 8.0% in the second quarter, while renewal price change averaged 12.0%.
The following table summarizes premiums and the components of the combined ratio for Specialty:
Personal Lines
Personal Lines operating income before taxes was $2.8 million in the second quarter of 2022, compared to $32.2 million in the second quarter of 2021. The Personal Lines combined ratio was 103.2%, compared to 97.6% in the prior-year quarter. Catastrophe losses in the second quarter of 2022 were $53.0 million, or 10.2 points of the combined ratio, which includes $2.0 million of unfavorable prior-year catastrophe development. This compared to catastrophe losses of $58.6 million, or 12.3 points of the combined ratio, in the prior-year quarter, which was net of $3.0 million of favorable prior-year catastrophe development.
Second quarter 2022 results included net favorable prior-year reserve development, excluding catastrophes, of $5.2 million, or 1.0 point, driven by both auto and homeowners. This compared to net favorable prior-year reserve development of $5.0 million, or 1.0 point, in the second quarter of 2021, driven by auto.
Personal Lines current accident year combined ratio, excluding catastrophe losses, increased 7.7 points to 94.0% in the second quarter of 2022, from 86.3% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, increased 9.2 points to 67.3%. The loss ratio increase in auto was attributable to increased property severity, and higher frequency as compared to the unusually low level of claims experienced in the second quarter of 2021. Loss frequency in auto remains below pre-pandemic levels. The increase in the homeowners loss ratio was primarily due to higher than usual large loss activity, and, to a lesser extent, non-CAT weather and continued inflationary pressures on claims costs.
The expense ratio(6) decreased by 1.5 points to 26.7% in the second quarter of 2022, compared to the second quarter of 2021, primarily attributable to fixed cost leverage from premium growth and lower performance-based agency compensation.
Net premiums written were $576.3 million in the quarter, up 10.7% from the prior-year quarter, driven by strong retention. Personal Lines renewal price change averaged 5.4% in the second quarter of 2022, while average rate increases were 3.2%.
The following table summarizes premiums and components of the combined ratio for Personal Lines:
Investments
Net investment income was $70.5 million for the second quarter of 2022, below the prior-year quarter of $75.6 million, primarily due to elevated partnership income in the prior-year quarter, partially offset by the continued investment of operational cashflow. Total pre-tax earned yield on the investment portfolio for the quarter ended June 30, 2022, was 3.19%, down from 3.65% in the prior-year quarter. The average pre-tax earned yield on fixed maturities was 2.97% and 3.02% for the quarters ended June 30, 2022, and 2021, respectively.
Net realized and unrealized investment losses recognized in earnings were $77.9 million in the second quarter of 2022, primarily driven by the change in fair value of equity securities. This compared to net realized and unrealized investment gains recognized in earnings of $31.1 million in the second quarter of 2021.
The company held $8.6 billion in cash and invested assets on June 30, 2022. Fixed maturities and cash represented approximately 86% of the investment portfolio. Approximately 95% of the company's fixed maturity portfolio is rated investment grade. Net unrealized losses on the fixed maturity portfolio as of June 30, 2022, were $587.0 million before taxes, a decrease in fair value of $324.4 million since March 31, 2022, primarily due to higher interest rates.
Shareholders' Equity and Capital Actions
On June 30, 2022, book value per share was $72.20, down 9.3% from March 31, 2022, primarily driven by a decrease in the fair value of fixed maturity investments. Book value per share, excluding net unrealized depreciation on fixed maturity investments(7), net of tax, remained flat compared to March 31, 2022, and increased 2.1% from December 31, 2021.
During the quarter, the company repurchased approximately 27,000 shares of common stock in the open market for $4.1 million. The company has approximately $341 million of remaining capacity under its existing share repurchase program.
Earnings Conference Call
The company will host a conference call to discuss its second quarter results on Wednesday, August 3, at 10:00 a.m. E.T. A PowerPoint slide presentation will accompany the prepared remarks and has been posted on The Hanover's website. Interested investors and others can listen to the call and access the presentation through The Hanover's website, located in the "Investors" section at www.hanover.com. Investors may access the conference call by dialing 1-844-413-3975 in the U.S. and 1-412-317-5458 internationally. Webcast participants should go to the website 15 minutes early to register, download and install any necessary audio software. A re-broadcast of the conference call will be available on The Hanover's website approximately two hours after the call.
About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, the company offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.
Contact Information
Definition of Reported Segments
Continuing operations include four operating segments: Core Commercial, Specialty, Personal Lines and Other. The Core Commercial segment includes commercial multiple peril, commercial automobile, workers' compensation and other commercial lines coverages provided to small and mid-sized businesses. The Specialty segment includes four divisions of business: professional and executive lines, specialty P&C, marine, and surety and other. Specialty P&C includes coverages such as program business (provides commercial insurance to markets with specialized coverage or risk management needs related to groups of similar businesses), specialty industrial and commercial property, and excess and surplus lines. The Personal Lines segment markets automobile, homeowners and ancillary coverages to individuals and families. The "Other" segment includes Opus Investment Management, Inc., which provides investment management services to institutions, pension funds and other organizations, the operations of the holding company, as well as a block of run-off voluntary property and casualty pools business in which the company has not actively participated since 1995.
Financial Supplement
The Hanover's second quarter news release and financial supplement are available in the "Investors" section of the company's website at hanover.com.
Condensed Financial Statements and Reconciliations
The following is a reconciliation from operating income to net income(8):
Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements
Certain statements in this document and comments made by management may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as, but not limited to, "believes," "anticipates," "expects," "may," "projects," "projections," "plan," "likely," "potential," "targeted," "forecasts," "should," "could," "continue," "outlook," "guidance," "modeling," "moving forward" and other similar expressions are intended to identify forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. The company cautions investors that any such forward-looking statements are estimates, beliefs, expectations and/or projections that involve significant judgment, and that historical results, trends and forward-looking statements are not guarantees and are not necessarily indicative of future performance. Actual results could differ materially from those anticipated.
These statements include, but are not limited to, the company's statements regarding:
- The company's outlook and its ability to achieve components or the sum of the respective period guidance on its future results of operations including: the combined ratio, excluding catastrophe losses; catastrophe losses; net investment income; growth of net premiums written and/or net premiums earned in total or by line of business; expense ratio; operating return on equity; and/or the effective tax rate;
- The continued impacts of the global pandemic ("Pandemic") and related economic conditions on the company's operating and financial results, including, but not limited to, the impact on the company's investment portfolio, changes in claims frequency as a result of fluctuations in economic activity, severity from higher cost of repairs due to, among other things, supply chain disruptions, inflation, declines in premium as a result of, among other things, credits or returns to the company's customers, lower submissions, changes in renewals and policy endorsements, public health guidance, recession, and the impact of government orders and restrictions in the states and jurisdictions in which the company operates;
- Uses of capital for share repurchases, special or ordinary cash dividends, business investments or growth, or otherwise, and outstanding shares in future periods as a result of various share repurchase mechanisms, capital management framework, especially in the current environment, and overall comfort with liquidity and capital levels;
- Variability of catastrophe losses due to risk concentrations, changes in weather patterns including climate change, wildfires, severe storms, hurricanes, terrorism, civil unrest, riots or other events, as well as the complexity in estimating losses from large catastrophe events due to delayed reporting of the existence, nature or extent of losses or where "demand surge," regulatory assessments, litigation, coverage and technical complexities or other factors may significantly impact the ultimate amount of such losses;
- Current accident year losses and loss selections ("picks"), excluding catastrophes, and prior accident year loss reserve development patterns, particularly in complex "longer-tail" liability lines, as well as the inherent variability in short-tail property and non-catastrophe weather losses;
- Changes in frequency and loss severity trends;
- Ability to manage the impact of inflationary pressures, as a result of the Pandemic, global market disruptions, geopolitical events or otherwise, including, but not limited to, supply chain disruptions, labor shortages, and increases in cost of goods, services, and materials;
- The confidence or concern that the current level of reserves is adequate and/or sufficient for future claim payments, whether due to losses that have been incurred but not reported, circumstances that delay the reporting of losses, business complexity, adverse judgments or developments with respect to case reserves, the difficulties and uncertainties inherent in projecting future losses from historical data, changes in replacement and medical costs, as well as complexities related to the Pandemic, including legislative, regulatory or judicial actions that expand the intended scope of coverages, or other factors;
- Characterization of some business as being "more profitable" in light of inherent uncertainty of ultimate losses incurred, especially for "longer-tail" liability businesses;
- Efforts to manage expenses, including the company's long-term expense savings targets, while allocating capital to business investment, which is at management's discretion;
- Risks and uncertainties with respect to our ability to retain profitable policies in force and attract profitable policies and to increase rates commensurate with, or in excess of, loss trends;
- Mix improvement, underwriting initiatives, coverage restrictions and pricing segmentation actions, among others, to grow businesses believed to be more profitable or reduce premiums attributable to products or lines of business believed to be less profitable; balance rate actions and retention; offset long-term and/or short-term loss trends due to increased frequency; increased "social inflation" from a more litigious environment and higher average cost of resolution, increased property replacement costs, and/or social movements;
- The ability to generate growth in targeted segments through new agency appointments; rate increases (as a result of its market position, agency relationships or otherwise), retention improvements or new business; expansion into new geographies; new product introductions; or otherwise; and
- Investment returns and the effect of macro-economic interest rate trends and overall security yields, including the macro-economic impact of the Pandemic, inflationary pressures and corresponding governmental and/or central banking initiatives taken in response thereto, and geopolitical circumstances on new money yields and overall investment returns.
Additional Risks and Uncertainties
Investors are further cautioned and should consider the risks and uncertainties in the company's business that may affect such estimates and future performance that are discussed in the company's most recently filed reports on Form 10-K and Form 10-Q and other documents filed by The Hanover Insurance Group, Inc. with the Securities and Exchange Commission ("SEC") and that are also available at www.hanover.com under "Investors." These risks and uncertainties include, but are not limited to:
- The severity, duration and long-term impact related to the Pandemic, including, but not limited to, actual and possible government responses, legislative, regulatory and judicial actions, changes in frequency and severity of claims in Core Commercial, Specialty and/or Personal Lines, impacts to distributors (including agent partners), and the possibility of additional premium adjustments, including credits and returns, for the benefit of insureds;
- Changes in regulatory, legislative, economic, market and political conditions, particularly in response to COVID-19 and the Pandemic (such as legislative or regulatory actions that would retroactively require insurers to cover business interruption or other types of claims irrespective of terms, exclusions or other conditions included in the contractual terms of the policies that would otherwise preclude coverage, mandatory returns and other rate-related actions, as well as presumption legislation in regards to workers' compensation);
- Heightened volatility, fluctuations in interest rates (which have a significant impact on the market value of our investment portfolio and thus our book value), inflationary pressures, default rates and other factors that affect investment returns from the investment portfolio;
- Recessionary economic periods that may inhibit the company's ability to increase pricing or renew business;
- Data security incidents, including, but not limited to, those resulting from a malicious cyber security attack on the company or its business partners and service providers, or intrusions into the company's systems or data sources;
- Adverse claims experience, including those driven by large or increased frequency of catastrophe events (including those related to terrorism, riots and civil unrest), and severe weather;
- The uncertainty in estimating weather-related losses or the long-term impacts of the Pandemic, and the limitations and assumptions used to model other property and casualty losses (particularly with respect to products with longer-tail liability lines, such as casualty and bodily injury claims, or involving emerging issues related to losses incurred as the result of new lines of business, such as cyber or financial institutions coverage, or reinsurance contracts and reinsurance recoverables), leading to potential adverse development of loss and loss adjustment expense reserves;
- Changes in weather patterns, whether as a result of global climate change, or otherwise;
- Litigation and the possibility of adverse judicial decisions, including those which expand policy coverage beyond its intended scope and/or award "bad faith" or other non-contractual damages, and the impact of "social inflation" affecting judicial awards and settlements;
- The ability to increase or maintain insurance rates in line with anticipated loss costs and/or governmental action, including mandates by state departments of insurance to either raise or lower rates or provide credits or return premium to insureds;
- Investment impairments, which may be affected by, among other things, the company's ability and willingness to hold investment assets until they recover in value, as well as credit and interest rate risk, and general financial and economic conditions;
- Disruption of the independent agency channel, including the impact of competition and consolidation in the industry and among agents and brokers;
- Competition, particularly from competitors who have resource and capability advantages;
- The global macroeconomic environment, including actions taken in response to the Pandemic, inflation, global trade disputes, war, energy market disruptions, equity price risk, and interest rate fluctuations, which, among other things, could result in reductions in market values of fixed maturities and other investments;
- Adverse state and federal regulation, legislative and/or regulatory actions (including recent significant revisions to Michigan's automobile personal injury protection system and related litigation, and various regulations, orders and proposed legislation related to business interruption and workers' compensation coverages, premium grace periods and returns, and rate actions);
- Financial ratings actions, in particular, downgrades to the company's ratings;
- Operational and technology risks and evolving technological and product innovation, including risks created by remote work environments, and the risk of cyber-security attacks on or breaches of the company's systems and/or impacting our outsourcing relationships and third-party operations, or resulting in claim payments (including from products not intended to provide cyber coverage);
- Uncertainties in estimating indemnification liabilities recorded in conjunction with obligations undertaken in connection with the sale of various businesses and discontinued operations; and
- The ability to collect from reinsurers, reinsurance pricing, reinsurance terms and conditions, and the performance of the run-off voluntary property and casualty pools business (including those in the Other segment or in discontinued operations).
Investors should not place undue reliance on forward-looking statements, which speak only as of the date they are made, and should understand the risks and uncertainties inherent in or particular to the company's business. The company does not undertake the responsibility to update or revise such forward-looking statements.
Non-GAAP Financial Measures
As discussed on page 37 of the company's Annual Report on Form 10-K for the year ended December 31, 2021, the company uses non-GAAP financial measures as important measures of its operating performance, including operating income, operating income before interest expense and income taxes, operating income per share, and components of the combined ratio, both excluding and/or including, catastrophe losses, prior-year reserve development and the expense ratio. Management believes these non-GAAP financial measures are important indications of the company's operating performance. The definition of other non-GAAP financial measures and terms can be found in the 2021 Annual Report on pages 63-66.
Operating income and operating income per share are non-GAAP measures. They are defined as net income excluding the after-tax impact of net realized and unrealized investment gains (losses), gains and/or losses on the repayment of debt, other non-operating items, and results from discontinued operations. Net realized and unrealized investment gains (losses), which include changes in the fair value of equity securities still held, are excluded for purposes of presenting operating income, as they are, to a certain extent, determined by interest rates, financial markets and the timing of sales. Operating income also excludes net gains and losses from disposals of businesses, gains and losses related to the repayment of debt, costs to acquire businesses, restructuring costs, the cumulative effect of accounting changes, and certain other items. Operating income is the sum of the segment income from: Core Commercial, Specialty, Personal Lines, and Other, after interest expense and income taxes. In reference to one of the company's four segments, "operating income" is the segment income before both interest expense and income taxes. The company also uses "operating income per share" (which is after both interest expense and income taxes). It is calculated by dividing operating income by the weighted average number of diluted shares of common stock. The company believes that metrics of operating income and operating income in relation to its four segments provide investors with a valuable measure of the performance of the company's continuing businesses because they highlight the portion of net income attributable to the core operations of the business. Income from continuing operations is the most directly comparable GAAP measure for operating income (and operating income before income taxes) and measures of operating income that exclude the effects of catastrophe losses and/or reserve development should not be misconstrued as substitutes for income from continuing operations or net income determined in accordance with GAAP. A reconciliation of operating income (loss) to income from continuing operations and net income for the relevant periods is included on page 10 of this news release and in the Financial Supplement.
Operating return on equity ("ROE") is a non-GAAP measure. See end note (4) for a detailed explanation of how this measure is calculated. Operating ROE is based on non-GAAP operating income. In addition, the portion of shareholder equity attributed to unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is excluded. The company believes this measure is helpful in that it provides insight to the capital used by, and results of, the continuing business exclusive of interest expense, income taxes, and other non-operating items. These measures should not be misconstrued as substitutes for GAAP ROE, which is based on net income and shareholders' equity of the entire company and without adjustments.
The company may also provide measures of operating income and combined ratios that exclude the impact of catastrophe losses (which in all respects include prior accident year catastrophe loss development). A catastrophe is a severe loss, resulting from natural or manmade events, including, but is not limited to, hurricanes, tornadoes, windstorms, earthquakes, hail, severe winter weather, freeze events, fire, explosions, civil unrest and terrorism. Due to the unique characteristics of each catastrophe loss, there is an inherent inability to reasonably estimate the timing or loss amount in advance. The company believes a separate discussion excluding the effects of catastrophe losses is meaningful to understand the underlying trends and variability of earnings, loss and combined ratio results, among others.
Prior accident year reserve development, which can either be favorable or unfavorable, represents changes in the company's estimate of costs related to claims from prior years. Calendar year loss and loss adjustment expense ("LAE") ratios determined in accordance with GAAP, excluding prior accident year reserve development, are sometimes referred to as "current accident year loss ratios." The company believes a discussion of loss and combined ratios, excluding prior accident year reserve development, is helpful since it provides insight into both estimates of current accident year results and the accuracy of prior-year estimates.
The loss and combined ratios in accordance with GAAP are the most directly comparable GAAP measures for the loss and combined ratios calculated excluding the effects of catastrophe losses and/or reserve development. The presentation of loss and combined ratios calculated excluding the effects of catastrophe losses and/or reserve development should not be misconstrued as substitutes for the loss and/or combined ratios determined in accordance with GAAP.
Endnotes
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SOURCE The Hanover Insurance Group, Inc. | https://www.wsaz.com/prnewswire/2022/08/02/hanover-reports-second-quarter-net-income-operating-income-063-232-per-diluted-share-respectively-combined-ratio-962-combined-ratio-excluding-catastrophes-902/ | 2022-08-02T21:31:04Z | https://www.wsaz.com/prnewswire/2022/08/02/hanover-reports-second-quarter-net-income-operating-income-063-232-per-diluted-share-respectively-combined-ratio-962-combined-ratio-excluding-catastrophes-902/ | true |
COLUMBUS — The Bartholomew Consolidated School Corporation has debuted a new breakout artist in their new back-to-school music video.
Superintendent Jim Roberts stars in their remixed version of Walker Hayes's song, "Fancy Like."
The song "Ready Like" covers going back to school and the excitement and stress that comes with it.
At WRTV, we know we're ready like back to school, on the first day!
TOP STORIES: 3 Indiana Mega Millions tickets worth $10,000 | What we know about the armed civilian who killed Greenwood gunman | Thousands of Kias and Hyundais may qualify for free engine replacement | Driver killed after crash on I-65 in Indianapolis | WATCH: Videos taken in central Indiana show fireball meteor soar through sky | https://www.wrtv.com/news/education/back-to-school/local-school-district-remixes-popular-song-for-back-to-school-campaign | 2022-08-02T21:32:02Z | https://www.wrtv.com/news/education/back-to-school/local-school-district-remixes-popular-song-for-back-to-school-campaign | false |
BROOKLYN, N.Y., Aug. 2, 2022 /PRNewswire/ -- Etsy, Inc. (Nasdaq: ETSY), which operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, today announced virtual participation including a webcasted fireside chat at the Oppenheimer 25th Annual Technology, Internet & Communications Conference on August 9, 2022 at 1:15pm ET. The live webcast and replay of this session will be featured on our IR website at investors.etsy.com.
Etsy, Inc. operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world. These marketplaces share a mission to "Keep Commerce Human," and we're committed to using the power of business and technology to strengthen communities and empower people. Our primary marketplace, Etsy.com, is the global destination for unique and creative goods. Buyers come to Etsy to be inspired and delighted by items that are crafted and curated by creative entrepreneurs. For sellers, we offer a range of tools and services that address key business needs.
Etsy, Inc.'s "House of Brands" portfolio also includes fashion resale marketplace Depop, musical instrument marketplace Reverb, and Brazil based handmade goods marketplace Elo7. Each Etsy, Inc. marketplace operates independently, while benefiting from shared expertise in product, marketing, technology, and customer support.
Etsy was founded in 2005 and is headquartered in Brooklyn, New York.
Etsy has used, and intends to continue using, its Investor Relations website and the Etsy News Blog (etsy.com/news) to disclose material nonpublic information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the Etsy News Blog in addition to following our press releases, SEC filings, and public conference calls and webcasts.
Investor Relations Contact:
Deb Wasser, Vice President, Investor Relations & ESG Engagement
Jessica Schmidt, Sr. Director, Investor Relations
ir@etsy.com
Media Relations Contact:
Sarah Marx, Director, Corporate Communications
press@etsy.com
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SOURCE Etsy | https://www.wibw.com/prnewswire/2022/08/02/etsy-participate-upcoming-investor-conference/ | 2022-08-02T21:34:20Z | https://www.wibw.com/prnewswire/2022/08/02/etsy-participate-upcoming-investor-conference/ | true |
OKLAHOMA CITY, Aug. 2, 2022 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ: CHK) today reported 2022 second quarter financial and operating results and announced the company is taking actions to solidify its strategic focus on its core Marcellus and Haynesville positions.
- Net cash provided by operating activities of $909 million
- Delivered adjusted EBITDAX(1) of $1,269 million and $494 million in adjusted free cash flow(1)
- Net income totaled $1,237 million, or $8.27 per diluted share; adjusted net income(1) of $729 million, or $4.87 per diluted share
- Increased annual base dividend by 10% to $2.20 per share; total quarterly dividend of $2.32 per common share
- Retired approximately $670 million, or approximately 7.6 million common shares through July 31; $2 billion common stock and warrant repurchase program remains active
- Positioning Haynesville assets for future growth while reducing activity in Eagle Ford position which the company now views as non-core to its future capital allocation strategy
- Entered into gas supply agreement with Golden Pass LNG facilities
- Achieved Grade "A" MiQ and EO100™ certification for responsible energy production in legacy Marcellus operations
Nick Dell'Osso, Chesapeake's President and Chief Executive Officer, commented, "We continue to execute our business and deliver on our leading capital return program. Over the last two months we have doubled our share and warrant repurchase authorization to $2 billion, retired over $580 million in common shares, and increased our base dividend by 10%.
"We are pleased to also announce that we are solidifying our strategic focus on the two premier North American shale gas plays," added Dell'Osso. "Our acreage positions in the Marcellus and Haynesville are truly differentiated with industry leading capital efficiency, deep runways of low breakeven inventory, strong operating margins, and advantaged emissions profiles. Given we now view our Eagle Ford assets as non-core to our future capital allocation strategy, we are increasing our capital allocation to the Haynesville in the second half of the year and into 2023 to position the asset for returns-driven growth. Simply put, we are tightening our strategic focus around our best rock, best operations and lowest emissions footprint to generate the most attractive and sustainable capital returns in the industry and be the leader in answering the call for delivering the affordable, reliable, lower carbon energy the world needs."
Shareholder Return Update
During the second quarter of 2022, Chesapeake generated $909 million of operating cash flow and had $17 million of cash on hand at quarter-end. As a result of its significant free cash flow, Chesapeake is raising its base dividend by 10% to $2.20 per share. Consistent with the company's cash return framework, Chesapeake plans to pay its base and variable dividend on September 1, 2022 to shareholders of record at the close of business on August 17, 2022. The total common stock dividend, including the variable and base components, is calculated as follows:
In June 2022, the company doubled its previously announced repurchase program authorization from $1 billion to up to $2 billion in aggregate value of its common stock and/or warrants through year-end 2023. Through July 31, 2022, Chesapeake has repurchased approximately 7.6 million shares of its common stock for approximately $670 million.
Operations and Marketing Update
Chesapeake's net production in the second quarter of 2022 was approximately 4,125 MMcfe per day (approximately 91% natural gas and 9% total liquids), utilizing an average of 16 rigs to drill 63 wells and placed 57 wells on production. Chesapeake is currently operating 16 rigs including five in the Marcellus, five in the Eagle Ford and six in the Haynesville, with the sixth rig just added in the last week. The company expects to drill 60 to 70 wells and place 40 to 50 wells on production in the third quarter of 2022.
To position the company for additional returns-driven growth from the Haynesville, the company is reallocating capital to the Haynesville and increasing its capital investment program by 15% to $1.75–$1.95 billion (previous guidance was $1.5–$1.8 billion). The move reflects industry-wide inflation as well as the addition of two operated Haynesville rigs with the sixth rig added in early August and a seventh rig before year-end. Chesapeake intends to reduce planned activities and investments in the Eagle Ford which includes dropping to three rigs by the end of August and exiting the year with two rigs.
Chesapeake is also working with midstream partners to increase our gas gathering and treating capacity in the Haynesville. The company expects to have incremental capacity available beginning in first quarter of 2023, growing through the end of 2023 to correspond with the volume growth generated by the projected increased rig activity.
Additionally, Chesapeake has entered into a term gas supply agreement (GSA) with Golden Pass LNG Terminal LLC ("Golden Pass") to deliver 300 mmcf per day of Responsibly Sourced, independently certified gas, from the Haynesville to Golden Pass's liquefied natural gas terminal on the Gulf Coast near Sabine Pass, Texas. The GSA is expected to begin in 2024 with a 36 month term at a NYMEX based price less a fixed differential. For more information on each of its operating areas, including projections for activity, well statistics and pricing, Chesapeake has posted slides on its website at www.chk.com.
ESG Update
Chesapeake achieved certification of its legacy Marcellus operations under the MiQ methane standard and the EO100™ Standard for Responsible Energy Development, which cover a broad range of environmental, social and governance (ESG) criteria. The company previously announced the certification of its Haynesville operations in December 2021, and is the first company to achieve Grade "A" ratings (the highest rating a company can earn) from MiQ across two major shale basins. The company anticipates its recently acquired position in the Marcellus from Chief E&D Holdings, LP and affiliates of Tug Hill, Inc. will achieve certification by year end, resulting in 100% independent certification for produced and marketed volumes across Chesapeake's two industry leading gas plays.
In 2021 and through June 30, 2022, Chesapeake has installed more than 2,000 continuous methane emission monitoring devices and retrofitted 15,000 pneumatic devices across its operations. As part of that effort, all operated new facility construction is engineered today to be 100% vent free using electric device technology, instrument air and vent capture systems. In addition, the company has executed an agreement beginning in the third quarter of 2022 to implement aerial Gas Mapping LiDAR scans to detect and quantify emissions multiple times per year across the entirety of its assets. Finally, the company joined Veritas, a GTI Differentiated Gas Measurement and Verification Initiative designed to accelerate actions that reduce methane leakage from natural gas systems.
Conference Call Information
Chesapeake plans to host a conference call to discuss recent results on Wednesday, August 3, 2022 at 9:00 am EDT. The telephone number to access the conference call is 877-344-7529 or 412-317-0088 for international callers. The passcode for the call is 6061361.
Financial Statements, Non-GAAP Financial Measures and 2022 Guidance and Outlook Projections
The company's 2022 second quarter financial and operational results, along with non-GAAP measures that adjust for items that are typically excluded by securities analysts, are available on the company's website. Such non-GAAP measures should be not considered as an alternative to GAAP measures. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on the company's website at www.chk.com. Management's updated guidance for 2022 can be found on the company's website at www.chk.com.
Headquartered in Oklahoma City, Chesapeake Energy Corporation is powered by dedicated and innovative employees who are focused on discovering and responsibly developing our leading positions in top U.S. oil and gas plays. With a goal to achieve net-zero direct GHG emissions by 2035, Chesapeake is committed to safely answering the call for affordable, reliable, lower carbon energy.
Forward-Looking Statements
This news release and the accompanying outlook include "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. Forward-looking statements are statements other than statements of historical fact. They include statements that give our current expectations, management's outlook guidance or forecasts of future events, expected natural gas and oil growth trajectory, projected cash flow and liquidity, our ability to enhance our cash flow and financial flexibility, dividend plans, future production and commodity mix, plans and objectives for future operations, ESG initiatives, the ability of our employees, portfolio strength and operational leadership to create long-term value, and the assumptions on which such statements are based. Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time.
Factors that could cause actual results to differ materially from expected results include those described under "Risk Factors" in Item 1A of our annual report on Form 10-K and any updates to those factors set forth in Chesapeake's subsequent quarterly reports on Form 10-Q or current reports on Form 8-K (available at http://www.chk.com/investors/sec-filings). These risk factors include: the ability to execute on our business strategy following emergence from bankruptcy; the impact of inflation and commodity price volatility resulting from Russia's invasion of Ukraine, COVID-19 and related supply chain constraints, along with the effect on our business, financial condition, employees, contractors and vendors, and on the global demand for oil and natural gas and U.S. and world financial markets; the acquisitions of Vine Energy Inc. ("Vine") and Chief E&D Holdings, LP and affiliates of Tug Hill, Inc. (together, "Chief"), including our ability to successfully integrate the businesses of Vine and Chief into the Company and achieve the expected synergies from these acquisitions within the expected timeframes; effects of purchase price adjustments and indemnity obligations; the volatility of oil, natural gas and NGL prices; the limitations our level of indebtedness may have on our financial flexibility; our ability to comply with the covenants under our credit facility and other indebtedness; our inability to access the capital markets on favorable terms; the availability of cash flows from operations and other funds to fund cash dividends, repurchases of equity, to finance reserve replacement costs and/or satisfy our debt obligations; write-downs of our oil and natural gas asset carrying values due to low commodity prices; our ability to replace reserves and sustain production; uncertainties inherent in estimating quantities of oil, natural gas and NGL reserves and projecting future rates of production and the amount and timing of development expenditures; our ability to generate profits or achieve targeted results in drilling and well operations; leasehold terms expiring before production can be established; commodity derivative activities resulting in lower prices realized on oil, natural gas and NGL sales; the need to secure derivative liabilities and the inability of counterparties to satisfy their obligations; adverse developments or losses from pending or future litigation and regulatory proceedings, including royalty claims; charges incurred in response to market conditions; drilling and operating risks and resulting liabilities; effects of environmental protection laws and regulations on our business and legislative, regulatory and environmental, social and governance ("ESG") initiatives, addressing environmental concerns, including initiatives addressing the impact of global climate change or further regulating hydraulic fracturing, methane emissions, flaring or water disposal; our ability to achieve and maintain ESG goals and certifications; our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used; impacts of potential legislative and regulatory actions addressing climate change; federal and state tax proposals affecting our industry; potential OTC derivatives regulation limiting our ability to hedge against commodity price fluctuations; competition in the oil and gas exploration and production industry; a deterioration in general economic, business or industry conditions; negative public perceptions of our industry; limited control over properties we do not operate; pipeline and gathering system capacity constraints and transportation interruptions; terrorist activities or cyber-attacks adversely impacting our operations; and an interruption in operations at our headquarters due to a catastrophic event.
In addition, disclosures concerning the estimated contribution of derivative contracts to our future results of operations are based upon market information as of a specific date. These market prices are subject to significant volatility. Our production forecasts are also dependent upon many assumptions, including estimates of production decline rates from existing wells and the outcome of future drilling activity. We caution you not to place undue reliance on our forward-looking statements that speak only as of the date of this news release, and we undertake no obligation to update any of the information provided in this release, except as required by applicable law. In addition, this news release contains time-sensitive information that reflects management's best judgment only as of the date of this news release.
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SOURCE Chesapeake Energy Corporation | https://www.dakotanewsnow.com/prnewswire/2022/08/02/chesapeake-energy-corporation-reports-2022-second-quarter-results-announces-it-is-solidifying-its-strategic-focus-core-marcellus-haynesville-positions/ | 2022-08-02T21:37:10Z | https://www.dakotanewsnow.com/prnewswire/2022/08/02/chesapeake-energy-corporation-reports-2022-second-quarter-results-announces-it-is-solidifying-its-strategic-focus-core-marcellus-haynesville-positions/ | true |
Police: East Meadow man forged gift cards, arrested
Nassau County police arrested an East Meadow man Thursday for allegedly re-encoding gift cards with credit-card numbers.
Police said Theodore Pommells, 25, of Newbridge Road originally was questioned in August in an unrelated investigation and was found to have 27 assorted gift cards of a suspicious nature.
At that time, police said, they could not determine if the cards were fraudulent and Pommells was released.
But the cards were then subsequently checked and found to have been re-encoded with credit card numbers, police said.
Pommells is charged with possession of a forged instrument and was scheduled to be arraigned Friday in First District Court in Hempstead. | https://www.newsday.com/long-island/crime/police-east-meadow-man-forged-gift-cards-arrested-p92180 | 2022-08-02T21:37:57Z | https://www.newsday.com/long-island/crime/police-east-meadow-man-forged-gift-cards-arrested-p92180 | false |
NASHVILLE, Tenn., Aug. 2, 2022 /PRNewswire/ -- ELITE SPORTS MEDICINE + ORTHOPEDICS, Middle Tennessee's premier orthopedic group, has opened a new location at 1001 Health Park Drive Suite 220, Brentwood, TN. The new Elite location can be found in TriStar's Health Park medical office building located off Old Hickory Blvd.
"We have long awaited a location in this area to better serve our patients and make quality orthopedic care convenient for all." Said Dr. David Moore, co-founder of Elite Sports Medicine + Orthopedics and MPOWER Physical Therapy.
The new location includes on-site physical therapy with MPOWER Physical Therapy, MRI, 12 patient exam rooms, and shared space with Southern Joint Replacement Institute, a close partner of Elite Sports Medicine + Orthopedics.
The Brentwood location advances Elite's patient-centered approach to orthopedics, which combines relationship-driven care, clinical excellence, and superior facilities. Many of Elite's twelve (12) orthopedists will practice at the new facility along with numerous physician's assistants, nurse practitioners, and physical and occupational therapists.
Established in 2006 by Dr. Burton F. Elrod, Dr. David R. Moore, and Dr. Jeffrey D. Willers, Elite Sports Medicine + Orthopedics provides patient-driven, integrative care for people experiencing musculoskeletal pain and impairments. Elite's team of twelve (12) board-certified subspecialized orthopedic surgeons are uniquely experienced in diagnosing and treating a wide variety of injuries and conditions affecting joints, muscles, bones, ligaments, and tendons. The practice serves many professional and amateur athletes but emphasizes exceptional care for patients from all walks of life across its six (6) Nashville and Franklin locations.
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SOURCE Elite Sports Medicine + Orthopedics | https://www.dakotanewsnow.com/prnewswire/2022/08/02/elite-sports-medicine-orthopedics-opens-new-brentwood-location/ | 2022-08-02T21:38:03Z | https://www.dakotanewsnow.com/prnewswire/2022/08/02/elite-sports-medicine-orthopedics-opens-new-brentwood-location/ | false |
DUBLIN, Aug. 2, 2022 /PRNewswire/ -- Aptiv PLC (NYSE: APTV), a global technology company focused on making mobility safer, greener, and more connected, will present at the J.P. Morgan 2022 Auto Conference, August 9 at 3:05 p.m. Eastern Time.
A simultaneous webcast will be available on the Aptiv Investor Relations website at ir.aptiv.com.
About Aptiv
Aptiv is a global technology company that develops safer, greener and more connected solutions enabling a more sustainable future of mobility. Visit aptiv.com.
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SOURCE Aptiv PLC | https://www.valleynewslive.com/prnewswire/2022/08/02/aptiv-present-jp-morgan-auto-conference/ | 2022-08-02T21:41:14Z | https://www.valleynewslive.com/prnewswire/2022/08/02/aptiv-present-jp-morgan-auto-conference/ | false |
NORTHBOROUGH, Mass., Aug. 2, 2022 /PRNewswire/ -- Aspen Aerogels, Inc. (NYSE: ASPN) ("Aspen" or the "Company"), a technology leader in sustainability and electrification solutions, today announced the appointment of James Sweetnam to its Board of Directors, increasing the size of the Board to eight members.
Jim previously served as the President and Chief Executive Officer, and a member of the board, of Dana Corporation, a Fortune 500 world leader in the design and manufacture of driveline components for light, medium and heavy-duty vehicle manufacturers in the automotive, commercial vehicle and off-highway markets. Prior to his tenure with Dana, Jim was Chief Executive Officer - Truck Group at Eaton Corporation, where he had also served as the Operations Vice President - Heavy-Duty Transmissions, Clutch and Aftermarket divisions, and as Vice President - General Manager of the Heavy-Duty Transmissions Division, all businesses he led. Prior to joining Eaton, Jim spent 10 years at Cummins, where he served as Vice President - Cummins Engine Company and Group Managing Director of Holset Engineering Co. Ltd., a Cummins subsidiary and manufacturer of turbochargers, headquartered in England. Prior to that, Jim served as President of Cummins Electronics Company. He has also held management positions with Canadian Liquid Air in Montreal and Calgary, Canada, and held engineering positions with Air Products and Chemicals in Allentown, Pa. and Sao Paulo, Brazil. He began his career as a civil engineer at Olko Engineering in New York, N.Y. Jim received his Bachelor of Science degree from the United States Military Academy at West Point and his MBA from Harvard Business School.
Jim presently serves on the Board of Directors of Republic Airlines, on which he is a member of its Audit and Finance Committee and its Nominating and Governance Committee. He also previously served on the Board of Directors of SunCoke Energy, Inc, as Chair of the Compensation Committee and Chair of the Nominating/Governance Committee and a member of its Audit Committee. Additionally, Jim has served on the Board of Directors of LMI, a private, not-for-profit providing specialized consulting to the federal government, where he served as Chair of its Audit and Finance Committee and a member of its Nominating and Governance Committee. From 2007 until its acquisition by Berkshire Hathaway in 2011, Jim served as an independent director of Lubrizol Corporation, a specialty chemicals company, and a member of its Audit, Nominating & Governance and Organization & Compensation Committees. Jim also served on the Board of Trustees for ideastream, the non-profit public radio, TV and multi-media organization serving northeast Ohio, from 2004 through 2009.
"Jim has an outstanding track record generated through decades of senior leadership and relevant industry experience that will greatly benefit Aspen Aerogels, particularly with respect to our partnerships with automotive OEM customers, where opportunities for growth continue to materialize at a rapid pace," said Donald R. Young, President and Chief Executive Officer. "I, and the members of our Board, welcome his addition as he brings increased depth and breadth of experience that represents a complementary skillset to our Board."
Jim commented, "I am very pleased to be joining Aspen Aerogels' Board at an exciting time in the Company's evolution as it looks to capture a significant opportunity in the electric vehicle market with its proven aerogel technology solutions. I am impressed by the Company's track record of success and innovative culture that provides compelling long-term growth opportunities. I look forward to applying my years of executive leadership and industry experience managing technology businesses to the work of the Board and driving value for Aspen's shareholders."
About Aspen Aerogels, Inc.
Aspen is a technology leader in sustainability and electrification solutions. The Company's aerogel technology enables its customers and partners to achieve their own objectives around the global megatrends of resource efficiency, e-mobility and clean energy. Aspen's PyroThin® products enable solutions to thermal runaway challenges within the electric vehicle ("EV") market. Aspen Battery Materials, the Company's carbon aerogel initiative, seeks to increase the performance of lithium-ion battery cells to enable EV manufacturers to extend the driving range and reduce the cost of EVs. Aspen's Spaceloft® products provide building owners with industry-leading energy efficiency and fire safety. The Company's Cryogel® and Pyrogel® products are valued by the world's largest energy infrastructure companies. Aspen's strategy is to partner with world-class industry leaders to leverage its Aerogel Technology Platform™ into additional high-value markets. Headquartered in Northborough, Mass., Aspen manufactures its products at its East Providence, R.I. facilities. For more information, please visit www.aerogel.com.
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SOURCE Aspen Aerogels, Inc. | https://www.valleynewslive.com/prnewswire/2022/08/02/aspen-aerogels-inc-appoints-james-sweetnam-board-directors/ | 2022-08-02T21:41:21Z | https://www.valleynewslive.com/prnewswire/2022/08/02/aspen-aerogels-inc-appoints-james-sweetnam-board-directors/ | false |
Southeastern US stares down icy, snowy weekend
(AP) — A storm that blanketed the South with snow Saturday had children eager to sled down hills, while grown-ups were warned to stay off slippery roads as officials worked to clear a mess of wrecks and downed power lines.
Nearly a foot of snow had fallen in parts of western North Carolina, and nearly 10 inches had fallen in some areas north of Memphis, Tenn. In Nashville, about a half-foot of snow was on the ground, the National Weather Service reported.
Jake Guthrie, manager of a Nashville Ace Hardware, pasted a "Sold Out of Sleds" sign at the entrance of the store after selling "several hundred" in the past two days. Workers had to tell a steady stream of callers that they wouldn't have any more sleds until Friday.
"But winter's not over yet," Guthrie said.
Few cars were on roads around the city, and most people seemed to be hunkered down indoors. Some ventured out on camouflage all-terrain vehicles usually reserved for hunting season.
The DuBose family was enjoying a second day of sledding on Nashville's outskirts.
"We ran over the dogs yesterday, so we left them at home today," said Jane DuBose, 47, as her two sons, ages 8 and 12, were sledding down the entrance ramp to a closed road.
In Smyrna, southeast of Nashville, a high school bowling tournament was postponed after snow and ice caused the roof to collapse at the bowling alley where it was to be held, according to the Tennessee Secondary School Athletic Association.
The weather also cut short a farewell celebration at the National Zoo in Washington for young panda Tai Shan, who will be flown to China on Thursday to become part of a breeding program.
The storm left roads icy and snowpacked across the South, and thousands were without power as ice accumulated. Although police said they had to clear hundreds of wrecks overnight, there were no deaths or serious injuries reported.
Will O'Halloran, publisher of City Social Magazine in Baton Rouge, La., got caught in the storm in both directions of his monthly trip to pick up the publication from a printer outside Louisville, Ky. At one point he thought his headlights were broken, only to find they were covered in ice.
"People are crazy out there," O'Halloran, 49, said over breakfast at a McDonald's outside Nashville. "Cars spinning, trailers jackknifed. I just tried to keep it at 40 mph and move along."
In mountainous western North Carolina, I-26 near Asheville and I-40 near Black Mountain were shut down Friday night after snow and icy roads caused multiple wrecks. Duke Energy reported about 35,000 outages in the state, mostly in the western mountains.
North Carolina Gov. Beverly Perdue declared a state of emergency Saturday, and 30 National Guard soldiers were standing by to help emergency crews. However, officials said the storm was not as bad as they had predicted.
States of emergency also were declared in Arkansas, Tennessee and parts of Virginia.
North Carolina Highway Patrol Trooper Gene Williams told the Citizen-Times of Asheville that 530 wrecks were reported overnight — including a snowplow that overturned — though no one was seriously hurt. Virginia State Police said they worked hundreds of calls overnight. As much as six inches of snow had fallen in southeastern parts of the state.
In Kentucky, the state transportation cabinet said in a news release that about 5 to 6 inches of snow had fallen in most of the state, with nearly a foot piling up closer to the Tennessee line.
In South Carolina, officials said the storm wasn't as bad as they had feared, but some residents scrambled to stores in preparation. In Landrum, in northern South Carolina, Travis Pittman told the Herald-Journal of Spartanburg he and his mother were stocking up on movies, gas for a generator, and "of course, milk and bread."
Temperatures around the region were forecast to remain low through the weekend.
Meanwhile, states in the storm's wake were uncovering from inches of snow and caked ice that fouled electricity to hundreds of thousands of customers.
Gov. Brad Henry requested a federal disaster declaration for all of Oklahoma after a massive storm left up to a half-inch of ice on trees and power lines. A spokeswoman for Public Service Co. of Oklahoma, Andrea Chancellor, said it could be five days before electricity is restored to all customers.
The storm has been blamed for the death of a 70-year-old Oklahoma woman in a propane explosion. The woman and her husband had apparently been using propane heaters to warm their house in Ada, Assistant Fire Chief Robby Johnson said. The woman, who was not identified, died and her husband was injured when a propane tank exploded Friday morning.
___
Associated Press writers Joyce Garcia in Chicago, Meg Kinnard in Columbia, S.C., and Michael Felberbaum in Richmond, Va., contributed to this report. | https://www.newsday.com/news/nation/southeastern-us-stares-down-icy-snowy-weekend-f15370 | 2022-08-02T21:41:58Z | https://www.newsday.com/news/nation/southeastern-us-stares-down-icy-snowy-weekend-f15370 | true |
Company reports net loss of ($0.08) per share; Adjusted net income of $0.01 per diluted share
THE WOODLANDS, Texas, Aug. 2, 2022 /PRNewswire/ -- Newpark Resources, Inc. (NYSE: NR) ("Newpark" or the "Company") today announced results for its second quarter ended June 30, 2022. Total revenues for the second quarter of 2022 were $194.1 million compared to $176.4 million for the first quarter of 2022 and $142.2 million for the second quarter of 2021. Net loss for the second quarter of 2022 was $7.8 million, or ($0.08) per share, compared to net income of $2.5 million, or $0.03 per diluted share, for the first quarter of 2022, and a net loss of $6.0 million, or ($0.07) per share, for the second quarter of 2021.
Adjusted net income for the second quarter of 2022 was $1.1 million, or $0.01 per diluted share. Second quarter 2022 results include $9.1 million of pre-tax charges ($8.8 million after-tax, $0.09 per share), including $8.9 million for the Industrial Blending segment primarily related to the impairment of assets, as well as exit and other costs associated with the Conroe, Texas industrial blending and warehouse facility. As previously announced, the Company shut down the Industrial Blending operations in March 2022 and is divesting of the assets.
Matthew Lanigan, Newpark's President and Chief Executive Officer, stated, "Our second quarter performance demonstrated progress in both of our businesses, with strong execution and improving market fundamentals contributing to a 10% sequential increase in revenues and continued improvement in EBITDA within our core business activities. Consolidated revenues were $194 million for the second quarter of 2022, delivering Adjusted EBITDA of $13.3 million.
"The Industrial Solutions segment revenues improved by 38% sequentially to $49 million in the second quarter, benefitting from $19 million in second quarter product sales, reflective of robust demand from the utilities sector, along with the benefit of a shift in delivery of certain first quarter orders into April. Rental and service revenues declined slightly from the prior quarter, as the strong start to the quarter was offset by the impact from the dry and warm weather pattern in the Southern U.S., as well as unanticipated delays in customer projects associated with various supply chain disruptions. The Industrial Solutions segment delivered $9.8 million of operating income and EBITDA of $15.1 million for the second quarter of 2022."
Lanigan continued, "The Fluids Systems segment revenues improved by 3% sequentially, as the seasonal pullback in Canada through Spring break-up was more than offset by solid revenue growth in U.S. land markets and a $5 million increase in the Gulf of Mexico. Outside of North America, revenues improved slightly to $49 million in the second quarter, with improvements from Asia Pacific and the start-up of the previously-disclosed project in Cyprus being mostly offset by lower activity in Kuwait and parts of Europe, as well as the impact of the strengthening U.S. dollar. Operating income and EBITDA for the Fluids Systems segment declined to $0.4 million and $4.3 million, respectively, with profitability negatively impacted by Spring break-up in Canada, a softer product mix, as well as an elevated operating loss in the Gulf of Mexico. The second quarter Gulf of Mexico result reflects a combination of incremental costs incurred to meet a tight deepwater project timeline, with unrelated operational issues ultimately leading the customer to delay and reduce the scope of the planned drilling project, and return unused inventory. The operating loss from our Gulf of Mexico operations increased approximately $1 million in the second quarter, overshadowing the solid progress we're making in other areas.
"Regarding cash flows, operating activities used cash of $26 million in the second quarter, primarily reflecting an increase in working capital. Inventories used $24 million of cash in the quarter, reflecting ongoing inflation in raw material costs, activity-driven increases, and increased vendor prepayments on purchases, as well as higher levels of contingency stocks to ensure our ability to deliver for our customers as drilling activity recovers. Our U.S. mineral grinding business and Gulf of Mexico operations contributed $10 million of the sequential increase in inventories. Receivables also used $11 million of cash in the quarter, as the impact from the higher revenues was partially offset by a meaningful improvement in receivable DSO's," added Lanigan. "Looking ahead, we expect revenues and income to strengthen and a return to positive operating cash flow generation in the third quarter, primarily benefitting from the stabilizing supply chain environment, the continued ramp-up of deferred projects in the EMEA region, and the seasonal recovery in Canada. We expect the robust market outlook across all facets of the energy sector, along with our ongoing portfolio actions to strengthen our Fluids Systems business, will provide a foundation for sustainable free cash flow generation over the longer-term. Additionally, our announced divestiture actions, as well as efforts to optimize investments within the Gulf of Mexico, provides the opportunity for more than $70 million of cash generation in the coming months, which can be redeployed to reduce our debt, accelerate investment in Industrial Solutions growth, and return value to shareholders."
U.S. Mineral Grinding Business Divestiture Update
As previously disclosed, in February 2022, the Company's Board of Directors approved management's plan to explore strategic options for the U.S. mineral grinding business. During the second quarter of 2022, the Company initiated a formal sales process, led by our third-party advisor PPHB. While market and other inherent uncertainties remain that could impact the timing or completion of a sale transaction, we currently anticipate completing a divestiture transaction in the fourth quarter of 2022. As of June 30, 2022, the U.S. mineral grinding business had $53 million of net capital employed, including $31 million of net working capital. The U.S. mineral grinding business is reported within the Fluids Systems segment.
Segment Change and Results
Our Industrial Blending segment (previously aggregated within the Industrial Solutions segment) began operations in 2020 and supported industrial end-markets, including the production of disinfectants and industrial cleaning products. As part of the previously announced exit plan approved by our Board of Directors in February 2022, we completed the wind down of the Industrial Blending business in the first quarter of 2022 and are currently pursuing the sale of the industrial blending and warehouse facility and related equipment located in Conroe, Texas. Beginning in the second quarter of 2022, the assets and operating results associated with our Industrial Blending operations have been reported as a separate segment for all periods presented.
The Industrial Solutions segment generated revenues of $48.9 million for the second quarter of 2022 compared to $35.4 million for the first quarter of 2022 and $43.3 million for the second quarter of 2021. Segment operating income was $9.8 million for the second quarter of 2022 compared to $6.4 million for the first quarter of 2022 and $11.3 million for the second quarter of 2021. Industrial Solutions operating income for the second quarter of 2021 included a $1.0 million gain related to a legal settlement.
The Fluids Systems segment generated revenues of $145.3 million for the second quarter of 2022 compared to $141.0 million for the first quarter of 2022 and $97.1 million for the second quarter of 2021. Segment operating income was $0.4 million for the second quarter of 2022 compared to operating income of $3.4 million for the first quarter of 2022 and an operating loss of $6.5 million for the second quarter of 2021.
The Industrial Blending segment generated no revenues in 2022, and $1.9 million for the second quarter of 2021. Segment operating loss was $8.9 million for the second quarter of 2022 compared to an operating loss of $0.9 million for the first quarter of 2022 and an operating loss of $1.2 million for the second quarter of 2021. The Industrial Blending operating loss for the second quarter of 2022 includes a $7.9 million non-cash charge for the impairment of the long-lived assets as well as exit and other costs related to the ongoing process to sell these assets.
Conference Call
Newpark has scheduled a conference call to discuss second quarter of 2022 results and its near-term operational outlook, which will be broadcast live over the Internet, on Wednesday, August 3, 2022 at 10:00 a.m. Eastern Time / 9:00 a.m. Central Time. To participate in the call, dial 412-902-0030 and ask for the Newpark Resources call at least 10 minutes prior to the start time, or access it live over the Internet at www.newpark.com. For those who cannot listen to the live call, a replay will be available through August 17, 2022 and may be accessed by dialing 201-612-7415 and using pass code 13731190#. Also, an archive of the webcast will be available shortly after the call at www.newpark.com for 90 days.
Newpark Resources, Inc. is a geographically diversified supplier providing environmentally-sensitive products, as well as rentals and services to a variety of industries, including oil and gas exploration, electrical transmission & distribution, pipeline, renewable energy, petrochemical, construction, and other industries. For more information, visit our website at www.newpark.com.
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical facts are forward-looking statements. Words such as "will," "may," "could," "would," "should," "anticipates," "believes," "estimates," "expects," "plans," "intends," and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying them. These statements are not guarantees that our expectations will prove to be correct and involve a number of risks, uncertainties, and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Newpark, particularly its Annual Report on Form 10-K for the year ended December 31, 2021, and its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, as well as others, could cause actual plans or results to differ materially from those expressed in, or implied by, these statements. These risk factors include, but are not limited to, risks related to the ongoing conflict between Russia and Ukraine; the COVID-19 pandemic; the worldwide oil and natural gas industry; our customer concentration and reliance on the U.S. exploration and production market; our international operations; operating hazards present in the oil and natural gas industry and substantial liability claims, including catastrophic well incidents; our contracts that can be terminated or downsized by our customers without penalty; our product offering expansion; our ability to attract, retain and develop qualified leaders, key employees and skilled personnel; the price and availability of raw materials; business acquisitions and capital investments; our market competition; technological developments and intellectual property in our industry; severe weather, natural disasters, and seasonality; our cost and continued availability of borrowed funds, including noncompliance with debt covenants; environmental laws and regulations; our legal compliance; the inherent limitations of insurance coverage; income taxes; cybersecurity breaches or business system disruptions; our restructuring activities; activist stockholders that may attempt to effect changes at our Company or acquire control over our Company; our ability to maintain compliance with the New York Stock Exchange's continued listing requirements; and our amended and restated bylaws, which could limit our stockholders' ability to obtain what such stockholders believe to be a favorable judicial forum for disputes with us or our directors, officers or other employees. We assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities laws. Newpark's filings with the Securities and Exchange Commission can be obtained at no charge at www.sec.gov, as well as through our website at www.newpark.com.
Newpark Resources, Inc.
Non-GAAP Reconciliations
(Unaudited)
To help understand the Company's financial performance, the Company has supplemented its financial results that it provides in accordance with generally accepted accounting principles ("GAAP") with non-GAAP financial measures. Such financial measures include Adjusted Net Income (Loss), Adjusted Net Income (Loss) Per Common Share, earnings before interest, taxes, depreciation and amortization ("EBITDA"), Adjusted EBITDA, Free Cash Flow, EBITDA Margin, Net Debt, and the Ratio of Net Debt to Capital.
We believe these non-GAAP financial measures are frequently used by investors, securities analysts and other parties in the evaluation of our performance and liquidity with that of other companies in our industry. Management uses these measures to evaluate our operating performance, liquidity and capital structure. In addition, our incentive compensation plan measures performance based on our consolidated EBITDA, along with other factors. The methods we use to produce these non-GAAP financial measures may differ from methods used by other companies. These measures should be considered in addition to, not as a substitute for, financial measures prepared in accordance with GAAP.
Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Common Share
The following tables reconcile the Company's net income (loss) and net income (loss) per common share calculated in accordance with GAAP to the non-GAAP financial measures of adjusted net income (loss) and adjusted net income (loss) per common share:
EBITDA and Adjusted EBITDA
The following tables reconcile the Company's net income (loss) calculated in accordance with GAAP to the non-GAAP financial measures of EBITDA and Adjusted EBITDA:
Free Cash Flow
The following table reconciles the Company's net cash provided by (used in) operating activities calculated in accordance with GAAP to the non-GAAP financial measure of free cash flow:
Newpark Resources, Inc.
Non-GAAP Reconciliations (Continued)
(Unaudited)
EBITDA Margin
The following tables reconcile the Company's segment operating income (loss) calculated in accordance with GAAP to the non-GAAP financial measures of EBITDA and EBITDA Margin:
Newpark Resources, Inc.
Non-GAAP Reconciliations (Continued)
(Unaudited)
Ratio of Net Debt to Capital
The following table reconciles the Company's ratio of total debt to capital calculated in accordance with GAAP to the non-GAAP financial measure of ratio of net debt to capital:
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SOURCE Newpark Resources, Inc. | https://www.wbtv.com/prnewswire/2022/08/02/newpark-resources-reports-second-quarter-2022-results/ | 2022-08-02T21:42:51Z | https://www.wbtv.com/prnewswire/2022/08/02/newpark-resources-reports-second-quarter-2022-results/ | false |
- Net income of $370.4 million ($1.83 per diluted common share) for the second quarter of 2022; after-tax adjusted operating income was $386.6 million ($1.91 per diluted common share).
- Results reflect improving trend in COVID-related mortality impacts, strong operating performance, and favorable sales and premium trends in core business segments.
- Strong balance sheet and liquidity with holding company liquidity of $1.2 billion and weighted average risk-based capital ratio of approximately 415 percent.
- Full-year 2022 outlook increased; after-tax adjusted operating income per share now expected to grow 40 percent to 45 percent relative to full-year 2021, compared to the previous outlook of an increase of 15 percent to 20 percent.
- Book value per common share of $48.47 declined 9.5 percent over the year-ago quarter; book value per common share excluding accumulated other comprehensive income (loss) (AOCI) grew 9.2 percent over the year-ago quarter to $57.32.
CHATTANOOGA, Tenn., Aug. 2, 2022 /PRNewswire/ -- Unum Group (NYSE: UNM) today reported net income of $370.4 million ($1.83 per diluted common share) for the second quarter of 2022, compared to net income of $182.9 million ($0.89 per diluted common share) for the second quarter of 2021.
Included in net income for the second quarter of 2022 are the after-tax amortization of the cost of reinsurance of $13.1 million ($0.06 per diluted common share) and a net after-tax investment loss on the Company's investment portfolio of $3.1 million ($0.02 per diluted common share). Included in net income for the second quarter of 2021 are after-tax costs related to the early retirement of debt of $53.2 million ($0.26 per diluted common share), an after-tax impairment loss on the right-of-use (ROU) asset related to one of our operating leases for office space that we are no longer using to support our general operations of $11.0 million ($0.05 per diluted common share), the net tax expense related to a U.K. tax rate increase of $24.2 million ($0.12 per diluted common share), the after-tax amortization of the cost of reinsurance of $15.5 million ($0.08 per diluted common share), as well as a net after-tax investment gain on the Company's investment portfolio of $0.6 million ($0.01 per diluted common share). Excluding the items above, after-tax adjusted operating income was $386.6 million ($1.91 per diluted common share) in the second quarter of 2022, compared to $286.2 million ($1.39 per diluted common share) in the second quarter of 2021.
"Our strong second quarter results were driven by continued growth in premium income across our core business segments and positive benefits experience," said Richard P. McKenney, president and chief executive officer. "The current business environment remains favorable, and our capital strength provides continued financial flexibility. These factors, combined with our team's consistent execution, enable us to increase our outlook for growth in 2022."
RESULTS BY SEGMENT
We measure and analyze our segment performance on the basis of "adjusted operating income" or "adjusted operating loss", which differ from income before income tax as presented in our consolidated statements of income due to the exclusion of investment gains and losses, amortization of cost of reinsurance, and certain other items. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for income before income tax or net income.
Unum US Segment
Unum US reported adjusted operating income of $295.4 million in the second quarter of 2022, an increase of 64.8 percent from $179.3 million in the second quarter of 2021. Premium income increased 3.3 percent to $1,572.3 million in the second quarter of 2022, compared to $1,522.1 million in the second quarter of 2021. Net investment income decreased 8.6 percent to $167.8 million in the second quarter of 2022, compared to $183.6 million in the second quarter of 2021.
Within the Unum US operating segment, the group disability line of business reported a 79.5 percent increase in adjusted operating income to $107.5 million in the second quarter of 2022, compared to $59.9 million in the second quarter of 2021. Premium income for the group disability line of business increased 5.1 percent to $706.5 million in the second quarter of 2022, compared to $672.2 million in the second quarter of 2021 due primarily to in-force block growth, favorable persistency, and higher sales across all product lines. Net investment income decreased 6.9 percent to $87.5 million in the second quarter of 2022, compared to $94.0 million in the second quarter of 2021, driven by lower miscellaneous investment income and a decrease in the yield on invested assets. The benefit ratio for the second quarter of 2022 was 66.4 percent, compared to 74.7 percent in the second quarter of 2021, due primarily to favorable claim recoveries in the group long-term disability product line as well as lower claims incidence in both the group short-term and long-term disability product lines. Group long-term disability sales were $63.2 million in the second quarter of 2022, an increase of 50.5 percent from $42.0 million in the second quarter of 2021. Group short-term disability sales were $36.3 million in the second quarter of 2022, an increase of 16.3 percent from $31.2 million in the second quarter of 2021. Persistency in the group long-term disability product line was 90.9 percent for the first half of 2022, compared to 90.1 percent for the first half of 2021. Persistency in the group short-term disability product line was 89.2 percent for the first half of 2022, compared to 87.2 percent for the first half of 2021.
The group life and accidental death and dismemberment line of business reported an adjusted operating income of $67.3 million in the second quarter of 2022, compared to $5.2 million in the second quarter of 2021. Premium income for this line of business increased 1.5 percent to $463.4 million in the second quarter of 2022, compared to $456.6 million in the second quarter of 2021 driven by in-force block growth, partially offset by lower persistency. Net investment income decreased 7.4 percent to $24.9 million in the second quarter of 2022, compared to $26.9 million in the second quarter of 2021, due to lower miscellaneous investment income, partially offset by a higher level of invested assets. The benefit ratio in the second quarter of 2022 was 70.7 percent, compared to 85.2 percent in the second quarter of 2021, largely due to lower mortality in the group life product line, resulting primarily from lessening impacts of COVID-19 on our insured population. Sales of group life and accidental death and dismemberment products increased 20.7 percent in the second quarter of 2022 to $77.0 million, compared to $63.8 million in the second quarter of 2021. Persistency in the group life product line was 89.4 percent for the first half of 2022, compared to 90.1 percent for the first half of 2021. Persistency in the accidental death and dismemberment product line was 88.2 percent for the first half of 2022, compared to 89.6 percent for the first half of 2021.
The supplemental and voluntary line of business reported an increase of 5.6 percent in adjusted operating income to $120.6 million in the second quarter of 2022, compared to $114.2 million in the second quarter of 2021. Premium income for the supplemental and voluntary line of business increased 2.3 percent to $402.4 million in the second quarter of 2022, compared to $393.3 million in the second quarter of 2021, with growth across all product lines due primarily to generally favorable persistency and higher sales. Net investment income decreased 11.6 percent to $55.4 million in the second quarter of 2022, compared to $62.7 million in the second quarter of 2021, due primarily to lower miscellaneous investment income, a decline on yield on invested assets, and a decrease in the level of invested assets. The benefit ratio for the voluntary benefits product line was 40.8 percent in the second quarter of 2022, compared to 44.2 percent for the second quarter of 2021, due primarily to favorable claims experience in the critical illness product line. The benefit ratio for the individual disability product line was 41.3 percent for the second quarter of 2022, compared to 48.4 percent for the second quarter of 2021, due primarily to lower claims activity. The benefit ratio for the dental and vision product line was 72.9 percent for the second quarter of 2022, compared to 77.1 percent for the second quarter of 2021, due primarily to lower claims incidence. Relative to the second quarter of 2021, sales in the voluntary benefits product line increased 23.6 percent in the second quarter of 2022 to $54.0 million. Sales in the individual disability product line increased 25.5 percent in the second quarter of 2022 to $18.7 million. Sales in the dental and vision product line totaled $12.9 million for the second quarter of 2022, a decrease of 0.8 percent compared to the second quarter of 2021. Persistency in the voluntary benefits product line was 75.8 percent for the first half of 2022, compared to 74.5 percent for the first half of 2021. Persistency in the individual disability product line was 89.4 percent for the first half of 2022, compared to 89.0 percent for the first half of 2021. Persistency in the dental and vision product line was 82.0 percent for the first half of 2022, compared to 86.6 percent for the first half of 2021.
Unum International
The Unum International segment reported adjusted operating income of $24.9 million in the second quarter of 2022, an increase of 0.4 percent from $24.8 million in the second quarter of 2021. Premium income decreased 2.2 percent to $179.4 million in the second quarter of 2022, compared to $183.5 million in the second quarter of 2021. Net investment income increased 42.3 percent to $50.8 million in the second quarter of 2022, compared to $35.7 million in the second quarter of 2021. Sales increased 8.2 percent to $35.8 million in the second quarter of 2022, compared to $33.1 million in the second quarter of 2021. For the second quarter of 2022, Unum International results were unfavorably impacted by fluctuations in the British pound sterling to U.S. dollar exchange rate relative to the second quarter of 2021.
The Unum UK line of business reported adjusted operating income, in local currency, of £19.3 million in the second quarter of 2022, an increase of 14.9 percent from £16.8 million in the second quarter of 2021. Premium income was £125.0 million in the second quarter of 2022, an increase of 8.6 percent from £115.1 million in the second quarter of 2021, due to in-force block growth. Net investment income was £39.2 million in the second quarter of 2022, an increase of 61.3 percent from £24.3 million in the second quarter of 2021, due primarily to higher investment income from inflation index-linked bonds. The benefit ratio in the second quarter of 2022 was 89.7 percent, compared to 82.5 percent in the second quarter of 2021, due to higher inflation-linked experience in benefits, lower claim terminations in the group long-term disability product line, and higher claim incidence in our group critical illness product line. Sales increased 20.3 percent to £25.5 million in the second quarter of 2022, compared to £21.2 million in the second quarter of 2021. Persistency in the group long-term disability product line was 87.4 percent for the first half of 2022, compared to 89.4 percent for the first half of 2021. Persistency in the group life product line was 88.1 percent for the first half of 2022, compared to 84.3 percent for the first half of 2021. Persistency in the supplemental product line was 91.5 percent for the first half of 2022, compared to 89.2 percent for the first half of 2021.
Colonial Life Segment
Colonial Life reported a 5.5 percent increase in adjusted operating income to $101.1 million in the second quarter of 2022, compared to $95.8 million in the second quarter of 2021. Premium income increased 1.9 percent to $427.6 million in the second quarter of 2022, compared to $419.7 million in the second quarter of 2021, due to higher sales in prior periods and higher overall persistency. Net investment income decreased 7.0 percent to $38.7 million in the second quarter of 2022, compared to the $41.6 million in the second quarter of 2021, due to lower miscellaneous investment income and a decline in the yield on invested assets, partially offset by an increase in the level of invested assets. The benefit ratio was 47.6 percent in the second quarter of 2022, compared to 51.7 percent in the second quarter of 2021, due primarily to favorable claim experience across all products.
Sales increased 6.4 percent to $118.2 million in the second quarter of 2022, compared to $111.1 million in the second quarter of 2021. Persistency in Colonial Life was 78.6 percent for the first half of 2022, compared to 78.3 percent for the first half of 2021.
Closed Block Segment
The Closed Block segment reported adjusted operating income of $79.3 million in the second quarter of 2022, compared to $111.2 million in the second quarter of 2021. Excluded from adjusted operating income for the second quarter of 2022 and 2021 is the amortization of the cost of reinsurance related to the Closed Block individual disability reinsurance transaction of $16.6 million and $19.7 million, respectively. Premium income for this segment decreased 4.5 percent to $238.0 million in the second quarter of 2022, compared to $249.1 million in the second quarter of 2021, due to policy terminations and maturities, partially offset by rate increases. Net investment income decreased 1.1 percent to $291.5 million in the second quarter of 2022, compared to $294.7 million in the second quarter of 2021, due to a decline in the yield on invested assets and lower miscellaneous investment income, partially offset by an increase in the level of invested assets.
The interest adjusted loss ratio for the long-term care line of business was 85.9 percent in the second quarter of 2022, compared to an interest adjusted loss ratio of 74.6 percent in the second quarter of 2021, driven by lower claim terminations. The interest adjusted loss ratio for long-term care for the rolling twelve months ended June 30, 2022, excluding the reserve increase of $2.1 million related to the assumption updates in the third quarter of 2021, was 78.3 percent which is below our long-term expected range. The interest adjusted loss ratio for the individual disability line of business was 79.5 percent in the second quarter of 2022, compared to 69.6 percent in the second quarter of 2021, due primarily to volatility as a result of the relatively small amount of business retained.
Corporate Segment
The Corporate segment reported an adjusted operating loss of $36.9 million in the second quarter of 2022, compared to an adjusted operating loss of $48.5 million in the second quarter of 2021, which excludes the before-tax cost related to the early retirement of debt of $67.3 million and the before-tax impairment loss on the ROU asset of $13.9 million.
OTHER INFORMATION
Shares Outstanding
The Company's weighted average number of shares outstanding, assuming dilution, was 202.4 million for the second quarter of 2022, compared to 205.3 million for the second quarter of 2021. Shares outstanding totaled 200.2 million at June 30, 2022. During the second quarter of 2022, the final settlement of the accelerated share repurchase agreement executed in the first quarter of 2022 was completed with the delivery to us of approximately 0.4 million shares at a cost of $12.5 million. In addition, the Company repurchased approximately 1.4 million shares in open market transactions at a cost of approximately $44.9 million. For the first half of 2022, the Company has repurchased approximately 3.1 million shares at a cost of $94.9 million.
Capital Management
At June 30, 2022, the weighted average risk-based capital ratio for the Company's traditional U.S. insurance companies was approximately 415 percent, and the holding companies had available holding company liquidity of $1,177.0 million.
Book Value
Book value per common share as of June 30, 2022 was $48.47, compared to $53.57 at June 30, 2021. Book value per common share excluding AOCI as of June 30, 2022 was $57.32, compared to $52.49 at June 30, 2021.
Outlook
The Company expects positive operating trends in our core business during 2022, with solid premium growth and improving claim experience as impacts from COVID-19 lessen. The Company also anticipates an increase in after-tax adjusted operating income per share of 40 percent to 45 percent relative to full-year 2021, compared to its previous outlook of an increase of 15 percent to 20 percent. The increased expectation reflects the Company's strong first half performance and an improved outlook for the balance of 2022.
NON-GAAP FINANCIAL MEASURES
We analyze our performance using non-GAAP financial measures. A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP financial measure of "after-tax adjusted operating income" differs from net income as presented in our consolidated operating results and income statements prepared in accordance with GAAP due to the exclusion of investment gains or losses and the amortization of the cost of reinsurance as well as certain other items as specified in the reconciliations in the Financial Highlights section below. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. We believe after-tax adjusted operating income is a better performance measure and better indicator of the profitability and underlying trends in our business.
Investment gains or losses depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our segments. Our investment focus is on investment income to support our insurance liabilities as opposed to the generation of investment gains or losses. Although we may experience investment gains or losses which will affect future earnings levels, a long-term focus is necessary to maintain profitability over the life of the business since our underlying business is long-term in nature, and we need to earn the interest rates assumed in calculating our liabilities.
We have exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021, respectively. As a result, we exclude the amortization of the cost of reinsurance that was recognized upon the exit of the business related to the ceded reserves for the cohort of policies on claim status. We believe that the exclusion of the amortization of the cost of reinsurance provides a better view of our results from our ongoing businesses.
We may at other times exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of our overall profitability.
CONFERENCE CALL INFORMATION
Members of Unum Group senior management will host a conference call on Wednesday, August 3, at 8:00 a.m. (Eastern Time) to discuss the results of operations for the second quarter. Topics may include forward-looking information, such as the Company's outlook on future results, trends in operations, and other material information.
The dial-in number for the conference call is 1-844-200-6205 for callers in the U.S. (access code 573667). For callers in Canada the dial-in is 1-833-950-0062 (access code 573667). For all other callers, the dial-in number is 1-929-526-1599 (access code 573667). A live webcast of the call will also be available at www.investors.unum.com in a listen-only mode. It is recommended that webcast viewers access the Investors section of the Company's website and opt-in to the webcast approximately 10 minutes prior to the start of the call. A replay of the webcast will be available on the Company's website, and will be available through Wednesday, August 10 by dialing 1-866-813-9403 (U.S.), 1-226-828-7578 (Canada), 0204-525-0658 (U.K. local), or +44-204-525-0658 (All Other Locations) - access code 951720.
In conjunction with today's earnings announcement, the Company's Statistical Supplement for the second quarter of 2022 is available on the Investors section of the Company's website.
ABOUT UNUM GROUP
Unum Group (www.unum.com) an international provider of workplace benefits and services, has been helping workers and their families for more than 170 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, vision and stop-loss insurance; leave and absence management support and behavioral health services. In 2021, Unum reported revenues of $12.0 billion and paid $8.2 billion in benefits. The Fortune 250 company is one of the 2022 World's Most Ethical Companies, recognized by Ethisphere®.
For more information, connect with us on Facebook (www.facebook.com/unumbenefits), Twitter (www.twitter.com/unumnews) and LinkedIn (www.linkedin.com/company/unum).
SAFE HARBOR STATEMENT
Certain information in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments and speak only as of the date made. These forward-looking statements, including statements about anticipated growth in after-tax adjusted operating income per share, are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. The following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements: (1) the impact of COVID-19 on our business, financial position, results of operations, liquidity and capital resources, and overall business operations; (2) sustained periods of low interest rates; (3) fluctuation in insurance reserve liabilities and claim payments due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and developments in medical treatments, the effectiveness of our claims operational processes, and changes in governmental programs; (4) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity; (5) changes in, or interpretations or enforcement of laws and regulations; (6) our ability to hire and retain qualified employees; (7) a cyber attack or other security breach could result in the unauthorized acquisition of confidential data; (8) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cyber attack, or other event; (9) investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities; (10) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (11) changes in our financial strength and credit ratings; (12) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (13) actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving; (14) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (15) ability to generate sufficient internal liquidity and/or obtain external financing; (16) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (17) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; (18) effectiveness of our risk management program; (19) contingencies and the level and results of litigation; (20) ineffectiveness of our derivatives hedging programs due to changes in the economic environment, counterparty risk, ratings downgrades, capital market volatility, changes in interest rates, and/or regulation; (21) fluctuation in foreign currency exchange rates; and (22) our ability to meet environment, social, and governance standards and expectations of investors, regulators, customers, and other stakeholders.
For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A "Risk Factors" of our annual report on Form 10-K for the year ended December 31, 2021. The forward-looking statements in this news release are being made as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statement contained herein, even if made available on our website or otherwise.
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SOURCE Unum Group | https://www.dakotanewsnow.com/prnewswire/2022/08/02/unum-group-reports-second-quarter-2022-results/ | 2022-08-02T21:43:46Z | https://www.dakotanewsnow.com/prnewswire/2022/08/02/unum-group-reports-second-quarter-2022-results/ | false |
ATLANTA , Aug. 2, 2022 /PRNewswire/ -- Today, Clark Atlanta University's (CAU) Executive Leadership Institute and higher education stakeholders announced that its accepting applications for the 2023 Community of Fellows for the HBCU Executive Leadership Institute (ELI) at CAU. Since its launch in 2021, HBCU ELI has seen an increase in the number of applications, including candidates from a variety of industries ranging from education and finance to marketing and law. The growth signifies the relevancy of ELI's curriculum amid the pandemic and included the most diverse executive leadership cohort in history.
The Executive Leadership Institute is a 12-month leadership development program at Clark Atlanta University. Through interactive learning sessions with ELI faculty and discussion with education practitioners, each will build networks and develop management and leadership skills for immediate application, with the goal of advancing equity in educational outcomes for all students.
Since 2021, more than one hundred and fifty candidates applied to join the prestigious group. Over 90% of whom have an existing HBCU affiliation as alums and or administrators. Each year, ELI selects 20-30 qualified candidates.
The groundbreaking initiative continues to serve as an incubator for recruiting and developing the future presidents of over 100 Historically Black Colleges and Universities (HBCUs). The first program of its kind, ELI is preserving and strengthening HBCUs as a hub for education, opportunity and uplift in the Black community. The effort is supported by multiple donors, including the Chan Zuckerberg Institute, ECMC, and the Rich Foundation, Bank of America, UMC, among others.
Since 2021, some of the following ELI fellows have accepted promotions/appointments:
- Dr. Rochelle Ford appointed President of Dillard University. Former Dean, School of Communications at Elon University
- Dr. Josiah Sampson, promoted to Vice President for Enrollment Management at Jackson State University
- Dr. Keith Hargrove appointed Provost & Sr. VP for Academic Affairs, Tuskegee University. Former Dean, College of Engineer, Tennessee State University.
- Dr. Kara Brown appointed Assistant Vice Chancellor for Student Affairs at University of Arkansas (UA) Little Rock. Former Dean of Student Life/Dean of Student Activities, UA Pine Bluff.
- Dr. Letizia Gambrell-Boone appointed Vice President for Student Affairs. Former Director, Research Initiative and Public Hearings.
- Dr. Zakiya Brown promoted to Vice President of Student Affairs and Enrollment Management at Lincoln University of Missouri. Former CSAO/Dean of Students, Title IX Coordinator and Chief Diversity Officer.
- Dr. Braque Talley promoted by Alabama A&M University (AAMU) named as its next Vice-President for Student Affairs. Former Vice Chancellor, University of Arkansas at Pine Bluff.
- Dr. Michael J. Self, Sr. selected as Provost and Vice President of Academic Affairs at Lincoln University of Missouri. Former Assistant Provost and Dean, Metropolitan State University
ELI's robust curriculum equips fellows with the tools and insights to effectively lead an HBCU. This includes operations, budgeting, alumni relations, fundraising and development, as well as board governance and human resource management. The new 2023 cohort will participate in both virtual and in-person classes to help better equip them to fill vacant HBCU presidencies and other executive leadership positions.
"HBCUs are critical to our macroeconomy as cognitive diversity is key to global innovation" said Dr. George T. French Jr., President of Clark Atlanta University. "Through the ELI at CAU, we've established a reputation as a premier pipeline for the next generation of higher education leaders who take a thoughtful, modern approach to education innovation."
The Executive Leadership Program leverages the expertise of outstanding practitioners, including members of the HBCU ELI Advisory Board and the Council of HBCU Past Presidents, each of whom partners with ELI faculty (current and past presidents) to bring their leadership experience into the program.
According to UNCF (7/2022), HBCUs account for just 3% of US higher education institutions yet educate 10% of all Black college students.; graduate 80% of Black judges, 50% of Black doctors, and 50% of Black lawyers in the US; and award 24% of all bachelor's degrees received by African Americans in science, technology, engineering and mathematics (STEM) fields.
"The first community of fellows learned and connected in a manner that is unprecedented for executive programs, largely in part to the work of our amazing leadership team," said Dr. Phyllis Worthy Dawkins, Executive Director of the HBCU ELI at CAU and former President of Bennett College. "This unique curriculum was designed specifically for HBCUs, and we look forward to seeing the fruits of our labor. HBCUs matter today — now more than ever."
The Institute is currently accepting highly qualified applications through October 19, 2022 for the class of 2023 ELI at CAU. For program updates visit https://www.cau.edu/school-of-education/HBCU-Executive-Leadership-Institute/index.html. Join the conversation on social media @hbcueli and #hbcueli.
ELI at CAU equips high-potential leaders with tools and strategies that support the education and business goals of more than 100 Historically Black Colleges and Universities (HBCUs). Through ELI at CAU, the ability of HBCUs to survive and thrive is improved. In addition to granting thousands of degrees each year, HBCUs also boast illustrious alumni like Martin Luther King, Jr., Oprah Winfrey, and Vice President Kamala Harris, among others. For more information, join the conversation on social media @hbcueli; #hbcueli.
Established in 1988 by the historic consolidation of Atlanta University (1865) and Clark College (1869), Clark Atlanta University continues a 150-year legacy rooted in African American tradition and focused on the future. Through global innovation, educational experiences, and high-value engagement, CAU cultivates lifted lives that transform the world. Notable alumni include: James Weldon Johnson; American civil rights activist, poet, and songwriter (Lift Every Voice and Sing "The Black National Anthem"; Ralph David Abernathy Sr., American civil rights activist; Congressman Hank Johnson, Georgia District 4; Kenya Barris, American award-winning television and movie producer; Kenny Leon, Tony Award-winning Broadway Director; Jacque Reid, Emmy Award-winning Television Personality and Journalist; Brandon Thompson, Vice President of Diversity and Inclusion for NASCAR; Valeisha Butterfield Jones, Chief Diversity and Inclusion Officer at the Recording Academy. To learn more about Clark Atlanta University, visit cau.edu.
Media Contacts:
Cecilia Cheeks for ELI
cecilia@cecintelpr.com
404-909-9540
Jolene Butts Freeman, for CAU
jbutts-freeman@cau.edu
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SOURCE Clark Atlanta University (CAU) Executive Leadership Institute | https://www.valleynewslive.com/prnewswire/2022/08/02/hbcu-executive-leadership-institute-cau-announces-its-accepting-applications-2023-community-fellows/ | 2022-08-02T21:44:46Z | https://www.valleynewslive.com/prnewswire/2022/08/02/hbcu-executive-leadership-institute-cau-announces-its-accepting-applications-2023-community-fellows/ | true |
MAUMEE, Ohio (AP) _ The Andersons Inc. (ANDE) on Tuesday reported second-quarter profit of $79.8 million.
The Maumee, Ohio-based company said it had profit of $2.32 per share. Earnings, adjusted for one-time gains and costs, came to $2.39 per share.
The agriculture company posted revenue of $4.45 billion in the period.
Andersons shares have decreased 5% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $36.74, an increase of 39% 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 ANDE at https://www.zacks.com/ap/ANDE | https://www.seattlepi.com/business/article/Andersons-Q2-Earnings-Snapshot-17346325.php | 2022-08-02T21:44:47Z | https://www.seattlepi.com/business/article/Andersons-Q2-Earnings-Snapshot-17346325.php | true |
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By MICHAEL LIEDTKE and MICHELLE CHAPMAN
Uber’s effort to meld its pioneering ride-hailing service with food and freight delivery showed progress during the past quarter even though the company sustained a huge loss stemming from a sharp decline in its outside investments.
Looking past Uber’s second-quarter loss of $2.6 billion announced Tuesday, Wall Street celebrated a significant milestone that raised hopes that Uber is on the verge of becoming a self-sustaining business.
The good news arrived Tuesday in the form of a key metric known as free cash flow. Uber generated $382 million in cash during the April-June period, the first quarter in the company’s 13-year history that it didn’t hemorrhage money.
Uber has now been profitable for four consecutive quarters under a financial yardstick called EBIDTA, or “adjusted earnings before interest, taxes, depreciation and amortization.”
By that measure, Uber earned $364 million during the second quarter, breezing past industry analyst projections of $277 million, according to FactSet Research.
Uber still sustained a massive loss that translated into $1.33 per share primarily caused by declines in Uber’s stake in Aurora, a self-driving car company, and a Singapore transportation service called Grab.
CEO Dara Khosrowshahi said Tuesday that he is confident the company will build upon its momentum and possibly surpass a previously set goal of generating $1 billion in free cash flow annually.
Khosrowshahi said he now believes Uber is in its strongest position since he was hired as the company’s top executive nearly five years ago. Khosrowshahi took over after co-founder Travis Kalanick was pushed out amid a series of scandals, from sexual harassment claims and cover-ups, to allegations of .
Shares of Uber Technologies Inc., based in San Francisco, jumped nearly 19% to close Tuesday at $29.25. The stock is still down by 30% this year, and far below its peak of about $64 reached early last year.
The downturn largely reflects ongoing skepticism about whether Uber will be able to keep charging high enough prices for rides and food delivery to consistently make money over the long term. Through most of its history, Uber had been able to lure customers to its services with low prices that were subsidized by the billions of dollars that it raised from venture capitalists and other investors before becoming a publicly traded company in 2019.
Less than a year later, the pandemic hit and demand evaporated as government lockdowns corralled millions at home and people stopped driving.
Uber’s ride-hailing service has now surpassed its pre-pandemic levels, even though Khosrowshahi told analysts Tuesday that demand remains suppressed in several major U.S. cities such as San Francisco, Los Angeles and Seattle where large numbers of people continue to work remotely.
Elsewhere, passengers are returning to Uber in droves and appear willing to pay for the higher fares that the service is charging even in the face of .
Passengers took a total of 1.87 billion trips on Uber during the spring and early summer, a 24% increase compared with the same time last year. That’s about 21 million trips per day, on average. The volume also surpassed the 1.68 billion passenger trips that Uber provided during the second quarter of 2019 before the pandemic upended everything.
Wedbush Securities analyst Daniel Ives said the second quarter suggests Uber can “produce profits while navigating inflationary pressures and pockets of driver shortages that still linger in some cities.”
The surge in ridership helped Uber more than double its revenue from the same time last year to nearly $8.1 billion.
Uber’s higher fares and other incentives are making driving for the service a more attractive option, too. Drivers who work exclusively for the ride-hailing service are now making about $37 per hour while those that also spend some of the time on the food delivery side. | https://www.timesleader.com/wire/nation-world/1568388/ubers-stock-surges-on-positive-trends-despite-big-q2-loss | 2022-08-02T21:45:38Z | https://www.timesleader.com/wire/nation-world/1568388/ubers-stock-surges-on-positive-trends-despite-big-q2-loss | true |
Pronghorn license deadline is Wednesday
Published: Aug. 2, 2022 at 4:12 PM CDT|Updated: 32 minutes ago
MINOT, N.D. (KMOT) – The deadline to apply for the 2022 pronghorn license is Wednesday, Aug. 3.
Only North Dakota residents are eligible to apply for a pronghorn license.
The license fee is $30 for 16 years and older, and $10 for those under 16.
Applicants must be twelve years of age on or before Dec. 31.
To submit your application, click here.
Copyright 2022 KFYR. All rights reserved. | https://www.kfyrtv.com/2022/08/02/pronghorn-license-deadline-is-wednesday/ | 2022-08-02T21:46:40Z | https://www.kfyrtv.com/2022/08/02/pronghorn-license-deadline-is-wednesday/ | true |
LONDON (AP) — Britain’s Supreme Court on Tuesday refused to prevent a hospital withdrawing life support from a 12-year-old boy with catastrophic brain damage, rejecting a bid by his parents to extend his treatment.
The parents of Archie Battersbee had aske Supreme Court justices to block a lower court’s ruling that the Royal London Hospital can turn off the boy’s ventilator and stop other interventions that are keeping him alive.
Archie’s treatment had been due to end at noon Tuesday, but the hospital said it would await the decision of the Supreme Court.
Justices at the U.K.’s top court said Archie had “no prospect of any meaningful recovery,” and even with continued treatment would die in the next few weeks from organ and heart failure. The judges agreed with a lower court that continuing treatment “serves only to protract his death.”
Archie’s mother, Hollie Dance, said the family would “fight until the end,” but it was unclear what legal options they have left.
Archie was found unconscious at home with a ligature over his head on April 7. His parents believe he may have been taking part in an online challenge that went wrong.
Doctors believe Archie is brain-stem dead and say continued life-support treatment is not in his best interests. Several British courts have agreed.
The family appealed to the U.N. Committee on the Rights of Persons with Disabilities, and wanted the withdrawal of treatment put on hold while the committee examines the case.
“We do not understand what the rush is and why all of our wishes are being denied,” Dance said.
The case is the latest in the U.K. that has pitted the judgment of doctors against the wishes of families. In several cases, including this one, the families have been backed by a religious pressure group, Christian Concern.
Under British law, it is common for courts to intervene when parents and doctors disagree on the treatment of a child. In such cases, the rights of the child take primacy over the parents’ right to decide what’s best for their offspring.
On Monday, the Court of Appeal said that “every day that (Archie) continues to be given life-sustaining treatment is contrary to his best interests and, so, a stay, even for a short time, is against his best interests.”
A panel of three Supreme Court judges said it could only overturn that ruling “if it is satisfied that the Court of Appeal has made an error of law or principle.” It said it “is not persuaded that there is an arguable case that the Court of Appeal has so erred.”
“The panel reaches this conclusion with a heavy heart and wishes to extend its deep sympathy to Archie’s parents at this very sad time,” the court said. | https://www.kxnet.com/news/health/ap-health/family-asks-uks-top-court-to-intervene-in-life-support-case/ | 2022-08-02T21:47:48Z | https://www.kxnet.com/news/health/ap-health/family-asks-uks-top-court-to-intervene-in-life-support-case/ | true |
ODESSA, Texas (KMID/KPEJ)- A suspected burglar is behind bars after police said he broke into a vehicle late last month. Isayah Zane Bright, 21, has been charged with Burglary of a Vehicle.
According to an affidavit, on July 31, officers with the Odessa Police Department responded after witnesses saw a man break into a vehicle parked outside a grocery store in the 2700 block of West County Road. The suspect was last seen walking in a field behind a nearby auto parts store.
Officers then found the suspect, later identified as Bright, and detained him for questioning. Bright reportedly consented to a search of his backpack and investigators found items belonging to the victim, including a pair of diamond earrings.
Bright was arrested and taken to the Ector County Law Enforcement Center where he remained as of Tuesday afternoon- his bond has been set at $2,500.
This is not Bright’s first run in with the law; he was indicted by a Grand Jury on July 11 on one count of Unauthorized Use of a Vehicle. He has also been arrested multiple times since 2018 on charges such as drug possession, assault, and giving false information to law enforcement. A mug shot for Bright was not immediately available. | https://www.yourbasin.com/news/suspected-car-burglar-arrested-2/ | 2022-08-02T21:49:28Z | https://www.yourbasin.com/news/suspected-car-burglar-arrested-2/ | true |
WESTFORD, Mass. (AP) _ Kadant Inc. (KAI) on Tuesday reported second-quarter profit of $26.2 million.
The Westford, Massachusetts-based company said it had net income of $2.24 per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.97 per share.
The equipment supplier for the papermaking and paper recycling industries posted revenue of $221.6 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $219.4 million.
For the current quarter ending in October, Kadant said it expects revenue in the range of $211 million to $218 million.
The company expects full-year earnings in the range of $8.80 to $9 per share, with revenue ranging from $890 million to $905 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 KAI at https://www.zacks.com/ap/KAI | https://www.seattlepi.com/business/article/Kadant-Q2-Earnings-Snapshot-17346566.php | 2022-08-02T21:49:31Z | https://www.seattlepi.com/business/article/Kadant-Q2-Earnings-Snapshot-17346566.php | true |
Second Quarter Total Revenue Increases 15% Year-Over-Year with First Half 2022 Non-GAAP Organic Recurring Revenue Growth of 6%; Updates Full Year 2022 Financial Guidance
CHARLESTON, S.C., Aug. 2, 2022 /PRNewswire/ -- Blackbaud (NASDAQ: BLKB), the world's leading cloud software company powering social good, today announced financial results for its second quarter ended June 30, 2022.
"Our financial results for the quarter and through the first half of 2022 paced ahead of our plan," said Mike Gianoni, president and CEO, Blackbaud. "We are uniquely positioned as a market leader in our space, and we continue to sharpen our focus on delivering a best-in-class experience for our customers, which is resulting in longer term commitments with future opportunity to deepen these relationships and forge new ones. We continue to monitor the macro environment and remain confident in our core business as well as our ability to execute incremental program initiatives already underway as we look to balance operating discipline with strategic investments to drive sustainable growth and improving profitability."
- GAAP total revenue was $264.9 million, up 15.5%, with $252.5 million in GAAP recurring revenue, up 16.4%.
- Non-GAAP organic recurring revenue increased 5.1%.
- GAAP income from operations was $0.1 million, inclusive of security incident-related costs, net of insurance of $8.3 million, with GAAP operating margin of 0.0%, a decrease of 570 basis points.
- Non-GAAP income from operations was $54.5 million, with non-GAAP operating margin of 20.6%, a decrease of 300 basis points.
- GAAP net loss was $3.4 million, with GAAP diluted loss per share of $0.07, down $0.21 per share.
- Non-GAAP net income was $38.9 million, with non-GAAP diluted earnings per share of $0.75, down $0.07 per share.
- Non-GAAP adjusted EBITDA was $70.6 million, up $4.8 million, with non-GAAP adjusted EBITDA margin of 26.6%, an increase of 80 basis points.
- GAAP net cash provided by operating activities was $57.3 million, a decrease of $12.5 million.
- Non-GAAP adjusted free cash flow was $43.9 million, a decrease of $15.1 million, with non-GAAP adjusted free cash flow margin of 16.6%, a decrease of 910 basis points.
"We had a strong quarter posting double-digit total revenue growth, mid single-digit organic recurring revenue growth and achieved 32% on Rule of 40 at constant currency," said Tony Boor, executive vice president and CFO, Blackbaud. "We remain committed to executing our capital allocation strategy and continued our track record of balancing sustainable revenue growth and strong profitability in the quarter. With the first half behind us, we've updated our full year financial guidance primarily to account for the evolving macroeconomic conditions such as unfavorable foreign exchange rate movement and higher interest rates, as well as other unforeseen items like the continued drag on total revenue from our mix shift away from one-time services revenues and also updated sales projections for EVERFI. Overall, we remain confident that continued execution against our plan for 2022 has us well positioned to continue progressing toward our long-term goal of achieving Rule of 40."
An explanation of all non-GAAP financial measures referenced in this press release, including the Rule of 40, is included below under the heading "Non-GAAP Financial Measures." A reconciliation of the company's non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.
- Blackbaud released its 2021 Social Responsibility Report sharing how the company is growing and strengthening the entire social good community, empowering its people, stewarding the environment and expanding responsible business practices.
- Blackbaud hosted its annual Developers' Conference—a three-day event that convenes technology enthusiasts, creators and developers of all levels to reimagine nonprofit technology and build a better world.
- Blackbaud announced strategic organizational updates to its executive leadership team. Kevin Gregoire has been appointed Chief Operating Officer, David Benjamin has been appointed Chief Commercial Officer and Tom Davidson has been appointed Executive Vice President of Corporations. These changes will enable the company to place increased emphasis on product and technology innovation, customer focus and sales productivity.
- Blackbaud announced that Deneen DeFiore, vice president and global chief information security officer for United Airlines, has joined its board of directors, bringing more than 20 years of experience in technology and cybersecurity.
- Blackbaud appointed Chris Singh as Chief Customer Officer. Singh is the first leader to hold the newly created position at Blackbaud, representing a significant next step in the company's commitment to customers and their end-to-end experience.
- TrustRadius recognized Blackbaud Raiser's Edge NXT® in its Top Rated 2022 Awards. Raiser's Edge NXT was named a Top Rated solution in the Nonprofit CRM, Donor Management and Nonprofit Fundraising categories.
- Blackbaud announced the launch of Prospect Insights—a new software tool within Blackbaud Raiser's Edge NXT® that enables social good professionals to access actionable, AI-powered insights to drive more major giving.
- EVERFI announced that it will deploy new educational content specifically designed to support students in developing tools and strategies to avoid reaching the point of a mental health crisis. This content will be supported by EVERFI's strategic partners: HCA Healthcare, Healthy Blue, Johnson County Mental Health Center and National Football League.
Visit www.blackbaud.com/newsroom for more information about Blackbaud's recent highlights.
Blackbaud today revised its 2022 full year financial guidance:
- Non-GAAP revenue of $1.05 billion to $1.07 billion
- Non-GAAP adjusted EBITDA margin of 23.7% to 24.2%
- Non-GAAP earnings per share of $2.43 to $2.63
- Non-GAAP adjusted free cash flow of $140 million to $150 million
Included in its 2022 full year financial guidance are the following assumptions:
- Non-GAAP annualized effective tax rate is expected to be 20%
- Interest expense for the year is expected to be approximately $34 million to $37 million
- Fully diluted shares for the year are expected to be in the range of 52 million to 53.5 million
- Capital expenditures for the year are expected to be in the range of $60 million to $70 million, including approximately $50 million to $60 million of capitalized software and content development costs
Blackbaud has not reconciled forward-looking full-year non-GAAP financial measures contained in this news release to their most directly comparable GAAP measures, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K. Such reconciliations would require unreasonable efforts at this time to estimate and quantify with a reasonable degree of certainty various necessary GAAP components, including for example those related to compensation, acquisition transactions and integration, tax items or others that may arise during the year. These components and other factors could materially impact the amount of the future directly comparable GAAP measures, which may differ significantly from their non-GAAP counterparts.
In order to provide a meaningful basis for comparison, Blackbaud uses non-GAAP adjusted free cash flow in analyzing its operating performance. Non-GAAP adjusted free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software and content development, capital expenditures for property and equipment, plus cash outflows, net of insurance, related to the previously disclosed Security Incident discovered in May 2020 (the "Security Incident"). For full year 2022, Blackbaud currently expects net cash outlays of $15 million to $25 million for ongoing legal fees related to the Security Incident. In line with the Company's policy, all associated costs due to third-party service providers and consultants, including legal fees, are expensed as incurred. As of June 30, 2022, Blackbaud has not recorded a loss contingency related to the Security Incident as it is unable to reasonably estimate the possible amount or range of such loss. Please refer to the section below titled "Non-GAAP Financial Measures" for more information on Blackbaud's use of non-GAAP financial measures.
Blackbaud (NASDAQ: BLKB) is the world's leading cloud software company powering social good. Serving the entire social good community—nonprofits, higher education institutions, K–12 schools, healthcare organizations, faith communities, arts and cultural organizations, foundations, companies and individual change agents—Blackbaud connects and empowers organizations to increase their impact through cloud software, services, expertise and data intelligence. The Blackbaud portfolio is tailored to the unique needs of vertical markets, with solutions for fundraising and CRM, marketing, advocacy, peer-to-peer fundraising, corporate social responsibility (CSR) and environmental, social and governance (ESG), school management, ticketing, grantmaking, financial management, payment processing and analytics. Serving the industry for more than four decades, Blackbaud is a remote-first company headquartered in Charleston, South Carolina, with operations in the United States, Australia, Canada, Costa Rica and the United Kingdom. For more information, visit www.blackbaud.com, or follow us on Twitter, LinkedIn, Instagram, and Facebook.
Except for historical information, all of the statements, expectations, and assumptions contained in this news release are forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the predictability of our financial condition and results of operations. These statements involve a number of risks and uncertainties. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: management of integration of acquired companies; uncertainty regarding increased business and renewals from existing customers; a shifting revenue mix that may impact gross margin; continued success in sales growth; cybersecurity and data protection risks and related liabilities; uncertainty regarding the COVID-19 disruption; potential litigation involving us; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC's website at www.sec.gov or upon request from Blackbaud's investor relations department. Blackbaud assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.
Blackbaud has provided in this release financial information that has not been prepared in accordance with GAAP. Blackbaud uses non-GAAP financial measures internally in analyzing its operational performance. Accordingly, Blackbaud believes these non-GAAP measures are useful to investors, as a supplement to GAAP measures, in evaluating its ongoing operational performance and trends and in comparing its financial results from period-to-period with other companies in Blackbaud's industry, many of which present similar non-GAAP financial measures to investors. However, these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies.
The non-GAAP financial measures discussed above exclude the impact of certain transactions that Blackbaud believes are not directly related to its operating performance in any particular period, but are for its long-term benefit over multiple periods. Blackbaud believes these non-GAAP financial measures reflect its ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.
While Blackbaud believes these non-GAAP measures provide useful supplemental information, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures.
Non-GAAP free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, and capital expenditures for property and equipment. In addition, and in order to provide a meaningful basis for comparison, Blackbaud now uses non-GAAP adjusted free cash flow in analyzing its operating performance. Non-GAAP adjusted free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software and content development, and capital expenditures for property and equipment, plus cash outflows, net of insurance, related to the Security Incident. Blackbaud believes non-GAAP free cash flow and non-GAAP adjusted free cash flow provide useful measures of the company's operating performance. Non-GAAP adjusted free cash flow is not intended to represent and should not be viewed as the amount of residual cash flow available for discretionary expenditures.
In addition, Blackbaud uses non-GAAP organic revenue growth, non-GAAP organic revenue growth on a constant currency basis and non-GAAP organic recurring revenue growth, in analyzing its operating performance. Blackbaud believes that these non-GAAP measures are useful to investors, as a supplement to GAAP measures, for evaluating the periodic growth of its business on a consistent basis. Each of these measures excludes incremental acquisition-related revenue attributable to companies acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, each of these measures reflects presentation of full-year incremental non-GAAP revenue derived from such companies as if they were combined throughout the prior period. In addition, each of these measures excludes prior period revenue associated with divested businesses. The exclusion of the prior period revenue is to present the results of the divested businesses within the results of the combined company for the same period of time in both the prior and current periods. Blackbaud believes this presentation provides a more comparable representation of its current business' organic revenue growth and revenue run-rate.
Rule of 40 is defined as non-GAAP organic revenue growth plus non-GAAP adjusted EBITDA margin. Non-GAAP adjusted EBITDA is defined as GAAP net income plus interest, net; income tax provision; depreciation; amortization of intangible assets from business combinations; amortization of software and content development costs; stock-based compensation; employee severance; acquisition and disposition-related costs; restructuring and other real estate activities; costs, net of insurance, related to the Security Incident; and impairment of capitalized software development costs.
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SOUTH SAN FRANCISCO, Calif. (AP) _ Rigel Pharmaceuticals Inc. (RIGL) on Tuesday reported a loss of $13.5 million in its second quarter.
On a per-share basis, the South San Francisco, California-based company said it had a loss of 8 cents.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 12 cents per share.
The drug developer posted revenue of $29.8 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $23.6 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 RIGL at https://www.zacks.com/ap/RIGL | https://www.seattlepi.com/business/article/Rigel-Q2-Earnings-Snapshot-17346415.php | 2022-08-02T21:52:06Z | https://www.seattlepi.com/business/article/Rigel-Q2-Earnings-Snapshot-17346415.php | true |
Orlando family found dead in home in murder-suicide: police
ORLANDO, Fla. - A family of five was found dead at an Orlando home in an apparent murder-suicide Tuesday afternoon, according to police.
Officers responded to the home on Lake District Lane for a wellbeing check at 1 p.m., and found three adults and two children dead, the Orlando Police Department said in a statement.
No other details were made immediately available. An investigation is ongoing.
This is a developing story. Stay with FOX 35 News for updates. | https://www.fox35orlando.com/news/orlando-family-of-5-found-dead | 2022-08-02T21:53:12Z | https://www.fox35orlando.com/news/orlando-family-of-5-found-dead | false |
Man killed in hit-and-run on city's west side Monday morning
A man was killed in a hit-and-run on the west side of Indianapolis early Monday morning.
Police responded to a report of a person down early Monday morning in the 6400 block of W. 34th St. and found a man lying in the road. He was pronounced dead at the scene.
Detectives believe he was walking in the road from north to south and was struck by a westbound vehicle. His identity was not released as of Tuesday afternoon.
So far in 2022, there have been 24 pedestrian fatalities as result of a crash, as compared to 23 for the totality of 2021. In total, 311 pedestrians or bicycles were hit in 2022, double the number of 2021.
The Indiana Metropolitan Police Department said they don't have information about a suspected vehicle to share. If anyone sees a vehicle with fresh damage and that vehicle may have been in the area, they are encouraged to call CrimeStoppers at 262-TIPS.
This article will be updated. | https://www.indystar.com/story/news/crime/2022/08/02/man-killed-in-hit-and-run-on-citys-west-side-monday-morning-65387809007/65387809007/ | 2022-08-02T21:54:26Z | https://www.indystar.com/story/news/crime/2022/08/02/man-killed-in-hit-and-run-on-citys-west-side-monday-morning-65387809007/65387809007/ | false |
HOUSTON (AP) _ Whitestone Reit (WSR) on Tuesday reported a key measure of profitability in its second quarter.
The real estate investment trust, based in Houston, said it had funds from operations of $12.6 million, or 25 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 $4.3 million, or 9 cents per share.
The real estate investment trust, based in Houston, posted revenue of $35 million in the period.
Whitestone expects full-year funds from operations to be 98 cents to $1.02 per share.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WSR at https://www.zacks.com/ap/WSR | https://www.seattlepi.com/business/article/Whitestone-Q2-Earnings-Snapshot-17346339.php | 2022-08-02T21:54:28Z | https://www.seattlepi.com/business/article/Whitestone-Q2-Earnings-Snapshot-17346339.php | true |
Airbnb posts 2Q profit of $379 million on record bookings
Airbnb said Tuesday that it earned $379 million in the second quarter on record bookings and rising rates, and the short-term rental giant announced a plan to spend up to $2 billion to buy its own stock.
The results showed a reversal from losses in the second quarter of both last year and 2019.
Airbnb has benefitted from the increase in travel and the exodus of workers from offices, which frees them to work from just about anywhere they can get internet access.
Bookings in the second quarter were about one-fourth higher than last year and 2019. The San Francisco-based company said customers were making more international bookings. Listings away from major cities rose to nearly 50% compared with the second quarter of 2019, although Airbnb said urban listings grew compared with the previous three months.
Chief Financial Officer Dave Stephenson said Airbnb saw higher numbers of cancellations late in the quarter, which he blamed on airlines canceling flights. Most of the cancellations were in North America, he said.
Airbnb said the daily rate paid by renters averaged $164, up 1% from a year ago and 40% from the same period in 2019. The shift in bookings from cities to less populated areas such as beach and mountain destinations, has helped drive prices higher.
FILE - The login page for Airbnb's iPhone app is seen in front of a computer displaying Airbnb's website on May 8, 2021, in Washington. Airbnb said Tuesday, Aug. 2, 2022, that it earned $379 million in the second quarter on record bookings and rising rates, and the short-term rental giant announced a plan to spend up to $2 billion to buy its own stock. (AP Photo/Patrick Semansky, File)
Airbnb said it that excluding stock-based compensation and some other costs, it earned 56 cents per share.
Revenue rose 58% from a year earlier and 73% from the second quarter of 2019, to $2.10 billion. Analysts expected revenue of $2.11 billion, according to a FactSet survey.
Airbnb said third-quarter revenue would be between $2.78 billion and $2.88 billion on "slightly higher" average rental prices. Analysts expect $2.77 billion.
Airbnb´s stock fell 9% in extended trading. | https://www.dailymail.co.uk/wires/ap/article-11074495/Airbnb-posts-2Q-profit-379-million-record-bookings.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | 2022-08-02T21:55:11Z | https://www.dailymail.co.uk/wires/ap/article-11074495/Airbnb-posts-2Q-profit-379-million-record-bookings.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | true |
The NFL has suspended Miami Dolphins owner Stephen Ross and fined him $1.5 million for tampering with Tom Brady and Sean Payton following a six-month investigation stemming from Brian Flores’ racial discrimination lawsuit against the league.
The league’s investigation found the Dolphins did not intentionally lose games during the 2019 season but the team had impermissible communication with Brady and his and Payton’s agent, Don Yee. The league announced the findings of the investigation on Tuesday.
The Dolphins will forfeit a first-round selection in the 2023 NFL draft and a third-round selection in the 2024 draft. Ross is suspended through Oct. 17.
“The investigators found tampering violations of unprecedented scope and severity,” NFL Commissioner Roger Goodell said in a statement. “I know of no prior instance of a team violating the prohibition on tampering with both a head coach and star player, to the potential detriment of multiple other clubs, over a period of several years. Similarly, I know of no prior instance in which ownership was so directly involved in the violations.”
The investigation concluded the Dolphins violated the league’s anti-tampering policy on three separate occasions. The Dolphins had impermissible communications with Brady as early as August 2019 through the 2020 postseason, while he was under contract to the New England Patriots.
Dolphins vice chairman/limited partner Bruce Beal conducted “these numerous and detailed discussions” and kept Ross and other team executives informed of his conversations with Brady.
The Dolphins again had impermissible communications with both Brady and his agent, Yee, no later than early December 2021 and after the season, while he was under contract to the Tampa Bay Buccaneers.
Those discussions focused on Brady becoming a limited partner in the Dolphins and possibly serving as a football executive, although at times they also included the possibility he would play for the Dolphins. The league says Ross and Beal participated in these discussions.
Brady briefly retired in February before the seven-time Super Bowl champion chose to return for another season with the Buccaneers.
The third tampering violation involved Payton. In January, the Dolphins had impermissible communications with Yee about having Payton serve as Miami’s head coach. The Dolphins did not seek consent from New Orleans to have these discussions, which occurred before Payton announced his decision to retire from the Saints. Miami requested permission to speak to Payton for the first time after that announcement but New Orleans declined to grant it.
Ross’ suspension ends the same day Deshaun Watson is eligible to return from his six-game suspension. A disciplinary officer handed out Watson’s punishment on Monday after the Cleveland Browns quarterback was accused by two dozen women in Texas of sexual misconduct during massage treatments. The NFL is mulling whether to appeal that decision.
Ross may not be present at the team’s facility and may not represent the club at any team or NFL event during his suspension. He also may not attend any league meeting before the annual meeting in 2023, and he is removed from all league committees indefinitely.
Beal was fined $500,000 and may not attend any league meeting for the remainder of the year.
Regarding Flores’ allegations the Dolphins wanted him to “tank” games to secure the top draft pick, investigators said the team didn’t intentionally lose and neither Ross nor anyone from the team instructed Flores to lose on purpose.
However, investigators found Ross expressed several times during the season his belief that draft position should take priority over won-loss record. Flores considered the comments a suggestion that he lose games and expressed his concerns in writing to senior club executives. Ross no longer made any such comments to Flores.
Investigators said there are differing recollections about the wording, timing, and context of Flores’ claim of a $100,000-a-game offer from the club to tank, but it “was not intended or taken to be a serious offer, nor was the subject pursued in any respect” by Ross or anyone else at the club.
“I am thankful that the NFL’s investigator found my factual allegations against Stephen Ross are true,” Flores said in a statement. “At the same time, I am disappointed to learn that the investigator minimized Mr. Ross’s offers and pressure to tank games especially when I wrote and submitted a letter at the time to Dolphins executives documenting my serious concerns regarding this subject at the time which the investigator has in her possession.
“While the investigator found that the Dolphins had engaged in impermissible tampering of ‘unprecedented scope and severity,’ Mr. Ross will avoid any meaningful consequence. There is nothing more important when it comes to the game of football itself than the integrity of the game. When the integrity of the game is called into question, fans suffer, and football suffers.”
Goodell chastised Ross for making the comments.
“An owner or senior executive must understand the weight that his or her words carry, and the risk that a comment will be taken seriously and acted upon, even if that is not the intent or expectation,” Goodell said. “Even if made in jest and not intended to be taken seriously, comments suggesting that draft position is more important than winning can be misunderstood and carry with them an unnecessary potential risk to the integrity of the game. The comments made by Mr. Ross did not affect Coach Flores’ commitment to win and the Dolphins competed to win every game. Coach Flores is to be commended for not allowing any comment about the relative importance of draft position to affect his commitment to win throughout the season.”
Ross issued a statement, claiming the league cleared the team of tanking and calling Flores’ allegations “false, malicious and defamatory.”
“I strongly disagree with the conclusions and the punishment,” Ross said of the tampering conclusion. “However, I will accept the outcome because the most important thing is that there be no distractions for our team as we begin an exciting and winning season.”
Former U.S. Attorney and SEC Chair Mary Jo White and a team of lawyers from the Debevoise law firm led the NFL’s investigation.
___
More AP NFL coverage: https://apnews.com/hub/nfl and https://twitter.com/AP_NFL | https://www.kxnet.com/sports/nfl-suspends-dolphins-owner-ross-for-tampering-with-brady/ | 2022-08-02T21:56:17Z | https://www.kxnet.com/sports/nfl-suspends-dolphins-owner-ross-for-tampering-with-brady/ | false |
Monkeypox: India writes to UAE seeking intensified effort to stop the virus spread
Three who arrived from the United Arab Emirates were already exhibiting symptoms suggestive of Monkeypox, Health Ministry says
NEW DELHI
Of the positive cases in India, three who arrived from the United Arab Emirates (UAE) were already exhibiting symptoms suggestive of Monkeypox disease before they arrived in India, said the Health Ministry in its communication to the UAE on August 1.
India has now sought more intensified efforts by the UAE to stop seemingly positive people from boarding flights and travelling which allows greater transmission of the virus.
The Health Ministry in its letter to Dr. Hussain Abdul Rahman Al Rand, executive director & International Health Regulations (IHR) focal point, UAE, sought that exit screening may be further intensified so as to ensure that persons exhibiting symptoms suggestive of Monkeypox disease are not allowed to board flights.
Joint secretary, Health Ministry, Lav Agarwal in his letter said that under Article 18 of IHR 2005, the World Health Organisation (WHO) recommends member states to undertake exit-screening measures at points of entry and if required impose restrictions on persons from affected areas in response to a public health emergency of international concern.
“WHO owing to the steady spread of global cases of Monkeypox disease declared the outbreak as a public health emergency of international concern calling for member states to intensify surveillance and public health measures directed against the outbreak. It is essential that IHR focal points maintain continuous coordination and share key information to avoid the spread of the disease across international borders,’’ he said in his letter.
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- Please use a genuine email ID and provide your name, to avoid rejection. | https://www.thehindu.com/news/national/monkeypox-india-writes-to-uae-seeking-intensified-effort-to-stop-the-virus-spread/article65718194.ece | 2022-08-02T21:56:41Z | https://www.thehindu.com/news/national/monkeypox-india-writes-to-uae-seeking-intensified-effort-to-stop-the-virus-spread/article65718194.ece | true |
Airbnb said Tuesday that it earned $379 million in the second quarter on record bookings and rising rates, and the short-term rental giant announced a plan to spend up to $2 billion to buy its own stock.
The results showed a reversal from losses in the second quarter of both last year and 2019.
Airbnb has benefitted from the increase in travel and the exodus of workers from offices, which frees them to work from just about anywhere they can get internet access.
Bookings in the second quarter were about one-fourth higher than last year and 2019. The San Francisco-based company said customers were making more international bookings. Listings away from major cities rose to nearly 50% compared with the second quarter of 2019, although Airbnb said urban listings grew compared with the previous three months.
Chief Financial Officer Dave Stephenson said Airbnb saw higher numbers of cancellations late in the quarter, which he blamed on airlines canceling flights. Most of the cancellations were in North America, he said.
Airbnb said the daily rate paid by renters averaged $164, up 1% from a year ago and 40% from the same period in 2019. The shift in bookings from cities to less populated areas such as beach and mountain destinations, has helped drive prices higher.
Airbnb said it that excluding stock-based compensation and some other costs, it earned 56 cents per share.
Revenue rose 58% from a year earlier and 73% from the second quarter of 2019, to $2.10 billion. Analysts expected revenue of $2.11 billion, according to a FactSet survey.
Airbnb said third-quarter revenue would be between $2.78 billion and $2.88 billion on “slightly higher” average rental prices. Analysts expect $2.77 billion.
Airbnb’s stock fell 9% in extended trading. | https://www.seattletimes.com/business/airbnb-posts-2q-profit-of-379-million-on-record-bookings/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_business | 2022-08-02T21:57:16Z | https://www.seattletimes.com/business/airbnb-posts-2q-profit-of-379-million-on-record-bookings/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_business | false |
Canton woman helping Kentucky flood victims
A Canton woman is one of 10 volunteers who have been deployed by the American Red Cross Northern Ohio Region to help people in flood-ravaged Eastern Kentucky.
As part of the first wave of Red Cross volunteers into Kentucky, Mahogany Coward is working in logistics. She has been there since Saturday and is staying at the University of Pikeville.
"I go out to check and approve facilities for the Red Cross to use as warehouses or shelters," she said. "I started off in Lexington. We go in firsthand to check out if it's going to be a shelter, and if it's accessible. How many cots can we do? Is it 500 clients or less? How long can we lease the facility?"
According to the Red Cross, more than 15,000 Kentuckians are without power, and as many as 60,000 are either without water or are under a boil advisory.
At least 37 people have died as a result of the flooding.
For the last two years, the Red Cross has dispatched volunteers and supplies to a new, major disaster every 10 days.
Coward has been a Red Cross disaster-relief volunteer since 2015, after the agency assisted her family when their apartment became flooded.
More:Canton woman paying it forward by helping American Red Cross
Since then, she has volunteered for nearly two dozen relief assignments in states ranging from California to Texas to Louisiana.
Coward said the damage in Kentucky is significant.
"If I had to say one of out 10, with 10 being the worst, I'd have to say 8," she said. "People have lost their lives. It's over 100 degrees. Foundations have washed away in mudslides. These people have lost everything. There are state officials who have lost everything."
Coward added that despite the loss, neighbors are helping neighbors, and retailers are pitching in to help the public.
Coward plans to return to Canton on Aug. 12.
"By the time I leave, there's still going to be a lot of work to be done," she said.
To learn more visit redcross.org.
Reach Charita at 330-580-8313 or charita.goshay@cantonrep.com
On Twitter: @cgoshayREP | https://www.cantonrep.com/story/news/local/canton/2022/08/02/mahogany-coward-canton-helping-flood-victims-eastern-kentucky/10215820002/ | 2022-08-02T21:57:51Z | https://www.cantonrep.com/story/news/local/canton/2022/08/02/mahogany-coward-canton-helping-flood-victims-eastern-kentucky/10215820002/ | true |
Gilead quarterly profit falls as COVID antiviral sales decrease
Aug 2 (Reuters) - Gilead Sciences Inc on Tuesday said its second-quarter adjusted profit fell 13% due to higher research and royalty costs as well as a downturn in sales of its COVID-19 antiviral drug Veklury.
Revenue for the quarter rose 1% to $6.3 billion, which was ahead of the average Wall Street estimate of $5.85 billion, according to Refinitiv data.
The biotech company said adjusted quarterly profit fell 13% to $1.58 per share, which also topped the average analyst estimate of $1.52. Quarterly net income fell to 91 cents per share from $1.21 per share.
Sales of COVID-19 treatment remdesivir, which is sold under the brand name Veklury, fell 46% to $445 million, exceeding analysts' estimates of $390 million.
The cancer drug Trodelvy - shown in a recent trial to modestly delay tumor growth in women with the most common form of breast cancer - saw sales rise 79% to $159 million.
Gilead said its HIV drug sales, driven by demand for higher-priced products, rose 7% to $4.2 billion.
For full-year 2022, the California-based company sightly raised its forecast for adjusted earnings per share to between $6.35 to $6.75 from a previous view of $6.20 to $6.70. Gilead said it now expects product sales of $24.5 billion to $25 billion, up from a previous estimate of $23.8 billion to $24.3 billion.
(Reporting By Deena Beasley Editing by Bill Berkrot) | https://www.dailymail.co.uk/wires/reuters/article-11074435/Gilead-quarterly-profit-falls-COVID-antiviral-sales-decrease.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | 2022-08-02T21:58:01Z | https://www.dailymail.co.uk/wires/reuters/article-11074435/Gilead-quarterly-profit-falls-COVID-antiviral-sales-decrease.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | false |
Reuters Health News Summary
Following is a summary of current health news briefs.
Biden names U.S. monkeypox coordinators as more states cite emergencies
President Joe Biden has appointed two top federal officials to coordinate his administration's response to monkeypox, the White House said on Tuesday, as more states declared emergencies to help boost vaccines and other resources to combat the virus. The top officials from the Federal Emergency Management Agency (FEMA) and the Centers for Disease Control and Prevention (CDC) will coordinate the U.S. response across the federal government even as Biden's administration has stopped short of declaring a national emergency.
Child infected with Marburg virus dies in Ghana
A child who contracted the highly infectious Ebola-like Marburg virus in Ghana has died, a World Health Organization official said on Tuesday. The death brings the total number of fatalities in the country to three since Ghana registered its first ever outbreak of the disease last month.
Why some heatwaves prove deadlier than others
Europe's record-breaking heatwave last month saw England and Wales register nearly 1,700 extra deaths in just one week, early data shows, while Portugal and Spain counted another 1,700. The figures, which will likely change as records are updated, give the first indication of heat-related deaths when temperatures from London to Madrid hit nearly 40 degrees Celsius or higher.
Hong Kong lowers age for Sinovac vaccine shot to six months
Hong Kong on Tuesday reduced the minimum age for getting vaccinated with China's Sinovac COVID-19 shot to six months from three years after several young children became infected with the virus. Adults and children in the Asian financial hub, which retains some of the world's toughest COVID precautions, are required to have at least three coronavirus vaccine shots.
Omicron better at invading young noses than other variants; smell loss may predict memory issues
The following is a summary of some recent studies on COVID-19. They include research that warrants further study to corroborate the findings and that has yet to be certified by peer review. Childrens' noses defend less well against Omicron
'Living with COVID': Where the pandemic could go next
As the third winter of the coronavirus pandemic looms in the northern hemisphere, scientists are warning weary governments and populations alike to brace for more waves of COVID-19. In the United States alone, there could be up to a million infections a day this winter, Chris Murray, head of the Institute of Health Metrics and Evaluation (IHME), an independent modeling group at the University of Washington that has been tracking the pandemic, told Reuters. That would be around double the current daily tally.
California governor declares monkeypox emergency
California Governor Gavin Newsom declared a state of emergency over monkeypox on Monday in a move aimed at bolstering vaccination efforts to slow the spread of an outbreak that has infected more than 5,800 Americans. California, the nation's most populous state, has confirmed 827 monkeypox cases as of Monday, the second-largest state tally after the 1,390 infections documented in New York, according to the U.S. Centers for Disease Control and Prevention.
Axcella long COVID treatment helps some patients in small trial
One of the first trials aimed at tackling long COVID helped some patients recover from lingering physical and mental fatigue, although the drug developed by Axcella Health Inc failed on the small study's main goal of restoring the normal function of mitochondria - the energy factories of cells. In the 41-patient pilot study released on Tuesday, for three of 21 patients who received the drug, AXA1125, their physical fatigue scores returned to normal levels after 28 days of treatment, Axcella Chief Medical Officer Margaret Koziel said in a phone interview.
S.Korea develops nanotech tattoo as health monitoring device
South Koreans may soon be able to carry a device inside their own bodies in the form of a bespoke tattoo that automatically alerts them to potential health problems, if a science team's project bears fruit. Researchers at the Korea Advanced Institute of Science and Technology (KAIST) in the city of Daejeon southwest of Seoul have developed an electronic tattoo ink made of liquid metal and carbon nanotubes that functions as a bioelectrode.
2,171 people infected with monkeypox in France - minister
A total of 2,171 people have been infected with monkeypox in France, health minister Francois Braun said on Tuesday Braun told parliament France was one of the first countries to start offering free vaccination against the disease and that 42,000 doses have been delivered so far. | https://www.dailymail.co.uk/wires/reuters/article-11074531/Reuters-Health-News-Summary.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | 2022-08-02T21:59:59Z | https://www.dailymail.co.uk/wires/reuters/article-11074531/Reuters-Health-News-Summary.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | false |
JACKSONVILLE, Fla. (AP) _ Fidelity National Financial Inc. (FNF) on Tuesday reported second-quarter profit of $382 million.
On a per-share basis, the Jacksonville, Florida-based company said it had profit of $1.37. Earnings, adjusted for non-recurring costs, came to $1.90 per share.
The provider of title insurance and mortgage services posted revenue of $2.63 billion in the period.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FNF at https://www.zacks.com/ap/FNF | https://www.beaumontenterprise.com/business/article/FNF-Group-Q2-Earnings-Snapshot-17346551.php | 2022-08-02T22:00:18Z | https://www.beaumontenterprise.com/business/article/FNF-Group-Q2-Earnings-Snapshot-17346551.php | false |
HOUSTON, Aug. 2, 2022 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom-engineered solutions for the management, control and distribution of electrical energy, today announced results for the fiscal 2022 third quarter ended June 30, 2022.
Fiscal Third Quarter Key Highlights:
- Revenues totaled $135 million;
- Net Income was $9 million, or $0.76 per diluted share including;
- New orders totaled $202 million;
- Backlog as of June 30, 2022, totaled $503 million;
- Cash and short-term investments as of June 30, 2022, totaled $99 million.
Brett A. Cope, Powell's Chairman and Chief Executive Officer, stated, "Powell delivered a solid fiscal third quarter as we continue to recover from challenges brought on by the pandemic including the on-going disruptions to the global supply chain. Our operating divisions across the company delivered solid execution as we continue to progress productivity improvements across all elements of the business including our engineering, manufacturing and strategic sourcing teams. The $202 million of new orders represents the highest quarterly total of new orders in over two years and more importantly, marks the fifth consecutive quarter of increasing gross new order activity. It is also notable that there were no single, large project orders in the quarter as market activity was much more broad and balanced across most of our end markets."
Revenues for the third quarter totaled $135.5 million compared to $127.9 million in the second quarter and compared to $115.8 million in the third quarter in the prior year.
New orders placed in the third quarter totaled $202 million compared to $151 million in the second quarter and compared to $103 million of new orders in the third quarter of the prior fiscal year.
Backlog as of June 30, 2022, totaled $503 million which represents sequential growth of 14% compared to $440 million as of March 31, 2022, and compares to $426 million as of June 30, 2021.
Net income in the fiscal third quarter was $9.1 million, or $0.76 per diluted share, compared to a net loss of $1.2 million, or $0.10 per diluted share, in the fiscal second quarter and compared to a net loss of $2.0 million, or $0.17 per diluted share, in the fiscal third quarter of the prior year.
During the third fiscal quarter, the business recognized income resulting from two non-operational events. First, a $1.6 million after tax gain was realized through the divestiture of a non-core, industrial valve repair and servicing division within the Powell Canada entity. This generated $4 million of cash and added $0.14 per diluted share. Secondly, due to the sustained, positive earnings generated out of Powell Canada, the valuation allowance that was previously established against the entity's deferred tax assets was reversed. The reversal of this allowance results in a non-cash, increase in Net Income of $5.9 million or $0.49 per diluted share.
Cope added, "We remain pleased with the steady and consistent recovery of our Industrial end markets as well as the improvements that our strategic efforts, both to diversify our business and broaden our Services offering, are yielding. Across the industrial landscape, our Oil & Gas and Petrochemical end markets continue to show signs of a slow and steady recovery, supported by the favorable fundamentals of LNG, gas pipeline and gas-to-chemical projects. We continue to experience robust activity within our Utility and Commercial end markets. As a result, we are entering our fiscal fourth quarter on very strong financial footing and with a large, healthy backlog of project orders."
OUTLOOK
Commenting on the Company's outlook, Michael Metcalf, Powell's Chief Financial Officer said, "Our book-to-bill ratio of 1.5x in the third quarter demonstrates the ongoing recovery across our core end markets and we are optimistic that these conditions will persist in the coming quarters. While we are experiencing a gradual and consistent recovery across our industrial base of customers, the positive momentum that we've seen in our Utility and Commercial markets is very encouraging, as evidenced by our strong backlog, closing the third quarter at $503 million. Although the macro inflationary pressure and component availability challenges still persist across the supply chain, we continue to make steady progress offsetting these headwinds through pricing actions, efficiency improvements and strong supplier partnerships. Looking forward, we continue to anticipate gradually improving profitability as pricing, factory efficiencies and cost controls continue to gain traction, further enabling us to execute our strong and growing order book."
CONFERENCE CALL
Powell Industries has scheduled a conference call for Wednesday, August 3, 2022, at 11:00 a.m. Eastern time. To participate in the conference call, dial 1-833-953-2431 (domestic) or 1-412-317-5760 (international) at least 10 minutes before the call begins and ask for the Powell Industries conference call. A telephonic replay of the conference call will be available through August 10, 2022 and may be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using passcode 7590577#.
Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting powellind.com. To listen to the live call on the web, please visit the website at least 15 minutes before the call begins to register, download and install any necessary audio software. For those who cannot listen to the live webcast, an archive will be available shortly after the call and will remain available for approximately 90 days at powellind.com.
Powell Industries, Inc., headquartered in Houston, designs, manufactures and services custom-engineered equipment and systems for the distribution, control and monitoring of electrical energy. Powell markets include large industrial customers such as utilities, oil and gas producers, refineries, liquefied natural gas facilities, petrochemical plants, pulp and paper producers, mining operations and commuter railways. For more information, please visit powellind.com.
Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.
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RYE, N.Y. (AP) _ Gamco Investors Inc. (GBL) on Tuesday reported second-quarter earnings of $17.3 million.
The Rye, New York-based company said it had profit of 66 cents per share.
The investment manager posted revenue of $65.6 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 GBL at https://www.zacks.com/ap/GBL | https://www.beaumontenterprise.com/business/article/Gamco-Investors-Q2-Earnings-Snapshot-17346603.php | 2022-08-02T22:00:37Z | https://www.beaumontenterprise.com/business/article/Gamco-Investors-Q2-Earnings-Snapshot-17346603.php | false |
NEW YORK (AP) _ SLR Investment Corp. (SLRC) on Tuesday reported a loss of $15.6 million in its second quarter.
On a per-share basis, the New York-based company said it had a loss of 29 cents. Earnings, adjusted for investment costs, came to 37 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.
The business development company posted revenue of $42.8 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 SLRC at https://www.zacks.com/ap/SLRC | https://www.ourmidland.com/business/article/SLR-Investment-Q2-Earnings-Snapshot-17346448.php | 2022-08-02T22:01:35Z | https://www.ourmidland.com/business/article/SLR-Investment-Q2-Earnings-Snapshot-17346448.php | true |
BERLIN, Aug. 2, 2022 /PRNewswire/ -- Spark Networks SE (NASDAQ: LOV), a leading social dating platform for meaningful relationships, today announced that it will release its financial results for its 2022 second quarter ended June 30, 2022, on Tuesday, August 9, 2022, before the market opens.
Management will host a conference call and live webcast for analysts and investors on August 9, 2022, at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss the company's financial results. To access the live call, dial 1- 800-225-9448 (US) or +1 203-518-9708 (International) and ask to join the SPARK call.
A live and archived webcast of the conference call will be accessible on the Investor Relations section of the company's website at https://investor.spark.net/investor-relations/home. In addition, a phone replay will be available approximately two hours following the end of the call, and it will remain available for one week. To access the call replay dial 1- 877-481-4010 (US) or +1 919-882-2331 (International) and enter the replay passcode: 46271.
About Spark Networks SE:
Spark Networks SE (NASDAQ: LOV) is a leading social dating platform for meaningful relationships focusing on the 40+ demographic and faith-based affiliations. Spark's widening portfolio of premium and freemium dating apps include Zoosk, EliteSingles, SilverSingles, Christian Mingle, Jdate, and JSwipe, among others. Spark is headquartered in Berlin, Germany, with offices in New York and Utah.
For More Information
Investor Contact:
MKR Investor Relations, Inc.
Todd Kehrli
lov@mkr-group.com
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Citation
Abalo AMET, Akara EM, Assane H, Komi D, Kpeglo E, Sawadogo B, Antara S. J. Interv. Epidemiol. Public Health 2022; 5: e2.
Copyright
(Copyright © 2022, African Field Epidemiology Network (AFENET))
DOI
unavailable
PMID
Abstract
BACKGROUND: More than 95 percent of unsafe abortions occur in developing countries and contribute to 4.70 percent to 13.20 percent of maternal deaths. Abortions' magnitude and characteristics are unknown at Notsè hospital yet these parameters are critical for effective planning of interventions and to mobilize resources for abortion management. We aimed to describe data quality, socio-demographic and clinical features of abortions cases. METHODS: We conducted a descriptive study based on secondary data analysis of abortion cases admitted at Notsè hospital from January 2012 to December 2017. Data Completeness (DC) was used to classify data quality as Good: DC?80%, Fair: 50%?DC<80% or Poor: DC<50%. Medical files were reviewed to collect sociodemographic and clinical data. We performed descriptive analysis using Epi-info-7 software. RESULTS: Over the study period, 760 abortions cases were admitted. Among the 34 study variables 26.47% (9/34) were of poor quality and 63.16% (12/19) of required data were of good quality. Overall women mean age ranged from 23.97 ±6 years in 2012 to 26.8 ±7.60 years in 2017 (p=0.026) and those aged from 18 to 30 represented 69.8% (505/724). Seventy percent of women were from rural area. Housewives represented 53.8% (388/721) and 10.5% (76/721) were pupils. Per 1,000 women aged 15-49, abortion ratio varied from 23 in 2012 to 45 in 2017. In medical history 94.56% (644/681) of cases had experienced at least one abortion in the past and 70.53% (474/672) of abortions occurred before 17 weeks of gestation. Among women admitted with metrorrhagia, 9.59% (52/542) had received blood transfusion. Malaria was diagnosed and treated in 30.93% of the 333 tested women. No death was recorded. CONCLUSION: Abortions are frequent, mainly in women with malaria and hemorrhagic complications. The quality of some required data was poor. Caregivers' training and strategies to improve access to malaria care for pregnant women and increase access to contraceptive methods should be strengthened.
Language: en | https://www.safetylit.org/citations/index.php?fuseaction=citations.viewdetails&citationIds%5B%5D=citjournalarticle_725437_20 | 2022-08-02T22:02:39Z | https://www.safetylit.org/citations/index.php?fuseaction=citations.viewdetails&citationIds%5B%5D=citjournalarticle_725437_20 | false |
WFO HOUSTON/GALVESTON Warnings, Watches and Advisories for Tuesday, August 2, 2022
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RIP CURRENT STATEMENT
Coastal Hazard Message
National Weather Service Houston/Galveston TX
302 PM CDT Tue Aug 2 2022
...HIGH RIP CURRENT RISK REMAINS IN EFFECT UNTIL 8 PM CDT THIS
EVENING...
* WHAT...Dangerous rip currents.
* WHERE...Matagorda Islands, Brazoria Islands, Galveston Island
and Bolivar Peninsula Counties.
* WHEN...Until 8 PM CDT this evening.
* IMPACTS...Rip currents can sweep even the best swimmers away
from shore into deeper water.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
Swim near a lifeguard. If caught in a rip current, relax and
float. Don't swim against the current. If able, swim in a
direction following the shoreline. If unable to escape, face the
shore and call or wave for help.
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Copyright 2022 AccuWeather | https://www.myjournalcourier.com/weather/article/TX-WFO-HOUSTON-GALVESTON-Warnings-Watches-and-17346288.php | 2022-08-02T22:02:36Z | https://www.myjournalcourier.com/weather/article/TX-WFO-HOUSTON-GALVESTON-Warnings-Watches-and-17346288.php | true |
WASTE CONNECTIONS REPORTS SECOND QUARTER 2022 RESULTS AND RAISES FULL YEAR OUTLOOK
Published: Aug. 2, 2022 at 3:05 PM CDT|Updated: 2 hours ago
Accelerating solid waste pricing growth and E&P waste activity drive better than expected Q2 results
Revenue of $1.816 billion, up 18.4%
Net income(a) of $224.1 million, and adjusted EBITDA(b) of $566.8 million, up 16.9%
Adjusted EBITDA(b) margin of 31.2% of revenue, in line with outlook and flat year over year, excluding acquisitions
Net income of $0.87 per share, and adjusted net income(b) of $1.00 per share, up 23.5%
Year to date net cash provided by operating activities of $973.7 million and adjusted free cash flow(b) of $638.4 million, or 18.4% of revenue
Year to date signed or closed acquisitions with approximately $470 million of total annualized revenue
Increases full year 2022 outlook to revenue of approximately $7.125 billion, net income of approximately $837.5 million, adjusted EBITDA(b) of approximately $2.190 billion, net cash provided by operating activities of approximately $1.974 billion and adjusted free cash flow(b) of approximately $1.160 billion
TORONTO, Aug. 2, 2022 /PRNewswire/ -- Waste Connections, Inc. (TSX/NYSE: WCN) ("Waste Connections" or the "Company") today announced its results for the second quarter of 2022 and updated its outlook for 2022.
"Accelerating solid waste pricing and E&P waste activity drove a top-to-bottom beat in the period. Solid waste pricing growth of 8.8% enabled us to overcome increased inflationary pressures during the period and deliver adjusted EBITDA(b) margin in line with our outlook for Q2 and flat on a year over year basis excluding the margin dilutive impact from acquisitions completed since the year ago period," said Worthing F. Jackman, President and Chief Executive Officer.
"Our outperformance in the first half of 2022, expected further sequential increases in solid waste pricing growth, continuing strength in E&P waste activity, and acquisitions closed year to date, position us to update our outlook for the full year to revenue of approximately $7.125 billion, adjusted EBITDA(b) of approximately $2.190 billion and adjusted free cash flow(b) of approximately $1.160 billion, exceeding our initial outlook as provided in February and another reflection of our culture of accountability in a challenging operating environment."
Mr. Jackman added, "As anticipated, acquisition activity is pacing well above average. We have closed approximately $245 million in annualized revenues, with another approximately $225 million in total annualized revenue under definitive agreements expected to close during the third quarter, subject to customary closing conditions, and our pipeline remains quite robust. As such, we believe we are well-positioned for double digit revenue growth in 2023 along with margin expansion from continuing solid waste pricing strength and rollover contribution from acquisitions already signed or closed year to date; additional acquisitions expected to close later this year and early next year would provide further growth."
Q2 2022 Results
Revenue in the second quarter totaled $1.816 billion, up from $1.534 billion in the year ago period. Operating income was $329.6 million, which included $6.8 million primarily in impairments and other operating items. This compares to operating income of $266.8 million in the second quarter of 2021, which included $12.5 million primarily related to fair value accounting changes to equity awards. Net income in the second quarter was $224.1 million, or $0.87 per share on a diluted basis of 257.7 million shares. In the year ago period, the Company reported net income of $177.0 million, or $0.68 per share on a diluted basis of 261.4 million shares.
Adjusted net income(b) in the second quarter was $257.1 million, or $1.00 per diluted share, versus $210.9 million, or $0.81 per diluted share, in the prior year period. Adjusted EBITDA(b) in the second quarter was $566.8 million, as compared to $484.9 million in the prior year period. Adjusted net income, adjusted net income per diluted share and adjusted EBITDA, all non-GAAP measures, primarily exclude impairments and acquisition-related items, as reflected in the detailed reconciliations in the attached tables.
Six Months Year to Date Results
For the six months ended June 30, 2022, revenue was $3.463 billion, up from $2.930 billion in the year ago period. Operating income, which included $13.4 million primarily attributable to transaction-related expenses, was $603.4 million, as compared to operating income of $505.2 million in 2021, which included $14.0 million primarily related to fair value changes in equity awards.
Net income for the six months ended June 30, 2022 was $404.4 million, or $1.57 per share on a diluted basis of 258.1 million shares. In the year ago period, the Company reported net income of $337.4 million, or $1.29 per share on a diluted basis of 262.3 million shares.
Adjusted net income(b) for the six months ended June 30, 2022 was $470.6 million, or $1.82 per diluted share, compared to $396.3 million, or $1.51 per diluted share, in the year ago period. Adjusted EBITDA(b) for the six months ended June 30, 2022 was $1.069 billion, as compared to $918.1 million in the prior year period.
Updated 2022 Outlook
Waste Connections also updated its outlook for 2022, which assumes no change in the current economic environment or underlying economic trends. The Company's outlook excludes any impact from additional acquisitions that may close during the year, and expensing of transaction-related items. The outlook provided below is forward looking, and actual results may differ materially depending on risks and uncertainties detailed at the end of this release and in our periodic filings with the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada. Certain components of the outlook for 2022 are subject to quarterly fluctuations. See reconciliations in the attached tables.
Revenue is estimated to be approximately $7.125 billion, as compared to our original revenue outlook of approximately $6.875 billion.
Net income is estimated to be approximately $837.5 million, and adjusted EBITDA(b) is estimated to be approximately $2.190 billion, or about 30.7% of revenue, as compared to our original adjusted EBITDA(b) outlook of $2.145 billion or 31.2% of revenue.
Capital expenditures are estimated to be approximately $850 million, in line with our original outlook.
Net cash provided by operating activities is estimated to be approximately $1.974 billion, and adjusted free cash flow(b) of approximately $1.160 billion, or about 16.3% of revenue, as compared to our original adjusted free cash flow(b) outlook of $1.150 billion or 16.7% of revenue.
Environmental, Social and Governance
Waste Connections views its Environmental, Social and Governance ("ESG") efforts as integral to its business, with initiatives consistent with its objective of long-term value creation. In 2020, the Company introduced long-term, aspirational ESG targets and committed over $500 million for investments to meet or exceed such sustainability targets. These investments primarily focus on reducing emissions, increasing resource recovery of both recyclable commodities and clean energy fuels, reducing reliance on off-site disposal for landfill leachate, further improving safety through reduced incidents and enhancing employee engagement through improved voluntary turnover and Servant Leadership scores. The Company's 2021 Sustainability Report provides progress updates on its targets and investments towards their achievement. For more information, visit the Waste Connections website at wasteconnections.com/sustainability.
Q2 2022 Earnings Conference Call
Waste Connections will be hosting a conference call related to second quarter earnings on August 3rd at 8:30 A.M. Eastern Time. A live audio webcast of the conference call can be accessed by visiting investors.wasteconnections.com and selecting "News & Events" from the website menu. Alternatively, listeners may access the call by dialing 800-747-0365 (within North America) or 212-231-2939 (international) approximately 10 minutes prior to the scheduled start time; a passcode is not required. A replay of the conference call will be available until August 10, 2022, by calling 800-633-8284 (within North America) or 402-977-9140 (international) and entering Passcode #22019767.
Waste Connections will be filing a Form 8-K on EDGAR and on SEDAR (as an "Other" document) prior to markets opening on August 3rd, providing the Company's third quarter 2022 outlook for revenue, price plus volume growth for solid waste, and adjusted EBITDA(b).
About Waste Connections
Waste Connections is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, along with resource recovery primarily through recycling and renewable fuels generation. The Company serves more than eight million residential, commercial and industrial customers in mostly exclusive and secondary markets across 43 states in the U.S. and six provinces in Canada. Waste Connections also provides non-hazardous oilfield waste treatment, recovery and disposal services in several basins across the U.S., as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. For more information, visit Waste Connections at wasteconnections.com.
Safe Harbor and Forward-Looking Information
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 ("PSLRA"), including "forward-looking information" within the meaning of applicable Canadian securities laws. These forward-looking statements are neither historical facts nor assurances of future performance and reflect Waste Connections' current beliefs and expectations regarding future events and operating performance. These forward-looking statements are often identified by the words "may," "might," "believes," "thinks," "expects," "estimate," "continue," "intends" or other words of similar meaning. All of the forward-looking statements included in this press release are made pursuant to the safe harbor provisions of the PSLRA and applicable securities laws in Canada. Forward-looking statements involve risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements about expected 2022 and 2023 financial results, outlook and related assumptions, and potential acquisition activity. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, risk factors detailed from time to time in the Company's filings with the SEC and the securities commissions or similar regulatory authorities in Canada. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. Waste Connections undertakes no obligation to update the forward-looking statements set forth in this press release, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws.
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.weau.com/prnewswire/2022/08/02/waste-connections-reports-second-quarter-2022-results-raises-full-year-outlook/ | 2022-08-02T22:02:59Z | https://www.weau.com/prnewswire/2022/08/02/waste-connections-reports-second-quarter-2022-results-raises-full-year-outlook/ | true |
HOUSTON (AP) _ Whitestone Reit (WSR) on Tuesday reported a key measure of profitability in its second quarter.
The real estate investment trust, based in Houston, said it had funds from operations of $12.6 million, or 25 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 $4.3 million, or 9 cents per share.
The real estate investment trust, based in Houston, posted revenue of $35 million in the period.
Whitestone expects full-year funds from operations to be 98 cents to $1.02 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 WSR at https://www.zacks.com/ap/WSR | https://www.ourmidland.com/business/article/Whitestone-Q2-Earnings-Snapshot-17346339.php | 2022-08-02T22:04:14Z | https://www.ourmidland.com/business/article/Whitestone-Q2-Earnings-Snapshot-17346339.php | true |
VANCOUVER, BC, Aug. 2, 2022 /PRNewswire/ -- TPS Software announces three key software functionalities to improve client experience and adapt to the growing needs of a dynamic business environments. As the accounting profession sees increased value and growth of its services and technology and finance are increasingly intertwined, TPS has launched a suite of services designed to elevate clients' performance in seamless integrations with compatible software and improved efficiency for managing payments and client operations.
"TPS Software has long brought an incredible level of trust to the accounting profession. Clients have long sought out TPS services for our business integrity, and we have continued to exceed industry standards." says Ted Shandro, President at TPS Software, Inc.
TPS Software is proud to provide firms a much sought-after Client Portal feature that provides a secure and simple method of delivering sensitive documents to clients. The TPS Cloud Axis portal displays clients' invoices in summary and detail views, and if integrated with a payment processor, allows the client to pay the invoices online through the portal.
TPS Cloud Axis Client Portal enables integration with online payment processing services such as Stripe, PayPal, and PayClix. Firms are able to connect to existing accounts for flexibility over payment options. Once a firm integrates the online payment processing with TPS cloud Axis, the firm could start inviting clients to pay online in just a few steps with no manual steps needed.
Lastly, the fully bidirectional link with QuickBooks Online lets clients keep both programs in sync with the A/R transactions and the client's primary information. Any invoice, finance charge, or payment will be synchronized between TPS and QBO, avoiding double entries. It offers the option to Import or Export transactions as frequently as required.
TPS Software is excited to announce these three fully operational functionalities for all Cloud Axis clients, continuing to build upon its foundation as the trusted, efficient accounting practice management software built for accountants.
Founded in 1999, TPS has long-served as a trusted and innovative home for accountants' time, billing, and practice management needs. With over 3,000 firms as clients throughout its history in Canada and the United States, TPS provides a sensible solution with affordable, industry-leading, and effective solutions to small and medium-size accounting firms' needs with both on-premise and cloud-based solutions.
Contact
Thomas Dawson
1-888-877-2231
tomd@tpssoftware.com
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SOURCE TPS Software | https://www.mysuncoast.com/prnewswire/2022/08/02/tps-software-announces-release-new-functions-improved-efficiency-q2-2022/ | 2022-08-02T22:04:13Z | https://www.mysuncoast.com/prnewswire/2022/08/02/tps-software-announces-release-new-functions-improved-efficiency-q2-2022/ | true |
Pest control workers find body inside fumigated home, police say
GAINESVILLE, Fla. (WCJB/Gray News) - A man has died in a Florida home while the property was being fumigated for bugs.
WCJB reports Gainesville police officers responded to a house after receiving a call from pest control workers who said they found a body inside the home.
A spokesperson for the police department said pest control was treating the house for bugs.
According to authorities, workers filled the home with poisonous gas on July 28, and when they returned to vent it on Monday, the team found a man dead on the second floor.
When officers got to the scene, they said they couldn’t go into the home because of the chemicals in the air.
Gainesville police haven’t immediately identified the man due to their inability to enter the house, but the incident remains under investigation.
Copyright 2022 WCJB via Gray Media Group, Inc. All rights reserved. | https://www.wflx.com/2022/08/02/pest-control-workers-find-body-inside-fumigated-home-police-say/ | 2022-08-02T22:04:57Z | https://www.wflx.com/2022/08/02/pest-control-workers-find-body-inside-fumigated-home-police-say/ | true |
EASTON, Pa. – The Northampton County Coroner has identified the man whose body was recovered from the Lehigh River over the weekend.
56-year-old Wade Leathers, of Tennessee, was pulled from the river, County Coroner Zach Lysek said. The cause of death was drowning, and the manner was ruled accidental.
Lysek said he believes Leathers had been living in this area.
Rescue crews rushed to the area of Larry Holmes Drive in Easton around 9 p.m. Saturday. | https://www.wfmz.com/news/area/lehighvalley/coroner-ids-man-who-drowned-in-lehigh-river/article_daad1a8e-12a5-11ed-923f-73dcb5f1c8ad.html | 2022-08-02T22:06:22Z | https://www.wfmz.com/news/area/lehighvalley/coroner-ids-man-who-drowned-in-lehigh-river/article_daad1a8e-12a5-11ed-923f-73dcb5f1c8ad.html | false |
ORRVILLE, Ohio, Aug. 2, 2022 /PRNewswire/ -- The J.M. Smucker Co. (NYSE: SJM) will release its first quarter fiscal 2023 financial results on Tuesday, August 23, 2022. A press release, including financial statements and segment information, supplemental materials, pre-recorded management remarks, and a transcript of the pre-recorded remarks will be available at 7:00 a.m. Eastern Time. The Company will webcast a live question and answer session with Mark Smucker, President and Chief Executive Officer, and Tucker Marshall, Chief Financial Officer, at 9:00 a.m. Eastern Time on that date.
The Company will participate in the 2022 Barclays Global Consumer Staples Conference and invites interested parties to join its webcast on Tuesday, September 6, 2022, at 2:15 p.m. Eastern Time.
The live webcasts, replays, and other materials for both events can be accessed at the Company's website: investors.jmsmucker.com.
About The J.M. Smucker Co.
Each generation of consumers leaves their mark on culture by establishing new expectations for food and the companies that make it. At The J.M. Smucker Co., it is our privilege to be at the heart of this dynamic with a diverse portfolio that appeals to each generation of people and pets and is found in nearly 90 percent of U.S. homes and countless restaurants. This includes a mix of iconic brands consumers have always loved such as Folgers®, Jif® and Milk-Bone® and new favorites like Café Bustelo®, Smucker's® Uncrustables® and Rachael Ray® Nutrish®. By continuing to immerse ourselves in consumer preferences and acting responsibly, we will continue growing our business and the positive impact we have on society. For more information, please visit jmsmucker.com.
The J.M. Smucker Co. is the owner of all trademarks referenced herein except for Rachael Ray®, a registered trademark of Ray Marks II LLC, which is used under license.
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SOURCE The J.M. Smucker Co. | https://www.wflx.com/prnewswire/2022/08/02/jm-smucker-co-report-first-quarter-earnings-participate-2022-barclays-global-consumer-staples-conference/ | 2022-08-02T22:07:17Z | https://www.wflx.com/prnewswire/2022/08/02/jm-smucker-co-report-first-quarter-earnings-participate-2022-barclays-global-consumer-staples-conference/ | false |
Nebulizers Market to Reach Valuation of USD 2.17 Billion and growing at CAGR of 7.6% by 2030
Rise in prevalence of various respiratory disorders is a key factor driving nebulizers market revenue growth
VANCOUVER, BC, CANADA, August 2, 2022 /EINPresswire.com/ -- The global nebulizers market size was USD 1.12 Billion in 2021 and is expected to register a revenue CAGR of 7.6% during the forecast period, according to latest analysis by Emergen Research. New innovative product launches, rise in prevalence of various respiratory disorders in addition to growing environmental and air pollution major factors driving market revenue growth. In addition, rising incidences of respiratory disorders, such as asthma and Chronic Obstructive Pulmonary Disorder (COPD), especially in emerging countries led to increasing demand for nebulizer products in the healthcare sector.
WHO's air quality database 2022 included ground measurements of annual mean concentrations of Nitrogen Dioxide (NO2), a prevalent urban pollutant that contributes to particle matter and ozone production. Measurements of particulate matter with diameters smaller or equal than 10 μm (PM10) or 2.5 μm (PM2.5), which are both types of pollutants originate from human activities involving fossil fuel combustion, were included in database as well. According to WHO, in addition to outdoor air pollution, indoor smoke is a serious health risk for almost 2.4 billion individuals who cook and heat their apartments with kerosene fuels, biomass, and coal.
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A novel report on global Nebulizers market is offering current developments and emerging trends of the market. The report offers a comprehensive overview of the market along with details about market size, market share, revenue growth, and top companies. The report covers all crucial and essential information related to global Nebulizers market to help readers, investors, clients to gain a thorough understanding of the market and invest accordingly. Various advanced statistical tools such as SWOT analysis or Porter’s Five Forces are used in the report.
The primary aim of the report is to offer market overview, product scope, growth prospects, and risks. The report also offers in depth information about each player in the global Nebulizers market along with its global standing, financial status, product launch, business expansion plans among others. The market players are focused on developing various strategies such as partnerships, mergers and acquisitions, joint ventures, product launches, and research and development investments.
Companies profiled in the global Nebulizers market:
Koninklijke Philips N.V., OMRON Corporation, General Electric Company, Briggs Healthcare, Beurer GmbH, Allied Healthcare, Trudell Medical International, Teleflex Incorporated, DeVilbiss Healthcare LLC, and Vectura Group Ltd.
To know more about the report @ https://www.emergenresearch.com/industry-report/nebulizers-market
Key Highlights in the Report
The jet nebulizer segment accounted for largest revenue share in 2021. Cost-effectiveness and ease of handling of nebulizers are some of the key factors driving revenue growth of this segment. Aerosol production with minimum patient cooperation owing to strong flow of gas through a jet nebulizer, which allows solvent evaporation during nebulization, lowering volume given and concentrating aerosol. Furthermore, easy administration of medicine, mucolytic, liposomal formulations, and recombinant pharmaceuticals, among others, is driving demand for jet nebulizers by patients.
The portable segment is expected to register a significant growth rate over the forecast period owing to cost-effectiveness and compact size, which enable easy to use especially for homecare patients. Rapid adoption of portable nebulizer devices as it provides shorter treatment duration, and quiet operation, which helps in improving patient adherence to therapy, is a key factor driving growth of this segment. Moreover, various R&D initiative and technological advancements are increasing demand for more innovative portable devices.
The homecare settings segment is expected to register a significant growth owing to increasing number of portable product launch and comparatively cost-effective. Portable devices enable less wastage and ease to use during inhalation therapy, which provide patients to use less effort while using it. High cost of hospital visits and stay is increasing preference for homecare among patients, which is one of the primary factor contributing to growth of the market
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The report also covers the scope of individual applications and types in each region. The report also covers details about production and consumption patterns, technological developments, revenue growth, market size, market share, key trends and demands influencing market growth in the region, and robust presence of key players in the region.
Emergen Research has segmented the global nebulizers market based on product, modality, end-user, and region:
Product Outlook (Revenue, USD Billion; 2019-2030)
Ultrasonic nebulizer
Jet nebulizer
Mesh nebulizer
Modality Outlook (Revenue, USD Billion; 2019-2030)
Table-top
Portable
End-User Outlook (Revenue, USD Billion; 2019-2030)
Clinics
Hospitals
Homecare settings
Regional Analysis:
The report further examines the market in the key regions of the world with regard to production and consumption patterns, import/export, supply and demand ratio, revenue generation, market share and size, and presence of prominent players in the regions. The report also covers the expansion plans undertaken by companies in the regions under the regional analysis section.
Key regions in the market include:
North America
U.S.
Canada
Europe
U.K.
Italy
Germany
France
Rest of EU
Asia Pacific
India
Japan
China
South Korea
Australia
Rest of APAC
Latin America
Chile
Brazil
Argentina
Rest of Latin America
Middle East & Africa
Saudi Arabia
U.A.E.
South Africa
Rest of MEA
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The report offers details about key drivers, restraints, opportunities, challenges, growth prospects, limitations, and threats
The report encompasses details about the key companies, product portfolio along with specifications, production valuation, and market shares
Evaluation of key current and emerging market trends and growth prospects
It also offers research-backed estimations for the forecast period of eight years, primarily to estimate the potential market growth
Brief overview of industry with regards to research and development, technological advancements, and product development
In-depth assessment of upstream raw materials, downstream buyers, demands, and current market scenario
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LinkedIn | https://www.einpresswire.com/article/584172738/nebulizers-market-to-reach-valuation-of-usd-2-17-billion-and-growing-at-cagr-of-7-6-by-2030 | 2022-08-02T22:07:40Z | https://www.einpresswire.com/article/584172738/nebulizers-market-to-reach-valuation-of-usd-2-17-billion-and-growing-at-cagr-of-7-6-by-2030 | true |
Couple accused in armed robbery, home invasion held without bail
Woman's lawyer says she was actually victim in case
Woman's lawyer says she was actually victim in case
Woman's lawyer says she was actually victim in case
A Massachusetts couple accused of a robbery and home invasion in Hampstead will remain in jail after a judge decided that the two are dangers to the community.
Jose Robles and his fiancée, Camille Knox, are accused of robbing a local gas station and terrifying a family during what appears to be a random home invasion. But Knox's attorney told a judge that she's actually a victim in the case.
Robles pleaded not guilty and did not argue bail during his video arraignment Tuesday afternoon in Rockingham Superior Court.
According to a court affidavit, Robles and Knox drove to the Extra Mart on Emerson Avenue in Hampstead at around 2 a.m. Monday. While Knox waited in the car, Robles allegedly entered the store with what was later determined to be a BB gun and got away with $100 in cash.
Prosecutors said the two then led police on a brief chase down Route 111 before breaking into a nearby home and holding the family inside hostage.
The affidavit said Robles allegedly pounded on the victims' front door and yelled "Emergency!" When someone inside answered, Robles allegedly pointed the gun at them and forced his way in.
A not guilty plea was also entered for Knox, who prosecutors said played a role in the home invasion.
"Also as alleged, she at one point in the house was keeping an eye on the victims, as well as being handed what appeared to be a deadly weapon and was holding it at times," said Assistant County Attorney Jill Cook.
Knox's attorney said the state has it all wrong and that she is a victim.
"The co-defendant held a gun to her to make her be involved in this," said defense attorney Don Topham. "She had tried to talk him out of the robbery. She tried to get him to not do that. She is a true victim here."
Robles and Knox were ordered to stay away from the victims in the case. | https://www.wmur.com/article/couple-armed-robbery-home-invasion-bail/40787336 | 2022-08-02T22:08:06Z | https://www.wmur.com/article/couple-armed-robbery-home-invasion-bail/40787336 | false |
- KAR completed the sale of its ADESA U.S. physical auction business to Carvana and is using the proceeds to reduce debt
- The company has over $800 million of available cash as of June 30, 2022
- The company's performance was impacted by reductions in conversion rates across its marketplaces
CARMEL, Ind., Aug. 2, 2022 /PRNewswire/ -- KAR Auction Services, Inc. (NYSE: KAR) today reported its second quarter financial results for the period ended June 30, 2022.
"During the second quarter, KAR increased revenue and total gross profit, grew gross profit per vehicle sold in our marketplace business, and delivered continued strong performance in our financing business," said Peter Kelly, CEO of KAR Global. "Looking ahead, we remain highly focused on cost management, pricing and platform consolidation, which we expect to contribute to improved second half results and help position us for future growth. However, if the conversion pressures experienced in the second quarter do not improve, we would expect full year 2022 Adjusted EBITDA may be as low as $245 million as sellers and buyers look for price equilibrium across our marketplaces. Accordingly, we are updating our previous guidance for Adjusted EBITDA to a range of $245 to $265 million."
Second Quarter 2022 Financial Highlights
The company has classified the ADESA U.S. physical auction business as discontinued operations. As such, the results discussed herein refer to the continuing operations of KAR and do not include the results of the ADESA U.S. physical auction business.
- Total revenue for the second quarter of 2022 was $384.2 million, an increase of 2% compared with $376.0 million for the second quarter of 2021.
- Loss from continuing operations for the second quarter of 2022 of $5.4 million, or $(0.10) per diluted share, compared with $15.3 million, or $(0.16) per diluted share, for the second quarter of 2021.
- Marketplaces had a conversion rate of 36% of vehicles offered for the second quarter of 2022, compared with 48% for the second quarter of 2021.
- Adjusted EBITDA from continuing operations for the quarter ended June 30, 2022 was $56.1 million, compared with $62.1 million for the quarter ended June 30, 2021.
- Operating adjusted net income (loss) from continuing operations per diluted share was $0.04 for the quarter ended June 30, 2022, compared with $(0.03) for the quarter ended June 30, 2021.
- Year-over-year increase in digital dealer-to-dealer marketplaces of 5%, including acquired volume from CARWAVE.
- Marketplace gross profit per vehicle sold increased 11% to $282 for the quarter ended June 30, 2022, compared with $254 for the quarter ended June 30, 2021.
- AFC's strong second quarter performance was driven by increased revenue per loan transaction of 19% and increased loan transactions of 13%.
Debt Tender Offer
On August 2, 2022, the company commenced an offer to purchase for cash up to $600,000,000 principal amount of its 5.125% Senior Notes due 2025, exclusive of any applicable premiums paid in connection with such tender offer and accrued and unpaid interest. The tender offer is being made only by and pursuant to the terms set forth in the offer to purchase, dated August 2, 2022, and is subject to a number of conditions set forth therein that may be waived or changed.
Earnings Conference Call Information
KAR will be hosting an earnings conference call and webcast on Wednesday, August 3, 2022 at 8:30 a.m. EDT. The call will be hosted by KAR's Chief Executive Officer, Peter Kelly and Executive Vice President and Chief Financial Officer, Eric Loughmiller. The conference call may be accessed by calling 1-877-300-8521 and entering participant passcode 10169145, while the live web cast will be available at the investors section of www.karglobal.com. Supplemental financial information for KAR's second quarter 2022 results is available at the investors section of www.karglobal.com.
The archive of the webcast will also be available following the call and will be available at the investors section of www.karglobal.com for a limited time.
About KAR
KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR Global's unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in about 75 countries. Headquartered in Carmel, Indiana, KAR Global has employees across the United States, Canada, Mexico, Uruguay, Europe and the Philippines. For more information and the latest KAR Global news, go to www.karglobal.com and follow us on Twitter @KARSpeaks.
Forward-Looking Statements
Certain statements contained in this release include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as "should," "may," "will," "can," "of the opinion," "confident," "is set," "is on track," "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "continues," "outlook," "initiatives," "goals," "opportunities," and similar expressions identify forward-looking statements. Such statements are based on management's current expectations, are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include those risks and uncertainties regarding (i) the impact of the COVID-19 pandemic on our business and the economy generally; (ii) the impact of macroeconomic conditions and geopolitical events, including the conflict between Russia and Ukraine; (iii) the company's sale of the ADESA U.S. physical auction business to Carvana, including the ability of the company to execute on its strategy and achieve its goals and other expectations after the sale and the impact on the company's business and relationships with its customers; and (iv) those other matters disclosed in the company's Securities and Exchange Commission filings. The company does not undertake any obligation to update any forward-looking statements.
KAR Auction Services, Inc.
Reconciliation of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, operating adjusted net income (loss) and operating adjusted net income (loss) per share as presented herein are supplemental measures of our performance that are not required by, or presented in accordance with, generally accepted accounting principles in the United States ("GAAP"). They are not measurements of our financial performance under GAAP and should not be considered as substitutes for net income (loss) or any other performance measures derived in accordance with GAAP. Management believes that these measures provide investors additional meaningful methods to evaluate certain aspects of the company's results period over period and for the other reasons set forth below.
EBITDA is defined as net income (loss), plus interest expense net of interest income, income tax provision (benefit), depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for the items of income and expense and expected incremental revenue and cost savings as described in our senior secured credit agreement covenant calculations. Management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA is appropriate to provide additional information to investors about one of the principal measures of performance used by our creditors. In addition, management uses EBITDA and Adjusted EBITDA to evaluate our performance.
Depreciation expense for property and equipment and amortization expense of capitalized internally developed software costs relate to ongoing capital expenditures; however, amortization expense associated with acquired intangible assets, such as customer relationships, software, tradenames and noncompete agreements are not representative of ongoing capital expenditures, but have a continuing effect on our reported results. Non-GAAP financial measures of operating adjusted net income (loss) and operating adjusted net income (loss) per share, in the opinion of the company, provide comparability of the company's performance to other companies that may not have incurred these types of non-cash expenses or that report a similar measure. In addition, operating adjusted net income (loss) and operating adjusted net income (loss) per share may include adjustments for certain other charges.
EBITDA, Adjusted EBITDA, operating adjusted net income (loss) and operating adjusted net income (loss) per share have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of the results as reported under GAAP. These measures may not be comparable to similarly titled measures reported by other companies.
The 2022 expectation for Adjusted EBITDA is a forward-looking non-GAAP financial measure. We have not reconciled this non-GAAP financial measure to its most directly comparable GAAP measure of net income (loss) due to the inherent difficulty and impracticability of predicting certain amounts required by GAAP with a reasonable degree of accuracy. Accordingly, a reconciliation is not available without unreasonable effort.
The following table reconciles EBITDA and Adjusted EBITDA to income (loss) from continuing operations for the periods presented:
The following table reconciles operating adjusted net income (loss) and operating adjusted net income (loss) per diluted share to net income (loss) for the periods presented:
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SOURCE KAR Auction Services | https://www.kold.com/prnewswire/2022/08/02/kar-auction-services-inc-reports-second-quarter-2022-financial-results/ | 2022-08-02T22:09:20Z | https://www.kold.com/prnewswire/2022/08/02/kar-auction-services-inc-reports-second-quarter-2022-financial-results/ | false |
A Millsboro man is being held on $10,000 bail for allegedly assaulting a Delaware State trooper.
Delaware State Police said the officer was investigating a stolen vehicle complaint around noon on Monday, August 2, 2022, in the area of Webbs Lane in Dover.
According to police the trooper contacted the driver, identified as 28-year old Wade Wilson, but Wilson allegedly refused the officer's commands and then drove away, dragging the trooper alongside.
Police said the trooper hit a tree and suffered non-life threatening injuries.
The car hit a sign and Wilson fled on foot.
He was caught later Monday evening and is currently being held at Sussex Correctional Institution. | https://www.wdel.com/news/trooper-assaulted-millsboro-man-in-jail/article_b9e8d9da-1284-11ed-846c-db631af8d134.html | 2022-08-02T22:10:21Z | https://www.wdel.com/news/trooper-assaulted-millsboro-man-in-jail/article_b9e8d9da-1284-11ed-846c-db631af8d134.html | true |
TEMPE, Ariz., Aug. 2, 2022 /PRNewswire/ -- Rockford Fosgate (www.rockfordfosgate.com), the industry leader in high-performance audio, has partnered with the City of Sturgis for the ninth consecutive year as the "Official Motorcycle Audio Sponsor" of the Sturgis® Motorcycle Rally™ being held August 5th – 13th and will also be an official sponsor of the "20th Anniversary Mayor's Ride," held during the Motorcycle Rally™.
Rockford's booth on Lazelle Street will be the central hub of Rockford Fosgate activities during the Rally From 9:00am – 6:00pm daily, Rockford experts will be giving test drives of their latest aftermarket audio systems, purpose built for Harley-Davidson® motorcycles, including the new M5 800-watt kits just announced on July 29th. Aftermarket systems will be available for purchase at the booth and bikers may also schedule installation with a certified technician during the Rally. Visitors who would like to learn more about "Harley-Davidson® Audio Powered by Rockford Fosgate" can talk with Rockford staff and experience motorcycles factory equipped with these powerful systems.
On Tuesday, August 9th, Rockford Fosgate will present the All-Out Bagger Show from 11:00am – 4:00pm in the Harley-Davidson's® Outlaw Square, Deadwood, South Dakota. Our host for the event will again be Jeff G. Holt, editorial director of V-Twin Visionary©. Those registering for the event will compete for top awards as well as a cash REWARD of $1000. Registration for the show is on-site in Deadwood at Harley-Davidson's® Outlaw Square beginning at 11:00am on Tuesday, August 9th
Rockford Fosgate team members will also be on-hand at Black Hills Harley-Davidson® through August 13th (8am – 6pm daily) where bikers can also purchase Rockford Fosgate audio systems and have them installed on-site.
Click here for information on the Mayor's Ride and Click here for details on Rockford's sponsorship of the Rally™. For more about Rockford Fosgate rockfordfosgate.com.
About Rockford Corporation
Setting the standard for excellence in the audio industry, Rockford Corporation markets high-performance audio systems under the brand Rockford Fosgate® for the mobile, motorsport, and marine audio aftermarket and OEM market. Headquartered in Tempe, Ariz., Rockford Corporation is a wholly owned subsidiary of Patrick Industries, Inc. (NASDAQ: PATK).
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SOURCE Rockford Corporation | https://www.wymt.com/prnewswire/2022/08/02/rockford-fosgate-be-on-site-official-motorcycle-audio-sponsor-82nd-annual-sturgis-motorcycle-rally/ | 2022-08-02T22:11:20Z | https://www.wymt.com/prnewswire/2022/08/02/rockford-fosgate-be-on-site-official-motorcycle-audio-sponsor-82nd-annual-sturgis-motorcycle-rally/ | false |
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Drake is in his magician bag these days, leading up into his birthday month of October . Press play for some candid moments of the Ovo Ceo & Toronto native
out and about on the scene. Also, his first girlfriend and song inspirer “Keisha Chante ” gets some vip treatment in public. Do you think Drake believe that Drake
is the all time Goat of the decade ? The Gods Plan rapper may just have the cure to cancer .
P-skillzflo (@PskillzFlo) | https://thebeatdfw.com/3633954/drake-brings-out-the-real-ke-ke-do-you-love-melive/ | 2022-08-02T22:14:45Z | https://thebeatdfw.com/3633954/drake-brings-out-the-real-ke-ke-do-you-love-melive/ | false |
Is Scotland facing a summer of discontent?
Douglas Fraser
Business/economy editor, Scotland
- Published
Talks are due to take place on Wednesday after Scottish councils called for additional government funding so they can offer staff a bigger pay rise.
Local authorities are facing the prospect of strikes unless there is an improved offer, and the Scottish government says it is working with council body Cosla to explore options for solutions.
Recent months have seen several other disputes over pay and conditions. Is Scotland facing a summer of discontent?
Rail drivers and signallers, BT telecom and Royal Mail employees, airport workers and cabin crew, supermarket workers, bus drivers and university lecturers, even lawyers in criminal courts - the striker has become a symbol of 2022.
Many more could be set to follow in their path, including a wide range of local government workers. One of their main unions, Unison, is planning to disrupt schools, early years centres, nurseries and waste and recycling centres across Scotland.
Scottish teachers lodged a 10% pay claim, before realising that price inflation could rise even higher. There is union talk of a strike ballot when the summer holiday is over.
Firefighters say a 2% pay offer is "insulting" and are also talking up strike action, while Scottish nurses close their strike ballot this Thursday.
Scottish police officers will have more to say the following day about stepping up their "withdrawal of goodwill", while they lack the legal right to strike.
Another symbol of this year was the video call sacking of P&O ferry crews, with their replacements hired on much weaker contracts.
It was a powerful image of the way some employers treat staff, and reinforced public support for trade unions at the very moment that price inflation was about to take off, leaving most pay increases struggling far behind.
Why are there so many strikes?
The simple answer is pay. Price inflation is racing ahead of pay rises at a rate that few foresaw even in early spring, when many pay deals should have been settled. Workers want to hold on to the spending power of their pay.
Government-funded employers have limited flexibility to meet expectations that pay will catch up with inflation. Private sector employers are being hit by rising costs - notably for energy, but they also suffer from disrupted supply chains and shortages of skilled staff.
That should give workers a lot of leverage to demand higher wages, and that's what they've been getting in some privately-run sectors, such as haulage. In construction and finance, it's been a bumper year for bonuses.
With that backdrop of a tight labour market, trade unions could expect to be in a strong position. They represent slightly more than half of public sector workers. Years of squeezed budgets have seen their earnings eroded, relative to prices and to the private sector.
Trade unions represent only around one in six private sector workers, but they are not evenly spread. They are strongest in former nationalised industries and companies, including transport and utilities, but much weaker in sectors with less formal employment structures - often where young people are on lower pay, such as hospitality.
So where they have leverage over employers, trade unions are making it clear that they are willing to deploy it over pay, if necessary through strike action.
Why is this being called the summer of discontent?
The term suggests a parallel with the Winter of Discontent in 1978/79. There were thousands of strikes, and around 30 million working days were lost to industrial action.
It is etched into folk memory, not least in the minds of newspaper editors.
Inflation was running high, although lower than it runs today.
Unions represented twice the proportion of workers that they do now. They were frustrated at the pay restraint required of them by the Labour government led by Jim Callaghan. Higher wages had been leading to an upward cycle of higher prices.
One consequence of that chaotic winter was Labour's heavy defeat to Margaret Thatcher in 1979. She was elected with a mandate to tear into both price inflation and the trade unions' ability to strike.
As that was nearly 44 years ago, you have to be a Baby Boomer to remember it. Other generations have come along who don't share - according to recent opinion polling - as negative a view of trade unions.
Those generations may be less likely to know that "winter of our discontent" is Shakespearean - the opening line from Richard III. It was, incidentally, to welcome the end of that winter.
But it looks as likely that this year will see a more active autumn of discontent, or a deepening of it in winter, as inflation peaks.
Some energy analysts are looking to the winter after next, forecasting continuing difficulties. This may come to seem, by comparison, what Shakespeare's Richard called "glorious summer"… before things turned nasty.
How political are the strikes?
There is politics attached, for sure. As the rail industry moves out of the private sector, rail unions are using leverage with governments at Westminster and Holyrood.
It's easier to focus a campaign on a cabinet minister than a faceless chief executive, whose accountability was to shareholders overseas.
Also, summoning up the demons of 1978 is a way of mobilising Conservative Party members as they vote for their new leader and prime minister.
Facing a series of one-day rail strikes, there has already been a rapidly-enacted change in the law to make it easier to introduce agency workers where union members are striking.
We have had warnings about the impact of price and wage increases spiralling, again seeing reference to that problem in the 1970s.
The signs from the Tory leadership candidates are of further measures to constrain trade union power - once more evoking the spirit of Margaret Thatcher.
For Conservatives, such strikes also provide an opportunity to put political heat under the Labour Party.
Strike action means union affiliates of Labour expecting political support, while moderates at Westminster prioritise their mission to look as credible as possible for swing voters at the next election.
What are the differences in Scotland?
The recent 5% pay rises recommended by independent pay review bodies affect much of the public sector in England. In Scotland, these cover little more than doctors, dentists, civil servants, judges and the military.
However, the review body recommendations influence negotiations in Scotland, at least as a benchmark below which neither Scottish unions nor the Scottish government want to fall.
With budgets already tightly stretched to meet commitments for public services and welfare payments, while without further borrowing powers and no appetite for further income tax increases, Scottish ministers see themselves as constrained by spending decisions made at Westminster.
So without the funds to match price inflation for Scottish teachers, health service workers, police, firefighters, local government workers and so on, the Scottish government is turning to Westminster - either for help or to blame, depending how you perceive it.
Local government unions say that the offer given to English counterparts is far ahead of anything offered so far in Scotland, at least for the lowest-paid workers.
What about non-pay elements of these disputes?
Employers have wish lists of changes they would like to see, to improve efficiency and reduce labour costs. Staff do too, more often to improve conditions such as holiday entitlement or pension provision - or unions want to defend existing agreements at risk of erosion.
In the case of rail workers, there is a battle being fought over job losses. Employers want to reduce payroll costs and headcount in areas such as train guards or staffed ticket offices.
The RMT transport union has a better track record than others at getting its way in such disputes. Partly, that is because it is focussed on a few sectors, while large amalgamated unions such as Unite, GMB or Unison have less focus and depend more on decentralised negotiating, sometimes through inexperienced, under-resourced local officials.
An important element of strike action or other disruption to public services is securing public support. The risk unions take is of alienating the public with the inconvenience of cancelled trains, or bins going uncollected.
YouGov has published opinion survey data suggesting there is support for the right to strike. Trade unions were seen as playing a positive role in Britain by 32% of those questioned, and a negative role by 26%.
Ipsos Mori also has findings on attitudes to unions, which point to sympathies running ahead of strike support.
Across the UK, for instance, it finds 71% would sympathise with a nurse's pay campaign, while 60% would support a strike. For school teachers, 51% would sympathise, and 42% would support a strike. The least sympathy is for barristers, civil servants and academics.
Has the pandemic made a difference?
Unions were widely seen as playing a positive role at the start of the pandemic, cooperating with bosses to apply infection control measures and to support workers who were required to stay at home.
Coming out of the pandemic, the changing shape of commuting is one example where unions face a new challenge.
With only around three-quarters of the ticket revenue train operators used to have, much of that because of many people continue to work from home, rail services have to be adapted to the routes and journey times people now want.
The pandemic also brought support for health and social care workers, including weekly doorstep applause and fund-raising. Train drivers and council workers are also reminding us that they continued to provide vital public services.
Such workers hope to turn that into public support for pay campaigns. They have to do so without alienating that support by harming public services. | https://www.bbc.co.uk/news/uk-scotland-scotland-business-62392860 | 2022-08-02T22:16:52Z | https://www.bbc.co.uk/news/uk-scotland-scotland-business-62392860 | false |
Drug deaths: Lives saved by new approach, says charity
- Published
The lives of drug users in Wales are being saved because of a new way of tackling the problem, a charity has said.
Newport-based Kaleidoscope said instead of punishing people for taking drugs, the focus is on reducing the harm to the drug user.
Cullan Mais, who was addicted to heroin when he was 19, said having help with withdrawal gave him his identity back.
"Your confidence comes back, that ambition comes back," he said.
According to the most recent figures Wales recorded its lowest drug death rate in 2020 since 2014.
New data from the Office for National Statistics (ONS) is set to be published later.
When he was 15, Cullan, from Cardiff, started taking drugs and said he was "fully addicted" to heroin and using crack cocaine at 19.
Drugs were a way for him to control his OCD, anxiety and ADHD - all of which went undiagnosed until he went to prison.
He funded his drug addiction through shoplifting, after stealing from family and friends, eventually going to prison 11 times.
Now 30, he described his first stint in HMP Birmingham as a "real eye opener".
"I thought that was going to be my only time in prison and it did genuinely scare me," he said.
"But when drugs like heroin come into play, it's never the only time."
Cullan was caught in a cycle of re-offending and reusing drugs, but everything changed when his friend died from an overdose and he ended up in hospital.
"It was probably the first time I was really scared of losing my life," he said.
'Your confidence comes back'
After four weeks in hospital, Cullan was offered a new drug called Buvidal, which stopped him feeling the intense symptoms of heroin withdrawal.
Cullan said it gave him his identity back.
"Your confidence comes back, that ambition comes back, the young boy I once was has come back."
While Cullan acknowledges Buvidal is not a "silver bullet" for everyone, it helped him.
He now has a girlfriend, a family, a home, and a podcast on which he has interviewed First Minister Mark Drakeford about drugs policy.
The Welsh government first approved the use of Buvidal in September 2019.
It is a new, injectable form of the drug buprenorphine, and can help users stop using heroin or methadone.
Unlike methadone or traditional buprenorphine, Buvidal injections can last for one month.
The latest ONS figures on drug deaths in Wales and England are expected on Wednesday. It is hoped the number of drug-related deaths will continue to fall.
In 2020, there were 149 drug poisoning deaths in Wales from illegal substances - a fall on the previous year.
This is the equivalent of 51.1 drug misuse deaths per million people in Wales. In England the rate is 52.1 deaths per million people.
While that was not a big difference, Wales has typically had a much higher rate of drug misuse deaths than England over the past 10 years.
Martin Blakebrough, from Kaleidoscope, said drugs had been treated as a "public health issue" in Wales, "reducing the stigma of criminalising everyone who has a drug issue".
"Workers in Wales are taught to recognise those who have serious problems with drugs often has extreme trauma in their lives," he said.
Wales will become the first UK nation to have a nationwide peer-to-peer Naloxone programme, a drug which rapidly reverses an opioid overdose.
In 2021, the Welsh government and Gwent alcohol and drug service funded an eight-week pilot to train people with lived experience of addiction to give Naloxone to those at risk of overdosing.
The pilot was so successful, the training has been extended around Wales.
Leighton is one of the volunteers who has been involved with the project since the beginning.
Before he volunteered, he was still using drugs.
"I was going round in circles constantly, getting clean, relapsing, getting clean, relapsing," he said.
Now Leighton has broken that cycle.
"You're saving someone's son, someone's daughter, someone's father - it puts a smile on your face," he said.
George Charlton is also a former drug user, who is now known as "the Naloxone man" because of his work training people to use the drug.
"Typically, we don't see the good in people who use drugs," he said.
"This project reframes all of that and what we tell people is that their lived experience absolutely matters - that they've got like a qualification that nobody wants - they've got a street degree right and their street degree is involved in pain and trauma.
"And I would argue that when it comes to the peer led approach, Wales is definitely leading the way, so everyone's got to catch up."
A Welsh government spokesman said: "Substance misuse is something that cannot be tackled by government alone.
"Our delivery plan, backed by over £60m in funding per year, sets out how we are working closely with partners including the NHS, police and the third sector to ensure support is available to reduce the avoidable harm caused by substance misuse."
If you need help or advice with any of the issues raised in this story please contact the BBC Action Line - information can be found here
- 3 August 2021 | https://www.bbc.co.uk/news/uk-wales-62393799 | 2022-08-02T22:16:58Z | https://www.bbc.co.uk/news/uk-wales-62393799 | false |
RICHMOND, Va., Aug. 2, 2022 /PRNewswire/ -- Markel Corporation (NYSE:MKL) today reported its financial results for the second quarter of 2022. The Company also announced today it has filed its Form 10-Q for the quarter ended June 30, 2022 with the Securities and Exchange Commission.
The following tables present summary financial data for the quarters and six months ended June 30, 2022 and 2021.
Highlights of results from the quarter and six months include:
- Earned premiums grew 17% for both the quarter and six months ended June 30, 2022, reflecting continued growth in gross premium volume from new business, more favorable rates and expanded product offerings.
- The higher combined ratio for the quarter ended June 30, 2022 compared to the same period of 2021 was driven by the impact of less favorable development on prior accident years loss reserves.
- The combined ratio for the six months ended June 30, 2022 included $35.0 million, or one point, of net losses and loss adjustment expenses, as well as $12.3 million of additional reinsurance costs, attributed to the Russia-Ukraine conflict. The combined ratio for the six months ended June 30, 2021 included $67.9 million, or two points, of net losses and loss adjustment expenses from Winter Storm Uri.
- Net investment losses in 2022 reflected a substantial decrease in the fair value of our equity portfolio resulting from significant declines in the public equity markets.
- Growth in operating revenues from our Markel Ventures operations reflected contributions from our acquisitions in the second half of 2021 and the impact of increased demand and higher prices across many of our businesses.
- Comprehensive loss to shareholders in 2022, for both the quarter and six months, was a result of unrealized losses on our fixed maturity and equity portfolios.
"Results for the first half of 2022 reflect the benefits of our diversified, three-engine architecture of insurance, investments, and Markel Ventures. Within our insurance engine, new business opportunities, an attractive pricing environment and solid portfolio construction contributed to strong top line growth and, when combined with continued expense management efforts, resulted in a 90% combined ratio for the first six months of 2022," said Thomas S. Gayner and Richard R. Whitt, Co-Chief Executive Officers. "Our Markel Ventures engine provided additional thrust with another record-setting quarter for both revenues and EBITDA."
"Within our investments engine, our results were impacted by the sharp decline in the equity markets, as well as rising interest rates in the bond market, during the first half of 2022. Given our focus on long-term performance and investing discipline, we are confident in the durability of our portfolio and understand that periodic volatility is to be expected," Gayner and Whitt remarked. "Looking forward to the remainder of 2022, we are well-positioned to execute on our business objectives and remain focused on building long-term shareholder value."
We believe our financial performance is most meaningfully measured over longer periods of time, which tends to mitigate the effects of short-term volatility and also aligns with the longer-term perspective we apply to operating our businesses. We generally use five-year periods to measure our performance. Over the five-year period ended June 30, 2022, the compound annual growth in book value per common share was 7%. Over the five-year period ended June 30, 2022, our share price increased at a compound annual rate of 6%.
A copy of our Form 10-Q is available on our website at www.markel.com or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of our financial performance. Our quarterly conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Wednesday, August 3, 2022, beginning at 9:30 a.m. (Eastern Time). Investors, analysts and the general public may listen to the call free over the Internet through our website at www.markel.com in the "For investors" section. Any person needing additional information can contact Markel's Investor Relations Department at IR@markel.com. A replay of the call also will be available on our website from approximately one hour after the conclusion of the call until Monday, August 15, 2022.
About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markel.com.
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- World's first 238-layer 512Gb TLC 4D NAND developed in July; expected to begin mass production in the first half of 2023
- Providing highest, smallest NAND product while remarkably improving productivity, data transfer speed and power efficiency
- "Will continue innovations to find breakthroughs in technological challenges"
SEOUL, South Korea, Aug. 2, 2022 /PRNewswire/ -- SK hynix Inc. (or "the company", www.skhynix.com) announced today that it has developed the industry's highest 238-layer NAND Flash product.
The company has recently shipped samples of the 238-layer 512Gb triple level cell (TLC)* 4D NAND product to customers with a plan to start mass production in the first half of 2023. "The latest achievement follows development of the 176-layer NAND product in December 2020," the company stated. "It is notable that the latest 238-layer product is most layered and smallest in area at the same time."
* Triple Level Cell (TLC): NAND Flash products are categorized into Single Level Cell, Multi Level Cell, Triple Level Cell, Quadruple Level Cell and Penta Level Cell depending on the number of information (unit: bit) contained in a single cell. That a cell contains more information means more data can be stored within the same extent of area.
The company unveiled development of the latest product at the Flash Memory Summit 2022* in Santa Clara. "SK hynix secured global top-tier competitiveness in perspective of cost, performance and quality by introducing the 238-layer product based on its 4D NAND technologies," said Jungdal Choi, Head of NAND Development at SK hynix in his keynote speech during the event. "We will continue innovations to find breakthroughs in technological challenges."
* Flash Memory Summit (FMS): The world's biggest conference for NAND Flash industry taking place in Santa Clara every year. During its keynote speech at the event SK hynix made a joint announcement with Solidigm.
Since development of the 96-layer NAND product in 2018, SK hynix has introduced a series of 4D products that outperform existing 3D products. The company has applied charge trap flash* and peri under cell* technologies to make chips with 4D structures. 4D products have a smaller cell area per unit compared with 3D, leading to higher production efficiency.
* Charge Trap Flash (CTF): Unlike floating gate, which stores electric charges in conductors, CTF stores electric charges in insulators, which eliminates interference between cells, improving read and write performance while reducing cell area per unit compared to floating gate technology.
* Peri. Under Cell (PUC): A technology that maximizes production efficiency by placing peripheral circuits under the cell array.
The product, while achieving highest layers of 238, is the smallest NAND in size, meaning its overall productivity has increased by 34% compared with the 176-layer NAND, as more chips with higher density per unit area can be produced from each wafer.
The data-transfer speed of the 238-layer product is 2.4Gb per second, a 50% increase from the previous generation. The volume of the energy consumed for data reading has decreased by 21%, an achievement that also meets the company's ESG commitment.
The 238-layer products will be first adopted for client SSDs which are used as PC storage devices, before being provided for smartphones and high-capacity SSDs for servers later. The company will also introduce 238-layer products in 1 Terabit (Tb) next year, with density doubled compared to the current 512Gb product.
About SK hynix Inc.
SK hynix Inc., headquartered in Korea, is the world's top tier semiconductor supplier offering Dynamic Random Access Memory chips ("DRAM"), flash memory chips ("NAND flash") and CMOS Image Sensors ("CIS") for a wide range of distinguished customers globally. The Company's shares are traded on the Korea Exchange, and the Global Depository shares are listed on the Luxemburg Stock Exchange. Further information about SK hynix is available at www.skhynix.com, news.skhynix.com.
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SOURCE SK hynix Inc. | https://www.wafb.com/prnewswire/2022/08/02/sk-hynix-develops-worlds-highest-238-layer-4d-nand-flash/ | 2022-08-02T22:18:00Z | https://www.wafb.com/prnewswire/2022/08/02/sk-hynix-develops-worlds-highest-238-layer-4d-nand-flash/ | false |
A federal judge on Tuesday tossed out a public records lawsuit on the 2020 census based on a Webster’s dictionary definition of one obscure word: “whereby.”
The lawsuit was over an even more obscure concept: how a statistical method was used to fill in details when information was lacking about people residing in dorms, nursing homes, prisons and other group living spaces.
A Republican-leaning redistricting advocacy group had sued the Census Bureau and the Commerce Department, which oversees the statistical agency, in an effort to get records showing by state the number of times the statistical method was used for group quarters. Fair Lines America Foundation had said it had “significant implications for our nation’s redistricting and electoral process” and demanded transparency in how the method was implemented.
In group quarters, the method known as imputation involves using already available information about the facility, such as its maximum capacity, to fill in missing details.
People living in group quarters were particularly difficult to count during the 2020 census because the coronavirus pandemic sent college students fleeing campuses and put nursing homes and prisons in lockdown. In response, the Census Bureau unexpectedly decided to use the statistical technique for group housing, where about 3% of the U.S. population lives. Because of concerns over the group quarters count during the pandemic, the Census Bureau set up a separate program for governments to appeal that count in their jurisdictions.
The census determines how many congressional seats each state gets, as well as the distribution of $1.5 trillion in federal spending each year.
The Census Bureau had argued that releasing the records to Fair Lines would violate a law protecting census participants’ privacy and confidentiality. Bad actors could reconstruct the larger data set and identify people’s private information if the information was released, the statistical agency argued.
In her order, U.S. District Judge Amy Berman Jackson conceded that releasing the aggregated data itself wouldn’t jeopardize participants’ privacy or confidentiality. But the law prohibits “‘any publication whereby the data furnished by any particular establishment or individual under this title can be identified,'” she wrote, quoting from the law.
“The interpretation of this sentence hinges on the word ‘whereby,'” she wrote.
Citing a Webster’s dictionary definition from 1953, a year before the law was enacted, the judge said the meaning of ‘whereby’ led her to believe that publication of the data was prohibited. An attorney for Fair Lines didn’t respond to an email and text seeking comment.
___
Follow Mike Schneider on Twitter at https://twitter.com/MikeSchneiderAP | https://www.myarklamiss.com/news/national-news/census-lawsuit-tossed-based-on-definition-of-whereby/ | 2022-08-02T22:18:11Z | https://www.myarklamiss.com/news/national-news/census-lawsuit-tossed-based-on-definition-of-whereby/ | false |
BURLINGTON, Vt. (AP) — The man charged with killing his mother at sea during a 2016 fishing trip off the coast of New England in a plot to inherit millions of dollars will remain detained pending trial, a federal judge in Vermont ruled Tuesday.
U.S. District Court Judge Geoffrey Crawford denied Nathan Carman’s request to be released, saying he is a flight risk and potential danger due to the seriousness of the charges, lack of strong family, employment or community connections “and his involvement with firearms and the ongoing feud with his family” over his late grandfather’s inheritance.
Crawford said the evidence regarding the loss of his mother at sea, and “the acrimonious dispute” with relatives over the inheritance, as well as his purchase of AR-15 type weapons “are evidence that this is a volatile situation.”
Carman, 28, of Vernon, was charged in May with murder and fraud in the killing of his mother, Linda Carman of Middletown, Connecticut, during a fishing trip in which his boat sank. He was found floating in a raft and rescued eight days after departing from a Rhode Island marina. He pleaded not guilty in his mother’s death.
Prosecutors also have accused Carman of killing his grandfather, John Chakalos, who they say was shot in his home in Windsor, Connecticut, in 2013 as part of a scheme to obtain money and property from his grandfather’s estate. Carman has not been charged in that case and has denied any involvement in his grandfather’s death. | https://www.myarklamiss.com/news/national-news/man-charged-with-killing-mother-at-sea-to-remain-detained/ | 2022-08-02T22:18:38Z | https://www.myarklamiss.com/news/national-news/man-charged-with-killing-mother-at-sea-to-remain-detained/ | true |
WASHINGTON (AP) — The Biden administration is holding out the CIA operation that killed al-Qaida leader Ayman al-Zawahri as a monumental strike against the global terror network responsible for the Sept. 11 attacks of 2001. But there’s a downside, too.
The drone strike also is putting into stark relief the mounting evidence that after 20 years of America’s military presence — and then sudden departure — Afghanistan has once again become an active staging ground for Islamic terror groups looking to attack the West.
The operation, carried out over the weekend after at least six months spent monitoring movements by al-Zawahri and his family, came just weeks before the one-year anniversary of the chaotic U.S. withdrawal from the country.
The Biden administration is making the case that the operation shows Americans at home and allies abroad that the United States hasn’t lost focus — or the ability to strike terrorists in the region — and validates its decision to end two decades of fighting in Afghanistan with its withdrawal.
Announcing the strike from the White House, President Joe Biden said Monday night that “justice” had been exacted on a leader who in recent weeks had recorded videos calling for his followers to attack the United States and allies. And the White House on Tuesday framed the operation was an enormous counterterrorism win.
“The president has made good on his word when we left. He said the United States did not need to keep sending thousands of American men and women to fight and die in Afghanistan,” White House National Security Adviser Jake Sullivan said on NBC’s “Today” show. “After 20 years of war to keep this country safe, he said we would be able to continue to target and take out terrorists in Afghanistan without troops on the ground.”
But as details of the operation continue to emerge, the administration has also revealed troubling evidence of al-Qaida’s presence and of the Taliban once again offering refuge to the group that was behind the 9/11 attacks on the United States.
White House officials believe that senior members of the Haqqani Network, an Islamist terror group with strong ties to the Taliban, were aware that al-Zawahri was in Kabul. Sullivan said that while al-Zawahri wasn’t involved in day-to-day planning at the time of his killing, he continued to play an active role in directing al-Qaida and posed “a severe threat” against the U.S. and American citizens.
Concerns about al-Qaida efforts to regroup inside Taliban-controlled Afghanistan are hardly new.
Before the strike, U.S. military officials, including Gen. Mark Milley, chairman of the Joint Chiefs of Staff, had said al-Qaida was trying to reconstitute in Afghanistan, where it faces limited threats from the now-ruling Taliban. Military leaders have warned that the group still aspired to attack the U.S.
Al-Qaida leadership has reportedly played an advisory role since the Taliban returned to power in the leadup up to the U.S. withdrawal, according to a U.N. Security Council report last month.
The U.N. report also noted that ISIS-K — the group that carried out a massive attack that killed 13 U.S. troops and dozens of Afghans near the Kabul International Airport just days before the U.S. completed its withdrawal last year — has become increasingly active in northern and eastern Afghanistan. That’s a worry for the West though ISIS-K and the Taliban espouse different ideologies and interests, with ISIS-K carrying out a bloody insurgency against the Taliban and religious minorities across Afghanistan.
“Zawahri’s presence in post-withdrawal Afghanistan suggests that, as feared, the Taliban is once more granting safe haven to the leaders of al-Qaida – a group with which it has never broken,” said Nathan Sales, ambassador-at-large and coordinator for counterterrorism during the Trump administration who is now a senior fellow at the Atlantic Council.
Frank McKenzie, the retired Marine general who until earlier this year was the top American military officer in the Middle East, said the U.S. has seen an effort by al-Qaida to restore training camps in Afghanistan.
“I see nothing happening in Afghanistan now that tells me that the Taliban are determined to prevent that from happening,” he said in an interview.
Since the American troop withdrawal, U.S. military leaders have said America’s ability to monitor and strike a target in the country would be difficult but not impossible.
The strike on Zawahri proved both, said McKenzie, who is now executive director of the Global and National Security Institute at the University of South Florida. “If it’s a national priority, we can certainly do that. It requires tremendous effort.”
He cautioned not to draw broad conclusions from this one drone strike.
“This was a unique circumstance,” he said. “You had a target that didn’t move, and they had the opportunity to get a good look at pattern of life. That’s not always going to be the case. In fact, typically, that is not the case.”
That al-Zawahri was living in a Kabul neighborhood and not in rural Afghanistan as previously believed, “tells you that he got really comfortable” under the protection of the Taliban, said Colin Clarke, director of research at The Soufan Group, a global intelligence and security firm.
“These entities work hand in glove,” Clarke said of the Taliban and al-Qaida. “There’s not the separation that others would have you believe.”
The Taliban had promised in the 2020 Doha Agreement on the terms of the U.S. withdrawal from Afghanistan that they would not harbor al-Qaida members or those seeking to attack the U.S.
The Taliban were quick to condemn the U.S. strike as a “a clear violation of international principles and the Doha Agreement,” though they did not acknowledge that al-Zawahri was killed. The U.S. gave no forewarning to the Taliban government, which the United States does not recognize, that it was carrying out the operation.
“Such actions are a repetition of the failed experiences of the past 20 years and are against the interests of the United States of America, Afghanistan, and the region,” the Taliban statement said.
White House National Security Council spokesman John Kirby declined to comment on how, or if, the U.S. would hold the Taliban responsible for sheltering al-Zawahri.
“The Taliban have a choice now,” Kirby said. “And that is they can comply with their agreement under the Doha agreement … or they can choose to be going down a different path. And if they go down a different path, it’s going to lead to consequences not just from the United States but from the international community.”
Kirby said the U.S. had already engaged with the Taliban about al-Zawahri’s presence following Sunday’s strike.
The Taliban remain sanctioned by the U.S. government for its role harboring al-Qaida before the 9/11 attacks. After the collapse of the U.S.-backed government in Kabul last summer, the Biden administration froze billions of dollars in assets belonging to Afghanistan’s central bank to prevent the assets from falling under Taliban control. Some of that money has since been freed for humanitarian aid to address the country’s dire hunger crisis.
Senate Republican Leader Mitch McConnell was quick to congratulate Biden on the operation, but also made the case that it “further indicates that Afghanistan is again becoming a major thicket of terrorist activity following the president’s decision to withdraw U.S. forces.”
“Killing al-Zawahri is a success, but the underlying resurgence of al-Qaida terrorists into Afghanistan is a growing threat that was foreseeable and avoidable,” McConnell said. “The administration needs a comprehensive plan to rebuild our capacity to combat it.” | https://www.myarklamiss.com/news/politics/ap-politics/the-downside-us-strike-shows-afghanistan-still-terror-base/ | 2022-08-02T22:20:44Z | https://www.myarklamiss.com/news/politics/ap-politics/the-downside-us-strike-shows-afghanistan-still-terror-base/ | true |
Two rockets are scheduled to blast off just hours apart on Florida’s Space Coast on Thursday.
The United Launch Alliance plans to launch its Atlas V rocket from the Cape Canaveral Space Force Station. The launch window opens at 6:29 a.m.
The rocket will carry the U.S. Space Force’s Space Based Infrared System Geosynchronous satellite, or SBIRS GEO 6, for missile early-warning detection.
About 12 hours later, SpaceX will launch a Falcon 9 rocket carrying the Korea Pathfinder Lunar Orbiter (KPLO) for South Korea’s first lunar mission.
It will orbit the Moon for one year, carrying an array of South Korean experiments and one U.S. built instrument, NASA said.
The Falcon 9 rocket is scheduled to lift off from Cape Canaveral Space Force Base at 7:08 p.m.
News Channel 8 will livestream both launches when they happen. | https://www.wfla.com/glance-at-the-galaxy/2-rockets-to-blast-off-from-florida-just-hours-apart-on-thursday/ | 2022-08-02T22:21:12Z | https://www.wfla.com/glance-at-the-galaxy/2-rockets-to-blast-off-from-florida-just-hours-apart-on-thursday/ | false |
EDEN CONFIDENTIAL: Right-on Livia Firth launches rant at Sex and the City's Carrie
Sarah Jessica Parker has long been hailed as a trendsetter for fashionistas all over the world thanks to her role as style icon Carrie Bradshaw in Sex And The City.
But it would appear her look on the hit show falls some way short of approval from self-styled queen of sustainability Livia Firth who has hit out at the star for showcasing her unrealistic flat stomach.
Livia, 52, the estranged wife of Oscar-winner Colin Firth, has attacked the actress for showing off something Livia suggests so few women can aspire to, it may cause eating disorders.
The ethical fashion campaigner voiced her disgust by sharing a picture of Parker, 56, top left, on set as Carrie wearing a cropped pink blouse with her taut midriff accentuated by a tight, above-the-waist belt.
Sarah Jessica Parker has long been hailed as a trendsetter for fashionistas all over the world thanks to her role as style icon Carrie Bradshaw (pictured left) in Sex And The City
Livia Firth (left), 52, the estranged wife of Oscar-winner Colin Firth, has attacked Sarah Jessica-Parker (right) for showing off something Livia suggests so few women can aspire to, it may cause eating disorders
'Every time I see images like this (and I see a lot of them) I wonder A, why do we create clothes that only women who don't eat can wear?' asks Livia.
'And B, why do we want to make women feel bad about their bodies if their tummies are not like these (and the majority of women don't have a tummy like this). And C, why do we demonise eating?'
Livia adds: 'So many girls and women I know suffer from food disorders because of this and I wonder what will it take to turn the tide on fashion as a vehicle of so much mental health issues and destruction and instead use it for wellbeing and construction?'
Despite her criticisms of the actress known as SJP, Livia may be surprised to learn they actually sing from the same hymn sheet.
The star has previously criticised Victoria Beckham and other slender stars for shedding their baby weight too quickly.
'There's all this emphasis on losing weight. Look at Posh Spice or whoever. But that life is not what's real,' she said.
Art's enfant terrible joins the cafe society
The world's richest artist, Damien Hirst (left of both pictures), has shared a glimpse of a new artwork, a cappuccino (right picture) depicting in its milk foam the 57-year-old and his ex-ballerina girlfriend Sophie Cannell (right of both pictures), 28
Could this be the most expensive cup of coffee ever made?
The world's richest artist, Damien Hirst, has shared a glimpse of a new artwork, a cappuccino depicting in its milk foam the 57-year-old and his ex-ballerina girlfriend Sophie Cannell, 28.
Hirst is to burn thousands of his famous dot paintings next month.
Buyers who spent £1,600 on the physical art were given the option to see their investment torched in exchange for a digital version known as a non-fungible token, a type of digital asset.
They probably needed something stronger than coffee after making that decision.
Absent ROWAN'S POETIC faux pas
Former Archbishop of Canterbury Rowan Williams (pictured) was booked both to preach in St Michael's Church and speak about R.S. Thomas's poetry in Eglwys Fach
There are likely to be more than a few irate festival-goers in Eglwys Fach next month, as the birthplace of R.S. Thomas hosts a literary event honouring the great poet.
Organisers were thrilled to have lined up former Archbishop of Canterbury Rowan Williams both to preach in St Michael's Church and speak about Thomas's poetry.
But Williams, 72, has now realised that he will be some way from north Wales on the weekend in question — in Canada, in fact.
'Rowan was absolutely appalled when he realised,' churchwarden Alison Swanson tells me.
Williams says that 'habitual inefficiency' — compounded by correspondence 'that hasn't shrunk that much since retirement' — were to blame.
A recording of his talk will be played in his absence. Its title? Keeping Faith In Poetry.
Bake Off's Paul has Dame Prue down to a cup of tea
Great British Bake Off judges Paul Hollywood (left) and Prue Leith (right)
Paul Hollywood reckons the damehood that fellow Bake Off judge Prue Leith received last year has gone to her head.
So much so, junior staff on the show are now apparently given lessons on how to make the perfect cup of tea for the 82-year-old.
'Prue is so precious about her tea on Bake Off,' the 56-year-old master baker told the audience at Kaufmann Concert Hall in New York, where he was promoting his book, Bake.
'We take the runners to show them how to make tea. You can't squeeze the bag against the tea cup as she knows. She is a dame now, so you can't do that to her.'
Hollywood was also less than gallant about former Bake Off judge and fellow dame Mary Berry, 87.
Speaking about the origins of baking, he said: 'When you look back on history like Pompeii . . . Mary Berry used to have a bakery there.' Miaow!
Lady Clara's little boy Ludo comes out to play
Actress and model Lady Clara Paget (right), 33, with husband Burberry model Oscar Tuttiett (bottom left), 33, and newborn son Ludo (middle left)
Actress and model Lady Clara Paget spent most of her pregnancy keeping up appearances at events such as Glastonbury Festival — but she may be now on a break from the party scene.
For the 33-year-old daughter of the 8th Marquess of Anglesey has given birth to her first child, a boy named Ludo.
Lady Clara, who has appeared in films including St Trinian's 2 and Fast & Furious 6, married Burberry model Oscar Tuttiett, 33, last summer.
Her friend Poppy Delevingne congratulated the couple on their new arrival, saying: 'Welcome little Ludo, we love you.'
- There can't be much that causes the normally cool, calm and collected Nick Hewer to hit the panic button. However, an empty wine rack is one thing that will tip the former Countdown host, who admits to having a drink 'every night', over the edge. 'You can't have dinner without a glass of wine, or half a bottle for sure,' says the 78-year-old. 'In fact, if there's no wine in the house it's a matter of critical importance to go and get some. You have to go and get some immediately.' Chin-chin!
- Talk about a nice little earner. Pippa Middleton and James Matthews have sold their Chelsea pad for £22.5 million — £5.5 million more than hedge fund manager James, 46, spent on the five-floor townhouse (with six en-suites, a gym, underground cinema and staff room) in 2014. The couple recently snapped up a 30-room Georgian mansion in Berkshire for £15 million, near to where Pippa, 38, and her sister, the Duchess of Cambridge, 40, grew up in Bucklebury. The new home should comfortably accommodate their growing family — third child Rose was born last month. | https://www.dailymail.co.uk/tvshowbiz/article-11074439/EDEN-CONFIDENTIAL-Right-Livia-Firth-launches-rant-Sex-Citys-Carrie.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | 2022-08-02T22:21:59Z | https://www.dailymail.co.uk/tvshowbiz/article-11074439/EDEN-CONFIDENTIAL-Right-Livia-Firth-launches-rant-Sex-Citys-Carrie.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | true |
LITTLE ROCK, Ark. – Dollar General is expanding fresh produce access in communities through Little Rock.
Company officials said they will be offering fruits and vegetables in 10 of its Little Rock locations to address food access and insecurities.
In a joint announcement with Little Rock Mayor Frank Scott, Jr., and Director Dean Kumpuris, the company said Tuesday that they are partnering with Little Rock officials and the non-profit organization Fifty for the Future, which focuses on economic growth.
“We understand many Little Rock residents rely on DG to provide access to convenient, affordable, and nutritious foods,” Dollar General COO Jeff Owen said. “We are excited to invest and expand availability of fresh produce to the city as part of our ongoing commitment to increase access to healthier foods in towns across America.”
Dollar General managers also said they plan to host a community celebration on Saturday, August 6, beginning at 8 a.m. at the 10 Little Rock produce stores.
Those locations are:
• 4748 Springer Blvd.
• 3124 W. Roosevelt Road
• 7501 Mablevale Cutoff
• 15616 Alexander Road
• 14600 Arch Street Pike
• 3500 John Barrow Road
• 12626 Lawson Road
• 5023 Baseline Road
• 4701 W. 65th St.
• 9125 Stagecoach Road
Festivities include $10 gift cards for the first 50 adult customers and tote bags with complimentary product samples.
During the same time, the Little Rock Regional Chamber and North Little Rock officials were working with Dollar General on a new perishable distribution center in the greater Little Rock area.
“That’s what made Dollar General’s plan so attractive to us, they have existing stores located right in the middle of many of these food deserts and already had a program in place to add a significant grocery component to many of their stores,” Fifty for the Future committee member Schawnee Hightower said. “We’re very pleased Dollar General chose Little Rock as their first market for a large-scale pilot.” | https://www.kark.com/news/local-news/dollar-general-opening-little-rock-fresh-produce-locations/ | 2022-08-02T22:22:50Z | https://www.kark.com/news/local-news/dollar-general-opening-little-rock-fresh-produce-locations/ | true |
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ST. PETERSBURG, Fla. (AP) — Austin Hedges had a tiebreaking two-run single in the fifth inning to help the Cleveland Guardians beat All-Star Game starter Shane McClanahan and the Tampa Bay Rays 5-3 on Sunday.
Cleveland won its first series against the Rays since August 2017 and ended a long stretch of games on the road with a 6-5 record.
“It's big,” Guardians left fielder Steven Kwan said. “I think we played some really good teams (Chicago White Sox, Boston and Tampa Bay). It's good momentum.”
Reliever Kirk McCarty (2-2) allowed one run, four hits and two walks in 3 1/3 innings. Emmanuel Clase worked the ninth to get his 23rd save.
McClanahan (10-4) gave up a career-high five runs, seven hits and three walks with four strikeouts over 4 1/3 innings — tying season-low.
“It's just how humbling the game of baseball is,” McClanahan said. “It was just one of those days where nothing was going my way. Felt like didn't have much life on anything that I threw. Didn't make the adjustments and they made me pay for it.”
McClanahan's major league-best 1.76 ERA climbed to 2.07, and the lefty had his streak of going six or more innings with two earned runs or fewer stop at 13 games.
“We didn't hit a ton of balls hard but we hit them, and we drove his pitch count up,” Cleveland manager Terry Francona said. “It was good that not only we drove his pitch count up but we had something to show for it because we kind of pecked him to death, but better than striking out."
McClanahan threw 96 pitches, which was four from his season high. The four strikeouts were a season low for the ace, who is among the leaders in the majors with 158.
David Peralta, acquired from Arizona on Saturday, started in left field and went 1 for 4 in his Rays debut. Tampa Bay is 3-7 since the All-Star break.
Ryan Thompson replaced McClanahan with the bases loaded and one out in the fifth. After getting an out, he gave up the go-ahead hit to Hedges.
The Guardians went up 3-0 in the second when Myles Straw had a two-run single and José Ramírez picked up his 84th RBI with a base hit.
Tampa Bay responded in the bottom of the second when Isaac Paredes hit a leadoff double, went to third on Bryan Shaw’s wild pitch and scored the first of two Tampa Bay runs when catcher Hedges was charged with an error for an errant throw to third.
Ji-man Choi tied it at 3-3 on a fourth-inning sacrifice fly. He also had a run-scoring grounder during the second.
Shaw allowed two runs, two hits and three walks over two innings in second consecutive start after 732 relief consecutive appearances.
Kwan extended his hitting streak to 14 games on a first-inning bunt single. He also threw out Brandon Lowe, who tried to score from second on Randy Arozarena's fifth-inning single.
“Kwan with a really good throw probably changed the game a litle bit,” Francona said.
BY THE NUMBERS
Peralta wore wearing No. 6, while INF Taylor Walls switched from 6 to 0. Peralta said 6 was his first big-league number and that he will talk with Walls to “take care of him” for giving up the number.
Walls and OF Mallex Smith (2017-18) are the only Tampa Bay players to wear No. 0.
TRAINER’S ROOM
Guardians: Francona said 1B Josh Naylor was feeling better one day after experiencing numbness in his surgically repaired right ankle. ... 1B Owen Miller (bruised right forearm) didn't play.
Rays: Cash said the reports on closer Nick Anderson’s (right elbow surgery) first outing with Triple-A Durham on Saturday night were encouraging.
UP NEXT
Guardians: RHP Cal Quantrill (7-5) is scheduled to start Monday night’s game against Arizona.
Rays: RHP Drew Rasmussen (6-3) will face Toronto RHP Kevin Gausman (7-8) Tuesday night.
___
More AP MLB: https://apnews.com/hub/MLB and https://twitter.com/AP_Sports | https://www.seattlepi.com/sports/article/Hedges-drives-in-2-to-break-tie-put-Guardians-17341655.php | 2022-08-02T22:23:38Z | https://www.seattlepi.com/sports/article/Hedges-drives-in-2-to-break-tie-put-Guardians-17341655.php | false |
PORTLAND, Maine — Maine Things To Do for the week of Aug. 2 to Aug. 8
THURSDAY, AUG. 4
The Portland Jazz Orchestra
Where: Harpswell Bandstand by the Sea
When: 6 to 7:30 p.m.
The Milo Garden Club Annual Summer Fair and Plant Sale
Where: Kiwanis building, Park Street
When: 11 a.m. to 1:30 p.m.
FRIDAY, AUG. 5
Blueberry Hike
Where: West Grand Lake Dam, Tower Hill Trail
When: 10 a.m. to 12:30 p.m.
Annual East Grand Summer Fest
Where: Danforth
When: Friday-Sunday
SATURDAY, AUG. 6
Vintage Baseball Game
Where: Parsons Field, Kennebunk
When: Noontime start
Rainbow Backpack Drive
Where: Bangor Masonic Center
When: 8 a.m. to 5 p.m.
Farmyard Jam
Where: Growing to Give Farm, Brunswick
When: 4:30 to 8:30 p.m.
SATURDAY, AUG. 6 & SUNDAY, AUG. 7
Maine Wild Blueberry Weekend
Where: Statewide
When: Times vary by location
SUNDAY, AUG. 8
Vacationland Volkswagen Association Car Show
Where: Acton Fairgrounds, Acton
When: 9 a.m. to 3 p.m. | https://www.newscentermaine.com/article/entertainment/events/maine-things-to-do/maine-things-to-do-aug-2-to-aug-8/97-4f491cce-a588-4236-a3ac-70fb5970835b | 2022-08-02T22:26:13Z | https://www.newscentermaine.com/article/entertainment/events/maine-things-to-do/maine-things-to-do-aug-2-to-aug-8/97-4f491cce-a588-4236-a3ac-70fb5970835b | true |
Home where man’s body was found encased in concrete now on the market
HONOLULU (HawaiiNewsNow/Gray News) - The Hawaii home that was the site of a gruesome murder is now up for sale.
It’s been almost five months since HawaiiNewsNow reported on 73-year-old Gary Ruby’s remains being found in the Loa Ridge house.
Ruby’s property is currently listed at nearly $2.5 million.
Real estate consultant Stephany Sofos said the home’s history would be a big question among potential buyers.
“For me, as the broker, the first thing I would tell the family members, let’s get this house blessed,” Sofos said. “Any broker who takes on the listing of that property has to disclose somewhere or another that there was some type of circumstance where someone died.”
Police said Ruby was murdered in this home in March.
His alleged killer, Juan Tejedor Baron, reportedly confessed to strangling his lover after the victim admitted to being HIV positive. New court documents say another man who identified as Baron’s boyfriend then recalls Baron telling him that he was wanted as a middleman for a drug cartel run by Gary’s brother.
In a phone call with his mom, Baron supposedly paid $10,000 to marry a Houston woman to obtain his green card.
The documents say Baron and his family worked at a car dealership, mainly selling to illegal immigrants so they could raise prices.
Baron also claimed that his lawyer told him that his defense is that he does not speak English.
But court documents said he is fluent and had no problem understanding officers when questioned at the scene of the murder.
Ruby’s home on Lelekepue Place is a three-bed, three-bath property.
Sofos said it’s not uncommon for crime scene homes to hit the market quickly.
“Family members have to move on, and they’re just trying to move forward and sell it,” she said.
The real estate consultant said homes in the gated community are valued between $2 to $9 million.
But she said potential buyers should know what they’re getting into with the purchase.
“I would want to know if the murderer has been convicted, if he’s in jail, walking around, what’s the history?” Sofos said. “How am I going to be protected? Have the keys been changed? All of that is involved.”
Baron’s trial is currently set to begin on Aug. 29.
Copyright 2022 KHNL/KGMB via Gray Media Group, Inc. All rights reserved. | https://www.wflx.com/2022/08/02/home-where-mans-body-was-found-encased-concrete-now-market/ | 2022-08-02T22:26:34Z | https://www.wflx.com/2022/08/02/home-where-mans-body-was-found-encased-concrete-now-market/ | true |
LOS ANGELES, Aug. 2, 2022 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of TuSimple Holdings Inc. ("TuSimple" or "the Company") (NASDAQ: TSP) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. TuSimple is the subject of a Wall Street Journal article published on August 1, 2022. The article alleges that one of the Company's autonomously driven trucks left its lane of travel without warning before striking a cement barricade. The article states that the accident "underscores concerns that the autonomous-trucking company is risking safety on public roads in a rush to deliver driverless trucks to market." Although the Company attempted to blame human error, the Journal points out that "it was the autonomous-driving system that turned the wheel and that blaming the entire accident on human error is misleading." The article also reveals that the Federal Motor Carrier Safety Administration has launched a "safety compliance investigation." Based on this news, shares of TuSimple lost almost 10% on the same day.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at bschall@schallfirm.com.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.
310-301-3335
info@schallfirm.com
www.schallfirm.com
View original content to download multimedia:
SOURCE The Schall Law Firm | https://www.wbrc.com/prnewswire/2022/08/02/ongoing-investigation-reminder-schall-law-firm-encourages-investors-tusimple-holdings-inc-with-losses-100000-contact-firm/ | 2022-08-02T22:27:08Z | https://www.wbrc.com/prnewswire/2022/08/02/ongoing-investigation-reminder-schall-law-firm-encourages-investors-tusimple-holdings-inc-with-losses-100000-contact-firm/ | false |
MONMOUTH JUNCTION, N.J. (AP) _ CytoSorbents Corp. (CTSO) on Tuesday reported a loss of $10.9 million in its second quarter.
The Monmouth Junction, New Jersey-based company said it had a loss of 25 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 14 cents per share.
The blood purification therapy company posted revenue of $8.5 million in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $9.6 million.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CTSO at https://www.zacks.com/ap/CTSO | https://www.mrt.com/business/article/CytoSorbents-Q2-Earnings-Snapshot-17346547.php | 2022-08-02T22:27:58Z | https://www.mrt.com/business/article/CytoSorbents-Q2-Earnings-Snapshot-17346547.php | false |
NOPD investigating shooting in the Lower 9th Ward
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NOPD investigating shooting in the Lower 9th Ward
News Orleans police are investigating a shooting that occurred in the Lower Ninth Ward on Monday night. According to reports, a man sustained a gunshot wound to the leg on the 6200 block of North Rampart Street around 10:21 p.m. No other information was released.
NEW ORLEANS —
News Orleans police are investigating a shooting that occurred in the Lower Ninth Ward on Monday night.
According to reports, a man sustained a gunshot wound to the leg on the 6200 block of North Rampart Street around 10:21 p.m.
Advertisement
No other information was released. | https://www.wdsu.com/article/nopd-investigating-shooting-lower-9th-ward/40787440 | 2022-08-02T22:28:44Z | https://www.wdsu.com/article/nopd-investigating-shooting-lower-9th-ward/40787440 | true |
Chelsea sign 18-year-old USMNT goalkeeper Gabriel Slonina from Chicago Fire in 'milestone moment' for the youngster... but he'll return on loan to MLS club and join Blues next year
- Gabriel Slonina joins Chelsea as the Chicago Fire's most expensive transfer
- Goalkeeper Slonina has already amassed 14 shutouts in his brief MLS career
- He'll remain with the Fire for the rest of the 2022 season, returning back on loan
Chelsea have confirmed the $15million capture of American goalkeeper Gabriel Slonina, 18, from the Chicago Fire on a six-year deal.
The homegrown product will remain with the MLS side, going back on loan, and join Chelsea permanently at the start of next year.
Slonina became Chicago's youngest-ever signing when he penned a deal with the club in 2019, at just 14 years of age. He later made his debut for the club on August 4 of last year at 17 - becoming the youngest keeper to start in MLS - and his strong performances since then have earned him a move to one of Europe's biggest clubs.
Gabriel Slonina will spend the rest of the season with the Chicago Fire on loan
'I joined this Club with ambitions of playing at the highest level and it's been a dream come true to wear the Chicago Fire jersey,' Slonina said in a team statement from the Fire.
'This Club has become my second home, my second family, and there are so many people that have played a big role in helping me get to where I am today.
I'm so thankful for all the support that I've received from my family, coaches, teammates, and everyone associated with the Club. It's been an incredible honor to work alongside each one of you.'
Slonina joins Chelsea as the most expensive transfer in Fire history
Slonina will join up with fellow American Christian Pulisic at Chelsea
Slonina, who has played every minute of the Fire's 2022 season so far, was previously linked with Real Madrid. He has recorded 14 shutouts since making his Fire debut.
The goalkeeper's arrival means he will join up with fellow American Christian Pulisic at Chelsea, though it seems he only has an outside chance of joining Pulisic in the USMNT squad for the World Cup.
Slonina received his first USMNT call-up in December and has featured at various youth levels but has yet to make an appearance for the senior team. The USMNT is playing two final tune-up games before the tournament vs. Japan and Saudi Arabia in late September.
The teenager's move to Chelsea is Chicago's most expensive transfer to date, and the club said a sell-on percentage has also been agreed as part of the deal.
Slonina became the youngest goalie to start an MLS game last year vs NYCFC
Money aside, the move is undoubtedly an advertisement for the Fire's academy as well as the league at large.
'We're very proud and happy to see Gaga reach this milestone moment in his career,' Fire sporting director Georg Heitz said.
'Since joining the Club, Gaga has embodied what it means to be a Chicago Fire player. In addition to his incredible talent, he is mature beyond his years, extremely hard working, and a fantastic teammate.
'Gaga is a role model to many young aspiring footballers in Chicago, and this transfer demonstrates that a player can progress to the first team from our Academy before joining one of the biggest clubs in the world.' | https://www.dailymail.co.uk/sport/football/article-11074297/Premier-League-Chelsea-sign-18-year-old-Gabriel-Slonina-Chicago-Fire.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | 2022-08-02T22:28:47Z | https://www.dailymail.co.uk/sport/football/article-11074297/Premier-League-Chelsea-sign-18-year-old-Gabriel-Slonina-Chicago-Fire.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | false |
ATLANTA, Aug. 2, 2022 /PRNewswire/ -- Rollins, Inc. (NYSE:ROL) ("Rollins" or the "Company"), a premier global consumer and commercial services company, announced today that Kenneth Krause was named Executive Vice President, Chief Financial Officer and Treasurer and Principal Financial Officer, effective September 1, 2022.
About Rollins, Inc.
Rollins, Inc. is a premier global consumer and commercial services company. Through its family of leading brands, Orkin, HomeTeam Pest Defense, Clark Pest Control, Northwest Exterminating, McCall Service, Trutech, Critter Control, Western Pest Services, Waltham Services, OPC Pest Services, The Industrial Fumigant Company, PermaTreat, Crane Pest Control, Missquito, Orkin Canada, Orkin Australia, Safeguard (UK), Aardwolf Pestkare (Singapore), and more, the Company and its franchises provide essential pest control services and protection against termite damage, rodents and insects to more than 2.8 million customers in North America, South America, Europe, Asia, Africa, and Australia from more than 800 locations. You can learn more about Rollins and its subsidiaries by visiting our web site at www.rollins.com, where you can also find this and other news releases by accessing the news releases button.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements that involve risks and uncertainties concerning the business and financial results of Rollins, Inc. We have based these forward-looking statements largely on our current opinions, expectations, beliefs, plans, objectives, assumptions and projections about future events and financial trends affecting the operating results and financial condition of our business. Such forward looking statements include, but are not limited to, statements regarding the Company's expectation in connection with its new CFO appointment.
Our actual results could differ materially from those indicated by the forward-looking statements because of various risks, timing and uncertainties including, without limitation, the failure to maintain and enhance our brands and develop a positive client reputation; our ability to protect our intellectual property and other proprietary rights that are material to our business and our brand recognition; actions taken by our franchisees, subcontractors or vendors that may harm our business; general economic conditions; the impact of the extent and duration of economic contraction related to COVID-19 on general economic activity for the remainder of 2022 and beyond; the impact of future developments related to the COVID-19 pandemic on the Company's business, results of operations, accounting assumptions and estimates and financial condition, including, without limitation, inflation and restrictions in customer discretionary expenditures, disruptions in credit or financial markets, increases in fuel prices, raw material costs or other operating costs; potential increases in labor costs; labor shortages and/or our inability to attract and retain skilled workers; competitive factors and pricing practices; changes in industry practices or technologies; the degree of success of our termite process reforms and pest control selling and treatment methods; our ability to identify, complete and successfully integrate potential acquisitions; unsuccessful expansion into international markets; climate change and unfavorable weather conditions; a breach of data security resulting in the unauthorized access of personal, financial, proprietary, confidential or other personal data or information about our customers, employees, third parties, or of our proprietary confidential information; damage to our brands or reputation; possibility of an adverse ruling against us in pending litigation, regulatory action or investigation; changes in various government laws and regulations, including environmental regulations; the adequacy of our insurance coverage to cover all significant risk exposures; the effectiveness of our risk management and safety program; general market risk; management's substantial ownership interest and its impact on public stockholders and the availability of the Company's common stock to the investing public; and the existence of certain anti-takeover provisions in our governance documents, which could make a tender offer, change in control or takeover attempt that is opposed by the Company's Board of Directors more difficult or expensive. All of the foregoing risks and uncertainties are beyond our ability to control, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. The Company does not undertake to update its forward-looking statements.
Investor Contact:
Julie Bimmerman
jbimmerman@rollins.com
(404) 888-2103
Media Contact:
Jeff Gaunt
jgaunt@lambert.com
(847) 714-4014
View original content:
SOURCE Rollins, Inc. | https://www.kxii.com/prnewswire/2022/08/02/rollins-inc-names-kenneth-krause-chief-financial-officer/ | 2022-08-02T22:29:11Z | https://www.kxii.com/prnewswire/2022/08/02/rollins-inc-names-kenneth-krause-chief-financial-officer/ | true |
ATLANTA (AP) _ Haverty Furniture Cos. (HVT) on Tuesday reported second-quarter net income of $21.7 million.
On a per-share basis, the Atlanta-based company said it had profit of $1.27.
The residential furniture and accessories retailer posted revenue of $253.2 million in the period.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HVT at https://www.zacks.com/ap/HVT | https://www.mrt.com/business/article/Haverty-Furniture-Q2-Earnings-Snapshot-17346470.php | 2022-08-02T22:29:26Z | https://www.mrt.com/business/article/Haverty-Furniture-Q2-Earnings-Snapshot-17346470.php | false |
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