text stringlengths 46 525k | url stringlengths 24 420 | crawl_date timestamp[us, tz=UTC]date 2022-04-01 00:01:42 2022-09-25 07:27:13 | id stringlengths 24 420 | label bool 2 classes |
|---|---|---|---|---|
NEW YORK, Aug. 4, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Molecular Partners AG ("Molecular Partners" or the "Company") (NASDAQ: MOLN) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Molecular Partners investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of a class consisting of persons and entities that purchased or otherwise acquired: (a) Molecular Partners American Depositary Shares pursuant and/or traceable to certain documents issued in connection with the Company's initial public offering conducted on or about June 16, 2021; and/or (b) Molecular Partners securities between June 16, 2021, and April 26, 2022. Follow the link below to get more information and be contacted by a member of our team:
MOLN investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (i) the Company's product, ensovibep, was less effective at treating COVID-19 than defendants had led investors to believe; that (ii) accordingly, the the U.S. Food and Drug Administration ("FDA") was reasonably likely to require an additional Phase 3 study of ensovibep before granting the drug Emergency Use Authorization ("EUA"); (iii) waning global rates of COVID-19 significantly reduced the Company's chances of securing EUA for ensovibep; (iv) another of the Company's product candidates, MP0310, was less attractive to Molecular Partners' collaborator, Amgen, than defendants had led investors to believe; (v) accordingly, there was a significant likelihood that Amgen would return to global rights of MP0310 to Molecular Partners; (vi) as a result of all the foregoing, the clinical and commercial prospects of ensovibep and MP0310 were overstated; and (vii) as a result, documents issues in connection with the Company's initial public offer and defendants' public statements throughout the class period were materially false and/or misleading and failed to state information required to be stated therein.
WHAT'S NEXT? If you suffered a loss in Molecular Partners during the relevant time frame, you have until September 12, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content:
SOURCE Levi & Korsinsky, LLP | https://www.kold.com/prnewswire/2022/08/04/moln-lawsuit-alert-levi-amp-korsinsky-notifies-molecular-partners-ag-investors-class-action-lawsuit-upcoming-deadline/ | 2022-08-04T10:40:49Z | https://www.kold.com/prnewswire/2022/08/04/moln-lawsuit-alert-levi-amp-korsinsky-notifies-molecular-partners-ag-investors-class-action-lawsuit-upcoming-deadline/ | false |
SECOND QUARTER 2022 HIGHLIGHTS
- Total transaction volume of $22.5 billion, up 67% from Q2'21
- Total revenues of $340.8 million, up 21% from Q2'21
- Net income of $54.3 million and diluted earnings per share of $1.61, down 3% and 7%, respectively, from Q2'21
- Adjusted EBITDA1 of $94.8 million, up 43% from Q2'21
- Servicing portfolio of $119.0 billion at June 30, 2022 up 6% from June 30, 2021
- Declared quarterly dividend of $0.60 per share for the third quarter
YEAR-TO-DATE 2022 HIGHLIGHTS
- Total transaction volume of $35.2 billion, up 56% from 2021
- Total revenues of $660.3 million, up 31% from 2021
- Net income of $125.5 million and diluted earnings per share of $3.73, up 10% and 6%, respectively, from 2021
- Adjusted EBITDA1 of $157.5 million, up 24% from 2021
BETHESDA, Md., Aug. 4, 2022 /PRNewswire/ -- Walker & Dunlop, Inc. (NYSE: WD) (the "Company" or "W&D") reported total revenues of $340.8 million for the second quarter of 2022, an increase of 21% year over year. Second quarter total transaction volume was $22.5 billion, up 67% year over year, reflecting the Company's expanding brand and ability to meet more of its client's needs. Net income for the second quarter of 2022 was $54.3 million or $1.61 per diluted share, down 3% and 7%, respectively, from the second quarter of 2021, predominantly due to a decrease in non-cash mortgage servicing rights revenues. Second quarter 2022 adjusted EBITDA1 was $94.8 million, up 43% over the same period in 2021, driven by growth in cash revenues from services businesses. The Company's Board of Directors declared a dividend of $0.60 per share for the third quarter of 2022. The Company had $151.3 million of cash as of June 30, 2022.
"Our exceptional second quarter financial results demonstrate the strong return on investment we've made in our people, brand, and technology over the past few years," commented Willy Walker, Chairman and CEO. "The dramatic growth in our origination volume led to adjusted EBITDA growth of 43% year over year, reflecting our transition from a lending-centric mortgage bank to a broader, technology-enabled financial services company."
Mr. Walker continued, "The multifamily market continues to perform exceptionally well from a credit and fundamentals standpoint. W&D enters the second half of 2022 with very strong pipelines across our business, particularly with the GSEs and HUD which supply counter-cyclical liquidity as other capital providers struggle to digest rising rates and recessionary fears. Walker & Dunlop's business model is designed to perform through all cycles, with outperformance in both the pandemic-hobbled year of 2020 and Fed-induced free money year of 2021 as two dramatically different examples. The investments we've made in people, brand and technology have made us more relevant to our clients today than ever before, driving dramatic growth in our banking and brokerage volumes. The breadth of our platform, investments we continue to make in emerging, technologically-driven businesses, and corporate culture set us apart from the competition and will continue to drive financial success over the coming years."
CONSOLIDATED SECOND QUARTER 2022 OPERATING RESULTS
Discussion of Results:
- Total debt financing volume increased 44% from the second quarter of 2021. This increase is reflective of strong GSE and brokered debt financing volumes, which increased 74% and 47%, respectively, year over year.
- GSE volumes were largely driven by a 105% increase in our Fannie Mae lending activity, which included a $1.9 billion portfolio in the second quarter of 2022. As a result, our combined GSE market share for the quarter increased to 15% and our year-to-date market share rose to 14%.
- HUD debt financing volumes decreased in the second quarter of 2022, as continued high levels of inflation and an increasing interest-rate environment during the quarter made the HUD product a less favorable source of financing for our multifamily properties. Despite this decline, our Agency debt financing volume increased 47% quarter over quarter, indicating continued strength in the overall multifamily financing market.
- The 47% increase in brokered volume in the second quarter of 2022 reflects our continued ability to meet our clients' broad range of capital needs, strong demand for all commercial real estate property types, and the impacts of our investments in people, brand and technology. We continue to see a benefit from our investments in acquiring and recruiting commercial mortgage bankers, the significant amount of capital being invested into U.S. commercial real estate, and our valued relationships with commercial real estate capital providers.
- Property sales volume increased 136% in the second quarter of 2022 due to the significant growth in our property sales team over the past year in key markets and strong investor appetite for multifamily assets.
Discussion of Results:
- Our servicing portfolio continues to expand as a result of the strong debt financing volume over the past 12 months, partially offset by payoffs of loans.
- During the second quarter of 2022, we added $2.8 billion of net loans to our servicing portfolio, and over the past 12 months, we added $6.7 billion of net loans to our servicing portfolio, 90% of which were Fannie Mae loans.
- $5.4 billion of Agency loans in our servicing portfolio are scheduled to mature over the next two years. These loans represent only 5% of the total portfolio, with a relatively low weighted-average servicing fee of 19.7 basis points.
- The increase in the overall weighted-average servicing fee was primarily due to an increase in Fannie Mae loans as a percentage of the overall servicing portfolio year over year.
- The mortgage servicing rights ("MSRs") associated with our servicing portfolio had a fair value of $1.3 billion as of June 30, 2022, compared to $1.2 billion as of June 30, 2021. We added net MSRs from originations of $2.2 million in the second quarter of 2022 and $63.2 million over the past 12 months.
- Assets under management ("AUM") as of June 30, 2022 consisted of $14.5 billion of Affordable funds, $1.3 billion of commercial real estate loans and funds, and $0.9 billion of loans in our interim lending joint venture. The year-over-year increase in AUM is driven by the acquisition of Alliant in the fourth quarter of 2021 that added $14.3 billion of Affordable assets under management upon closing.
Discussion of Results:
- The decrease in Walker & Dunlop net income was a result of a 1% decrease in income from operations and a 7% increase in income tax expense. Although we increased our revenues by 21%, expenses increased 29% due primarily to the direct and indirect costs from the acquisitions we have made over the past year. Income tax expense increased primarily due to (i) an increased estimated annual effective tax rate largely from increased executive compensation and (ii) a reduction in realizable excess tax benefits due to a lower number of stock option exercises.
- The increase in adjusted EBITDA was a result of higher servicing fees, property sales broker fees, and fees earned from assets under management. These increases were offset by increased commission costs from the 67% growth in total transaction volumes and increases in other operating expenses.
- Operating margin decreased due to the aforementioned decrease in income from operations, despite an increase in total revenues.
- Return on equity declined due to a 26% increase in stockholders' equity over the past year combined with the decrease in net income.
- Other operating expenses as a percentage of total revenues increased due to our overall growth in the past year which included additional expenses from acquired subsidiaries and increases in travel and entertainment costs year over year as those costs have resumed to pre-pandemic levels in 2022.
Discussion of Results:
- Our at-risk servicing portfolio, which is comprised of loans subject to a defined risk-sharing formula, increased due to the significant level of Fannie Mae loans added to the portfolio during the past 12 months. As of June 30, 2022, there were two defaulted loans that were provisioned for in 2019 and one loan that was provisioned for in 2021. The two properties that defaulted in 2019 have been foreclosed on and final settlement of any losses will occur in the future upon disposition of the assets by Fannie Mae. The at-risk servicing portfolio continues to exhibit strong credit quality, with very low levels of delinquencies and strong operating performance of the underlying properties in the portfolio.
- The on-balance sheet interim loan portfolio, which is comprised of loans for which we have full risk of loss, was $252.1 million at June 30, 2022 compared to $276.7 million at June 30, 2021. There was one defaulted loan in our interim loan portfolio at June 30, 2022, which was provisioned for in the third quarter of 2020. All other loans in the on-balance sheet interim loan portfolio are current and performing as of June 30, 2022. The interim loan joint venture holds $0.9 billion of loans as of June 30, 2022, compared to $0.6 billion as of June 30, 2021. We share in a small portion of the risk of loss, and as of June 30, 2022, all loans in the interim loan joint venture are current and performing.
SECOND QUARTER 2022 - FINANCIAL RESULTS BY SEGMENT
Capital Markets - Discussion of Quarterly Results:
The Capital Markets segment includes our Agency lending, debt brokerage, property sales, and appraisal and valuation services.
- The decrease in loan origination fees and debt brokerage fees, net ("origination fees") was the result of the decrease in our origination fee margin, partially offset by the increase in overall debt financing volume. The decline in the origination fee margin was largely due to the significant decline in HUD debt financing volume and the $1.9 billion Fannie Mae portfolio, which comprised just under 50% of our Fannie Mae debt financing volume for the quarter. Large portfolios such as the $1.9 billion Fannie Mae portfolio typically have lower origination fee margins, while HUD loans are our most profitable loan product.
- The decrease in MSR income is attributable to the decrease in our MSR and Agency MSR margins, partially offset by the increase in overall debt financing volume. The decline the Agency MSR margin was primarily related to the $1.9 billion Fannie Mae portfolio, which had a lower servicing fee that is typical for large portfolios. The decrease in the MSR margin was the result of the decrease in the Agency MSR margin, coupled with an increase in our brokered debt financing volume as a percentage of overall debt financing volume.
- The increase in property sales broker fees was driven by the 136% increase in property sales volume year over year, partially offset by a decrease in the property sales broker fee margin.
- Personnel expense increased primarily as a result of (i) an increase in commissions expense due to the increase in property sales broker fees, partially offset by a decrease in origination fees; and (ii) an increase of $7.0 million in salaries and benefits costs due to (1) strategic acquisitions and hiring initiatives that contributed to an increase in our average bankers and brokers year over year. and (2) consolidating Apprise after our acquisition of GeoPhy, partially offset by a decrease in the accrual for subjective bonuses. The operating results for the second quarter of 2022 include compensation costs for Apprise, while the operating results for second quarter of 2021 do not as we accounted for our investment in Apprise under the equity method in 2021.
Servicing & Asset Management - Discussion of Quarterly Results:
The Servicing & Asset Management segment includes loan servicing, principal lending and investing, managing third-party capital invested in tax credit equity funds focused on the affordable housing sector and other commercial real estate, and real estate-related investment banking and advisory services, including housing market research.
- The $6.7 billion net increase in the servicing portfolio over the past 12 months was the principal driver of the growth in servicing fees year over year, combined with the increase in the servicing portfolio's weighted-average servicing fee.
- Escrow earnings and other interest income increased as a result of higher escrow earnings due to higher short-term interest rates, partially offset by a slightly lower average escrow balance.
- Other revenues and investment management fees increased principally due to the additions of fee income from Alliant and Zelman, with no comparable activity in the prior year as these acquisitions occurred in the second half of 2021.
- Personnel expense increased year over year as principally a result of the acquisitions of Alliant and Zelman.
- Amortization and depreciation increased as a result of the growth in the average balance of MSRs outstanding year over year and an increase in prepayment activity. Additionally, we had a $3.4 million increase in amortization of intangible assets from our strategic acquisitions in 2021.
- The increase in other operating expenses was largely attributable to increases in office and other professional fees to support the continued growth in our operations as a result of recent acquisitions.
Corporate - Discussion of Quarterly Results:
- Personnel expense decreased primarily due to a decrease in performance based variable compensation that is partially offset by increases in salaries and benefits due to the growth in our average headcount to support our growth and acquisitions.
- In the fourth quarter of 2021, we refinanced our senior secured term loan and increased the principal balance from $292 million to $600 million. The term loan carries an interest rate of SOFR plus a 10-basis point credit spread adjustment (with a floor of 50 basis points) plus a 225 basis point spread, leading to additional interest expense in the second quarter of 2022 compared to the same period last year. In addition to the debt refinancing, we incurred additional interest expense related to a fixed-rate note payable assumed in the acquisition of Alliant in the fourth quarter of 2021.
- Other operating expenses increased in the second quarter primarily due to: (i) an increase in legal and other professional fees and office expenses related to our recent acquisitions and overall growth; and (ii) an increase in travel and entertainment expenses, which were still impacted by the effects of the pandemic in the second quarter of 2021.
CONSOLIDATED YEAR-TO-DATE 2022 OPERATING RESULTS
Discussion of Results:
- The increase in total transaction volume was primarily driven by a 72% increase in Fannie Mae debt financing volume, a 41% increase in brokered debt financing volume, and a 141% increase in property sales volume, partially offset by a 54% decline in HUD debt financing volume.
- The increase in Walker & Dunlop net income was primarily a result of an 11% increase in income from operations.
- The increase in adjusted EBITDA was largely driven by an increase in cash revenues from increased transaction volume and revenues from Alliant and Zelman, with no comparable revenue in the prior year, partially offset by increases in personnel expenses and other operating expenses from those aforementioned acquisitions.
- Operating margin declined principally due to higher variable compensation costs resulting from the 56% growth in total transaction volume over the past year.
- Return on equity declined due to a 26% increase in stockholders' equity over the past year, partially offset by the increase in net income.
YEAR-TO-DATE 2022 - FINANCIAL RESULTS BY SEGMENT
Capital Markets - Discussion of Year-to-Date Results:
- The decrease in MSR income was primarily related to the decrease in the percentage of Agency debt financing volume year over year. Agency debt financing volume decreased from 38% in 2021 to 36% in 2022. Additionally, the profitability of our debt financing volume declined.
- The increase in property sales broker fees was driven by the 141% increase in property sales volume year over year, partially offset by a decline in the property sales broker fee margin.
- Personnel expense increased primarily as a result of (i) an increase in commissions expense due to the increases in origination fees and property sales broker fees; (ii) an increase in salaries and benefits costs due to strategic acquisitions and hiring initiatives that contributed to an increase in total bankers and brokers year over year; and (iii) an increase in total compensation costs as a result of consolidating Apprise after our acquisition of GeoPhy. The operating results for the year-to-date period in 2022 include compensation costs for Apprise, while the operating results for the same period in 2021 do not as we accounted for our investment in Apprise under the equity method in the prior year.
- The increase in other operating expenses was largely attributable to increases in travel and entertainment, which are attributable to our overall growth over the past year and low costs in this area in the first half of 2021 due to the pandemic.
Servicing & Asset Management - Discussion of Year-to-Date Results:
- The $6.7 billion net increase in the servicing portfolio over the past 12 months was the principal driver of the growth in servicing fees year over year, combined with an increase in the servicing portfolio's weighted-average servicing fee.
- Escrow earnings and other interest income increased as a result of higher escrow earnings due to higher short-term interest rates.
- Other revenues and investment management fees increased principally due to the additions of income from Alliant and Zelman, with no comparable activity in the prior year as these acquisitions occurred in the second half of 2021.
- Personnel expense increased substantially year over year as a result of increased compensation costs due to our acquisitions and hiring initiatives.
- Amortization and depreciation increased as a result of the growth in the average balance of MSRs outstanding year over year and an increase in prepayment activity. Additionally, we had a $6.8 million increase in amortization of intangible assets from our strategic acquisitions in 2021.
- The increase in other operating expenses was largely attributable to increases in office expenses and other professional fees to support the continued growth in our operations.
Corporate - Discussion of Year-to-Date Results:
- As part of the GeoPhy acquisition, we acquired the other 50% ownership interest in Apprise. The revaluation of our existing 50% ownership interest in Apprise resulted in a $39.6 million increase in other revenues. The remaining increase principally relates to income from our other equity method investments.
- Personnel expense increased primarily as a result of (i) increased salaries and benefits costs due to an increase in the average headcount year over year; and (ii) an increase in stock-based compensation expense associated with our performance share plans due to our financial performance and increased headcount, partially offset by a decrease in compensation expense related to the Company's deferred compensation plan due to declines in the fair value of the assets held by participants in the plan.
- Interest expense on corporate debt increased due to the increase in the principal balance of our debt outstanding in the fourth quarter of 2021 and the assumption of Alliant's note payable following the acquisition in the fourth quarter of 2021.
- Other operating expenses increased due to: (i) an increase in legal and other professional fees and office expenses related to our recent acquisitions and overall growth, (ii) an increase in travel and entertainment expenses, which were still impacted by the effects of the pandemic in the first half of 2021, and (iii) rent-related costs due to the lease for our new headquarters.
CAPITAL SOURCES AND USES
On August 3, 2022, the Company's Board of Directors declared a dividend of $0.60 per share for the third quarter of 2022. The dividend will be paid on September 2, 2022 to all holders of record of the Company's restricted and unrestricted common stock as of August 18, 2022.
On February 2, 2022, our Board of Directors authorized the repurchase of up to $75.0 million of the Company's outstanding common stock over the coming one-year period ("2022 Share Repurchase Program"). During the first quarter of 2022, the Company did not repurchase any shares of its common stock under the 2022 Share Repurchase Program. During the second quarter of 2022, the Company repurchased 0.1 million shares of its common stock under the share repurchase program at a weighted average price of $101.77 per share and immediately retired the shares, reducing stockholders' equity by $11.1 million. As of June 30, 2022, the Company had $63.9 million of authorized share repurchase capacity remaining under the 2022 Share Repurchase Program.
Any future purchases made pursuant to the 2022 Share Repurchase Program will be made in the open market or in privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The repurchase program may be suspended or discontinued at any time.
CONFERENCE CALL INFORMATION
The Company will host a conference call to discuss its quarterly results on Thursday, August 4, 2022 at 8:30 a.m. Eastern time. Listeners can access the webcast via the link: https://walkerdunlop.zoom.us/webinar/register/WN_3KzScGmYQ1eHcJbaPOUnDg or by dialing +1 408 901 0584, Webinar ID 844 4342 0334, Password 270631. Presentation materials related to the conference call will be posted to the Investor Relations section of the Company's website prior to the call. An audio replay will also be available on the Investor Relations section of the Company's website, along with the presentation materials.
ABOUT WALKER & DUNLOP
Walker & Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry in the United States, enabling real estate owners and operators to bring their visions of communities — where people live, work, shop and play — to life. Our people, brand, and technology make W&D one of the most insightful and customer-focused firms in our industry. With more than 1,400 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.
NON-GAAP FINANCIAL MEASURES
To supplement our financial statements presented in accordance with United States generally accepted accounting principles ("GAAP"), the Company uses adjusted EBITDA, a non-GAAP financial measure. The presentation of adjusted EBITDA is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. When analyzing our operating performance, readers should use adjusted EBITDA in addition to, and not as an alternative for, net income. Adjusted EBITDA represents net income before income taxes, interest expense on our term loan facility and Alliant's note payable, and amortization and depreciation, adjusted for provision (benefit) for credit losses net of write-offs, stock-based incentive compensation charges, the fair value of expected net cash flows from servicing, net, and non-cash charges associated with the extinguishment of long-term debt, and the gain associated with the revaluation of our previously held equity-method investment in connection with our acquisition of GeoPhy. Because not all companies use identical calculations, our presentation of adjusted EBITDA may not be comparable to similarly titled measures of other companies. Furthermore, adjusted EBITDA is not intended to be a measure of free cash flow for our management's discretionary use, as it does not reflect certain cash requirements such as tax and debt service payments. The amounts shown for adjusted EBITDA may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which are further adjusted to reflect certain other cash and non-cash charges that are used to determine compliance with financial covenants.
We use adjusted EBITDA to evaluate the operating performance of our business, for comparison with forecasts and strategic plans and for benchmarking performance externally against competitors. We believe that this non-GAAP measure, when read in conjunction with the Company's GAAP financials, provides useful information to investors by offering:
- the ability to make more meaningful period-to-period comparisons of the Company's on-going operating results;
- the ability to better identify trends in the Company's underlying business and perform related trend analyses; and
- a better understanding of how management plans and measures the Company's underlying business.
We believe that adjusted EBITDA has limitations in that it does not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP and that adjusted EBITDA should only be used to evaluate the Company's results of operations in conjunction with net income on both a consolidated and segment basis. For more information on adjusted EBITDA, refer to the section of this press release below titled "Adjusted Financial Measure Reconciliation to GAAP" and "Adjusted Financial Measure Reconciliation to GAAP By Segment."
FORWARD-LOOKING STATEMENTS
Some of the statements contained in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans, or intentions.
The forward-looking statements contained in this press release reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ significantly from those expressed or contemplated in any forward-looking statement.
While forward-looking statements reflect our good faith projections, assumptions and expectations, they are not guarantees of future results. Furthermore, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by applicable law. Factors that could cause our results to differ materially include, but are not limited to: (1) general economic conditions and multifamily and commercial real estate market conditions, (2) regulatory and/or legislative changes to Freddie Mac, Fannie Mae or HUD, (3) our ability to retain and attract loan originators and other professionals, (4) risks related to our recently completed acquisitions, including our ability to integrate and achieve the expected benefits of such acquisitions, and (5) changes in federal government fiscal and monetary policies, including any constraints or cuts in federal funds allocated to HUD for loan originations.
For a further discussion of these and other factors that could cause future results to differ materially from those expressed or contemplated in any forward-looking statements, see the section titled "Risk Factors" in our most recent Annual Report on Form 10-K and any updates or supplements in subsequent Quarterly Reports on Form 10-Q and our other filings with the SEC. Such filings are available publicly on our Investor Relations web page at www.walkerdunlop.com.
View original content:
SOURCE Walker & Dunlop, Inc. | https://www.weau.com/prnewswire/2022/08/04/walker-amp-dunlop-reports-67-growth-transaction-volume-revenue-grows-21-341-million/ | 2022-08-04T10:40:52Z | https://www.weau.com/prnewswire/2022/08/04/walker-amp-dunlop-reports-67-growth-transaction-volume-revenue-grows-21-341-million/ | false |
This year as every few more, Google made their annual “Pledge Week\" an entire...week, starting Sunday September ninh month (hints towards the fall).\nWith this I wanted to look forward and also bring over here, another...\nYou would be interested how I was not sure when Google Pledget week started - as a way of bringing an issue (this week being...\nWe want them there and they still exist there just different but with one caveat is... It goes downhill, or up? by Klawdipittup\nIt kind started happening like right the end of March... like mid april and we began the slow incluse from mid May and it became constant around august but then slow went back down mid to start of sept (it was only slightly). it seemed up down but slowly got steadied so like i have a sort feeling that this would all slowly end... « The Loss is Particular to this Economic Modeling that is Part…\nAn Interrail ticket, as it were. All your expenses at… »\nHowever You Would Previous Lay Down the Costs Recalls announced for nutritional drink, sunscreen products
Two companies are recalling a number of their nutritional, beverage and skincare products after potential contamination and cancer risks.
Food service company Lyons Magnus is working with the Food and Drug Administration to recall 53 nationally-distributed products for potential contamination.
Some of these products include popular protein and nutritional drinks, like Premier Protein and Oatly Oat Milk.
No illnesses linked to the products have been reported.
Possible symptoms include fever, vomiting and urinary tract infection.
The company says to throwaway or return the products to the place of purchase for a refund.
Banana Boat announced its Hair & Scalp Sunscreen is being recalled after tests detected trace levels of benzene, a cancer-causing agent.
Edgewell Personal Care Company, which makes the sunscreen, says the recall applies to three batches of their SPF 30 spray.
The affected sunscreen lots have expiration dates of December 2022, February 2023 and April 2024.
No other batches before or after those expiration dates listed were affected by the recall.
Edgewell is asking retailers and consumers to dispose of the product and contact them for a refund.
For more information, head over to bananaboat.com. | https://www.wvua23.com/recalls-announced-for-nutritional-drink-sunscreen-products/ | 2022-08-04T10:45:46Z | https://www.wvua23.com/recalls-announced-for-nutritional-drink-sunscreen-products/ | true |
The Albanese government has accepted the Australian Competition and Consumer Commission’s recommendation to “initiate the first step” to trigger the controversial Australian Domestic Gas Security Mechanism to avert a supply crisis in eastern Australia.
What the competition watchdog hasn’t recommended is what to do about the gas price, which has little to do with supply.
In its latest half-yearly report on gas supply, the ACCC predicts that, without action, eastern Australia will suffer a domestic gas shortage in 2023, and is concerned that already-high prices will go even higher.
The report identifies several causes. One is Russia’s war against Ukraine, which has European buyers seeking alternatives to Russian gas.
Australian liquefied natural gas (LNG) exporters have been keen to meet this demand and reap the high prices they are willing to pay.
But the report also makes clear there are significant problems with the Australian gas market itself, with ineffective competition between gas producers, poor compliance, and an apparent lack of real commitment by gas exporters to the agreement they made with the federal government to ensure affordable and sufficient gas for domestic users.
Frustratingly though, the report has little to say (beyond expressing concern) about the more immediate issue of escalating domestic prices.
Looming shortage
The report identifies an east coast gas supply of 1.98 billion gigajoules in 2023 – well in excess of domestic demand of 571 million gigajoules.
1.3 billion gigajoules of that supply is needed to meet long-term LNG export contracts. The ACCC has identified there will be a shortfall of 56 million gigajoules if the LNG producers export all of the 167 million gigajoules they will have in excess their contract obligations.
To avoid this shortfall, the ACCC has recommended the government take the first step in initiating the Australian Domestic Gas Security Mechanism. This involves determining if 2023 will be a “shortfall year”. Federal resources minister has said the government will take this step.
If the government finds it will be a shortfall year, it can require exporters to offer their uncontracted gas to the domestic market first.
Whether the government will need to do that will depend on negotiations with the exporters – in particular the three joint venture exporters and their associates the ACCC says have influence over close to 90% of proven and probable eastern Australian reserves.
The ACCC report expresses concern that some LNG exporters “not engaging with the domestic market in the spirit” of an agreement they signed:
Even if the behaviour could be proven to be technically compliant, we consider that some suppliers are not engaging with the domestic market in ways that are likely to result in supply agreements being reached and market conditions noticeably improving
It is also concerned the joint venture operators might be breaching the Competition and Consumer Act by effectively engaging in joint marketing without ACCC approval.
Another concern is the cost of transmission, with pipeline owners enjoying local monopolies. The ACCC has stopped short of recommending regulating the prices they can charge.
Few clues on prices
Where the recommendations fall short is on what to do about rising prices. Even before the looming shortfall, wholesale and retail prices to businesses have been climbing steadily for a year. The report says some prices have been doubled.
The ACCC has been operating on the superficially reasonable basis that domestic gas prices should be no higher than international ones.
It has been using “export parity prices” to indicate what the price would be if the federal government’s agreement with LNG exporters was functioning well.
On that metric, the agreement is functioning well. Domestic prices have largely followed international prices. But those prices have soared from A$3-10 per gigajoule to well above A$40.
The result is windfall profits to producers and unaffordable prices for domestic users of the kind that cannot be accepted as a well-functioning market.
The report makes no recommendation to address this problem.
While there have been arguments for a domestic reservation policy, a better way to address the price problem is a “windfall profit” tax on gas producers.
Even the threat of such a tax should be a brake on unfair domestic prices. The ACCC could set a price threshold to trigger the tax. It could be tailored to the specific circumstances and made defensible against claims of sovereign risk.
A windfall profits tax would be a start
Most of the findings of the latest gas inquiry report are neither new nor surprising. Yet their impact on gas users is heavy, and will get worse if further action is not taken.
The government has most of the tools it needs. It should act on the ACCC’s recommendations to meet the possible 2023 shortfall and on joint marketing.
It should go further on pipeline regulation, and it should implement a windfall profit tax to avoid catastrophic consequences for Australian gas users. | https://theconversation.com/avoiding-a-gas-shortage-is-one-thing-but-whats-needed-is-action-on-prices-187980 | 2022-08-04T10:46:42Z | https://theconversation.com/avoiding-a-gas-shortage-is-one-thing-but-whats-needed-is-action-on-prices-187980 | false |
On this day in history, August 4, 1790, Coast Guard is established by Alexander Hamilton
Service founded 8 years before the US Navy boasts a storied history
The United States Coast Guard, charged with the mission of ensuring the nation's maritime safety, security and stewardship, was established by Secretary of the Treasury Alexander Hamilton on this day in history, August 4, 1790.
Originally called the Revenue Marine Service, the Coast Guard was founded eight years before the U.S. Navy.
"The Coast Guard is both a federal law enforcement agency and a military force, and therefore is a faithful protector of the United States in peacetime and war," states GoCoastGuard.com, the service's recruiting arm.
"In times of war, or at the direction of the President, the Coast Guard serves under the Department of the Navy, defending the nation against terrorism and foreign threats."
ON THIS DAY IN HISTORY, AUGUST 2,1943, JFK SAVES PT-109 CREW AFTER COLLISON WITH JAPANESE DESTROYER
The service boasts 43,000 active-duty members, plus another 38,000 reservists and auxiliary members, according to USCGBoating.org.
Coast Guard maritime rescue missions save about 3,500 lives per year.
Hamilton, upon the founding of the service, issued a lengthy set of orders to its commanders in a letter dated June 4, 1791.
Hamilton reminded them that, in the new republic, their federal agency was limited in the execution of its difficult duties by the bounds of law — a largely new concept in human history at the time.
"It will be your duty to seize vessels and goods in the cases in which they are liable to seizure for breaches of the Revenue laws, when they come under your notice," Hamilton wrote.
COAST GUARD OFFLOADS OVER $1 BILLION IN COCAINE, MARIJUANA AT FLORIDA PORT
"But all the power you can exercise will be found in some provisions of the law and it must be a rule with you to exercise none with which you are not clearly invested."
The Revenue Marine, later the Revenue Cutter Service, was renamed the Coast Guard after it merged with the U.S. Lifesaving Service in 1915.
The Coast Guard counts among its heroes Signalman First Class Douglas A. Munro. He earned the Medal of Honor for his dauntless courage in leading the evacuation of 500 Marines from a beachhead during the Guadalcanal Campaign of World War II.
Munro risked and gave his own life in the effort.
He was shot in the back of his skull by a Japanese bullet and died a short time later as the last Marines were pulled from the beach to fight again.
Medal of Honor Coast Guardsman Douglas A. Munro "gallantly gave up his life in defense of his country."
Among the Marines Munro saved: Lt. Col. Chesty Puller (later lieutenant general), a hero of three conflicts and still celebrated in military lore as the most decorated Marine in American history.
Puller himself nominated Munro for the Medal of Honor.
"By his outstanding leadership, expert planning, and dauntless devotion to duty, he and his courageous comrades undoubtedly saved the lives of many who otherwise would have perished," reads Munro's Medal of Honor citation.
The Coast Guardsman "gallantly gave up his life in defense of his country."
It remained under the Treasury Department until 1967, when it was moved to the Transportation Department.
The Coast Guard joined the Department of Homeland Security in 2003, in the wake of the 9/11 terror attacks.
MEET THE AMERICAN WHO HONORS THE MEMORY OF 200,000 FALLEN WAR HEROES
The Coast Guard has served many of the nation's most important and most dangerous missions.
When the U.S. abolished the import of slaves in 1808, the Coast Guard was charged with enforcing the law and ending human trafficking on the high seas.
The Coast Guard has served numerous combat missions overseas, most notably in the many amphibious landings of World War II.
Hundreds of Coast Guardsmen have been killed in combat through the years.
CLICK HERE TO GET THE FOX NEWS APP
Fifteen Coast Guardsmen were killed on D-Day alone, the June 6, 1944, invasion of Normandy, according to the Coast Guard historian's office.
Six of these American heroes are buried in the Normandy American Cemetery in France.
A long list of famous Americans have served the nation in the Coast Guard.
The Coast Guard today is charged with lifesaving operations in American waters and with enforcing U.S. immigration and drug laws.
The Coast Guard offloaded a record haul of $1.4 billion in marijuana and cocaine in Fort Lauderdale, Fla., in August 2021.
CLICK HERE TO SIGN UP FOR OUR LIFESTYLE NEWSLETTER
A long list of famous Americans have served the nation in the Coast Guard.
Among them: newscaster Walter Cronkite, actor Humphrey Bogart and heavyweight champion Jack Dempsey, who participated in the Battle of Okinawa, the last pitched battle of World War II, in 1945. | https://www.foxnews.com/lifestyle/day-history-august-4-coast-guard-established-alexander-hamilton | 2022-08-04T10:47:37Z | https://www.foxnews.com/lifestyle/day-history-august-4-coast-guard-established-alexander-hamilton | false |
NEW YORK, Aug. 4, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Missfresh Limited ("Missfresh" or the "Company") (NASDAQ: MF) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Missfresh investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of persons who purchased or otherwise acquired Missfresh securities pursuant and/or traceable to the registration statement and related prospectus issued in connection with Missfresh's June 2021 initial public offering. Follow the link below to get more information and be contacted by a member of our team:
MF investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) Missfresh provided false financial figures in its registration statement and related prospectus issued in connection with the Company's June 2021 initial public offering; (2) Missfresh would need to amend its financial figures; (3) Missfresh, among other things, had lesser net revenues for the quarter ended March 31, 2021; and (4) as a result, defendants' public statements were materially false and misleading at all relevant times and negligently prepared.
WHAT'S NEXT? If you suffered a loss in Missfresh during the relevant time frame, you have until September 12, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.wbay.com/prnewswire/2022/08/04/mf-lawsuit-alert-levi-amp-korsinsky-notifies-missfresh-limited-investors-class-action-lawsuit-upcoming-deadline/ | 2022-08-04T10:48:13Z | https://www.wbay.com/prnewswire/2022/08/04/mf-lawsuit-alert-levi-amp-korsinsky-notifies-missfresh-limited-investors-class-action-lawsuit-upcoming-deadline/ | false |
Highlights
- Second quarter U.S. GAAP loss per diluted share of 55 cents vs. earnings per diluted share of 61 cents in 2021; company recorded non-cash, long-lived asset impairment for Russian operations during second quarter of 2022
- Second quarter comparable earnings per diluted share of 82 cents vs. 86 cents in 2021
- Global beverage can shipments up 3.3%; multi-year sustainability and growth thesis intact
- Strong aerospace backlog and contracts won-not-booked of $3.0 billion and $4.7 billion, respectively
- Rephasing certain beverage can growth capital projects and optimizing production capabilities to meet near-term market growth, enable long-term customer demand and maximize shareholder returns
- Positioned to return approximately $1.0 billion to shareholders via share repurchases and dividends in 2022 and to accelerate shareholder returns in 2023
- Beyond 2022, positioned to achieve long-term diluted earnings per share growth goal of 10 to 15 percent
- Biennial investor day management briefing scheduled for September 22
WESTMINSTER, Colo., Aug. 4, 2022 /PRNewswire/ -- Ball Corporation (NYSE: BALL) today reported, on a U.S. GAAP basis, a second quarter 2022 net loss attributable to the corporation of $174 million (including a net after-tax loss of $437 million, or $1.37 per diluted share for business consolidation and other non-comparable items, including the non-cash, long-lived asset impairment for the Russian beverage packaging operations) or a loss of 55 cents per diluted share, on sales of $4.13 billion, compared to $202 million net earnings attributable to the corporation, or 61 cents per diluted share (including net after-tax charges of $85 million, or 25 cents per diluted share for business consolidation and other non-comparable items) on sales of $3.46 billion in 2021. Results for the first six months of 2022 were net earnings attributable to the corporation of $272 million, or 84 cents per diluted share, on sales of $7.85 billion compared to $402 million, or $1.20 per diluted share, on sales of $6.58 billion for the first six months of 2021.
Ball's second quarter and year-to-date 2022 comparable earnings per diluted share were 82 cents and $1.59, respectively, versus second quarter and year-to-date 2021 comparable earnings per diluted share of 86 cents and $1.58, respectively.
Details of segment comparable operating earnings, business consolidation and other activities, business segment descriptions and other non-comparable items can be found in the notes to the unaudited condensed consolidated financial statements that accompany this news release. References to volume data represent units shipped.
"We delivered stable year-over-year comparable operating earnings amid notable cost inflation, demand volatility and euro earnings translation headwinds. Global growth for sustainable aluminum beverage and personal care products packaging continues and, in certain regions, varied from original expectations. To balance the near-term effects of economic volatility on consumer demand with long-term growth opportunities for our aluminum packaging portfolio and aerospace technologies, the global team has initiated actions to rephase capital projects and further manage costs to maximize EVA, cash, and returns. Through our capital discipline, financial strength, ownership mindset, manufacturing footprint and innovative product portfolio, we can successfully navigate the current economic environment and create value for our stakeholders," said Daniel W. Fisher, president and CEO.
Beverage Packaging, North and Central America
Beverage packaging, North and Central America, segment comparable operating earnings for the second quarter 2022 were $164 million on sales of $1.78 billion compared to $193 million on sales of $1.52 billion during the same period in 2021. For the first six months, segment comparable operating earnings were $338 million on sales of $3.38 billion compared to $333 million on sales of $2.82 billion during the same period in 2021. Year-over-year sales reflect the contractual pass through of higher aluminum costs and price/mix.
Second quarter segment comparable operating earnings were down year-over-year and include the impact of higher manufacturing and inflationary costs. Segment volumes were flat in the second quarter and reflect the deceleration of customer demand resulting from significant retail pricing actions by customers to pass through inflationary costs to consumers, particularly in the U.S.
In response to the deceleration in customer demand late in the second quarter, the construction of a new beverage can manufacturing facility in North Las Vegas, Nevada, has been delayed, and certain actions across the existing North American manufacturing footprint, including ceasing production at our Phoenix, Arizona, and St. Paul, Minnesota, facilities, have been announced to address localized supply/demand imbalances.
Beverage Packaging, EMEA
Beverage packaging, EMEA, segment comparable operating earnings for second quarter 2022 were $129 million on sales of $1.13 billion compared to $124 million on sales of $906 million during the same period in 2021. For the first six months, segment comparable operating earnings were $229 million on sales of $2.08 billion compared to $224 million on sales of $1.70 billion during the same period in 2021. Year-over-year sales reflect higher shipments and the contractual pass through of higher aluminum costs offset by unfavorable foreign exchange translation.
Second quarter segment comparable operating earnings improved versus the same period in 2021 and reflect 7.7 percent segment volume growth and favorable specialty mix offset by $9 million of unfavorable currency translation and the impact of supply chain tightness and inflation across the region. Packaging mix shift to aluminum cans continues and specialty can mix remained above 60 percent during the quarter. Given strong regional demand, the construction of new beverage can manufacturing facilities in the U.K. and Czech Republic remain on track and will enable further growth for sustainable aluminum beverage packaging across the region. Projects are supported by long-term contracts with improved contractual terms and conditions. In advance of new production coming online in EMEA, imports from the company's joint venture beverage can manufacturing facility in Saudi Arabia supplemented existing production capabilities across Europe during the quarter.
As a result of the war in Ukraine, the company previously announced its intention to suspend future investments in Russia and pursue a sale of its Russian business. As of June 30, 2022, the Russian business does not meet the accounting criteria to be presented as held for sale in the consolidated financial statements. See Note 1 "Business Segment Information" for additional information on the non-cash, long-lived asset impairment for the Russian operations recorded in business consolidation and other activities during second quarter of 2022. The company continues to support humanitarian efforts in Ukraine and surrounding European countries as well as manage costs across the segment in advance of the impending Russian business sale. Going forward, the business continues to monitor ongoing inflation and consumer behaviors and will remain agile and disciplined relative to deploying growth capital.
Beverage Packaging, South America
Beverage packaging, South America, segment comparable operating earnings for second quarter 2022 were $52 million on sales of $534 million compared to $78 million on sales of $452 million in 2021. For the first six months, comparable segment operating earnings were $130 million on sales of $1.03 billion compared to $171 million on sales of $939 million during the same period in 2021. Year-over-year sales reflect the contractual pass through of higher aluminum costs and price/mix, partially offset by lower shipments.
Second quarter segment comparable operating earnings decreased 33 percent due to a 2.9 percent decline in segment volumes versus 15.4 percent volume growth in the second quarter of 2021 and unfavorable regional customer/product mix in Brazil.
Demand trends in the company's South American operations outside of Brazil remain favorable. During the quarter, the company announced construction of a new beverage can manufacturing plant in Peru. The segment's performance is expected to improve in the second half of 2022 due to higher single-serve beverage consumption during the World Cup and a seasonally strong fourth quarter.
Aerospace
Aerospace segment comparable operating earnings for second quarter 2022 were $36 million on sales of $490 million compared to $34 million on sales of $459 million in 2021. Second quarter backlog reached $3.0 billion, and contracts won, but not yet booked into backlog, ended the quarter at $4.7 billion. For the first six months, segment comparable operating earnings were $79 million on sales of $994 million compared to $69 million on sales of $883 million during the same period in 2021.
Second quarter segment comparable operating earnings reflect year-over-year sales growth offset by supply chain inefficiencies and rate adjustments. The segment continues to leverage its talent pool and manufacturing capacity, test capabilities, engineering, and support workspace to secure additional defense, climate change and Earth-monitoring contracts to provide mission-critical programs and technologies to U.S. government, defense, intelligence, and reconnaissance and surveillance customers.
Following decades of collaboration, the company joined NASA and industry partners to celebrate the successful initial images from the James Webb Space Telescope. Ball Aerospace designed and built the advanced optical technology and lightweight mirror system that made these unprecedented images possible. Also, during the quarter, the team successfully completed a critical design review of the NOAA Space Weather Follow On-Lagrange 1 Spacecraft (SWFO-L1). Ball will now proceed with the production, integration and test of the space weather monitoring satellite. Expected to launch in 2025, SWFO-L1 will collect solar wind data and coronal imagery to meet NOAA's operational requirements to monitor and forecast impacts from solar storm activity.
Non-reportable
In addition to undistributed corporate expenses, the results for the company's global aluminum aerosol business, beverage can manufacturing facilities in India, Saudi Arabia and Myanmar and investments in the company's aluminum cup business continue to be reported in other non-reportable.
Second quarter 2022 results reflect lower year-over-year undistributed corporate expenses, higher aluminum cup demand in the retail and food service channels, 11.3 percent volume growth for extruded aluminum aerosol containers and 51.7 percent volume growth in the other non-reportable beverage can manufacturing facilities where certain production is being exported to support EMEA segment demand prior to new capital projects coming online in 2022. During the quarter, the company's global aluminum aerosol customers continued to pursue next generation lightweight sustainable personal care packaging solutions including the company's Infinity aluminum bottle and refillable aluminum bottles for new categories.
Outlook
"Business execution, being good stewards of our cash and controlling the things we can control in today's global economic and geopolitical environments is key. Our company's resiliency, financial strength, recession resistant business portfolio and low cost of capital continue to provide stability, optionality and opportunities for long-term growth. We remain well-positioned for medium-term and long-term growth and returning significant value to shareholders through share repurchases and dividends," said Scott C. Morrison, executive vice president and chief financial officer.
"We will continue to actively manage our businesses through the lens of EVA and sustainability. Over our 142-year history, we have remained agile and successfully weathered numerous periods of economic volatility and its associated effects. Through our ability to offset inflationary costs over time, achieve higher returns on invested capital, leverage sustainability and enable supply chain partnerships to support continued mix shift to aluminum packaging, as well as to serve growing demand for our critical aerospace technologies and environmental intelligence, we look forward to achieving our long-term diluted earnings per share growth goal over time and returning even more value to shareholders," Fisher said.
About Ball Corporation
Ball Corporation supplies innovative, sustainable aluminum packaging solutions for beverage, personal care and household products customers, as well as aerospace and other technologies and services primarily for the U.S. government. Ball Corporation and its subsidiaries employ 24,300 people worldwide and reported 2021 net sales of $13.8 billion. For more information, visit www.ball.com, or connect with us on Facebook or Twitter.
Conference Call Details
Ball Corporation (NYSE: BALL) will hold its second quarter 2022 earnings call today at 9 a.m. Mountain time (11 a.m. Eastern). The North American toll-free number for the call is 877-846-2691. International callers should dial +1 212-231-2907. Please use the following URL for a webcast of the live call:
For those unable to listen to the live call, a taped replay will be available from 11 a.m. Mountain time on August 4, 2022, until 11 a.m. Mountain time on August 11, 2022. To access the replay, call 800-633-8284 (North American callers) or +1 402-977-9140 (international callers) and use reservation number 22019534. A written transcript of the call will be posted within 48 hours of the call's conclusion to Ball's website at www.ball.com/investors under "news and presentations."
Forward-Looking Statements
This release contains "forward-looking" statements concerning future events and financial performance. Words such as "expects," "anticipates," "estimates," "believes," and similar expressions typically identify forward-looking statements, which are generally any statements other than statements of historical fact. Such statements are based on current expectations or views of the future and are subject to risks and uncertainties, which could cause actual results or events to differ materially from those expressed or implied. You should therefore not place undue reliance upon any forward-looking statements and they should be read in conjunction with, and qualified in their entirety by, the cautionary statements referenced below. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Key factors, risks and uncertainties that could cause actual outcomes and results to be different are summarized in filings with the Securities and Exchange Commission, including Exhibit 99 in our Form 10-K, which are available on our website and at www.sec.gov. Additional factors that might affect: a) our packaging segments include product capacity, supply, and demand constraints and fluctuations and changes in consumption patterns; availability/cost of raw materials, equipment, and logistics; competitive packaging, pricing and substitution; changes in climate and weather; footprint adjustments and other manufacturing changes, including the startup of new facilities and lines; failure to achieve synergies, productivity improvements or cost reductions; unfavorable mandatory deposit or packaging laws; customer and supplier consolidation; power and supply chain interruptions; changes in major customer or supplier contracts or loss of a major customer or supplier; inability to pass through increased costs; war, political instability and sanctions, including relating to the situation in Russia and Ukraine and its impact on our supply chain and our ability to operate in Russia and the EMEA region generally; changes in foreign exchange or tax rates; and tariffs, trade actions, or other governmental actions, including business restrictions and shelter-in-place orders in any country or jurisdiction affecting goods produced by us or in our supply chain, including imported raw materials; b) our aerospace segment include funding, authorization, availability and returns of government and commercial contracts; and delays, extensions and technical uncertainties affecting segment contracts; c) the Company as a whole include those listed above plus: the extent to which sustainability-related opportunities arise and can be capitalized upon; changes in senior management, succession, and the ability to attract and retain skilled labor; regulatory actions or issues including those related to tax, ESG reporting, competition, environmental, health and workplace safety, including U.S. FDA and other actions or public concerns affecting products filled in our containers, or chemicals or substances used in raw materials or in the manufacturing process; technological developments and innovations; the ability to manage cyber threats; litigation; strikes; disease; pandemic; labor cost changes; inflation; rates of return on assets of the Company's defined benefit retirement plans; pension changes; uncertainties surrounding geopolitical events and governmental policies, including policies, orders, and actions related to COVID-19; reduced cash flow; interest rates affecting our debt; and successful or unsuccessful joint ventures, acquisitions and divestitures, including the announced sale of our Russian business, and their effects on our operating results and business generally.
Condensed Financial Statements (Second Quarter 2022)
Condensed Financial Statements (Second Quarter 2022)
Condensed Financial Statements (Second Quarter 2022)
Notes to the Condensed Financial Statements (Second Quarter 2022)
1. Business Segment Information
Ball's operations are organized and reviewed by management along its product lines and geographical areas and presented in the four reportable segments outlined below.
Beverage packaging, North and Central America: Consists of operations in the U.S., Canada and Mexico that manufacture and sell aluminum beverage containers throughout those countries.
Beverage packaging, EMEA: Consists of operations in numerous countries throughout Europe, including Russia, as well as Egypt and Turkey, that manufacture and sell aluminum beverage containers throughout those countries.
The current global business environment is being impacted directly and indirectly by the effects of the Russian invasion of Ukraine. Ball has suspended future investments in Russia and is pursuing the sale of its aluminum beverage packaging business located in Russia. During the second quarter of 2022, Ball experienced deteriorating conditions and determined this constituted a triggering event for its Russian long-lived asset group. As a result, Ball performed an expected cash flow recoverability analysis to estimate the fair value of the long-lived assets, and recorded an impairment loss of $435 million.
As of June 30, 2022, Ball's Russian aluminum packaging business does not meet the requirements for held for sale presentation in Ball's unaudited condensed consolidated financial statements. The ongoing conflict continues to have the potential to increase Ball's vulnerabilities to near-term, severe impacts related to its Russian business and facilities and it is not possible to accurately predict all future impacts of the invasion. The Russian government has made warnings to companies that cease operations during its invasion of Ukraine and the potential exists that Ball's operations in Russia could be negatively impacted. As such, Russia's invasion of Ukraine and the resulting effects have the potential to impact significant estimates used by Ball in the preparation of its consolidated financial statements, which could result in additional impairments.
Ball's Russian business, which is presented in its beverage packaging, EMEA, reportable operating segment, represented approximately 4 percent of the company's total net sales and 8 percent of the company's total comparable operating earnings for the twelve months ended December 31, 2021. In addition, our plants in Russia accounted for approximately 5 percent of the company's 112.5 billion global beverage can unit shipments for the twelve months ended December 31, 2021. As of June 30, 2022, after the $435 million long-lived asset impairment charge, Ball's Russian business had net assets of $380 million, which consisted primarily of working capital and goodwill that will be allocated to the disposal group upon a future disposal. As of June 30, 2022, in addition to the $380 million of net assets, Ball also had cumulative currency translation gains of $180 million, presented in accumulated other comprehensive earnings (loss) on Ball's unaudited condensed consolidated balance sheets, that will be subject to release upon a disposal of the Russian business. These values are subject to change based on the Russian ruble exchange rate.
Beverage packaging, South America: Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell aluminum beverage containers throughout most of South America.
Aerospace: Consists of operations that manufacture and sell aerospace and other related products and provide services used in the defense, civil space and commercial space industries.
Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as slugs (aerosol packaging); a non-reportable operating segment that manufactures and sells aluminum cups (aluminum cups); undistributed corporate expenses; and intercompany eliminations and other business activities.
The company also has investments in operations in Guatemala, Panama, the U.S. and Vietnam that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings.
During the first quarter of 2022, Ball sold its remaining 49 percent owned equity method investment in Ball Metalpack to Sonoco, a global provider of consumer, industrial, healthcare and protective packaging, for total consideration of approximately $298 million, which is presented in business consolidation and other activities in the unaudited condensed consolidated statement of earnings.
(a) Includes undistributed corporate expenses, net, of $15 million and $28 million for the three months ended June 30, 2022 and 2021, respectively, and $48 million and $54 million for the six months ended June 30, 2022 and 2021, respectively.
2. Non-U.S. GAAP Measures
Non-U.S. GAAP Measures – Non-U.S. GAAP measures should not be considered in isolation. They should not be considered superior to, or a substitute for, financial measures calculated in accordance with U.S. GAAP and may not be comparable to similarly titled measures of other companies. Presentations of earnings and cash flows presented in accordance with U.S. GAAP are available in the company's earnings releases and quarterly and annual regulatory filings. Information reconciling forward-looking U.S. GAAP measures to non-U.S. GAAP measures is not available without unreasonable effort. We have not provided guidance for the most directly comparable U.S. GAAP financial measures, as they are not available without unreasonable effort due to the high variability, complexity and low visibility with respect to certain special items, including restructuring charges, business consolidation and other costs, gains and losses related to acquisition and divestiture of businesses, the ultimate outcome of certain legal or tax proceedings and other non-comparable items. These items are uncertain, depend on various factors and could be material to our results computed in accordance with U.S. GAAP.
Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (Comparable EBITDA), Comparable Operating Earnings, Comparable Net Earnings, Comparable Diluted Earnings Per Share and Net Debt – Comparable EBITDA is earnings before interest, taxes, depreciation and amortization, business consolidation and other non-comparable costs. Comparable Operating Earnings is earnings before interest, taxes, business consolidation and other non-comparable costs. Comparable Net Earnings is net earnings attributable to Ball Corporation before business consolidation and other non-comparable costs after tax. Comparable Diluted Earnings Per Share is Comparable Net Earnings divided by diluted weighted average shares outstanding. We use Comparable EBITDA, Comparable Operating Earnings, Comparable Net Earnings, and Comparable Diluted Earnings Per Share internally to evaluate the company's operating performance. Net Debt is total debt less cash and cash equivalents, which are derived directly from the company's financial statements. Ball management uses Net Debt to Comparable EBITDA and Comparable EBITDA to interest expense as metrics to monitor the credit quality of Ball Corporation.
Please see the company's website for further details of the company's non-U.S. GAAP financial measures at www.ball.com/investors under the "FINANCIALS" tab.
(a) The company reported a U.S. GAAP net loss in the three months ended June 30, 2022, and, as a result, all potentially issuable securities were excluded in the diluted earnings (loss) per share calculation as their effect would have been anti-dilutive. Had these securities been included, approximately 320.8 million weighted average shares would have been used in calculating diluted earnings (loss) per share for the three ended June 30, 2022. Comparable net earnings for the three months ended June 30, 2022, was positive; therefore, approximately 320.8 million weighted average shares were used to calculate comparable diluted earnings per share.
3. Non-Comparable Items
(1) Ball recorded a non-cash impairment for its Russian long-lived asset group. During the second quarter of 2022, Ball experienced deteriorating conditions due to the escalating conflict and associated effects from the Russian invasion of Ukraine. As a result, after taking into account the progress of our ongoing sales process, currency exchange movements, supply challenges and effects of the escalating conflict, the company has concluded the long-lived assets are impaired.
(2) In July 2022, Ball's beverage packaging, South America, segment formally notified a regional customer in Brazil of its breach of a long-term committed supply agreement since the first quarter of 2022, inclusive of beverage can and end volume requirements and associated accounts payable with Ball. In the event that satisfactory rectifying action is not taken in response to the notification of breach, Ball intends to pursue legal action to recover all amounts due and seek damages for non-performance. Ball recorded a charge reflecting an increased risk of not being able to fully collect amounts due from the customer. After recording this charge, Ball has financial exposure on balances due from the customer of $37 million, which are presented in receivables, net, other current assets, and other assets, in its unaudited condensed consolidated balance sheets. Ball considers that losses in the event of an unfavorable outcome to the dispute and any related legal action (or gains in the event of a favorable outcome) would not have a material effect upon its liquidity, results of operations or financial condition.
(3) Ball sold its remaining 49 percent owned equity method investment in Ball Metalpack and recorded a gain. In the second quarter of 2022, Ball recorded charges associated with the reduction of sales price due to customary closing adjustments related to the sale.
(4) The company donated funds to The Ball Foundation, a non-profit philanthropic organization with efforts to build a better world. The Ball Foundation awards grants to nonprofit organizations primarily in communities where the company operates, focusing on priorities related to education, recycling, and disaster relief and preparedness.
(5) Ball recorded a gain from Ball Metalpack's repayment of a loan which was formerly fully reserved.
(6) Ball recorded net impacts associated with its inability to hedge Russian ruble currency exposures.
(7) Ball recorded a benefit for a reduction in the deferred tax liability on the investment in its Russian business which was partially offset by a charge to settle a tax dispute in Uruguay.
View original content to download multimedia:
SOURCE Ball Corporation | https://www.wymt.com/prnewswire/2022/08/04/ball-announces-second-quarter-2022-results-rephasing-certain-growth-capital-projects/ | 2022-08-04T10:48:16Z | https://www.wymt.com/prnewswire/2022/08/04/ball-announces-second-quarter-2022-results-rephasing-certain-growth-capital-projects/ | false |
After the first season last year wobbled on its heels, the second season of RuPaul’s Drag Race Down Under began last weekend.
In becoming the global beacon of drag, Drag Race has set new ideals for what it means to do drag. But while Drag Race may have brought drag into the global media centre, in Australia drag has long been celebrated in the mainstream.
Australia’s most enduring and adored drag celebrity has been a stalwart of Australian show business for almost 60 years: Carlotta.
Long before Drag Race, Carlotta (the stage name of Carol Byron) was foundational in establishing a specifically Aussie mode of drag that both queer and straight Australians embrace – one that is outlandish, flamboyant, irreverent and “ocker”.
Read more: RuPaul's Drag Race is still figuring out how to handle gender and race
Disappointment down under
Earlier this year, RuPaul made headlines describing Australian drag queens as “more ratchet” – meaning Australian drag is cruder and bawdier than US or UK drag.
Perhaps accidentally, RuPaul astutely identified a point of tension between Drag Race expectations and the localised relationship Australia has with drag culture.
Australia has its own drag aesthetics, histories and celebrities, often associated with a certain Aussie sense of humour.
In many ways, Carlotta epitomises typical characteristics of Aussie drag. She is glamorous, extravagant and charming – but also forthright and down to earth.
As Carlotta has told us of Australian drag’s mainstream popularity:
I think if [Australian] drag queens weren’t so ‘ocker-ish’ then it never would have worked, actually, in this country […] It’s a kind of sense of humour. They understand that sense of humour, straight Australians do. And if they don’t then they have a plum in their mouth!
An Australian drag icon, over many decades Carlotta helped foster middle Australia’s longstanding affection for drag, while always maintaining her connection to queer communities.
The queen of Kings Cross
Queer drag began its sashay into mainstream Australian culture in the 1960s via the widespread fame of the queer cabaret troupe Les Girls.
Based in Sydney’s then-notorious red light district, Kings Cross, Les Girls was a glamorous cabaret with sequins and feather boas abounding. The alluring “twist” was that all the beautiful, bedazzled showgirls onstage were “actually” queer men.
Les Girls garnered an international following and became a trendy Sydney attraction popular with straight Australians. This queer spectacle gave Carlotta the platform that would see her become one of Australia’s most treasured national celebrities.
Carlotta also became Australia’s first transgender celebrity. In the early 1970s, her gender confirmation surgery became fodder for the Australian press.
With her striking looks and engaging manner, she soon found her way onscreen.
Carlotta featured in a selection of documentaries about Sydney’s drag scene, notably The Glittering Mile and The Naked Bunyip.
She made history in 1973 as the first “out” trans person in the world to play a trans character on television, causing a stir when she appeared in six episodes of the risqué Australian serial Number 96.
By the 1990s, Carlotta was a household name in Australia.
Although initial media interest may have treated her as a curiosity because of her gender, Carlotta as a cultural presence became something much more than that.
Priscilla, queen of Aussie drag
When the three drag queens of The Adventures of Priscilla, Queen of the Desert flounced onto screens and into the hearts of Australians in 1994, Carlotta’s place in Australian drag history was solidified. She was the direct inspiration for the beloved character Bernadette, a showgirl drag performer and trans woman.
Coming full circle, Carlotta has paid homage to Priscilla with her own outback touring cabaret shows.
As her drag legacy matured, Carlotta became a mainstream media darling.
In the 1990s and 2000s, she was a panellist on the daytime chat show Beauty and the Beast. From 2013, she was a regular guest panellist on Studio 10. She has been a special guest on A Current Affair, This is Your Life, Come Dine with Me and One Plus One.
The biopic Carlotta was released by the ABC in 2014, tracing her life from childhood in Balmain and mapping how Carlotta the showgirl rose to fame. The project extended Carlotta’s cultural impact, supported by extensive marketing and airing in a family-friendly timeslot on a Sunday night.
Carlotta’s acceptance as a mainstream celebrity in line with her unwavering alliance with queer culture was exemplified in 2020 when she was named a Member of the Order of Australia in the Australia Day Honours List for significant service to the performing arts and the LGBTIQ+ community.
Diversifying the future of Australian drag
Carlotta’s influence on queer drag representations in the Australian mainstream is clear – from the sequined showgirls who are a mainstay of the Sydney Mardi Gras, to the warm reception genderqueer reality star Courtney Act has received.
It is impossible to say how Carlotta would have fared on Drag Race, as she was such a singular sensation in her youth.
Despite the powerful impacts Carlotta’s influence has had on promoting inclusivity, this now default mode of Aussie drag remains limited. Australian drag is more dynamic and diverse than we see in mainstream representations. Absent from much mainstream drag imagery are the many drag kings and gender diverse drag performers.
Drag Race Down Under faces a challenge of marrying the ideals of the governing reality television franchise with those of Australia’s own drag culture.
Perhaps in the same way Carlotta has influenced Australian culture, it is time for Drag Race to think about its role in expanding how Australians understand drag beyond our mainstream exposure.
Read more: Thanking Carlotta – a pioneer for sex and gender diversity | https://theconversation.com/would-carlotta-australias-most-celebrated-drag-queen-have-made-it-on-rupauls-drag-race-187260 | 2022-08-04T10:48:37Z | https://theconversation.com/would-carlotta-australias-most-celebrated-drag-queen-have-made-it-on-rupauls-drag-race-187260 | false |
NEW YORK, Aug. 4, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Inotiv, Inc. ("Inotiv" or the "Company") (NASDAQ: NOTV) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Inotiv investors who were adversely affected by alleged securities fraud between September 21, 2021 and June 13, 2022. Follow the link below to get more information and be contacted by a member of our team:
NOTV investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) Inotiv's acquisition, Envigo RMS, LL ("Envigo"), and Inotiv's Cumberland, Virginia facility (the "Cumberland Facility") engaged in widespread and flagrant violations of the Animal Welfare Act ("AWA"); (2) Envigo and Inotiv's Cumberland Facility continuously violated the AWA; (3) Envigo and Inotiv did not properly remedy issues with regards to animal welfare at the Cumberland Facility; (4) as a result, Inotiv was likely to face increased scrutiny and governmental action; (5) Inotiv would imminently shut down two facilities, including the Cumberland Facility; (6) Inotiv did not engage in proper due diligence; and (7) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
WHAT'S NEXT? If you suffered a loss in Inotiv during the relevant time frame, you have until August 22, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.wymt.com/prnewswire/2022/08/04/notv-lawsuit-alert-levi-amp-korsinsky-notifies-inotiv-inc-investors-class-action-lawsuit-upcoming-deadline/ | 2022-08-04T10:51:32Z | https://www.wymt.com/prnewswire/2022/08/04/notv-lawsuit-alert-levi-amp-korsinsky-notifies-inotiv-inc-investors-class-action-lawsuit-upcoming-deadline/ | false |
The cost of prescription drugs have been a political issue for years. If Congress passes the Reduce Inflation Act, a provision would allow Medicare, for the first time, to negotiate drug prices.
Copyright 2022 NPR
The cost of prescription drugs have been a political issue for years. If Congress passes the Reduce Inflation Act, a provision would allow Medicare, for the first time, to negotiate drug prices.
Copyright 2022 NPR | https://www.wvpublic.org/2022-08-04/democrats-may-make-some-progress-toward-lowering-high-drug-prices | 2022-08-04T10:53:57Z | https://www.wvpublic.org/2022-08-04/democrats-may-make-some-progress-toward-lowering-high-drug-prices | true |
NEW YORK, Aug. 4, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Weber Inc. ("Weber" or the "Company") (NYSE: WEBR) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Weber investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of persons and entities that purchased or otherwise acquired Weber Class A common stock pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company's August 2021 initial public offering. Follow the link below to get more information and be contacted by a member of our team:
WEBR investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) Weber was reasonably likely to implement price increases; (2) as a result, consumer demand for Weber's products was reasonably likely to decrease; (3) due to the resulting inventory buildup, Weber was reasonably likely to run promotions to "enhance retail sell through"; (4) the foregoing would adversely impact Weber's financial results; and (5) as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
WHAT'S NEXT? If you suffered a loss in Weber during the relevant time frame, you have until September 27, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.wymt.com/prnewswire/2022/08/04/webr-lawsuit-alert-levi-amp-korsinsky-notifies-weber-inc-investors-class-action-lawsuit-upcoming-deadline/ | 2022-08-04T10:54:04Z | https://www.wymt.com/prnewswire/2022/08/04/webr-lawsuit-alert-levi-amp-korsinsky-notifies-weber-inc-investors-class-action-lawsuit-upcoming-deadline/ | true |
CLAYTON COUNTY, Ga. — A mother’s outrage continues to push for justice for her son.
Friday marks six years since law enforcement officers shot and killed a 26-year-old Black man, Jamarion Robinson, in East Point, striking him 59 times.
And after all these years, one of the white police officers who is still awaiting trial for murder in the case is still on the job with the Clayton County Police Department.
Clayton County Police Officer Kristopher Hutchens and a now-former law enforcement officer, Eric Heinze, were indicted by a Fulton County Grand Jury in Oct. 2021, charged with murdering Robinson on Aug. 5, 2016.
Hutchens has remained on the department’s payroll ever since, most recently as a training officer-- until now.
“If it was any other person that has felonies or even has been indicted on felonies, let alone multiple, would the police department hire them?" asked Mina Turabi on Wednesday.
Turabi works with Jamarion Robinson’s mother, Monteria Robinson, and the Jamarion Robinson Foundation, helping people with mental illnesses.
The family has said they asked police to help Jamarion because he was suffering from mental illness.
However, police said they saw him with a gun and opened fire, shooting him 59 times.
Turabi said that this week that on Tuesday, Jamarion’s mother was outraged all over again, when Dr. Rashad Richey reported on his online program “Indisputable” that Officer Hutchens was still on the job and training SWAT officers.
“It's such a slap in the face," Turabi said. "With the trial coming up, with the indictments, and for the fact that his anniversary is Friday, for him to be working at the police department in any capacity.”
In fact, Hutchens’ file with the state showed that as of Wednesday, his certification as an instructor was still active.
Then, at 4:45 p.m., Clayton County police emailed 11Alive to announce that the Chief had just reassigned Hutchens to non-training duty.
And at 4:46 p.m., the state sent 11Alive Hutchens’ updated file showing that his instructor certificate had been suspended.
Monteria Robinson along with her family will hold a press conference outside the Clayton County Department Thursday at 1 p.m. to call on the Chief to fire Hutchens.
“For her to be reliving this every single day," Turabi said, "I mean, she had a long fight just to get to that indictment. And now with all this stuff coming up with the anniversary... it really shines a light on the struggle that's continuing... it's one battle after the next.”
The news release from the Clayton County police reads:
"Recent concerns presented to the Clayton County Board of Commissioners about the administrative assignment of Sergeant K. Hutchens, to the in-service training unit have impacted the Board and the Clayton County Police Department. Chief Kevin Roberts has reconsidered the Sergeant’s assignment, and moved him to a non-training duty; effective immediately."
On Aug. 5, 2016, Jamarion Robinson was killed by a taskforce of 17 officers which included the US Marshalls, Atlanta Police, Clayton County police, East Point Police etc. Jamarion was shot over 110 times and sustained over 76 bullet holes including in his groin, chest, spleen and arms. At the time of the shooting Jamarion Robinson was unarmed. The shooting lasted over three minutes.
Since then, his mother, Monteria Robinson has been fighting for justice day in and day out.
In October of last year, Fulton County District Attorney Fani Willis convened a grand jury which charged two of the officers, Eric Heinz and Kristopher Hutchens, for multiple crimes including felony murder and aggravated assault. | https://www.11alive.com/article/news/local/jamarion-robinson-case-kristopher-hutchens-clayton-county-officer/85-51ddfafc-aedf-4652-b329-f9f402a36c64 | 2022-08-04T10:54:55Z | https://www.11alive.com/article/news/local/jamarion-robinson-case-kristopher-hutchens-clayton-county-officer/85-51ddfafc-aedf-4652-b329-f9f402a36c64 | true |
A vehicle crash Thursday morning has a major road shut down near downtown Orlando, according to news outlets.
At around 3 a.m. a vehicle crash caused an automobile to split in half around Colonial Drive and Shine Avenue, according to a report by WFTV.
Advertisement
Police are on scene and have a portion of Colonial shut down between Mills Avenue and Shine.
OPD could not be immediately reached for comment.
Advertisement
This is a developing story, check back here for updates. | https://www.orlandosentinel.com/news/breaking-news/os-ne-colonial-shine-avenue-vehicle-split-20220804-lyeb77njlzfprnjtgxadngwrkm-story.html | 2022-08-04T10:55:55Z | https://www.orlandosentinel.com/news/breaking-news/os-ne-colonial-shine-avenue-vehicle-split-20220804-lyeb77njlzfprnjtgxadngwrkm-story.html | true |
Published: Aug. 4, 2022 at 5:00 AM CDT|Updated: 57 minutes ago
Second quarter revenues of $1.195 billion, up 35.6% year-over-year
GAAP Income from Operations was 7.8% of revenues and Non-GAAP Income from Operations was 14.9% of revenues for the second quarter
Second quarter GAAP Diluted EPS of $0.32, a decrease of 83.5%, and Non-GAAP Diluted EPS of $2.38, an increase of 16.1% on a year-over-year basis
For the third quarter, EPAM expects revenue to be at least $1.210 billion, GAAP Diluted EPS to be at least $1.65 and Non-GAAP Diluted EPS to be at least $2.48
NEWTOWN, Pa., Aug. 4, 2022 /PRNewswire/ -- EPAM Systems, Inc. (NYSE: EPAM), a leading digital transformation services and product engineering company, today reported results for the second quarter ended June 30, 2022.
"Our strong second quarter results reflect EPAM's resiliency, agility and focus as the Company navigates the impact of the war in Ukraine," said Arkadiy Dobkin, CEO & President, EPAM. "The acceleration of our strategy will enable EPAM to continue our growth trajectory by developing our consulting and next generation delivery capabilities, investing in our people and communities as well as leading the change for customers through strategy and execution, simultaneously. I remain confident we will continue to execute through this near-term challenge, and emerge as a more diverse, more resilient and more relevant global company."
Second Quarter 2022 Highlights
Revenues increased to $1.195 billion, a year-over-year increase of $313.5 million, or 35.6%. On a constant currency basis, revenues were up 40.1% compared to the second quarter of 2021. Acquisitions completed in the last twelve months contributed 6.2% to revenue growth in the quarter;
GAAP income from operations was $93.0 million, a decrease of $32.3 million, or 25.7%, compared to $125.3 million in the second quarter of 2021;
Non-GAAP income from operations was $177.5 million, an increase of $22.2 million, or 14.3%, compared to $155.2 million in the second quarter of 2021;
Diluted earnings per share ("EPS") on a GAAP basis was $0.32, a decrease of $1.62, or 83.5%, compared to $1.94 in the second quarter of 2021 largely driven by the impact of appreciation of the Russian ruble on our intercompany payables denominated in Russian rubles and U.S. dollar denominated assets held by our subsidiaries in Russia as well as the decrease in GAAP income from operations; and
Non-GAAP diluted EPS was $2.38, an increase of $0.33, or 16.1%, compared to $2.05 in the second quarter of 2021.
Cash Flow and Other Metrics
Cash provided by operating activities was $25.7 million for the first six months of 2022, compared to cash provided by operating activities of $81.7 million for the first six months of 2021;
Cash, cash equivalents and restricted cash totaled $1.296 billion as of June 30, 2022, a decrease of $153.7 million, or 10.6%, from $1.449 billion as of December 31, 2021; and
Total headcount was approximately 61,300 as of June 30, 2022. Included in this number were approximately 54,850 delivery professionals, an increase of 28.1% from June 30, 2021.
Third Quarter Outlook
EPAM expects the following for the third quarter:
Revenues will be at least $1.210 billion on a GAAP basis for the third quarter reflecting a year-over-year growth rate of at least 22% which includes an unfavorable foreign currency translation impact of approximately 4%. Revenue growth on a constant currency basis will be at least 26%. The Company expects acquisitions will contribute approximately 4% to reported revenues;
For the third quarter, EPAM expects GAAP income from operations to be in the range of 9.5% to 10.5% of revenues and non-GAAP income from operations to be in the range of 15% to 16% of revenues;
The Company expects its GAAP effective tax rate to be approximately 19% and its non-GAAP effective tax rate to be approximately 22%; and
EPAM expects GAAP diluted EPS will be at least $1.65 for the quarter, and non-GAAP diluted EPS will be at least $2.48 for the quarter. The Company expects weighted average diluted shares outstanding for the quarter of 59.4 million.
Conference Call Information
EPAM will host a conference call to discuss the results on Thursday, August 4, 2022, at 8:00 a.m. EDT. The conference call will be available live on the EPAM website at https://investors.epam.com. Please visit the website at least 15 minutes prior to the call to register for the event. For those who cannot access the live webcast, a replay will be available in the Investor Relations section of the website.
About EPAM Systems
Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has leveraged its advanced software engineering heritage to become the foremost global digital transformation services provider – leading the industry in digital and physical product development and digital platform engineering services. Through its innovative strategy; integrated advisory, consulting, and design capabilities; and unique 'Engineering DNA,' EPAM's globally deployed hybrid teams help make the future real for clients and communities around the world by powering better enterprise, education and health platforms that connect people, optimize experiences, and improve people's lives. In 2021, EPAM was added to the S&P 500 and included among the list of Forbes Global 2000 companies.
Selected by Newsweek as a 2021 Most Loved Workplace, EPAM's global multi-disciplinary teams serve customers in more than 50 countries across six continents. As a recognized leader, EPAM is listed among the top 15 companies in Information Technology Services on the Fortune 1000 and ranked as the top IT services company on Fortune's 100 Fastest-Growing Companies list for the last three consecutive years. EPAM is also listed among Ad Age's top 25 World's Largest Agency Companies for three consecutive years, and Consulting Magazine named EPAM Continuum a top 20 Fastest-Growing Firm.
EPAM supplements results reported in accordance with United States generally accepted accounting principles, referred to as GAAP, with non-GAAP financial measures. Management believes these measures help illustrate underlying trends in EPAM's business and uses the measures to establish budgets and operational goals, communicate internally and externally, for managing EPAM's business and evaluating its performance. Management also believes these measures help investors compare EPAM's operating performance with its results in prior periods. EPAM anticipates that it will continue to report both GAAP and certain non-GAAP financial measures in its financial results, including non-GAAP results that exclude stock-based compensation expenses, acquisition-related costs including amortization of intangible assets, impairment of assets, expenses associated with EPAM's humanitarian commitment to its professionals in Ukraine, unbilled business continuity resources resulting from Russia's invasion of Ukraine, costs associated with the geographic repositioning efforts in Russia and Belarus, employee separation costs in Russia, certain other one-time charges and benefits, changes in fair value of contingent consideration, foreign exchange gains and losses, excess tax benefits related to stock-based compensation, and the related effect on income taxes of the pre-tax adjustments. Management also compares operating results on a basis of "constant currency," which is also a non-GAAP financial measure. This measure excludes the effect of foreign currency exchange rate fluctuations by translating the current period revenues and expenses into U.S. dollars at the weighted average exchange rates of the prior period of comparison. Because EPAM's reported non-GAAP financial measures are not calculated in accordance with GAAP, these measures are not comparable to GAAP and may not be comparable to similarly described non-GAAP measures reported by other companies within EPAM's industry. Consequently, EPAM's non-GAAP financial measures should not be evaluated in isolation or supplant comparable GAAP measures, but rather, should be considered together with the information in EPAM's consolidated financial statements, which are prepared in accordance with GAAP.
Forward-Looking Statements
This press release includes estimates and statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our business and operations. These statements may include words such as "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions. Those future events and trends may relate to, among other things, developments relating to the invasion of Ukraine, political and civil unrest or military action in the geographies where we conduct business and operate, developments relating to the on-going COVID-19 pandemic, and the effect that they may have on our revenues, operations, access to capital, profitability and customer demand. Other factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the risk factors discussed in the Company's most recent Annual Report on Form 10-K and the factors discussed in the Company's Quarterly Report on Form 10-Q, filed on or after the date of this press release, particularly under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" and other filings with the Securities and Exchange Commission. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made based on information currently available to us. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.wafb.com/prnewswire/2022/08/04/epam-reports-results-second-quarter-2022/ | 2022-08-04T10:59:18Z | https://www.wafb.com/prnewswire/2022/08/04/epam-reports-results-second-quarter-2022/ | true |
China says it conducted “precision missile strikes” in the Taiwan Strait on Thursday as part of military exercises that have raised tensions in the region to their highest level in decades.
China earlier announced that military exercises by its navy, air force and other departments were underway in six zones surrounding Taiwan, which Beijing claims as its own territory to be annexed by force if necessary.
The drills were prompted by a visit to the island by U.S. House Speaker Nancy Pelosi this week and are intended to advertise China’s threat to attack the self-governing island republic. Along with its moves to isolate Taiwan diplomatically, China has long threatened military retaliation over moves by the island to solidify its de facto independence with the support of key allies including the U.S.
“Long-range armed live fire precision missile strikes were carried out on selected targets in the eastern area of the Taiwan Strait," the Eastern Theater Command of the People's Liberation Army, the ruling Communist Party's military wing, said in a statement on its social media platform.
“The expected outcome was achieved," it added. No other details were given.
Taiwan's Defense Ministry said it tracked the firing of Chinese Dongfeng series missiles beginning around 1:56 p.m. Thursday. It said in a statement it used various early warning surveillance systems to track the missile launches, which were directed at waters northeast and southwest of Taiwan.
The defense ministry also said they tracked long-distance rockets and ammunition firing in outlying islands in Matsu, Wuqiu and Dongyin.
U.S. & World
Earlier during the day, Taiwan's Defense ministry said its forces were on alert and monitoring the situation, while seeking to avoid escalating tensions. Civil defense drills were held last week and notices were placed on designated air raid shelters months ago.
China's “irrational behavior" intends to alter the status quo and disrupt regional peace and stability, the ministry said.
“The three service branches will combine efforts with all the people to jointly safeguard national security and territorial integrity" while adapting to the situation as it develops, the statement said.
China’s official Xinhua News Agency reported the exercises were joint operations focused on “blockade, sea target assault, strike on ground targets, and airspace control.”
Ma Chen-kun, a professor at Taiwan’s National Defense University, said the drills were aimed at showing off the Chinese military’s ability to deploy precision weapons to cut off Taiwan’s links with the outside and facilitate the landing of troops.
The announced drills are “more complete, and if the People’s Liberation Army actually invades Taiwan in an all-out invasion, the concrete actions it will take, it’s all in this particular exercise,” Ma said.
“The main thing is they will cut off Taiwan’s links to the outside world, from their sea, they would suppress the coastal defense firepower,” he said.
Meanwhile, the mood in Taiwan was calm.
In Keelung, a city on the northern coast of Taiwan and close to two of the announced drill areas, swimmers took their morning laps in a natural pool built in the ocean.
Lu Chuan-hsiong, 63, was enjoying his morning swim, saying he wasn't worried. “Because Taiwanese and Chinese, we’re all one family. There’s a lot of mainlanders here, too,” he said.
“Everyone should want money, not bullets,” he quipped, saying the economy wasn't doing so well.
Those who have to work on the ocean were more concerned. Fishermen are likely to be the most affected by the drills, which cover six different areas surrounding Taiwan, part of which come into the island's territorial waters.
Most fishermen will continue to try to fish, as it is the season for squid.
“It's very close. This will definitely impact us, but if they want to do this, what can we do? We can just avoid that area,” said Chou Ting-tai, who owns a fishing vessel.
While the U.S. has not said it would intervene, it has bases and forward-deployed assets in the area, including aircraft carrier battle groups.
On Thursday, the U.S. Navy said its USS Ronald Reagan aircraft carrier was operating in the Philippine Sea, east of Taiwan, as part of “normal scheduled operations."
U.S. law requires the government to treat threats to Taiwan, including blockades, as matters of “grave concern."
The drills are due to run from Thursday to Sunday and include missile strikes on targets in the seas north and south of the island in an echo of the last major Chinese military drills aimed at intimidating Taiwan's leaders and voters held in 1995 and 1996.
While China has given no word on numbers of troops and military assets involved, the exercises appear to be the largest held near Taiwan in geographical terms.
The exercises involved troops from the navy, air force, rocket force, strategic support force and logistic support force, Xinhua reported. | https://www.nbcdfw.com/news/national-international/china-claims-precision-missile-strikes-in-taiwan-strait/3039879/ | 2022-08-04T10:59:59Z | https://www.nbcdfw.com/news/national-international/china-claims-precision-missile-strikes-in-taiwan-strait/3039879/ | false |
Home shoppers can now filter homes by different buying power categories to only see the homes they can afford
SANTA CLARA, Calif., Aug. 4, 2022 /PRNewswire/ -- With interest rates constantly changing and home prices at all-time highs, understanding what you can afford has never been more important. To give buyers a more objective view of their budget, Realtor.com® has introduced a new buying power tool to help home shoppers see whether a specific home is "affordable," "a stretch," "difficult" or "out of reach." It uses a home a shopper's specific financial details, current mortgage rates, taxes, insurance and HOA fees to determine if the monthly payments will be comfortable.
Buying power labels now appear directly on home listings on Realtor.com®, making Realtor.com® the first national home search site where shoppers can filter their search by selecting their desired affordability range.
Recent Realtor.com® surveys found that more than two-thirds (68%) of shoppers were surprised by what they could actually afford for their first home. Additionally, 32% of recent buyers found it difficult to understand how changing mortgage rates affected their monthly payments and 62% were surprised by closing costs. Realtor.com®'s affordability calculator and buying power tool can help prevent these unhappy surprises during the home buying process.
"There is nothing more disappointing than falling in love with a home only to realize that you can't afford it, and nothing more exciting than realizing you can afford that dream home. However, there are many factors that go into affordability," said Colleen Coyle, vice president, product management, Realtor.com®. "We introduced this tool to help shoppers better understand how much home they can afford and if specific homes fit their budget given their personal financial situation. This tool is especially important right now with rising interest rates – which can add hundreds of dollars to monthly payments and impact buying power."
A home's affordability is more than just the asking price. Many first-time home buyers don't realize the added costs of things such as HOA fees, taxes and insurance, not to mention closing costs, which can really add up. Realtor.com®'s new buying power features give home shoppers the opportunity to input their monthly income, debt payments and savings to determine their budget. Users can save this information to their buyer profile and then search only for homes that fit that budget.
To calculate buying power, visit the Realtor.com® affordability calculator and enter your income, monthly debt payments and available funds. By saving this information to your profile, listings on Realtor.com® will include an affordability label – "affordable," "a stretch," "difficult" or "out of reach." Users can also filter their search by homes that are within their desired affordability range.
To learn more, visit: https://www.realtor.com/homemade/new-buying-power-tool-shows-what-homes-are-affordable-vs-a-stretch
About Realtor.com®
Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.
Media Contact
nicole.murphy@move.com
View original content to download multimedia:
SOURCE Realtor.com | https://www.wafb.com/prnewswire/2022/08/04/new-realtorcom-buying-power-tool-shows-what-homes-are-affordable-vs-stretch-based-buyers-finances/ | 2022-08-04T11:00:50Z | https://www.wafb.com/prnewswire/2022/08/04/new-realtorcom-buying-power-tool-shows-what-homes-are-affordable-vs-stretch-based-buyers-finances/ | false |
Published: Aug. 4, 2022 at 5:00 AM CDT|Updated: 1 hour ago
Second quarter revenues of $1.195 billion, up 35.6% year-over-year
GAAP Income from Operations was 7.8% of revenues and Non-GAAP Income from Operations was 14.9% of revenues for the second quarter
Second quarter GAAP Diluted EPS of $0.32, a decrease of 83.5%, and Non-GAAP Diluted EPS of $2.38, an increase of 16.1% on a year-over-year basis
For the third quarter, EPAM expects revenue to be at least $1.210 billion, GAAP Diluted EPS to be at least $1.65 and Non-GAAP Diluted EPS to be at least $2.48
NEWTOWN, Pa., Aug. 4, 2022 /PRNewswire/ -- EPAM Systems, Inc. (NYSE: EPAM), a leading digital transformation services and product engineering company, today reported results for the second quarter ended June 30, 2022.
"Our strong second quarter results reflect EPAM's resiliency, agility and focus as the Company navigates the impact of the war in Ukraine," said Arkadiy Dobkin, CEO & President, EPAM. "The acceleration of our strategy will enable EPAM to continue our growth trajectory by developing our consulting and next generation delivery capabilities, investing in our people and communities as well as leading the change for customers through strategy and execution, simultaneously. I remain confident we will continue to execute through this near-term challenge, and emerge as a more diverse, more resilient and more relevant global company."
Second Quarter 2022 Highlights
Revenues increased to $1.195 billion, a year-over-year increase of $313.5 million, or 35.6%. On a constant currency basis, revenues were up 40.1% compared to the second quarter of 2021. Acquisitions completed in the last twelve months contributed 6.2% to revenue growth in the quarter;
GAAP income from operations was $93.0 million, a decrease of $32.3 million, or 25.7%, compared to $125.3 million in the second quarter of 2021;
Non-GAAP income from operations was $177.5 million, an increase of $22.2 million, or 14.3%, compared to $155.2 million in the second quarter of 2021;
Diluted earnings per share ("EPS") on a GAAP basis was $0.32, a decrease of $1.62, or 83.5%, compared to $1.94 in the second quarter of 2021 largely driven by the impact of appreciation of the Russian ruble on our intercompany payables denominated in Russian rubles and U.S. dollar denominated assets held by our subsidiaries in Russia as well as the decrease in GAAP income from operations; and
Non-GAAP diluted EPS was $2.38, an increase of $0.33, or 16.1%, compared to $2.05 in the second quarter of 2021.
Cash Flow and Other Metrics
Cash provided by operating activities was $25.7 million for the first six months of 2022, compared to cash provided by operating activities of $81.7 million for the first six months of 2021;
Cash, cash equivalents and restricted cash totaled $1.296 billion as of June 30, 2022, a decrease of $153.7 million, or 10.6%, from $1.449 billion as of December 31, 2021; and
Total headcount was approximately 61,300 as of June 30, 2022. Included in this number were approximately 54,850 delivery professionals, an increase of 28.1% from June 30, 2021.
Third Quarter Outlook
EPAM expects the following for the third quarter:
Revenues will be at least $1.210 billion on a GAAP basis for the third quarter reflecting a year-over-year growth rate of at least 22% which includes an unfavorable foreign currency translation impact of approximately 4%. Revenue growth on a constant currency basis will be at least 26%. The Company expects acquisitions will contribute approximately 4% to reported revenues;
For the third quarter, EPAM expects GAAP income from operations to be in the range of 9.5% to 10.5% of revenues and non-GAAP income from operations to be in the range of 15% to 16% of revenues;
The Company expects its GAAP effective tax rate to be approximately 19% and its non-GAAP effective tax rate to be approximately 22%; and
EPAM expects GAAP diluted EPS will be at least $1.65 for the quarter, and non-GAAP diluted EPS will be at least $2.48 for the quarter. The Company expects weighted average diluted shares outstanding for the quarter of 59.4 million.
Conference Call Information
EPAM will host a conference call to discuss the results on Thursday, August 4, 2022, at 8:00 a.m. EDT. The conference call will be available live on the EPAM website at https://investors.epam.com. Please visit the website at least 15 minutes prior to the call to register for the event. For those who cannot access the live webcast, a replay will be available in the Investor Relations section of the website.
About EPAM Systems
Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has leveraged its advanced software engineering heritage to become the foremost global digital transformation services provider – leading the industry in digital and physical product development and digital platform engineering services. Through its innovative strategy; integrated advisory, consulting, and design capabilities; and unique 'Engineering DNA,' EPAM's globally deployed hybrid teams help make the future real for clients and communities around the world by powering better enterprise, education and health platforms that connect people, optimize experiences, and improve people's lives. In 2021, EPAM was added to the S&P 500 and included among the list of Forbes Global 2000 companies.
Selected by Newsweek as a 2021 Most Loved Workplace, EPAM's global multi-disciplinary teams serve customers in more than 50 countries across six continents. As a recognized leader, EPAM is listed among the top 15 companies in Information Technology Services on the Fortune 1000 and ranked as the top IT services company on Fortune's 100 Fastest-Growing Companies list for the last three consecutive years. EPAM is also listed among Ad Age's top 25 World's Largest Agency Companies for three consecutive years, and Consulting Magazine named EPAM Continuum a top 20 Fastest-Growing Firm.
EPAM supplements results reported in accordance with United States generally accepted accounting principles, referred to as GAAP, with non-GAAP financial measures. Management believes these measures help illustrate underlying trends in EPAM's business and uses the measures to establish budgets and operational goals, communicate internally and externally, for managing EPAM's business and evaluating its performance. Management also believes these measures help investors compare EPAM's operating performance with its results in prior periods. EPAM anticipates that it will continue to report both GAAP and certain non-GAAP financial measures in its financial results, including non-GAAP results that exclude stock-based compensation expenses, acquisition-related costs including amortization of intangible assets, impairment of assets, expenses associated with EPAM's humanitarian commitment to its professionals in Ukraine, unbilled business continuity resources resulting from Russia's invasion of Ukraine, costs associated with the geographic repositioning efforts in Russia and Belarus, employee separation costs in Russia, certain other one-time charges and benefits, changes in fair value of contingent consideration, foreign exchange gains and losses, excess tax benefits related to stock-based compensation, and the related effect on income taxes of the pre-tax adjustments. Management also compares operating results on a basis of "constant currency," which is also a non-GAAP financial measure. This measure excludes the effect of foreign currency exchange rate fluctuations by translating the current period revenues and expenses into U.S. dollars at the weighted average exchange rates of the prior period of comparison. Because EPAM's reported non-GAAP financial measures are not calculated in accordance with GAAP, these measures are not comparable to GAAP and may not be comparable to similarly described non-GAAP measures reported by other companies within EPAM's industry. Consequently, EPAM's non-GAAP financial measures should not be evaluated in isolation or supplant comparable GAAP measures, but rather, should be considered together with the information in EPAM's consolidated financial statements, which are prepared in accordance with GAAP.
Forward-Looking Statements
This press release includes estimates and statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our business and operations. These statements may include words such as "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions. Those future events and trends may relate to, among other things, developments relating to the invasion of Ukraine, political and civil unrest or military action in the geographies where we conduct business and operate, developments relating to the on-going COVID-19 pandemic, and the effect that they may have on our revenues, operations, access to capital, profitability and customer demand. Other factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the risk factors discussed in the Company's most recent Annual Report on Form 10-K and the factors discussed in the Company's Quarterly Report on Form 10-Q, filed on or after the date of this press release, particularly under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" and other filings with the Securities and Exchange Commission. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made based on information currently available to us. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.wbrc.com/prnewswire/2022/08/04/epam-reports-results-second-quarter-2022/ | 2022-08-04T11:01:28Z | https://www.wbrc.com/prnewswire/2022/08/04/epam-reports-results-second-quarter-2022/ | true |
NEW YORK, Aug. 4, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Verrica Pharmaceuticals, Inc. ("Verrica" or the "Company") (NASDAQ: VRCA) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Verrica investors who were adversely affected by alleged securities fraud between May 28, 2021 and May 24, 2022. Follow the link below to get more information and be contacted by a member of our team:
VRCA investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) there were manufacturing deficiencies at the facility where Verrica's contract manufacturer produced a bulk solution for the Company's lead product candidate, VP-102; (2) these deficiencies were not remediated when Verrica resubmitted its New Drug Application for VP-12 for molluscum; (3) the foregoing presented significant risks to Verrica obtaining regulatory approval of VP-102 for molluscum; and (4) as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
WHAT'S NEXT? If you suffered a loss in Verrica during the relevant time frame, you have until August 5, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.wafb.com/prnewswire/2022/08/04/vrca-lawsuit-alert-levi-amp-korsinsky-notifies-verrica-pharmaceuticals-inc-investors-class-action-lawsuit-upcoming-deadline/ | 2022-08-04T11:03:05Z | https://www.wafb.com/prnewswire/2022/08/04/vrca-lawsuit-alert-levi-amp-korsinsky-notifies-verrica-pharmaceuticals-inc-investors-class-action-lawsuit-upcoming-deadline/ | false |
ENGLEWOOD, Colo. (AP) _ EchoStar Corp. (SATS) on Thursday reported profit of $13.9 million in its second quarter.
On a per-share basis, the Englewood, Colorado-based company said it had profit of 16 cents. Earnings, adjusted for investment costs, were 37 cents per share.
The seller of set-top boxes and provider of satellite services to Dish Network posted revenue of $499.3 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 SATS at https://www.zacks.com/ap/SATS | https://www.mrt.com/business/article/EchoStar-Q2-Earnings-Snapshot-17350619.php | 2022-08-04T11:03:58Z | https://www.mrt.com/business/article/EchoStar-Q2-Earnings-Snapshot-17350619.php | true |
TORONTO (AP) _ Restaurant Brands International (QSR) on Thursday reported second-quarter earnings of $236 million.
On a per-share basis, the Toronto-based company said it had net income of 76 cents. Earnings, adjusted for non-recurring costs, came to 82 cents per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 73 cents per share.
The operator of Burger King and Tim Hortons restaurant chains posted revenue of $1.64 billion in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $1.57 billion.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on QSR at https://www.zacks.com/ap/QSR | https://www.mrt.com/business/article/Restaurant-Brands-Q2-Earnings-Snapshot-17350665.php | 2022-08-04T11:06:18Z | https://www.mrt.com/business/article/Restaurant-Brands-Q2-Earnings-Snapshot-17350665.php | false |
MINNEAPOLIS, Aug. 4, 2022 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) today reported its financial results for the fourth quarter ended June 30, 2022.
Fourth Quarter FY2022 Highlights
- Fourth quarter organic revenue increased by 14% (11% reported) to $288.2 million. Full year organic growth of 17% (19% reported) to $1.1 billion.
- GAAP EPS was $1.51 versus $0.37 one year ago. Delivered adjusted earnings per share (EPS) of $2.05, an increase of 9% from the prior year. Full year GAAP EPS was $6.63 vs $3.47 a year ago. Achieved record full year adjusted EPS of $7.89, an increase of 17% from the prior year.
- Sustained operational excellence across the organization, including Protein Sciences which achieved 16% organic growth (13% reported) in the fourth fiscal quarter and 19% organic growth (18% reported) for the full year.
- Fourth quarter adjusted operating income was $106.6 million ($80.6 million reported), an increase of 6% (17% reported) from the prior year, despite foreign currency exchange negatively impacting operating income by 6%. Adjusted operating income for full year 2022 was $421.3 million ($296.6 million reported), an increase of 16% (25% reported) from the prior year.
- Expanded Bio-Techne's proteomic analytical tools portfolio through the acquisition of leading cell sorting company Namocell, which closed on July 1, 2022.
The Company's financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP). Adjusted diluted EPS, adjusted earnings, adjusted gross margin, adjusted operating income, adjusted tax rate, organic growth, and adjusted operating margin are non-GAAP measures that exclude certain items detailed later in this press release under the heading "Use of non-GAAP Adjusted Financial Measures." A reconciliation of GAAP to non-GAAP financial measures is included in this press release.
"We had a tremendous finish to a spectacular fiscal 2022, as the Bio-Techne team delivered 14% organic growth for the fourth quarter and 17% organic growth for the year. This growth enabled us to cross the $1 billion in fiscal year revenue for the first time in our corporate history," said Chuck Kummeth, President and CEO of Bio-Techne. "I am particularly pleased with this performance given the prolonged headwinds we faced in China, as lockdowns in this geography lasted longer than we initially expected. We experienced robust demand across our portfolio of proteomic reagents and analytical tools, especially from our biopharma end markets, as well as accelerating momentum in our ExosomeDx business and a return to double-digit growth in our Spatial Biology business."
Kummeth added, "We recently strengthened our proteomic analytical tools portfolio with the acquisition of Namocell, a leading provider of cell sorting and dispensing instruments and consumables, adding to our portfolio of solutions for Cell and Gene Therapy workflows. In the quarter, we continued to scale our GMP protein manufacturing facility, commercializing two additional GMP proteins at scale to address current and forecasted demand. Overall, our portfolio of Cell and Gene Therapy workflow solutions had a stellar year, including greater than 50% organic growth. Separately, our ExoDx Prostate test continued its momentum from the prior quarter, as test volume set another record, increasing almost 70% in the quarter."
Kummeth continued, "Fiscal 2022 was an incredible year for Bio-Techne. We strengthened our team across the organization, announced another acquisition and continued to advance our leading portfolio of diagnostic solutions, proteomic reagents and analytical tools to advance science and enable discoveries. We are positioned to successfully navigate the current environment and continue our momentum into fiscal 2023 and beyond."
Fourth Quarter Fiscal 2022
Revenue
Net sales for the fourth quarter increased 11% to $288.2 million. Organic growth was 14% compared to the prior year with foreign currency exchange having an unfavorable impact of 3%.
GAAP Earnings Results
GAAP EPS was $1.51 per diluted share, versus $0.37 in the same quarter last year. GAAP EPS was negatively impacted in the prior year by a non-operating mark-to-market loss on our ChemoCentryx investment. GAAP operating income for the fourth quarter of fiscal 2022 increased 17% to $80.6 million, compared to $68.6 million in the fourth quarter of fiscal 2021. GAAP operating margin was 28.0%, compared to 26.5% in the fourth quarter of fiscal 2021. GAAP operating margin compared to prior year was positively impacted by volume leverage, which was partially offset by unfavorable foreign currency exchange impacts.
Non-GAAP Earnings Results
Adjusted EPS increased to $2.05 per diluted share, versus $1.88 in the same quarter last year, an increase of 9%. Adjusted EPS increased primarily due to revenue growth. Adjusted operating income for the fourth quarter of fiscal 2022 increased 6% compared to the fourth quarter of fiscal 2021. Adjusted operating margin was 37.4%, compared to 38.8% in the fourth quarter of fiscal 2021. Adjusted operating margin decreased compared to the prior year due to the impact of unfavorable foreign currency exchange.
Full Year Fiscal 2022
Revenue
Net sales for the full year fiscal 2022 increased 19% to $1,105.6 million. Organic growth was 17%, with acquisitions having a favorable impact of 3% and foreign currency translation having an unfavorable impact of 1%. Organic revenue growth was broad based and driven by accelerated momentum of the Company's long-term growth strategy.
GAAP Earnings Results
GAAP EPS was $6.63 per diluted share compared to $3.47 per diluted share last fiscal year. GAAP EPS was favorably impacted by a non-operating mark-to-market gain of $16 million on our ChemoCentryx investment, compared to a loss on investment of $68 million in the prior fiscal year. GAAP operating income for full year fiscal 2022 increased 25.0% to $296.6 million, compared with $237.3 million in the full year fiscal 2021. GAAP operating margin was 26.8%, compared to 25.5% in the full year fiscal 2021. GAAP operating income and operating margin compared to prior year was positively impacted by both volume leverage and product mix.
Non-GAAP Earnings Results
Adjusted EPS was $7.89 per diluted shares, versus $6.76 in full fiscal year 2021. Adjusted operating margin for full fiscal year 2022 decreased to 38.3%, compared with 39.1% in full year fiscal 2021. Adjusted operating margin compared to the prior year was unfavorably impacted by foreign currency exchange, the full year impact of prior year's Asuragen acquisition, and strategic investments.
Segment Results
Management uses adjusted operating results to monitor and evaluate performance of the Company's business segments, as highlighted below.
Protein Sciences Segment
The Company's Protein Sciences segment is one of the world's leading suppliers of specialized proteins such as cytokines and growth factors, immunoassays, antibodies and reagents, to the biotechnology and academic research communities. Additionally, the segment provides an array of platforms useful in various areas of protein analysis. Protein Sciences segment's fourth quarter fiscal 2022 net sales were $217.0 million, an increase of 13% from $192.3 million for the fourth quarter of fiscal 2021. Organic growth for the segment was 16%, with foreign currency exchange having an unfavorable impact of 3%. Protein Sciences segment's operating margin was 44.9% in the fourth quarter of fiscal 2022 compared to 47.0% in the fourth quarter of fiscal 2021. The segment's operating margin compared to the prior year was negatively impacted by foreign currency exchange.
Protein Sciences segment's full year fiscal 2022 net sales were $832.3 million, an increase of 18% from $704.6 million for fiscal 2021. Organic growth for the segment was 19% for the fiscal year, with currency translation having an unfavorable 1% impact on revenue. Protein Sciences segment's operating margin was 45.4% in fiscal 2022 compared to 46.9% in fiscal 2021. Segment operating margin compared to the prior year was unfavorably impacted by foreign currency exchange and strategic investments.
Diagnostics and Genomics Segment
The Company's Diagnostics and Genomics segment provides blood chemistry and blood gas quality controls, hematology instrument controls, immunoassays and other bulk and custom reagents for the in vitro diagnostic market. The Diagnostics and Genomics segment also develops and provides in situ hybridization products as well as exosome-based diagnostics for various pathologies, including prostate cancer. The Diagnostics and Genomics segment's fourth quarter fiscal 2022 net sales were $71.7 million, an increase of 7% from $67.1 million for the fourth quarter of fiscal 2021. Organic growth for the segment was 8%, with foreign currency exchange having an unfavorable 1% impact. The Diagnostics and Genomics segment's operating margin was 15.7% in the fourth quarter of fiscal 2022 compared to 16.7% in the fourth quarter of fiscal 2021. The segment's operating margin was negatively impacted by foreign currency exchange and strategic investments.
The Diagnostics segment's full year fiscal 2022 net sales were $274.8 million, an increase of 21% from $227.7 million for fiscal 2021. Organic growth for the segment was 10% with acquisitions contributing a favorable impact of 11% and currency translation having an immaterial impact on revenue growth. The Diagnostics segment's operating margin was 17.8% in fiscal 2022 compared to 16.9% in fiscal 2021. Fiscal 2022 operating margin was favorably impacted by volume leverage and product mix.
Conference Call
Bio-Techne will host an earnings conference call today, August 4, 2022 at 8:00 a.m. CDT. To listen, please dial 1-800-926-5187 or 1-312-281-2972 for international callers, and reference conference ID 22019664. The earnings call can also be accessed via webcast through the following link https://investors.bio-techne.com/ir-calendar.
A recorded rebroadcast will be available for interested parties unable to participate in the live conference call by dialing 1-844-512- 2921 or 1-412-317-6671 (for international callers) and referencing Conference ID 22019664. The replay will be available from 11:00 a.m. CDT on Thursday, August 4, 2022 until 11:00 p.m. CDT on Sunday, September 4, 2022.
Use of non-GAAP Adjusted Financial Measures:
This press release contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (GAAP). These non-GAAP measures include:
- Organic growth
- Adjusted diluted earnings per share
- Adjusted earnings
- Adjusted tax rate
- Adjusted gross margin
- Adjusted operating income
- Adjusted operating margin
We provide these measures as additional information regarding our operating results. We use these non-GAAP measures internally to evaluate our performance and in making financial and operational decisions, including with respect to incentive compensation. We believe that our presentation of these measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparison of results.
Our non-GAAP financial measure of organic growth represents revenue growth excluding revenue from acquisitions within the preceding 12 months, the impact of foreign currency, as well as the impact of partially-owned consolidated subsidiaries. Excluding these measures provides more useful period-to-period comparison of revenue results as it excludes the impact of foreign currency exchange rates, which can vary significantly from period to period, and revenue from acquisitions that would not be included in the comparable prior period. Revenues from partially-owned subsidiaries consolidated in our financial statements are also excluded from our organic revenue calculation, as those revenues are not fully attributable to the Company. Revenue from partially-owned subsidiaries was $3.0 million and $4.6 million for the quarter and year ended June 30, 2022, respectively.
Our non-GAAP financial measures for adjusted gross margin, adjusted operating margin, and adjusted net earnings, in total and on a per share basis, exclude stock-based compensation, the costs recognized upon the sale of acquired inventory, amortization of acquisition intangibles, acquisition related expenses inclusive of the changes in fair value of contingent consideration, and other non-recurring items including non-recurring costs, goodwill and long-lived asset impairments, and gains. Stock-based compensation is excluded from non-GAAP adjusted net earnings because of the nature of this charge, specifically the varying available valuation methodologies, subjection assumptions, variety of award types, and unpredictability of amount and timing of employer related tax obligations. The Company excludes amortization of purchased intangible assets, purchase accounting adjustments, including costs recognized upon the sale of acquired inventory and acquisition-related expenses inclusive of the changes in fair value contingent consideration, and other non-recurring items including gains or losses on legal settlements, goodwill and long-lived asset impairment charges, and one-time assessments from this measure because they occur as a result of specific events, and are not reflective of our internal investments, the costs of developing, producing, supporting and selling our products, and the other ongoing costs to support our operating structure. Additionally, these amounts can vary significantly from period to period based on current activity. The Company also excludes revenue and expense attributable to partially-owned consolidated subsidiaries in the calculation of our non-GAAP financial measures as the revenues and expenses are not fully attributable to the Company.
The Company's non-GAAP adjusted operating margin and adjusted net earnings, in total and on a per share basis, also excludes stock-based compensation expense, which is inclusive of the employer portion of payroll taxes on those stock awards, restructuring, impairments of equity method investments, gain and losses from investments, and certain adjustments to income tax expense. Impairments of equity investments are excluded as they are not part of our day-to-day operating decisions. Additionally, gains and losses from other investments that are either isolated or cannot be expected to occur again with any predictability are excluded. Costs related to restructuring activities, including reducing overhead and consolidating facilities, are excluded because we believe they are not indicative of our normal operating costs. The Company independently calculates a non-GAAP adjusted tax rate to be applied to the identified non-GAAP adjustments considering the impact of discrete items on these adjustments and the jurisdictional mix of the adjustments. In addition, the tax impact of other discrete and non-recurring charges which impact our reported GAAP tax rate are adjusted from net earnings. We believe these tax items can significantly affect the period-over-period assessment of operating results and not necessarily reflect costs and/or income associated with historical trends and future results.
Investors are encouraged to review the reconciliations of adjusted financial measures used in this press release to their most directly comparable GAAP financial measures as provided with the financial statements attached to this press release.
Forward Looking Statements:
Our press releases may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements involve risks and uncertainties that may affect the actual results of operations. The following important factors, among others, have affected and, in the future, could affect the Company's actual results: the effect of new branding and marketing initiatives, the integration of new businesses and leadership, the introduction and acceptance of new products, the funding and focus of the types of research by the Company's customers, the impact of the growing number of producers of biotechnology research products and related price competition, general economic conditions, customer site closures or supply chain issues resulting from the COVID-19 pandemic, the impact of currency exchange rate fluctuations, and the costs and results of research and product development efforts of the Company and of companies in which the Company has invested or with which it has formed strategic relationships.
For additional information concerning such factors, see the section titled "Risk Factors" in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements we make in our press releases due to new information or future events. Investors are cautioned not to place undue emphasis on these statements.
Bio-Techne Corporation (NASDAQ: TECH) is a global life sciences company providing innovative tools and bioactive reagents for the research and clinical diagnostic communities. Bio-Techne products assist scientific investigations into biological processes and the nature and progress of specific diseases. They aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses. With thousands of products in its portfolio, Bio-Techne generated approximately $1.1 billion in net sales in fiscal 2022 and has approximately 3,000 employees worldwide. For more infonnation on Bio-Techne and its brands, please visit www.bio techne.com.
Contact:
David Clair, Vice President, Investor Relations
David.Clair@bio-techne.com
612-656-4416
View original content to download multimedia:
SOURCE Bio-Techne Corporation | https://www.kalb.com/prnewswire/2022/08/04/bio-techne-releases-fourth-quarter-fiscal-2022-results/ | 2022-08-04T11:07:19Z | https://www.kalb.com/prnewswire/2022/08/04/bio-techne-releases-fourth-quarter-fiscal-2022-results/ | true |
EchoStar Announces Financial Results for the Three and Six Months Ended June 30, 2022
Published: Aug. 4, 2022 at 5:00 AM CDT|Updated: 1 hour ago
ENGLEWOOD, Colo., Aug. 4, 2022 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) announced its financial results for the three and six months ended June 30, 2022.
Three Months Ended June 30, 2022 Financial Highlights:
Consolidated revenue of $499.3 million.
Net income of $10.5 million, consolidated net income attributable to EchoStar common stock of $13.9 million and basic and diluted earnings per share of common stock of $0.16.
Consolidated Adjusted EBITDA of $167.7 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).
Six Months Ended June 30, 2022 Financial Highlights:
Consolidated revenue of $1,000.9 million.
Net income of $99.4 million, consolidated net income attributable to EchoStar common stock of $105.3 million, and basic and diluted earnings per share of common stock of $1.24.
Consolidated Adjusted EBITDA of $333.6 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).
"Once again, the EchoStar team delivered a solid performance in the second quarter," said Hamid Akhavan, CEO and President of EchoStar. "We are focused on optimizing operations and asset yields in order to maintain our track record of excellent fiscal responsibility, and are leveraging our engineering expertise to innovate new solutions and applications across the market segments we serve."
Three Months Ended June 30, 2022 - Additional Information:
Consolidated revenue was flat year over year. Higher equipment sales of $16.1 million to our domestic and international enterprise customers was offset by lower service revenues of $16.6 million, primarily due to lower broadband consumer customers.
Adjusted EBITDA decreased 10.2% or $19.0 million year over year.
Net income decreased $24.5 million year over year. The decrease was primarily due to an unfavorable change in investments of $53.2 million, lower operating income of $19.4 million, and losses on foreign exchange of $4.3 million. These items were partially offset by lower net interest expense of $18.4 million, lower net income tax expense of $15.8 million, and lower losses in Other, net, of $15.4 million, which included litigation expense of $16.8 million in the second quarter of 2021.
Hughes broadband subscribers totaled approximately 1,346,000, declining 60,000 from March 31, 2022. Our current capacity limitations require a balancing of capacity utilization with subscriber levels in areas of high bandwidth demand. These constraints, and increased competitive pressures, are impacting our consumer subscriber levels. In Latin America, subscriber levels were also impacted by adverse economic conditions, more selective customer screening, and capacity allocation to community WiFi and enterprise opportunities.
For the three months ended June 30, 2022, approximately 63% of Hughes segment revenue was attributable to our consumer customers with approximately 37% attributable to our enterprise customers.
Cash, cash equivalents and current marketable investment securities were $1.5 billion as of June 30, 2022.
During the three months ended June 30, 2022, we purchased 1,924,875 shares of our Class A common stock in open market trades.
The Jupiter 3/EchoStar XXIV satellite continues to progress at Maxar and is expected to be launched during the first half of 2023
Set forth below is a table highlighting certain of EchoStar's segment results for the three and six months ended June 30, 2022 and 2021 (amounts in thousands) (all US GAAP amounts reference results from operations):
Reconciliation of GAAP to Non-GAAP Measurement (amounts in thousands):
Note on Use of Non-GAAP Financial Measures
EBITDA is defined as "Net income (loss)" excluding "Interest income, net," "Interest expense, net of amounts capitalized," "Income tax benefit (provision), net," "Depreciation and amortization," and "Net income (loss) attributable to non-controlling interests."
Adjusted EBITDA is defined as EBITDA excluding Gains and losses on investments, net, Foreign currency transaction gains (losses), net, and other non-recurring or non-operational items. EBITDA and Adjusted EBITDA are not measures determined in accordance with US GAAP. EBITDA and Adjusted EBITDA are reconciled to Net income (loss) in the table above and should not be considered in isolation or as a substitute for operating income, net income or any other measure determined in accordance with US GAAP. Our management uses EBITDA and Adjusted EBITDA as measures of our operating efficiency and overall financial performance for benchmarking against our peers and competitors. Management believes that these non-GAAP measures provide meaningful supplemental information regarding the underlying operating performance of our business and are appropriate to enhance an overall understanding of our financial performance. Management also believes that EBITDA and Adjusted EBITDA are useful to investors because they are frequently used by securities analysts, investors, and other interested parties to evaluate the performance of companies in our industry.
The consolidated financial statements of EchoStar for the periods ended June 30, 2022 and 2021 are attached to this press release. Detailed financial data and other information are available in EchoStar's Quarterly Report on Form 10-Q for the period ended June 30, 2022 filed today with the Securities and Exchange Commission.
EchoStar will host a conference call to discuss its earnings on Thursday, August 4, 2022 at 11:00 a.m. Eastern Time. The conference call will be broadcast live in listen-only mode on EchoStar's investor relations website at ir.echostar.com. To participate via telephone and ask a question, participants must register using this online form.
About EchoStar Corporation
EchoStar Corporation (NASDAQ: SATS) is a premier global provider of satellite communications solutions. Headquartered in Englewood, Colo., and conducting business around the globe, EchoStar is a pioneer in secure communications technologies through its Hughes Network Systems and EchoStar Satellite Services business segments.
Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995
This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words "believe," "anticipate," "goal," "seek," "estimate," "expect," "intend," "project," "continue," "future," "will," "would," "can," "may," "plans," and similar expressions and the use of future dates are intended to identify forward‑looking statements. Although management believes that the expectations reflected in these forward‑looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no responsibility for the accuracy of forward-looking statements or information or for updating forward-looking information or statements. These statements are subject to certain risks, uncertainties, and assumptions. See "Risk Factors" in EchoStar's Annual Report on Form 10-K for the period ended December 31, 2021 as filed with the Securities and Exchange Commission and in the other documents EchoStar files with the Securities and Exchange Commission from time to time.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.wlbt.com/prnewswire/2022/08/04/echostar-announces-financial-results-three-six-months-ended-june-30-2022/ | 2022-08-04T11:08:13Z | https://www.wlbt.com/prnewswire/2022/08/04/echostar-announces-financial-results-three-six-months-ended-june-30-2022/ | false |
KEELUNG, Taiwan (AP) — China says it conducted “precision missile strikes” in the Taiwan Strait on Thursday as part of military exercises that have raised tensions in the region to their highest level in decades.
China earlier announced that military exercises by its navy, air force and other departments were underway in six zones surrounding Taiwan, which Beijing claims as its own territory to be annexed by force if necessary.
The drills were prompted by a visit to the island by U.S. House Speaker Nancy Pelosi this week and are intended to advertise China’s threat to attack the self-governing island republic. Along with its moves to isolate Taiwan diplomatically, China has long threatened military retaliation over moves by the island to solidify its de facto independence with the support of key allies including the U.S.
“Long-range armed live fire precision missile strikes were carried out on selected targets in the eastern area of the Taiwan Strait,” the Eastern Theater Command of the People’s Liberation Army, the ruling Communist Party’s military wing, said in a statement on its social media platform.
“The expected outcome was achieved,” it added. No other details were given.
Taiwan’s Defense Ministry said it tracked the firing of Chinese Dongfeng series missiles beginning around 1:56 p.m. Thursday. It said in a statement it used various early warning surveillance systems to track the missile launches, which were directed at waters northeast and southwest of Taiwan.
The defense ministry also said they tracked long-distance rockets and ammunition firing in outlying islands in Matsu, Wuqiu and Dongyin.
Earlier during the day, Taiwan’s Defense ministry said its forces were on alert and monitoring the situation, while seeking to avoid escalating tensions. Civil defense drills were held last week and notices were placed on designated air raid shelters months ago.
China’s “irrational behavior” intends to alter the status quo and disrupt regional peace and stability, the ministry said.
“The three service branches will combine efforts with all the people to jointly safeguard national security and territorial integrity” while adapting to the situation as it develops, the statement said.
China’s official Xinhua News Agency reported the exercises were joint operations focused on “blockade, sea target assault, strike on ground targets, and airspace control.”
Ma Chen-kun, a professor at Taiwan’s National Defense University, said the drills were aimed at showing off the Chinese military’s ability to deploy precision weapons to cut off Taiwan’s links with the outside and facilitate the landing of troops.
The announced drills are “more complete, and if the People’s Liberation Army actually invades Taiwan in an all-out invasion, the concrete actions it will take, it’s all in this particular exercise,” Ma said.
“The main thing is they will cut off Taiwan’s links to the outside world, from their sea, they would suppress the coastal defense firepower,” he said.
Meanwhile, the mood in Taiwan was calm.
In Keelung, a city on the northern coast of Taiwan and close to two of the announced drill areas, swimmers took their morning laps in a natural pool built in the ocean.
Lu Chuan-hsiong, 63, was enjoying his morning swim, saying he wasn’t worried. “Because Taiwanese and Chinese, we’re all one family. There’s a lot of mainlanders here, too,” he said.
“Everyone should want money, not bullets,” he quipped, saying the economy wasn’t doing so well.
Those who have to work on the ocean were more concerned. Fishermen are likely to be the most affected by the drills, which cover six different areas surrounding Taiwan, part of which come into the island’s territorial waters.
Most fishermen will continue to try to fish, as it is the season for squid.
“It’s very close. This will definitely impact us, but if they want to do this, what can we do? We can just avoid that area,” said Chou Ting-tai, who owns a fishing vessel.
While the U.S. has not said it would intervene, it has bases and forward-deployed assets in the area, including aircraft carrier battle groups.
On Thursday, the U.S. Navy said its USS Ronald Reagan aircraft carrier was operating in the Philippine Sea, east of Taiwan, as part of “normal scheduled operations.”
U.S. law requires the government to treat threats to Taiwan, including blockades, as matters of “grave concern.”
The drills are due to run from Thursday to Sunday and include missile strikes on targets in the seas north and south of the island in an echo of the last major Chinese military drills aimed at intimidating Taiwan’s leaders and voters held in 1995 and 1996.
While China has given no word on numbers of troops and military assets involved, the exercises appear to be the largest held near Taiwan in geographical terms.
The exercises involved troops from the navy, air force, rocket force, strategic support force and logistic support force, Xinhua reported.
___
AP writer Huizhong Wu contributed to this report from Taipei, Taiwan. | https://pix11.com/ap-international/china-says-military-drills-surrounding-taiwan-underway/ | 2022-08-04T11:08:29Z | https://pix11.com/ap-international/china-says-military-drills-surrounding-taiwan-underway/ | false |
(All amounts are in U.S. dollars unless otherwise indicated)
TORONTO, Aug. 4, 2022 /CNW/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE: NGD) reports second quarter results for the Company as of June 30, 2022. The Company will host a conference call and webcast today at 8:30 am Eastern Time to discuss the second quarter consolidated results (details are provided at the end of this news release). For detailed information, please refer to the Company's Second Quarter Management's Discussion and Analysis (MD&A) and Financial Statements that are available on the Company's website at www.newgold.com and on SEDAR at www.sedar.com. The Company uses certain non-GAAP financial performance measures throughout this news release. Please refer to the "Non-GAAP Financial Performance Measures" section of this news release and the MD&A for more information. Numbered note references throughout this news release are to endnotes which can be found at the end of this news release.
Consolidated Second Quarter Highlights
- Gold equivalent1 ("gold eq.") production for the quarter of 70,514 ounces (52,431 ounces of gold, 7.4 million pounds of copper and 117,318 ounces of silver)
- Operating expenses3 of $1,277 per gold eq. ounce
- All-in sustaining costs2 of $2,373 per gold eq. ounce, including total cash costs2 of $1,296 per gold eq. ounce
- Average realized gold price2 of $1,879 per ounce and average realized copper price2 of $4.14 per pound
- Cash generated from operations of $37 million, or $0.05 per share
- Cash generated from operations, before changes in non-cash operating working capital2 of $27 million, or $0.04 per share
- Net loss of $38 million, or $0.06 per share
- Adjusted net loss2 of $17 million, or $0.02 per share
- June 30, 2022 cash and cash equivalents of $277 million
- During the quarter, the Company provided an update to its 2022 consolidated operational outlook (refer to the Company's July 11, 2022 news release for further information)
- During the quarter, the Company successfully completed the previously announced redemption of its outstanding $100 million aggregate principal amount of its 6.375% Senior Notes due 2025 (refer to the Company's May 16, 2022 news release for further information)
"While the operational outlook changes to this year are unfortunate, our teams remained resilient during a challenging quarter and I remain confident that we are positioned to have a stronger second half of the year, and deliver on our updated guidance," stated Renaud Adams, President & CEO. "Heavy rainfall and flooding in the quarter impacted Rainy River's mine plan, but over the last month, we have made tremendous progress on our dewatering efforts and mining at the bottom of the pit has resumed. Our priority for the remainder of the year continues to be on positioning the open pit operations to their optimal conditions. Both of our operations also continue to review optimization opportunities and assess cost reduction initiatives to mitigate against inflationary challenges experienced across the industry. We continue to maintain a very healthy balance sheet while also paying down $100 million of our debt in the quarter, with no additional debt due until 2027. As we move forward and look beyond 2022, both of our operations continue to advance the Company's mid to long-term strategy of increasing production and decreasing costs, leading to free cash flow generation. I strongly believe this strategy remains intact. All while we continue to execute on our drilling programs and assess the potential of our significant remaining Mineral Resource inventory. Finally, we have executed on strategic opportunities to secure our cash position and liquidity profile to enable us to execute on our short-term capital projects allowing us to unlock the maximum value at both assets.
At Rainy River, the objective over the 2022 to 2026 period is to execute a plan that extracts our remaining open pit Mineral Reserves at the lowest cost possible, and ramp-up underground operations as incremental ore to the mill, to maximize free cash flow. Our year-end 2021 open pit Mineral Reserve estimate at Rainy River contained approximately 44 million tonnes of ore at approximately 1 g/t (inclusive of low-grade ore and exclusive of stockpile material) at an attractive strip ratio of 2.32:1 per the latest technical report, which has further been reduced at the end of the second quarter. We are facing the same inflationary pressures felt by our peers and across the industry, but I remain positive on several opportunities available to us. The increase in fuel prices has had the largest impact to Rainy River, and one opportunity to reduce our fuel consumption is to minimize the amount of rehandling required to feed the mill by optimizing the in-pit blending strategy to maximize direct feed which will reduce stockpile movement. Our current technical report included approximately 22 million tonnes of ore to be rehandled during the 2022 to 2026 period. Minimizing this represents a significant opportunity to reduce fuel consumption, and improve grade at the mill, while reducing our carbon footprint. Other consumable prices have also increased, and we continue to evaluate additional opportunities to reduce our consumption. In the pit, we are improving on pumping, haulage conditions and other operational delays, all of which will have a positive impact in the near-term. Sequencing and better timing with mill operations will be key as we execute our near-term plans. Recently, we have experienced additional downtime at the mill, and we are working to address this and reduce our maintenance costs, as we look to increase our milling capacity moving forward. We continue to advance the development of the underground Intrepid zone with mining expected to begin in the fourth quarter. As we ramp-up Intrepid and incorporate other underground mining zones located below the pit over the next five years, our production growth profile at reduced costs remains very attractive with further potential to convert additional underground Mineral Resources to Mineral Reserves.
New Afton has historically proven to be a prolific block cave operation, a low-cost producer, and high free cash flow generator. We are working to return to these results as we near the completion of B3 development and continue to advance the C-Zone. With these new zones in production, we expect to return the asset, from 2024 forward, to years of low sustaining capital and higher grade, leading to increased production at low costs. Like Rainy River, New Afton has also experienced inflationary pressures however, mitigation efforts are underway including the ongoing use of a conveying system and continued efforts in electrifying the mobile fleet. These efforts should contribute significantly in reducing fuel consumption and improving our carbon footprint. Returning the mill to its full capacity should have a significant impact on reducing processing unit costs and we continue to assess further optimization opportunities. Exploration drilling programs continue to advance, with our priority on adding new higher-grade ore, to improve the mine life. There remains a meaningful inventory of Mineral Resources outside of the current mine plan, which could potentially provide further opportunities to enhance New Afton's mine plan," added Mr. Adams.
During the quarter, the Company provided an update to its 2022 consolidated operational outlook (refer to the Company's July 11, 2022 news release for further information). All other consolidated and mine site capital investment and exploration estimate guidance, including sustaining capital and sustaining leases and growth capital, remain unchanged.
Consolidated Financial Highlights
- Revenue decreased over the prior-year periods due to lower gold and copper sales volume, partially offset by higher realized gold prices. Lower sales in the quarter were impacted by the timing of concentrate shipments at New Afton of approximately 7,500 gold eq.1 ounces which have been deferred to the third quarter, a quarterly impact of approximately $700 and $140 per gold eq. ounce on New Afton and consolidated all-in sustaining costs2.
- Operating expenses were lower than the prior-year periods due to lower gold and copper sales volumes.
- Net loss increased over the prior-year periods primarily due to lower revenue and a higher loss on revaluation of investments, partially offset by lower operating expenses and a loss on revaluation of the New Afton free cash flow interest obligation in the prior-year periods.
- Adjusted net loss2 increased over the prior-year periods primarily due to lower revenues.
- Cash generated from operations decreased over the prior-year periods due to lower revenues.
Operational Highlights
- Rainy River's priority for the remainder of the year continues to be on positioning the open pit operations to its optimal conditions with the team focusing on operational efficiencies including optimizing the fleet and advancing our mining at an appropriate rate as the pit gets deeper and narrower. Significant progress has been made on dewatering the open pit and mining at the bottom of the pit has resumed and will continue to ramp-up throughout the year. Concurrently, the operation continues to make meaningful progress advancing the underground plan. The Intrepid zone continues to advance on time and on budget, with initial production expected to begin later this year. Advancing the underground plan is expected to lead to increasing production at attractive all-in sustaining costs, and at current commodity prices should generate strong margins and free cash flow over the next decade.
- Open pit tonnes mined per day decreased over the prior-year periods due to the adverse impact from heavy rainfall around the Fort Frances area in northwestern Ontario, resulting in flooding in the Rainy River open pit and impacting the mine plan. Approximately 1.1 million ore tonnes and 8.9 million waste tonnes (including 7.1 million capitalized waste tonnes) were mined from the open pit at an average strip ratio of 7.96:1. The higher-than-average strip ratio was a result of limited access to ore zones due to the in-pit flooding during the quarter, as such, equipment was re-allocated to advance waste and overburden stripping. The strip ratio is expected to average approximately 2.1:1 for the remainder of the open pit life.
- Tonnes milled per calendar day decreased over the prior-year periods due to extra mechanical maintenance and the processing of harder ore from the North Lobe. Mining from the North Lobe open pit is expected to be completed in the first half of 2023.
- Gold eq.1 production was 43,759 ounces (42,516 ounces of gold and 93,210 ounces of silver), a decrease over the prior-year period primarily due to lower gold grade because of the use of stockpiled low-grade ore during the quarter. Quarterly gold grade milled positively reconciled with the reserve model and approximately 50% of the tonnes milled during the quarter was low-grade material. For the six-month period ended June 30, 2022, gold eq.1 production was 103,654 ounces (101,349 ounces of gold and 172,831 ounces of silver), a decrease over the prior-year period primarily due to lower tonnes processed.
- Operating expense3 per gold eq. ounce increased over the prior-year period primarily due to lower sales volume and inflation-driven price increases of diesel, electricity, grinding media, and other inputs attributing to the higher unit costs. For the six-month period ended June 30, 2022, operating expense3 per gold eq. ounce was in-line with the prior-year period.
- All-in sustaining costs2 per gold eq. ounce increased over the prior-year periods due to higher sustaining capital spend and lower sales volume.
- Total capital and leases for the quarter were $45 million, and $87 million for the six-month period ended June 30, 2022, an increase over the prior-year periods due to higher sustaining capitalized waste mining costs as a result of the higher strip ratio. Sustaining capital2 during the quarter primarily related to $29 million of capitalized waste, as well as capital maintenance, and the advancement of the annual tailings dam raise. Growth capital2 primarily related to the development of the Intrepid underground zone, which advanced an additional 774 metres during the quarter.
- Free cash flow2 for the quarter ended June 30, 2022, was $0.2 million (net of a $7 million stream payment), a decrease over the prior-year period due to a decrease in revenue. Free cash flow2 for the six months ended June 30, 2022, was $15 million (net of a $13 million stream payment), consistent with the prior-year period due to an increase in cash generated from operations offset by an increase in capital expenditures.
Operational Highlights
- At New Afton, with the Lift 1 zone and recovery level now closed, the priority for the remainder of the year is to complete B3 development and ramp-up production in the fourth quarter. Additionally, C-Zone development continues to advance with first production expected to commence in the latter part of 2023. Gold and copper production are expected to significantly increase during the C-Zone period, with all-in sustaining costs to significantly decrease, leading to robust free cash flow during that time.
- Underground tonnes mined per day decreased over the prior-year periods due to the planned completion of Lift 1 mining activities, as well as the closure of the low grade-higher cost recovery level zone in June, earlier than planned. Production ramp-up of the B3 zone continued on schedule during the quarter, with development expected to be completed by September.
- Tonnes milled per calendar day decreased over the prior-year periods as planned and is currently incorporating lower grade surface stockpiles to supplement the overall lower tonnes mined.
- Gold eq.1 production was 26,755 ounces (9,916 ounces of gold and 7.4 million pounds of copper), and for the six-month period ended June 30, 2021, gold eq.1 production was 54,556 ounces (19,183 ounces of gold and 15.6 million pounds of copper), a decrease over the prior-year periods due to lower tonnes processed and lower gold and copper grades.
- Operating expense3 per gold eq. ounce increased over the prior-year periods, primarily due to lower sales volume, inflation-driven price increases, and a $4 million ($250 per gold eq. ounce in the quarter) non-cash provision related to the write down of inventory to net realizable value.
- All-in sustaining costs2 per gold eq. ounce increased over the prior-year periods, primarily due to lower sales volume, and higher sustaining capital spend for the six-month period. Sales in the quarter were impacted by timing of concentrate shipments with approximately 7,500 gold eq.1 ounces deferred to the third quarter, an impact of approximately $700 per gold eq. ounce for the quarter.
- Total capital and leases for the quarter were $34 million, and $69 million for the six-month period ended June 30, 2022, a decrease over the prior-year periods, primarily due to timing of growth capital spend. Sustaining capital2 in the quarter primarily related to B3 mine development and tailings management and stabilization activities. Growth capital2 in the quarter primarily related to C-Zone development, which advanced 1,009 metres during the quarter.
- Free cash flow2 for the quarter and six-month period ended June 30, 2022 was a net outflow of $43 million and $76 million, a decrease over the prior-year periods due to lower revenue.
- The Company will host a webcast and conference call today at 8:30 am Eastern Time to discuss the Company's second quarter consolidated results.
- Participants may listen to the webcast by registering on our website at www.newgold.com or via the following link https://produceredition.webcasts.com/starthere.jsp?ei=1556145&tp_key=026884e3d6
- Participants may also listen to the conference call by calling North American toll free 1-888-664-6383, or 1-416-764-8650 outside of the U.S. and Canada, passcode 67678068
- A recorded playback of the conference call will be available until September 4, 2022 by calling North American toll free 1-888-390-0541, or 1-416-764-8677 outside of the U.S. and Canada, passcode 678068. An archived webcast will also be available at www.newgold.com.
New Gold is a Canadian-focused intermediate mining company with a portfolio of two core producing assets in Canada, the Rainy River gold mine and the New Afton copper-gold mine. The Company also holds approximately 5% equity stake in Artemis Gold Inc., and other Canadian-focused investments. New Gold's vision is to build a leading diversified intermediate gold company based in Canada that is committed to the environment and social responsibility. For further information on the Company, visit www.newgold.com.
Total Cash Costs per Gold eq. Ounce
"Total cash costs per gold equivalent ounce" is a non-GAAP financial performance measure that is a common financial performance measure in the gold mining industry but does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. New Gold reports total cash costs on a sales basis and not on a production basis. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, this measure, along with sales, is a key indicator of the Company's ability to generate operating earnings and cash flow from its mining operations. This measure allows investors to better evaluate corporate performance and the Company's ability to generate liquidity through operating cash flow to fund future capital exploration and working capital needs.
This measure is intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. This measure is not necessarily indicative of cash generated from operations under IFRS or operating costs presented under IFRS.
Total cash cost figures are calculated in accordance with a standard developed by The Gold Institute, a worldwide association of suppliers of gold and gold products that ceased operations in 2002. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. Total cash costs include mine site operating costs such as mining, processing and administration costs, royalties, and production taxes, but are exclusive of amortization, reclamation, capital and exploration costs. Total cash costs are then divided by gold equivalent ounces sold to arrive at the total cash costs per equivalent ounce sold.
In addition to gold, the Company produces copper and silver. Gold equivalent ounces of copper and silver produced or sold in a quarter are computed using a consistent ratio of copper and silver prices to the gold price and multiplying this ratio by the pounds of copper and silver ounces produced or sold during that quarter.
Notwithstanding the impact of copper and silver sales, as the Company is focused on gold production, New Gold aims to assess the economic results of its operations in relation to gold, which is the primary driver of New Gold's business. New Gold believes this metric is of interest to its investors, who invest in the Company primarily as a gold mining business. To determine the relevant costs associated with gold equivalent ounces, New Gold believes it is appropriate to reflect all operating costs incurred in its operations.
All-In Sustaining Costs per Gold eq. Ounce
"All-in sustaining costs per gold equivalent ounce" is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. New Gold calculates "all-in sustaining costs per gold equivalent ounce" based on guidance announced by the World Gold Council ("WGC") in September 2013. The WGC is a non-profit association of the world's leading gold mining companies established in 1987 to promote the use of gold to industry, consumers and investors. The WGC is not a regulatory body and does not have the authority to develop accounting standards or disclosure requirements. The WGC has worked with its member companies to develop a measure that expands on IFRS measures to provide visibility into the economics of a gold mining company. Current IFRS measures used in the gold industry, such as operating expenses, do not capture all of the expenditures incurred to discover, develop and sustain gold production. New Gold believes that "all-in sustaining costs per gold equivalent ounce" provides further transparency into costs associated with producing gold and will assist analysts, investors, and other stakeholders of the Company in assessing its operating performance, its ability to generate free cash flow from current operations and its overall value. In addition, the Human Resources and Compensation Committee of the Board of Directors uses "all-in sustaining costs", together with other measures, in its Company scorecard to set incentive compensation goals and assess performance.
"All-in sustaining costs per gold equivalent ounce" is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.
New Gold defines "all-in sustaining costs per gold equivalent ounce" as the sum of total cash costs, net of capital expenditures that are sustaining in nature, corporate general and administrative costs, capitalized and expensed exploration that is sustaining in nature, lease payments that are sustaining in nature, and environmental reclamation costs, all divided by the total gold equivalent ounces sold to arrive at a per ounce figure. The "Sustaining Capital Expenditure Reconciliation" table below reconciles New Gold's sustaining capital to its cash flow statement. The definition of sustaining versus non-sustaining is similarly applied to capitalized and expensed exploration costs and lease payments. Exploration costs and lease payments to develop new operations or that relate to major projects at existing operations where these projects are expected to materially increase production are classified as non-sustaining and are excluded. Gold equivalent ounces of copper and silver produced or sold in a quarter are computed using a consistent ratio of copper and silver prices to the gold price and multiplying this ratio by the pounds of copper and silver ounces produced or sold during that quarter.
Costs excluded from all-in sustaining costs are non-sustaining capital expenditures, non-sustaining lease payments and exploration costs, financing costs, tax expense, and transaction costs associated with mergers, acquisitions and divestitures, and any items that are deducted for the purposes of adjusted earnings.
Sustaining Capital and Sustaining Leases
"Sustaining capital" and "sustaining lease" are non-GAAP financial performance measures that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. New Gold defines "sustaining capital" as net capital expenditures that are intended to maintain operation of its gold producing assets. Similarly, a "sustaining lease" is a lease payment that is sustaining in nature. To determine "sustaining capital" expenditures, New Gold uses cash flow related to mining interests from its consolidated statement of cash flows and deducts any expenditures that are capital expenditures to develop new operations or capital expenditures related to major projects at existing operations where these projects will materially increase production. Management uses "sustaining capital" and "sustaining lease" to understand the aggregate net result of the drivers of all-in sustaining costs other than total cash costs. These measures are intended to provide additional information only and should not be considered in isolation or as substitutes for measures of performance prepared in accordance with IFRS.
Growth Capital
"Growth capital" is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. New Gold considers non-sustaining capital costs to be "growth capital", which are capital expenditures to develop new operations or capital expenditures related to major projects at existing operations where these projects will materially increase production. To determine "growth capital" expenditures, New Gold uses cash flow related to mining interests from its consolidated statement of cash flows and deducts any expenditures that are capital expenditures that are intended to maintain operation of its gold producing assets. Management uses "growth capital" to understand the cost to develop new operations or related to major projects at existing operations where these projects will materially increase production. This measure is intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
The following tables reconcile the above non-GAAP measures to the most directly comparable IFRS measure on an aggregate basis.
Consolidated OPEX, Cash Cost and All-in Sustaining Costs Reconciliation
Sustaining Capital Expenditures Reconciliation Table
Adjusted Net Earnings/(Loss) and Adjusted Net Earnings per Share
"Adjusted net earnings" and "adjusted net earnings per share" are non-GAAP financial performance measures that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. "Adjusted net earnings" and "adjusted net earnings per share" excludes "loss on repayment of long term debt" and "other gains and losses" as per Note 3 of the Company's condensed consolidated financial statements. Net earnings have been adjusted, including the associated tax impact, for loss on repayment of long term debt and the group of costs in "Other gains and losses" on the condensed consolidated income statements. Key entries in this grouping are: the fair value changes for the gold stream obligation, fair value changes for the free cash flow interest obligation, fair value changes for copper price option contracts, foreign exchange gains/loss and fair value changes in investments. The income tax adjustments reflect the tax impact of the above adjustments and is referred to as "adjusted tax expense".
The Company uses "adjusted net earnings" for its own internal purposes. Management's internal budgets and forecasts and public guidance do not reflect the items which have been excluded from the determination of "adjusted net earnings". Consequently, the presentation of "adjusted net earnings" enables investors to better understand the underlying operating performance of the Company's core mining business through the eyes of management. Management periodically evaluates the components of "adjusted net earnings" based on an internal assessment of performance measures that are useful for evaluating the operating performance of New Gold's business and a review of the non-GAAP financial performance measures used by mining industry analysts and other mining companies. "Adjusted net earnings" and "adjusted net earnings per share" are intended to provide additional information only and should not be considered in isolation or as substitutes for measures of performance prepared in accordance with IFRS. These measures are not necessarily indicative of operating profit or cash flows from operations as determined under IFRS. The following table reconciles these non-GAAP financial performance measures to the most directly comparable IFRS measure.
Cash Generated from Operations, before Changes in Non-Cash Operating Working Capital
"Cash generated from operations, before changes in non-cash operating working capital" is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Other companies may calculate this measure differently and this measure is unlikely to be comparable to similar measures presented by other companies. "Cash generated from operations, before changes in non-cash operating working capital" excludes changes in non-cash operating working capital. New Gold believes this non-GAAP financial measure provides further transparency and assists analysts, investors and other stakeholders of the Company in assessing the Company's ability to generate cash from its operations before temporary working capital changes.
Cash generated from operations, before non-cash changes in working capital is intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. This measure is not necessarily indicative of operating profit or cash flows from operations as determined under IFRS. The following table reconciles this non-GAAP financial performance measure to the most directly comparable IFRS measure.
Free Cash Flow
"Free cash flow" is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. New Gold defines "free cash flow" as cash generated from operations and proceeds of sale of other assets less capital expenditures on mining interests, lease payments, settlement of non-current derivative financial liabilities which include the gold stream obligation and the Ontario Teachers' Pension Plan free cash flow interest. New Gold believes this non-GAAP financial performance measure provides further transparency and assists analysts, investors and other stakeholders of the Company in assessing the Company's ability to generate cash flow from current operations. "Free cash flow" is intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. This measure is not necessarily indicative of operating profit or cash flows from operations as determined under IFRS. The following tables reconcile this non-GAAP financial performance measure to the most directly comparable IFRS measure on an aggregate and mine-by-mine basis.
Average Realized Price
"Average realized price per ounce of gold sold" is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Other companies may calculate this measure differently and this measure is unlikely to be comparable to similar measures presented by other companies. Management uses this measure to better understand the price realized in each reporting period for gold sales. "Average realized price per ounce of gold sold" is intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The following tables reconcile this non-GAAP financial performance measure to the most directly comparable IFRS measure on an aggregate and mine-by-mine basis.
For additional information with respect to the non-GAAP measures used by the Company, refer to the detailed "Non-GAAP Financial Performance Measure" section disclosure starting on page 27 in the MD&A for the three and six months ended June 30, 2022 filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this news release, including any information relating to New Gold's future financial or operating performance are "forward-looking". All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "targeted", "estimates", "forecasts", "intends", "anticipates", "projects", "potential", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved" or the negative connotation of such terms. Forward-looking statements in this news release include, among others, statements with respect to: the Company's expectations and guidance regarding production, costs, capital investments and expenses on a consolidated and mine-by-mine basis, and the factors and timing contributing to those expected results; an anticipated stronger second half of the year and delivering on updated guidance; the Company's planned priorities, activities and focus areas for the mine sites for the remainder of the year; the continued review of optimization opportunities and assessment of cost reduction initiatives; the Company's mid to long-term strategy of increasing production and decreasing costs at both sites, and the expected free cash flow to be generated therefrom; the Company's planned objectives for the 2022-2026 period, and the anticipated results; the continued evaluation of and potential opportunities relating to reducing consumption; the projected reduction in fuel consumption and improvement of the Company's carbon footprint;; development of the Intrepid zone and anticipated production timing; the ramp-up of production at B3 and expectations regarding timing for development completion and reaching nameplate mining rates in the fourth quarter; C-Zone development and projected timing for production; advancing exploration activities at both sites and expected delivery of an exploration update during the third quarter; the potential for additional conversion of Mineral Resources to Mineral Reserves over time and an associated extension of mine life; expectations regarding the strip ratio at Rainy River for the remainder of the open pit; projected fourth quarter access to higher grade ore material at Rainy River; anticipated short and long term benefits from advancing the underground plan at Rainy River; expected timing for completion of the North Lobe open pit mining; and the Company's projections regarding free cash flow and the factors contributing thereto.
All forward-looking statements in this news release are based on the opinions and estimates of management that, while considered reasonable as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to important risk factors and uncertainties, many of which are beyond New Gold's ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this news release, New Gold's latest annual MD&A, its most recent annual information form and technical reports on the Rainy River Mine and New Afton Mine filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this news release are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold's operations other than as set out herein; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold's current expectations; (3) the accuracy of New Gold's current mineral reserve and mineral resource estimates and the grade of gold, silver and copper expected to be mined and the grade of gold, copper and silver expected to be mined; (4) the exchange rate between the Canadian dollar and U.S. dollar, and to a lesser extent, the Mexican Peso, and commodity prices being approximately consistent with current levels and expectations for the purposes of 2022 guidance and otherwise; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and materials costs increasing on a basis consistent with New Gold's current expectations; (7) arrangements with First Nations and other Aboriginal groups in respect of the New Afton Mine and Rainy River Mine being consistent with New Gold's current expectations; (8) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines and the absence of material negative comments or obstacles during any applicable regulatory processes; (9) there being no significant disruptions to the Company's workforce at either the Rainy River Mine or New Afton Mine due to cases of COVID-19 (including any required self-isolation requirements due to cross-border travel to the United States or any other country or any other reason) or otherwise; (10) the responses of the relevant governments to the COVID-19 outbreak being sufficient to contain the impact of the COVID-19 outbreak; (11) there being no material disruption to the Company's supply chains and workforce that would interfere with the Company's anticipated course of action at the Rainy River Mine and the New Afton Mine; and (12) the long-term economic effects of the COVID-19 outbreak not having a material adverse impact on the Company's operations or liquidity position.
Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: price volatility in the spot and forward markets for metals and other commodities; discrepancies between actual and estimated production, between actual and estimated costs, between actual and estimated Mineral Reserves and Mineral Resources and between actual and estimated metallurgical recoveries; equipment malfunction, failure or unavailability; accidents; risks related to early production at the Rainy River Mine, including failure of equipment, machinery, the process circuit or other processes to perform as designed or intended; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: obtaining the necessary permits for the New Afton C-Zone; uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements, including those associated with the C-Zone permitting process; changes in project parameters as plans continue to be refined; changing costs, timelines and development schedules as it relates to construction; the Company not being able to complete its construction projects at the Rainy River Mine or the New Afton Mine on the anticipated timeline or at all; volatility in the market price of the Company's securities; changes in national and local government legislation in the countries in which New Gold does or may in the future carry on business; controls, regulations and political or economic developments in the countries in which New Gold does or may in the future carry on business; the Company's dependence on the Rainy River Mine and New Afton Mine; the Company not being able to complete its exploration drilling programs on the anticipated timeline or at all; disruptions to the Company's workforce at either the Rainy River Mine or the New Afton Mine, or both, due to cases of COVID-19 or any required self-isolation (due to cross-border travel, exposure to a case of COVID-19 or otherwise); the responses of the relevant governments to the COVID-19 outbreak not being sufficient to contain the impact of the COVID-19 outbreak; disruptions to the Company's supply chain and workforce due to the COVID-19 outbreak; an economic recession or downturn as a result of the COVID-19 outbreak that materially adversely affects the Company's operations or liquidity position; there being further shutdowns at the Rainy River Mine or New Afton Mine; significant capital requirements and the availability and management of capital resources; additional funding requirements; diminishing quantities or grades of Mineral Reserves and Mineral Resources; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies including the Technical Reports for the Rainy River Mine and New Afton Mine; impairment; unexpected delays and costs inherent to consulting and accommodating rights of First Nations and other indigenous groups; climate change, environmental risks and hazards and the Company's response thereto; tailings dam and structure failures; actual results of current exploration or reclamation activities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States and, to a lesser extent, Mexico; global economic and financial conditions and any global or local natural events that may impede the economy or New Gold's ability to carry on business in the normal course; compliance with debt obligations and maintaining sufficient liquidity; taxation; fluctuation in treatment and refining charges; transportation and processing of unrefined products; rising costs or availability of labour, supplies, fuel and equipment; adequate infrastructure; relationships with communities, governments and other stakeholders; geotechnical instability and conditions; labour disputes; the uncertainties inherent in current and future legal challenges to which New Gold is or may become a party; defective title to mineral claims or property or contests over claims to mineral properties; competition; loss of, or inability to attract, key employees; use of derivative products and hedging transactions; counterparty risk and the performance of third party service providers; investment risks and uncertainty relating to the value of equity investments in public companies held by the Company from time to time; the adequacy of internal and disclosure controls; conflicts of interest; the lack of certainty with respect to foreign operations and legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the successful acquisitions and integration of business arrangements and realizing the intended benefits therefrom; and information systems security threats. In addition, there are risks and hazards associated with the business of mineral exploration, development, construction, operation and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as "Risk Factors" included in New Gold's most recent annual information form, MD&A and other disclosure documents filed on and available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Forward looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All forward-looking statements contained in this news release are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
Technical Information
The scientific and technical information relating to the Mineral Resources and Reserves contained herein has been reviewed and approved by Michele Della Libera, Director, Exploration for the Company. All other scientific and technical information contained in this news release has been reviewed and approved by Patrick Godin, Executive Vice President and Chief Operating Officer of New Gold. Mr. Della Libera is a Professional Geologist and a member of the Association of Professional Geoscientists of Ontario and the Engineers and Geoscientists British Columbia. Mr. Godin is a Professional Engineer and member of the Ordre des ingénieurs du Québec. Mr. Della Libera and Mr. Godin are each a "Qualified Person" for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
SOURCE New Gold Inc.
For further information: Ankit Shah, Vice President, Strategy & Business Development, Direct: +1 (416) 324-6027, Email: [email protected]; Brandon Throop, Director, Investor Relations, Direct: +1 (647) 264-5027, Email: [email protected] | https://www.newswire.ca/news-releases/new-gold-reports-2022-second-quarter-results-803114986.html | 2022-08-04T11:09:36Z | https://www.newswire.ca/news-releases/new-gold-reports-2022-second-quarter-results-803114986.html | false |
OYA Solar awards 13 projects (85 MWDC) for mid-2023 completion
NEW YORK, Aug. 4, 2022 /PRNewswire/ - OYA Solar, North American solar developer and independent power producer, announced the selection of two engineering, procurement, and construction firms (EPC) to lead the construction of 13 renewable energy projects, with expected completion dates from the fourth quarter of 2022 to mid-2023. All these projects are expected to reach permission to operate (PTO) by the end of the second quarter of 2023.
The 13 projects make up OYA's Wave 1 pipeline and are expected to produce 124,000 MWh annually, generating clean energy for approximately 13,000 residential homes in the State of New York. These projects advance OYA's objective of leading the energy transition through owning and developing renewable energy, and form part of its 6 GW pipeline.
"OYA Solar has transformed from a developer of solar projects to an independent power producer over the past two years," remarks Manish Nayar, Executive Chairman of OYA Solar. "As our portfolio of projects continues to grow, we are excited to partner with firms that possess exceptional track records in operations and execution, to support the ongoing development of our assets."
With these projects, as well as the others in our pipeline, OYA is committed to the development of renewable energy solutions for communities in the State of New York and across North America. A leader in community solar in North America, OYA expects to place 38 MW from its New York portfolio in service by 2022 to provide affordable energy to communities.
About OYA Solar
OYA Solar is a North American full-service solar developer and independent power producer. Our projects provide clean energy and widespread economic and environmental benefits for landowners, communities, and energy customers. We are committed to developing and operating solar projects, with a particular focus on community solar, that incentivize the participation of low-to-moderate income households. Founded in 2009, OYA is the only North American solar platform that is certified as a diverse supplier and minority business enterprise. We have successfully monetized in excess of 1,400 MWDC of distributed and utility-scale solar projects across North America and our current development pipeline exceeds 6 GWDC.
View original content to download multimedia:
SOURCE OYA Solar | https://www.wlbt.com/prnewswire/2022/08/04/oya-solar-selects-two-epcs-construct-new-york-community-solar-portfolio/ | 2022-08-04T11:10:41Z | https://www.wlbt.com/prnewswire/2022/08/04/oya-solar-selects-two-epcs-construct-new-york-community-solar-portfolio/ | false |
Español
Italiano
Français
My Account
My Account
Notifications
Log In
QQQ
–
–%
DIA
–
–%
SPY
–
–%
TLT
–
–%
GLD
–
–%
BTC/USD
–
–%
Data & APIs
Events
Marketfy
Premarket
Contribute
Español
Italiano
Français
Sign in
News
Earnings
Guidance
Dividends
M&A
Buybacks
Legal
Interviews
Management
Retail Sales
Offerings
IPOs
Insider Trades
Biotech/FDA
Freight
Politics
Government
Healthcare
Markets
Pre-Market
After Hours
Movers
ETFs
Forex
Cannabis
Commodities
Options
Binary Options
Bonds
Futures
CME Group
Global Economics
Previews
Small-Cap
Cryptocurrency
Penny Stocks
Digital Securities
Ratings
Analyst Color
Downgrades
Upgrades
Initiations
Price Target
Ideas
Trade Ideas
Long Ideas
Short Ideas
Technicals
From The Press
Jim Cramer
Rumors
Best Stocks & ETFs
Best Penny Stocks
Best S&P 500 ETFs
Best Swing Trade Stocks
Best Blue Chip Stocks
Best High-Volume Penny Stocks
Best Small Cap ETFs
Fintech
News
Podcast
Personal Finance
Compare Online Brokers
Stock Brokers
Forex Brokers
Futures Brokers
Crypto Brokers
Options Brokers
ETF Brokers
Mutual Fund Brokers
Index Fund Brokers
Bond Brokers
Short Selling Brokers
Stock Apps
All Broker Reviews
Insurance
Auto
Home
Medicare
Life
Vision
Dental
Business
Pet
Health
Motorcycle
Renters
Workers Comp
Top Stocks
Penny Stocks
Stocks Under $5
Stocks Under $10
Stocks Under $20
Stocks Under $50
Stocks Under $100
Alternative Investing
Invest in Art
Invest in Land
Invest in Real Estate
Invest in Wine
Invest in Gold
Mortgages
Refinance
Purchase
Find a Mortgage Broker
Alts
Best Real Estate Crowdfunding Platforms
REITs Versus Crowdfunding
How to Invest in Artwork
Best Alternative Investments
Best Alternative Investment Platforms
Crypto
Get Started
Is Bitcoin a Good Investment?
Is Ethereum a Good Investment?
What is Blockchain
Best Altcoins
How to Buy Cryptocurrency?
DeFi
Crypto and DeFi 101
What is DeFi?
Decentralized Exchanges
Best DeFi Yield Farms
Digital Securities
NFTs
NFT Release Calendar
What is a Non-Fungible Token (NFT)?
How to Buy Non-Fungible Tokens (NFTs)
CryptoPunks Watchlist
Are NFTs a Scam or a Digital Bubble?
Best In Crypto
Best Crypto Apps
Best Crypto Portfolio Trackers
Best Crypto Day Trading Strategies
Best Crypto IRA
Best Cryptocurrency Scanners
Best Business Crypto Accounts
Best Crypto Screeners
Cannabis
News
Earnings
Interviews
Deals
Regulations
Psychedelics
TV
Watch
YouTube
Podcasts
Trading School
Personal Finance
Compare Online Brokers
Stock Brokers
Forex Brokers
Futures Brokers
Crypto Brokers
Options Brokers
ETF Brokers
Mutual Fund Brokers
Index Fund Brokers
Bond Brokers
Short Selling Brokers
Stock Apps
All Broker Reviews
Insurance
Auto
Home
Medicare
Life
Vision
Dental
Business
Pet
Health
Motorcycle
Renters
Workers Comp
Top Stocks
Penny Stocks
Stocks Under $5
Stocks Under $10
Stocks Under $20
Stocks Under $50
Stocks Under $100
Alternative Investing
Invest in Art
Invest in Land
Invest in Real Estate
Invest in Wine
Invest in Gold
Mortgages
Refinance
Purchase
Find a Mortgage Broker
Alts
Best Real Estate Crowdfunding Platforms
REITs Versus Crowdfunding
How to Invest in Artwork
Best Alternative Investments
Best Alternative Investment Platforms
Crypto
Get Started
Is Bitcoin a Good Investment?
Is Ethereum a Good Investment?
What is Blockchain
Best Altcoins
How to Buy Cryptocurrency?
DeFi
Crypto and DeFi 101
What is DeFi?
Decentralized Exchanges
Best DeFi Yield Farms
Digital Securities
NFTs
NFT Release Calendar
What is a Non-Fungible Token (NFT)?
How to Buy Non-Fungible Tokens (NFTs)
CryptoPunks Watchlist
Are NFTs a Scam or a Digital Bubble?
Best In Crypto
Best Crypto Apps
Best Crypto Portfolio Trackers
Best Crypto Day Trading Strategies
Best Crypto IRA
Best Cryptocurrency Scanners
Best Business Crypto Accounts
Best Crypto Screeners
Cannabis
News
Earnings
Interviews
Deals
Regulations
Psychedelics
TV
Watch
YouTube
Podcasts
Trading School
My Stocks
Tools
Calendars
Analyst Ratings Calendar
Dividend Calendar
Conference Call Calendar
Earnings Calendar
Economic Calendar
FDA Calendar
Guidance Calendar
IPO Calendar
M&A Calendar
Retail Sales Calendar
SPAC Calendar
Stock Split Calendar
Trade Ideas
Insider Trades
Trade Idea Feed
Analyst Ratings
Unusual Options Activity
Heatmaps
Short Interest
Most Shorted
Largest Increase
Largest Decrease
Calculators
Margin Calculator
100x Options Profit Calculator
Premium
QQQ
–
–%
DIA
–
–%
SPY
–
–%
TLT
–
–%
GLD
–
–%
BTC/USD
–
–%
Summit Hotel Properties, Inc. Quarterly Report (Form10)
Accepted:
Form Type:
10-Q
Accession Number:
0001497645-22-000008 | https://www.benzinga.com/secfilings/22/08/28320854/summit-hotel-properties-inc-quarterly-report-form10 | 2022-08-04T11:11:46Z | https://www.benzinga.com/secfilings/22/08/28320854/summit-hotel-properties-inc-quarterly-report-form10 | true |
COCONUT CREEK, Fla. (AP) _ Willis Lease Finance Corp. (WLFC) on Thursday reported profit of $5.9 million in its second quarter.
On a per-share basis, the Coconut Creek, Florida-based company said it had net income of 81 cents.
The jet engine lessor posted revenue of $78.1 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 WLFC at https://www.zacks.com/ap/WLFC | https://www.sfchronicle.com/business/article/Willis-Lease-Q2-Earnings-Snapshot-17350663.php | 2022-08-04T11:16:13Z | https://www.sfchronicle.com/business/article/Willis-Lease-Q2-Earnings-Snapshot-17350663.php | true |
This news release contains forward-looking statements. For a description of the related risk factors and assumptions, please see the section entitled "Caution Regarding Forward-Looking Statements" later in this news release. The information contained in this news release is unaudited.
- Consolidated adjusted EBITDA1 up 4.6% driven by 3.8% service revenue growth
- Net earnings of $654 million, down 10.9%, with net earnings attributable to common shareholders of $596 million, or $0.66 per common share, down 13.2%; adjusted net earnings1 of $791 million generated adjusted EPS1 of $0.87, up 4.8%
- Wireless operating momentum continues: 110,761 mobile phone net subscriber activations, up 139.5%; best-ever quarterly postpaid churn2 rate of 0.75%; 3.8% higher mobile phone blended ARPU3; and strong service revenue and adjusted EBITDA growth of 7.8% and 8.3% respectively
- Next evolution of 5G underway with the launch of mobile 5G+, delivering Bell's fastest mobile speeds ever
- Retail Internet net activations up 27.9% to 22,620 with 8% residential Internet revenue growth; on track to deliver approximately 900,000 new fibre locations in 2022
- Broadband leadership underscored with upcoming launches of 8 Gbps symmetrical pure fibre Internet service in select areas of Toronto with data upload speeds 250 times faster than cable, and Wi-Fi 6E technology; and newly launched Fibe TV service powered by Google Android TV
- Media revenue up 8.7% with 5.6% adjusted EBITDA growth; digital revenue4 up 55%
- Reconfirming all 2022 financial guidance targets
MONTRÉAL, Aug. 4, 2022 /PRNewswire/ - BCE Inc. (TSX: BCE) (NYSE: BCE) today reported results for the second quarter (Q2) of 2022.
"The Bell team continues to deliver for all the stakeholders we serve. Q2 marked another quarter of consistent operational execution, demonstrating that our strategy to reach more Canadians in communities large and small across our footprint with the best network technologies, as well as our efforts to champion the customer experience is the right approach to move us forward," said Mirko Bibic, President and CEO of BCE and Bell Canada.
"We continue to see momentum in wireless with 110,761 mobile phone net subscriber activations and strong service revenue growth. Our retail Internet net activations were also up 27.9% with 8% residential Internet revenue growth. These excellent results are a testament to the significant and unprecedented investments we're making in network connectivity, reliability, and our fibre footprint expansion. In addition, our continued investments in customer experience and digital support options are encouraging customers to stay with Bell, as reflected in a third consecutive quarter of improved churn for our wireless, residential Internet and Fibe TV services.
The Bell team continues to be there for our customers with reliable, robust networks and innovative products and services. By the end of the year, we will have invested $14 billion since 2020, including planned capital expenditures of approximately $5 billion for 2022, the highest amount ever by a Canadian telecom company in both a single year and over a three-year cycle. These massive investments are going towards our fibre-to-the-home and 5G wireless core networks, ongoing expansion into rural and remote communities, as well as on boosting capacity and ensuring resiliency. Most importantly, we're investing in our people. We welcomed 570 new grads and interns to our team across the country, and are looking to hire over 1,000 team members with high-tech skills by the end of this year."
KEY BUSINESS DEVELOPMENTS
Building the Best Networks
Bell expanded availability of its 3-gigabit per second symmetrical Internet service to Québec City and announced that 8-gigabit per second symmetrical Internet speeds will be available for customers in the coming months, starting in Toronto this Fall. Bell is also launching Wi-Fi 6E, the fastest Wi-Fi technology available today. Bell expanded pure fibre Internet access to approximately 160,000 additional homes and businesses in London, Ontario; approximately 5,000 in Kingsville, Ontario; and over 20,000 homes and businesses in New Brunswick. Bell continued to work closely with governments on projects to bring broadband access to remote and other hard to serve areas including to the Rural Municipality of Kingston in conjunction with the PEI Broadband Fund and the Municipality of Kingston, and in Northern Québec and Newfoundland and Labrador with the federal Universal Broadband Fund.
5G Leadership and Technology Innovation
Bell announced the commercial availability of 5G+ in Toronto and parts of Southern Ontario, the next evolution of 5G using the 3500 MHz spectrum obtained in the ISED auction last year. Bell expects to cover approximately 40% of the Canadian population with 5G+ by the end of 2022, including the Greater Toronto Area, Halifax, Nova Scotia, St. John's, Newfoundland and Sherbrooke, Québec. Bell also announced the upcoming rollout of its nationwide 5G standalone core to enable the development and delivery of new and more advanced services with lower latency and greater capacity. Bell continues to work with partners on 5G and network innovations including Numana in Québec on an open quantum telecommunications network and The PIER in Halifax for a 5G-ready wireless private network at its innovation hub.
Delivering compelling content
Bell Media signed a long-term agreement with the NFL to continue to be the exclusive television broadcast partner of the NFL in Canada with TSN, CTV and RDS airing games across the country. TSN, RDS, CTV and Noovo delivered extensive coverage of the Formula1 Canadian Grand Prix, and TSN and RDS kicked off the CFL 2022 season. Bell Media announced the details of its English and French language Fall 2022 – Winter 2023 slate as part of its Upfront 22 and Futur 22 events, including nearly 100 titles of original programming. The Amazing Race Canada is back after a two-year hiatus with Season 8 on CTV, Crave Original Canada's Drag Race Season Three is now streaming on Crave, and Shoresy was the most-watched Canadian series launch on Crave.
Bell kicked off the summer festival season supporting marquee events across the country including an expansion of its sponsorship agreement with evenko as presenting sponsor of Osheaga, îLESONIQ and LASSO Montréal festivals, presenting sponsor of the Cavendish Beach Music Festival in PEI, the Area 506 festival in New Brunswick, and the Bell Grandstand Show at the Calgary Stampede. Bell continues to be a leader in Canada's rapidly growing esports community with the renewal and expansion of its partnership with OverActive Media, a global esports and entertainment organization, and the recent unveiling of the Raptors Uprising gaming hub, the Bell Gaming Centre. Bell Fibe TV customers in Ontario and Québec can now enjoy new capabilities and features including access to the Google Play app catalogue, voice remote powered by Google Assistant, universal search and Cloud PVR, backed by Google Android TV.
Bell for Better: Better World, Better Communities, Better Workplace
Bell was the highest ranked telco in the world and #4 overall in Canada on the Best 50 Corporate Citizens list compiled by Corporate Knights. Bell's science-based targets for greenhouse gas emissions reduction have been approved by the Science Based Targets initiative (SBTi)1. Science-based targets are emissions reduction targets in line with what the latest climate science deems necessary to meet the goals of the Paris Agreement to limit global warming to 1.5°C above pre-industrial levels. Bell achieved ISO 50001 certification of its energy management system for a third consecutive year, and is the first communications company in North America to have its energy management system ISO 50001 certified. IDC Canada once again named Bell as a cybersecurity services leader in their annual Canadian Security Services Vendor Assessment report, the only telecommunications company in Canada to be recognized as a leader five times in a row by IDC. The Winnipeg Blue Bombers and Bell MTS announced a new grant program to help over 100 youth play football this year. Northwestel sold its fibre-to-the-home assets in Yukon to a group of 13 First Nation development corporations, as part of the Shared Pathways Network partnership with the consortium.
Bell welcomed 570 new grads and interns, and we continue to exceed our BIPOC diversity target of 40%. Bell also plans to hire over 1,000 people for highly-skilled technical roles this year including in AI/ML, Cloud, Cybersecurity, 5G and software development. Bell became a member of the Tent Partnership for Refugees to explore hiring and training opportunities for refugees in the private sector.
BCE Q2 RESULTS
Financial Highlights
"Bell's Q2 financial results continued to demonstrate our disciplined focus on profitable customer growth and effective management of challenging global macroeconomic conditions, as evidenced by another quarter of healthy consolidated revenue, adjusted EBITDA and free cash flow growth that remain in line with our financial guidance targets for 2022, supporting sustainable value creation for all stakeholders," said Glen LeBlanc, Chief Financial Officer for BCE and Bell Canada.
"This strong consolidated financial performance was underpinned by standout results across the organization, highlighted by strong wireless service revenue growth of 7.8%, 8% higher residential Internet revenue, an 8.7% increase in total media revenue, and year-over-year increases in adjusted EBITDA at all Bell operating segments.
Our balance sheet remains very healthy with availability liquidity1 at the end of Q2 of approximately $3.1 billion, including $596 million in cash, substantial recurring cash flow, a defined benefit plan that is stronger than ever, as well as good predictability over debt service costs given no near-term debt re-financing requirements and a high proportion of fixed-rate debt. Overall, we have the financial strength and flexibility to execute on our strategic priorities and capital markets objectives for 2022."
- BCE operating revenue increased 2.9% over Q2 2021 to $5,861 million, due to 3.8% higher service revenue of $5,233 million, driven by strong wireless, residential Internet and media growth. Product revenue was down 4.6% to $628 million, largely reflecting lower year-over-year business wireline data equipment sales.
- Net earnings declined 10.9% to $654 million and net earnings attributable to common shareholders totalled $596 million, or $0.66 per share, down 13.0% and 13.2% respectively. The year-over-year decreases were driven mainly by higher other expense, reflecting net mark-to-market losses on derivatives used to economically hedge equity settled share-based compensation, higher depreciation and amortization expense and increased severance, acquisition and other costs, partly offset by higher adjusted EBITDA, lower year-over-year asset impairment charges and a higher net return on post-employment benefit plans. Adjusted net earnings were up 5.3% to $791 million, delivering a 4.8% increase in adjusted EPS to $0.87.
- Adjusted EBITDA grew 4.6% to $2,590 million, reflecting year-over-year increases at all Bell operating segments. BCE's consolidated adjusted EBITDA margin2 increased 0.7 percentage points to 44.2% from 43.5% in Q2 2021, due to the flow-through impact of strong service revenue growth and a decline in low-margin product sales.
- BCE capital expenditures were $1,219 million, up 0.7% from $1,210 million in Q2 2021, corresponding to a capital intensity3 of 20.8%, compared to 21.2% last year. Capital expenditures this quarter were focused on the continued accelerated rollout of Bell's pure fibre and wireless 5G networks.
- BCE cash flows from operating activities increased 3.9% to $2,597 million compared to Q2 2021, reflecting higher adjusted EBITDA, lower severance and other costs paid and reduced contributions to post-employment benefit plans due to a contribution holiday in 2022, partly offset by lower cash from working capital and higher cash taxes paid.
- Free cash flow was $1,333 million, up 7.1% from $1,245 million in Q2 2021, as higher cash flows from operating activities, excluding acquisition and other costs paid, was partly offset by increased capital expenditures.
Q2 OPERATING RESULTS BY SEGMENT
Bell Wireless
- Total wireless operating revenue increased 5.5% to $2,246 million.
- Service revenue grew 7.8% to $1,703 million, driven by larger mobile phone and connected device subscriber bases and higher blended mobile phone ARPU that reflected higher roaming revenue due mainly to higher international travel volumes with the easing of COVID-related global travel restrictions.
- Product revenue decreased 0.9% to $543 million as a result of fewer device upgrades by existing subscribers.
- Wireless adjusted EBITDA increased 8.3% to $1,049 million on the flow-through of strong service revenue growth, yielding a 1.2 percentage-point margin increase to 46.7%.
- Bell added 110,761 total net new postpaid and prepaid mobile phone subscribers1, 139.5% higher than 46,247 in Q2 2021.
- Postpaid mobile phone net subscriber activations totaled 83,197, compared to 44,433 in Q2 2021. The significant 87.2% increase was the result of an 8 basis-point improvement in mobile phone customer churn to 0.75% — our best-ever postpaid churn result, and a 9.8% increase in gross subscriber activations driven by greater retail store traffic compared to last year, continued 5G momentum, immigration growth, as well as improved business customer demand.
- Bell's prepaid mobile phone net subscriber activations were 27,564, up significantly from 1,814 in Q2 2021. The year-over-year increase was the result of 40.7% higher gross activations, reflecting greater market activity, including increased immigration and travel to Canada, which also contributed to a higher customer churn rate of 4.41%, up from 3.98% in Q2 2021.
- Bell's mobile phone customer base totalled 9,602,122 at the end of Q2, a 4.2% increase over last year, comprising 8,747,472 postpaid subscribers, up 4.1%, and 854,650 prepaid customers, up 5.9% from last year.
- Blended mobile phone ARPU grew 3.8% to $59.54, driven by increased roaming revenue consistent with the return of international travel as COVID restrictions eased, and our continued focus on higher-value subscriber loadings across all our postpaid and prepaid brands.
- Bell's mobile connected device subscriber base¹ declined by 344, compared to a net increase of 47,449 in Q2 2021, due to higher data device net losses, reflecting fewer low-ARPU tablet transactions as well as higher business IoT deactivations driven largely by one customer. Mobile connected device subscribers totalled 2,298,327 at the end of Q2, an increase of 5.5% over last year.
Bell Wireline
- Total wireline operating revenue decreased 0.3% to $2,995 million, compared to Q2 2021.
- Wireline service revenue was up 0.6% to $2,909 million, driven by higher residential Internet revenue and a regulatory charge from Q2 2021 related to the CRTC's decision on final aggregated rates for wholesale Internet access that did not recur this year. This was partly offset by ongoing declines in legacy voice, data and satellite TV services, reduced sales of IP connectivity and business service solutions revenue1, reflecting delayed project spending by large enterprise customers because of ongoing data equipment supply chain disruptions, and the sale of Createch on March 1, 2022.
- Product revenue decreased 23.2% to $86 million, due mainly to lower sales of data equipment to enterprise business customers attributable to global supply chain constraints.
- Wireline adjusted EBITDA grew 1.7% to $1,315 million, which benefitted from the non-recurrence of the wholesale Internet regulatory impact from Q2 2021 noted above. A 1.8% reduction in operating costs also contributed to higher wireline adjusted EBITDA and a 0.8 percentage-point improvement in margin to 43.9% this quarter, despite the unfavourable impact of unusually high storm-related costs and inflationary pressure particularly on fuel and labour costs.
- Bell added 22,620 net new retail Internet subscribers2, up 27.9% from 17,680 in Q2 2021, driven by higher customer gross activations and lower churn within Bell's rapidly-expanding direct fibre service footprint and improved year-over-year small business performance. Within Bell's all-fibre footprint, retail Internet net subscriber activations were 36,473, up 19.5% over last year. Retail Internet subscribers totalled 3,977,387 at the end of Q2, up 6.1% from last year.
- Bell TV added 3,838 net new retail IPTV subscribers2, compared to 4,540 in Q2 2021. At the end of Q2, Bell served 1,907,564 retail IPTV subscribers, a 4.7% increase compared to Q2 2021.
- Retail satellite TV net subscriber2 losses were 15,365, up from 9,468 in Q2 2021, reflecting fewer seasonal residential activations and increased churn compared to last year when we experienced fewer customer deactivations due to COVID. Bell's retail satellite TV customer base totalled 816,583 at the end of Q2, down 8.9% from last year.
- Retail residential NAS2 net losses totalled 52,712, compared to 51,292 in Q2 2021. Bell's retail residential NAS customer base totalled 2,207,004 at the end of Q2, a 7.3% decline compared to last year.
Bell Media
- Media operating revenue increased 8.7% to $821 million compared to Q2 2021, driven by the return of the F1 Canadian Grand Prix, continued strong digital media growth, advertising increases across Bell Media's specialty TV sports and news services, stronger radio and out of home advertiser demand as the COVID recovery continues, and higher subscriber revenue from Crave streaming subscriber growth.
- Digital revenue grew 55%, the result of strong Crave direct-to-consumer growth and continued rapid scaling of our strategic audience management (SAM) TV media sales tool.
- TSN and RDS are Canada's top-ranked English and French-language sports networks for the 2021/2022 broadcast year to date.
- Noovo has outpaced its French-language conventional TV competitors in viewership growth for the 2021/2022 broadcast year to date with primetime audiences up 5%.
- Adjusted EBITDA was up 5.6% to $226 million on the flow-through of higher year-over-year operating revenue. However, margin declined to 27.5% from 28.3% in Q2 2021, due to a 10.0% increase in operating costs that reflected the return of the F1 Canadian Grand Prix and increased overall activity as the economy returns to more normal levels.
COMMON SHARE DIVIDEND
BCE's Board of Directors has declared a quarterly dividend of $0.92 per common share, payable on October 15, 2022 to shareholders of record at the close of business on September 15, 2022.
OUTLOOK FOR 2022
BCE confirmed its financial guidance targets for 2022, as provided on February 3, 2022, as follows:
For the full-year 2022, we expect growth in adjusted EBITDA, a reduction in contributions to post-employment benefit plans and payments under other post-employment benefit plans, and lower cash income taxes, will drive higher free cash flow.
Please see the section entitled "Caution Regarding Forward-Looking Statements" later in this news release for a description of the principal assumptions on which BCE's 2022 financial guidance targets are based, as well as the principal related risk factors.
CALL WITH FINANCIAL ANALYSTS
BCE will hold a conference call for financial analysts to discuss Q2 2022 results on Thursday, August 4 at 8:00 am eastern. Media are welcome to participate on a listen-only basis. To participate, please dial toll-free 1-800-806-5484 or 416-340-2217 and enter passcode 6085726#. A replay will be available until midnight on September 4, 2022 by dialing 1-800-408-3053 or 905-694-9451 and entering passcode 6368475#. A live audio webcast of the conference call will be available on BCE's website at BCE Q2 2022 conference call.
NON-GAAP AND OTHER FINANCIAL MEASURES
BCE uses various financial measures to assess its business performance. Certain of these measures are calculated in accordance with International Financial Reporting Standards (IFRS or GAAP) while certain other measures do not have a standardized meaning under GAAP. We believe that our GAAP financial measures, read together with adjusted non-GAAP and other financial measures, provide readers with a better understanding of how management assesses BCE's performance.
National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure (NI 52-112), prescribes disclosure requirements that apply to the following specified financial measures:
- Non-GAAP financial measures;
- Non-GAAP ratios;
- Total of segments measures;
- Capital management measures; and
- Supplementary financial measures.
This section provides a description and classification of the specified financial measures contemplated by NI 52-112 that we use in this news release to explain our financial results except that, for supplementary financial measures, an explanation of such measures is provided where they are first referred to in this news release if the supplementary financial measures' labelling is not sufficiently descriptive.
Non-GAAP Financial Measures
A non-GAAP financial measure is a financial measure used to depict our historical or expected future financial performance, financial position or cash flow and, with respect to its composition, either excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in BCE's consolidated primary financial statements. We believe that non-GAAP financial measures are reflective of our on-going operating results and provide readers with an understanding of management's perspective on and analysis of our performance.
Below are descriptions of the non-GAAP financial measures that we use in this news release to explain our results as well as reconciliations to the most comparable IFRS financial measures.
Adjusted net earnings – Adjusted net earnings is a non-GAAP financial measure and it does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.
We define adjusted net earnings as net earnings attributable to common shareholders before severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and NCI.
We use adjusted net earnings and we believe that certain investors and analysts use this measure, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and NCI. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.
The most directly comparable IFRS financial measure is net earnings attributable to common shareholders.
The following table is a reconciliation of net earnings attributable to common shareholders to adjusted net earnings on a consolidated basis.
Available liquidity – Available liquidity is a non-GAAP financial measure and it does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.
We define available liquidity as cash, cash equivalents and amounts available under our securitized trade receivable program and our committed bank credit facilities.
We consider available liquidity to be an important indicator of the financial strength and performance of our businesses because it shows the funds available to meet our cash requirements, including for, but not limited to, capital expenditures, post-employment benefit plans funding, dividend payments, the payment of contractual obligations, maturing debt, on-going operations, the acquisition of spectrum, and other cash requirements. We believe that certain investors and analysts use available liquidity to evaluate the financial strength and performance of our businesses. The most directly comparable IFRS financial measure is cash.
The following table is a reconciliation of cash to available liquidity on a consolidated basis.
Free cash flow – Free cash flow is a non-GAAP financial measure and it does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.
We define free cash flow as cash flows from operating activities, excluding cash from discontinued operations, acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less capital expenditures, preferred share dividends and dividends paid by subsidiaries to NCI. We exclude cash from discontinued operations, acquisition and other costs paid and voluntary pension funding because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.
We consider free cash flow to be an important indicator of the financial strength and performance of our businesses. Free cash flow shows how much cash is available to pay dividends on common shares, repay debt and reinvest in our company. We believe that certain investors and analysts use free cash flow to value a business and its underlying assets and to evaluate the financial strength and performance of our businesses. The most directly comparable IFRS financial measure is cash flows from operating activities.
The following table is a reconciliation of cash flows from operating activities to free cash flow on a consolidated basis.
Non-GAAP Ratios
A non-GAAP ratio is a financial measure disclosed in the form of a ratio, fraction, percentage or similar representation and that has a non-GAAP financial measure as one or more of its components.
Below is a description of the non-GAAP ratio that we use in this news release to explain our results.
Adjusted EPS – Adjusted EPS is a non-GAAP ratio and it does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.
We define adjusted EPS as adjusted net earnings per BCE common share. Adjusted net earnings is a non-GAAP financial measure. For further details on adjusted net earnings, refer to Non-GAAP Financial Measures above.
We use adjusted EPS, and we believe that certain investors and analysts use this measure, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and NCI. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.
Total of Segments Measures
A total of segments measure is a financial measure that is a subtotal or total of 2 or more reportable segments and is disclosed within the Notes to BCE's consolidated primary financial statements.
Below is a description of the total of segments measure that we use in this news release to explain our results as well as a reconciliation to the most comparable IFRS financial measure.
Adjusted EBITDA – Adjusted EBITDA is a total of segments measure. We define adjusted EBITDA as operating revenues less operating costs as shown in BCE's consolidated income statements.
The most directly comparable IFRS financial measure is net earnings. The following table is a reconciliation of net earnings to adjusted EBITDA on a consolidated basis.
Supplementary Financial Measures
A supplementary financial measure is a financial measure that is not reported in BCE's consolidated financial statements, and is, or is intended to be, reported periodically to represent historical or expected future financial performance, financial position, or cash flows.
An explanation of such measures is provided where they are first referred to in this news release if the supplementary financial measures' labelling is not sufficiently descriptive.
KEY PERFORMANCE INDICATORS (KPIs)
We use adjusted EBITDA margin, blended ARPU, capital intensity, churn and subscriber (or customers or NAS) units to measure the success of our strategic imperatives. These key performance indicators are not accounting measures and may not be comparable to similar measures presented by other issuers.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements made in this news release are forward-looking statements. These statements include, without limitation, statements relating to BCE's financial guidance (including revenues, adjusted EBITDA, capital intensity, adjusted EPS and free cash flow), BCE's 2022 annualized common share dividend, our network deployment plans and anticipated capital expenditures, our plans to deliver faster Internet and Wi-Fi speeds and related offerings, the expectation that we have the financial strength and flexibility to execute on our strategic priorities and capital markets objectives in 2022, our goal to achieve our science-based targets (SBTs) for greenhouse gas (GHG) emissions reduction, BCE's business outlook, objectives, plans and strategic priorities, and other statements that are not historical facts. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, project, strategy, target and other similar expressions or future or conditional verbs such as aim, anticipate, believe, could, expect, intend, may, plan, seek, should, strive and will. All such forward-looking statements are made pursuant to the 'safe harbour' provisions of applicable Canadian securities laws and of the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements and that our business outlook, objectives, plans and strategic priorities may not be achieved. These statements are not guarantees of future performance or events, and we caution you against relying on any of these forward-looking statements. The forward-looking statements contained in this news release describe our expectations as of August 4, 2022 and, accordingly, are subject to change after such date. Except as may be required by applicable securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. From time to time, we consider potential acquisitions, dispositions, mergers, business combinations, investments, monetizations, joint ventures and other transactions, some of which may be significant. Except as otherwise indicated by us, forward-looking statements do not reflect the potential impact of any such transactions or of special items that may be announced or that may occur after August 4, 2022. The financial impact of these transactions and special items can be complex and depends on the facts particular to each of them. We therefore cannot describe the expected impact in a meaningful way or in the same way we present known risks affecting our business. Forward-looking statements are presented in this news release for the purpose of assisting investors and others in understanding certain key elements of our expected financial results, as well as our objectives, strategic priorities and business outlook, and in obtaining a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.
Material Assumptions
A number of economic, market, operational and financial assumptions were made by BCE in preparing its forward-looking statements contained in this news release, including, but not limited to the following:
Canadian Economic Assumptions
Our forward-looking statements are based on certain assumptions concerning the Canadian economy. As most public health restrictions in Canada have been lifted, pandemic-related effects on consumer caution and travel are assumed to continue to fade over 2022 and 2023. In particular, we have assumed:
- Slowing economic growth, given the Bank of Canada's most recent estimated growth in Canadian gross domestic product of 3.5% in 2022, representing a decrease from the earlier estimate of 4.25%
- Elevated consumer price index (CPI) inflation driven by sharp increases in energy and food prices as well as supply disruptions and strong demand for goods
- Tight labour market leading to rising wage growth
- Modest household consumption growth supported by the spending of some of the savings accumulated during the pandemic
- Business investment outside the oil and gas sector supported by solid demand, improved business confidence and a push to alleviate capacity constraints
- Higher interest rates
- Higher immigration
- The conflict between Russia and Ukraine affecting the Canadian economy through higher food and gasoline prices
- Canadian dollar expected to remain at or near current levels. Further movements may be impacted by the degree of strength of the U.S. dollar, interest rates and changes in commodity prices.
Canadian Market Assumptions
Our forward-looking statements also reflect various Canadian market assumptions. In particular, we have made the following market assumptions:
- A consistently high level of wireline and wireless competition in consumer, business and wholesale markets
- Higher, but slowing, wireless industry penetration
- A shrinking data and voice connectivity market as business customers migrate to lower-priced telecommunications solutions or alternative over-the-top (OTT) competitors
- While the advertising market continues to be adversely impacted by cancelled or delayed advertising campaigns from many sectors due to the economic downturn during the COVID-19 pandemic, we do expect gradual recovery in 2022
- Declines in broadcasting distribution undertaking (BDU) subscribers driven by increasing competition from the continued rollout of subscription video-on-demand (SVOD) streaming services together with further scaling of OTT aggregators
Assumptions Concerning our Bell Wireless Segment
Our forward-looking statements are also based on the following internal operational assumptions with respect to our Bell Wireless segment:
- Maintain our market share of national operators' wireless postpaid mobile phone net additions and growth of our prepaid subscriber base
- Continued strong competitive intensity and promotional activity across all regions and market segments
- Ongoing expansion and deployment of 5G and 5G+ wireless networks, offering competitive coverage and quality
- Continued diversification of our distribution strategy with a focus on expanding direct-to-consumer (DTC) and online transactions
- Growth in mobile phone blended ARPU, driven by growth in 5G subscriptions, and increased roaming revenue from the easing of travel restrictions implemented as a result of the COVID-19 pandemic, partly offset by reduced data overage revenue due to the continued adoption of unlimited plans
- Accelerating business customer adoption of advanced 5G, 5G+ and IoT solutions
- Improving wireless handset device availability in addition to stable device pricing and margins
- Realization of cost savings related to operational efficiencies enabled by changes in consumer behaviour, digital adoption, product and service enhancements, new call centre and digital investments and other improvements to the customer service experience
- No adverse material financial, operational or competitive consequences of changes in or implementation of regulations affecting our wireless business
Assumptions Concerning our Bell Wireline Segment
Our forward-looking statements are also based on the following internal operational assumptions with respect to our Bell Wireline segment:
- Further deployment of direct fibre to more homes and businesses within our wireline footprint
- Continued growth in retail Internet and IPTV subscribers
- Increasing wireless and Internet-based technological substitution
- Continued aggressive residential service bundle offers from cable TV competitors in our local wireline areas, moderated by growing our share of competitive residential service bundles
- Continued large business customer migration to IP-based systems
- Ongoing competitive repricing pressures in our business and wholesale markets
- Continued competitive intensity in our small and medium-sized business markets as cable operators and other telecommunications competitors continue to intensify their focus on business customers
- Traditional high-margin product categories challenged by large global cloud and OTT providers of business voice and data solutions expanding into Canada with on-demand services
- Accelerating customer adoption of OTT services resulting in downsizing of TV packages
- Growing consumption of OTT TV services and on-demand streaming video, as well as the proliferation of devices, such as tablets, that consume large quantities of bandwidth, will require ongoing capital investment
- Realization of cost savings related to operating efficiencies enabled by a growing direct fibre footprint, changes in consumer behaviour and product innovation, expanding self-serve capabilities, other improvements to the customer service experience, management workforce reductions including attrition and retirements, and lower contracted rates from our suppliers
- No adverse material financial, operational or competitive consequences of changes in or implementation of regulations affecting our wireline business
Assumptions Concerning our Bell Media Segment
Our forward-looking statements are also based on the following internal operational assumptions with respect to our Bell Media segment:
- Overall revenue expected to reflect continued scaling of our strategic audience management (SAM) TV and Bell demand-side-platform (DSP) buying platforms, a gradual recovery in advertising, as well as direct-to-consumer (DTC) subscriber growth
- Continued escalation of media content costs to secure quality programming, as well as the continued return to normal volumes of entertainment programming
- Continued scaling of Crave through broader content offering, user experience improvements and Crave Mobile
- Continued investment in Noovo original programming to better serve our French-language customers with a wider array of content on their preferred platforms
- Leveraging of first-party data to improve targeting, advertisement delivery and attribution
- Ability to successfully acquire and produce highly rated programming and differentiated content
- Building and maintaining strategic supply arrangements for content across all screens and platforms
- No adverse material financial, operational or competitive consequences of changes in or implementation of regulations affecting our media business
Financial Assumptions Concerning BCE
Our forward-looking statements are also based on the following internal financial assumptions with respect to BCE for 2022:
- An estimated post-employment benefit plans service cost of approximately $255 million
- An estimated net return on post-employment benefit plans of approximately $50 million, instead of $70 million
- Depreciation and amortization expense of approximately $4,700 million to $4,750 million
- Interest expense of approximately $1,075 million to $1,125 million
- Interest paid of approximately $1,125 million to $1,175 million
- An average effective tax rate of approximately 27%
- NCI of approximately $60 million
- Contributions to post-employment benefit plans of approximately $150 million, instead of $200 million
- Payments under other post-employment benefit plans of approximately $75 million
- Income taxes paid (net of refunds) of approximately $800 million to $900 million
- Weighted average number of BCE common shares outstanding of approximately 911 million
- An annual common share dividend of $3.68 per share
Assumptions underlying expected reductions in contributions to our defined benefit pension plans
Our forward-looking statements are also based on the following principal assumptions underlying expected reductions in contributions to our defined benefit pension plans:
- At the relevant time, our defined benefit (DB) pension plans will remain in funded positions with going concern surpluses and maintain solvency ratios that exceed the minimum legal requirements for a contribution holiday to be taken
- No significant declines in our DB pension plans' financial position due to declines in investment returns or interest rates
- No material experience losses from other unforeseen events such as through litigation or changes in laws, regulations or actuarial standards
Assumptions underlying our GHG emissions reduction targets
Our GHG emissions reduction targets are based on a number of assumptions including, without limitation, the following principal assumptions:
- Implementation of various corporate and business initiatives to reduce our electricity and fuel consumption, as well as reduce other direct and indirect GHG emissions enablers
- No new corporate initiatives, business acquisitions or technologies that would materially increase our anticipated levels of GHG emissions
- Our ability to purchase sufficient credible carbon credits and renewable energy certificates to offset or further reduce our GHG emissions, if and when required
- No negative impact on the calculation of our GHG emissions from refinements in or modifications to international standards or the methodology we use for the calculation of such GHG emissions
- No required changes to our SBTs pursuant to the SBTi methodology that would make the achievement of our updated SBTs more onerous
- Sufficient supplier engagement and collaboration in setting their own SBTs and sufficient collaboration with partners in reducing their own GHG emissions
The foregoing assumptions, although considered reasonable by BCE on August 4, 2022, may prove to be inaccurate. Accordingly, our actual results could differ materially from our expectations as set forth in this news release.
Material Risks
Important risk factors that could cause our assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in, or implied by, our forward-looking statements, including our 2022 financial guidance, are listed below. The realization of our forward-looking statements, including our ability to meet our 2022 financial guidance targets, essentially depends on our business performance, which, in turn, is subject to many risks. Accordingly, readers are cautioned that any of the following risks could have a material adverse effect on our forward-looking statements. These risks include, but are not limited to: the adverse effects of the COVID-19 pandemic, including from the restrictive measures implemented or to be implemented as a result thereof, and the adverse effects of the conflict between Russia and Ukraine, including from the economic sanctions imposed or to be imposed as a result thereof, and supply chain disruptions resulting therefrom; adverse economic and financial market conditions, including from the COVID-19 pandemic and the conflict between Russia and Ukraine; a declining level of retail and commercial activity, and the resulting negative impact on the demand for, and prices of, our products and services; the intensity of competitive activity including from new and emerging competitors; the level of technological substitution and the presence of alternative service providers contributing to disruptions and disintermediation in each of our business segments; changing customer behaviour and the expansion of OTT TV and other alternative service providers, as well as the fragmentation of, and changes in, the advertising market; rising content costs and challenges in our ability to acquire or develop key content; the proliferation of content piracy; higher Canadian smartphone penetration and reduced or slower immigration flow; regulatory initiatives, proceedings and decisions, government consultations and government positions that affect us and influence our business including, without limitation, concerning the conditions and prices at which access to our networks may be mandated and spectrum may be acquired in auctions; the inability to protect our physical and non-physical assets from events such as information security attacks, which risk may be exacerbated by the conflict between Russia and Ukraine, unauthorized access or entry, fire and natural disasters; the failure to implement effective data governance; the failure to evolve and transform our networks, systems and operations using next-generation technologies while lowering our cost structure; the inability to drive a positive customer experience; the failure to attract, develop and retain a diverse and talented team capable of furthering our strategic imperatives; labour disruptions and shortages; the failure to maintain operational networks; service interruptions or outages due to legacy infrastructure and the possibility of instability as we transition towards converged wireline and wireless networks; the failure by us, or by other telecommunications carriers on which we rely to provide services, to complete planned and sufficient testing, maintenance, replacement or upgrade of our or their networks, equipment and other facilities, which could disrupt our operations including through network failures; the risk that we may need to incur significant unplanned capital expenditures to provide additional capacity and reduce network congestion; the complexity of our operations; the failure to implement or maintain highly effective processes and information technology (IT) systems; events affecting the functionality of, and our ability to protect, test, maintain, replace and upgrade, our networks, IT systems, equipment and other facilities; in-orbit and other operational risks to which the satellites used to provide our satellite TV services are subject; our dependence on third-party suppliers, outsourcers, and consultants to provide an uninterrupted supply of the products and services we need; the failure of our vendor selection, governance and oversight processes, including our management of supplier risk in the areas of security, data governance and responsible procurement; the quality of our products and services and the extent to which they may be subject to defects or fail to comply with applicable government regulations and standards; the inability to access adequate sources of capital and generate sufficient cash flows from operating activities to meet our cash requirements, fund capital expenditures and provide for planned growth; uncertainty as to whether dividends will be declared by BCE's board of directors or whether the dividend on common shares will be increased; the inability to manage various credit, liquidity and market risks; new or higher taxes due to new tax laws or changes thereto or in the interpretation thereof, and the inability to predict the outcome of government audits; the failure to reduce costs, as well as unexpected increases in costs, and the inability to generate anticipated benefits from acquisitions and corporate restructurings; the failure to evolve practices to effectively monitor and control fraudulent activities; pension obligation volatility and increased contributions to post-employment benefit plans; unfavourable resolution of legal proceedings; the failure to develop and implement strong corporate governance practices and compliance frameworks and to comply with legal and regulatory obligations; the failure to recognize and adequately respond to climate change and other environmental concerns and expectations; pandemics, epidemics and other health risks, including health concerns about radio frequency emissions from wireless communications devices and equipment; the inability to adequately manage social issues; and internal factors, such as the failure to implement sufficient corporate and business initiatives, as well as various external factors which could challenge our ability to achieve our ESG targets including, without limitation, those related to GHG emissions reduction and diversity, equity and inclusion.
We caution that the foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results. We encourage investors to also read BCE's 2021 Annual MD&A dated March 3, 2022 (included in BCE's 2021 Annual Report) and BCE's 2022 First and Second Quarter MD&As dated May 4, 2022 and August 3, 2022, respectively, for additional information with respect to certain of these and other assumptions and risks, filed by BCE with the Canadian provincial securities regulatory authorities (available at Sedar.com) and with the U.S. Securities and Exchange Commission (available at SEC.gov). These documents are also available at BCE.ca.
About BCE
BCE is Canada's largest communications company, providing advanced Bell broadband wireless, Internet, TV, media and business communications services. To learn more, please visit Bell.ca or BCE.ca.
Through Bell for Better, we are investing to create a better today and a better tomorrow by supporting the social and economic prosperity of our communities. This includes the Bell Let's Talk initiative, which promotes Canadian mental health with national awareness and anti-stigma campaigns like Bell Let's Talk Day and significant Bell funding of community care and access, research and workplace initiatives throughout the country. To learn more, please visit Bell.ca/LetsTalk.
Media inquiries:
Marie-Eve Francoeur
514-391-5263
marie-eve.francoeur@bell.ca
Investor inquiries:
Thane Fotopoulos
514-870-4619
thane.fotopoulos@bell.ca
View original content:
SOURCE Bell Canada | https://www.kfyrtv.com/prnewswire/2022/08/04/bce-reports-second-quarter-2022-results/ | 2022-08-04T11:16:31Z | https://www.kfyrtv.com/prnewswire/2022/08/04/bce-reports-second-quarter-2022-results/ | false |
Published: Aug. 4, 2022 at 6:00 AM EDT|Updated: 1 hour ago
Second quarter revenues of $1.195 billion, up 35.6% year-over-year
GAAP Income from Operations was 7.8% of revenues and Non-GAAP Income from Operations was 14.9% of revenues for the second quarter
Second quarter GAAP Diluted EPS of $0.32, a decrease of 83.5%, and Non-GAAP Diluted EPS of $2.38, an increase of 16.1% on a year-over-year basis
For the third quarter, EPAM expects revenue to be at least $1.210 billion, GAAP Diluted EPS to be at least $1.65 and Non-GAAP Diluted EPS to be at least $2.48
NEWTOWN, Pa., Aug. 4, 2022 /PRNewswire/ -- EPAM Systems, Inc. (NYSE: EPAM), a leading digital transformation services and product engineering company, today reported results for the second quarter ended June 30, 2022.
"Our strong second quarter results reflect EPAM's resiliency, agility and focus as the Company navigates the impact of the war in Ukraine," said Arkadiy Dobkin, CEO & President, EPAM. "The acceleration of our strategy will enable EPAM to continue our growth trajectory by developing our consulting and next generation delivery capabilities, investing in our people and communities as well as leading the change for customers through strategy and execution, simultaneously. I remain confident we will continue to execute through this near-term challenge, and emerge as a more diverse, more resilient and more relevant global company."
Second Quarter 2022 Highlights
Revenues increased to $1.195 billion, a year-over-year increase of $313.5 million, or 35.6%. On a constant currency basis, revenues were up 40.1% compared to the second quarter of 2021. Acquisitions completed in the last twelve months contributed 6.2% to revenue growth in the quarter;
GAAP income from operations was $93.0 million, a decrease of $32.3 million, or 25.7%, compared to $125.3 million in the second quarter of 2021;
Non-GAAP income from operations was $177.5 million, an increase of $22.2 million, or 14.3%, compared to $155.2 million in the second quarter of 2021;
Diluted earnings per share ("EPS") on a GAAP basis was $0.32, a decrease of $1.62, or 83.5%, compared to $1.94 in the second quarter of 2021 largely driven by the impact of appreciation of the Russian ruble on our intercompany payables denominated in Russian rubles and U.S. dollar denominated assets held by our subsidiaries in Russia as well as the decrease in GAAP income from operations; and
Non-GAAP diluted EPS was $2.38, an increase of $0.33, or 16.1%, compared to $2.05 in the second quarter of 2021.
Cash Flow and Other Metrics
Cash provided by operating activities was $25.7 million for the first six months of 2022, compared to cash provided by operating activities of $81.7 million for the first six months of 2021;
Cash, cash equivalents and restricted cash totaled $1.296 billion as of June 30, 2022, a decrease of $153.7 million, or 10.6%, from $1.449 billion as of December 31, 2021; and
Total headcount was approximately 61,300 as of June 30, 2022. Included in this number were approximately 54,850 delivery professionals, an increase of 28.1% from June 30, 2021.
Third Quarter Outlook
EPAM expects the following for the third quarter:
Revenues will be at least $1.210 billion on a GAAP basis for the third quarter reflecting a year-over-year growth rate of at least 22% which includes an unfavorable foreign currency translation impact of approximately 4%. Revenue growth on a constant currency basis will be at least 26%. The Company expects acquisitions will contribute approximately 4% to reported revenues;
For the third quarter, EPAM expects GAAP income from operations to be in the range of 9.5% to 10.5% of revenues and non-GAAP income from operations to be in the range of 15% to 16% of revenues;
The Company expects its GAAP effective tax rate to be approximately 19% and its non-GAAP effective tax rate to be approximately 22%; and
EPAM expects GAAP diluted EPS will be at least $1.65 for the quarter, and non-GAAP diluted EPS will be at least $2.48 for the quarter. The Company expects weighted average diluted shares outstanding for the quarter of 59.4 million.
Conference Call Information
EPAM will host a conference call to discuss the results on Thursday, August 4, 2022, at 8:00 a.m. EDT. The conference call will be available live on the EPAM website at https://investors.epam.com. Please visit the website at least 15 minutes prior to the call to register for the event. For those who cannot access the live webcast, a replay will be available in the Investor Relations section of the website.
About EPAM Systems
Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has leveraged its advanced software engineering heritage to become the foremost global digital transformation services provider – leading the industry in digital and physical product development and digital platform engineering services. Through its innovative strategy; integrated advisory, consulting, and design capabilities; and unique 'Engineering DNA,' EPAM's globally deployed hybrid teams help make the future real for clients and communities around the world by powering better enterprise, education and health platforms that connect people, optimize experiences, and improve people's lives. In 2021, EPAM was added to the S&P 500 and included among the list of Forbes Global 2000 companies.
Selected by Newsweek as a 2021 Most Loved Workplace, EPAM's global multi-disciplinary teams serve customers in more than 50 countries across six continents. As a recognized leader, EPAM is listed among the top 15 companies in Information Technology Services on the Fortune 1000 and ranked as the top IT services company on Fortune's 100 Fastest-Growing Companies list for the last three consecutive years. EPAM is also listed among Ad Age's top 25 World's Largest Agency Companies for three consecutive years, and Consulting Magazine named EPAM Continuum a top 20 Fastest-Growing Firm.
EPAM supplements results reported in accordance with United States generally accepted accounting principles, referred to as GAAP, with non-GAAP financial measures. Management believes these measures help illustrate underlying trends in EPAM's business and uses the measures to establish budgets and operational goals, communicate internally and externally, for managing EPAM's business and evaluating its performance. Management also believes these measures help investors compare EPAM's operating performance with its results in prior periods. EPAM anticipates that it will continue to report both GAAP and certain non-GAAP financial measures in its financial results, including non-GAAP results that exclude stock-based compensation expenses, acquisition-related costs including amortization of intangible assets, impairment of assets, expenses associated with EPAM's humanitarian commitment to its professionals in Ukraine, unbilled business continuity resources resulting from Russia's invasion of Ukraine, costs associated with the geographic repositioning efforts in Russia and Belarus, employee separation costs in Russia, certain other one-time charges and benefits, changes in fair value of contingent consideration, foreign exchange gains and losses, excess tax benefits related to stock-based compensation, and the related effect on income taxes of the pre-tax adjustments. Management also compares operating results on a basis of "constant currency," which is also a non-GAAP financial measure. This measure excludes the effect of foreign currency exchange rate fluctuations by translating the current period revenues and expenses into U.S. dollars at the weighted average exchange rates of the prior period of comparison. Because EPAM's reported non-GAAP financial measures are not calculated in accordance with GAAP, these measures are not comparable to GAAP and may not be comparable to similarly described non-GAAP measures reported by other companies within EPAM's industry. Consequently, EPAM's non-GAAP financial measures should not be evaluated in isolation or supplant comparable GAAP measures, but rather, should be considered together with the information in EPAM's consolidated financial statements, which are prepared in accordance with GAAP.
Forward-Looking Statements
This press release includes estimates and statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our business and operations. These statements may include words such as "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions. Those future events and trends may relate to, among other things, developments relating to the invasion of Ukraine, political and civil unrest or military action in the geographies where we conduct business and operate, developments relating to the on-going COVID-19 pandemic, and the effect that they may have on our revenues, operations, access to capital, profitability and customer demand. Other factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the risk factors discussed in the Company's most recent Annual Report on Form 10-K and the factors discussed in the Company's Quarterly Report on Form 10-Q, filed on or after the date of this press release, particularly under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" and other filings with the Securities and Exchange Commission. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made based on information currently available to us. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.cleveland19.com/prnewswire/2022/08/04/epam-reports-results-second-quarter-2022/ | 2022-08-04T11:17:19Z | https://www.cleveland19.com/prnewswire/2022/08/04/epam-reports-results-second-quarter-2022/ | true |
CLEVELAND, Aug. 4, 2022 /PRNewswire/ -- Congenica, a UK-based digital health company that enables the rapid analysis and interpretation of genomic data, has selected the GenomOncology Precision Oncology Platform for the development of a novel ground-breaking CE-IVD Precision Oncology Solution.
Driven by the increasing adoption of cancer genomics and the growing need to individualize therapeutic recommendations, Congenica is developing a fully automated data analysis application, aimed at transforming the usability and scalability of genomic data for routine oncology clinical practice.
To further enrich decision support capabilities for this novel precision oncology solution, Congenica is collaborating with GenomOncology to provide regional therapy recommendations.
GenomOncology's Precision Oncology Platform is designed to harmonize the latest precision oncology information, which includes an extensive set of annotations and ontologies, as well as curated public, licensed, and proprietary content and data sets. By incorporating this comprehensive knowledgebase, Congenica will have improved access to curated, precision oncology information from the United States, United Kingdom, European Union, and others, to yield data-driven insights and recommendations within their CDS.
Alistair Johnson, Chief Professional Services Officer at Congenica, said: "This collaboration signifies the expansion of Congenica's Clinical Decision Support (CDS) Platform into oncology. Our novel product offers a fully automated future-proof end-to-end solution that unlocks the full potential of Next Generation Sequencing (NGS) in the clinical oncology space. GenomOncology brings extensive experience in precision oncology care, and its platform has been developed specifically to deliver clinical informatics solutions for cancer. We look forward to working with GenomOncology to further drive precision medicine, delivering high quality patient care and shaping the future of human health."
"Our partnership with Congenica enables us to expand opportunities for precision oncology care at the global level. The extensive information available within the GenomOncology Precision Oncology Platform, combined with the capabilities of the Congenica Clinical Decision Support Platform, will give clinicians and researchers the knowledge needed to provide their patients with the most appropriate care opportunities," said Brad Wertz, Chief Executive Officer at GenomOncology.
About Congenica
Congenica is a digital health company enabling the rapid analysis and interpretation of genomic data, empowering researchers and clinicians to provide life-changing answers that improve wellbeing and disease management. Congenica's world-leading software enables rapid genomic data analysis at scale and is the only product of its kind that has received the CE Mark under the In Vitro Diagnostics Directive.
A recognised leader in the genomic analysis of rare diseases and inherited cancer, Congenica is expanding its platform into new indications such as somatic cancer, next generation non- invasive pre-natal diagnosis and wellness, helping to deliver a future where clinical genomics is fully integrated into healthcare.
Based on pioneering research from the Wellcome Sanger Institute and the UK NHS, Congenica has a global footprint supporting leading international laboratories, academic medical centres and biopharmaceutical companies and is the exclusive Clinical Decision Support partner for the NHS Genomic Medicine Service.
For more information visit www.congenica.com.
About GenomOncology
GenomOncology provides the healthcare community with data-driven insights to improve cancer care. GenomOncology strengthens your precision oncology program by transforming valuable, but unusable data, into actionable oncology treatment options and strategic insights. GenomOncology's Precision Oncology Platform (POP) powers its comprehensive set of end-to-end software solutions that enhance decision support. POP combines both proprietary content and public and licensed data sets with your internal patient data to provide you the information necessary to improve patient outcomes. Learn more at www.genomoncology.com.
Media Contacts
Becky Lamont, Marketing Communications Manager
Congenica
00 44 (0)7468 698315
becky.lamont@congenica.com
Alysia Kaplan, Director of Marketing
GenomOncology, LLC
(440) 617-6087
alysia@genomoncology.com
View original content to download multimedia:
SOURCE GenomOncology | https://www.kfyrtv.com/prnewswire/2022/08/04/genomoncology-congenica-announce-collaborative-development-novel-precision-oncology-solution/ | 2022-08-04T11:18:30Z | https://www.kfyrtv.com/prnewswire/2022/08/04/genomoncology-congenica-announce-collaborative-development-novel-precision-oncology-solution/ | false |
NEW YORK, Aug. 4, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Inotiv, Inc. ("Inotiv" or the "Company") (NASDAQ: NOTV) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Inotiv investors who were adversely affected by alleged securities fraud between September 21, 2021 and June 13, 2022. Follow the link below to get more information and be contacted by a member of our team:
NOTV investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) Inotiv's acquisition, Envigo RMS, LL ("Envigo"), and Inotiv's Cumberland, Virginia facility (the "Cumberland Facility") engaged in widespread and flagrant violations of the Animal Welfare Act ("AWA"); (2) Envigo and Inotiv's Cumberland Facility continuously violated the AWA; (3) Envigo and Inotiv did not properly remedy issues with regards to animal welfare at the Cumberland Facility; (4) as a result, Inotiv was likely to face increased scrutiny and governmental action; (5) Inotiv would imminently shut down two facilities, including the Cumberland Facility; (6) Inotiv did not engage in proper due diligence; and (7) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
WHAT'S NEXT? If you suffered a loss in Inotiv during the relevant time frame, you have until August 22, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.cleveland19.com/prnewswire/2022/08/04/notv-lawsuit-alert-levi-amp-korsinsky-notifies-inotiv-inc-investors-class-action-lawsuit-upcoming-deadline/ | 2022-08-04T11:19:10Z | https://www.cleveland19.com/prnewswire/2022/08/04/notv-lawsuit-alert-levi-amp-korsinsky-notifies-inotiv-inc-investors-class-action-lawsuit-upcoming-deadline/ | true |
Español
Italiano
Français
My Account
My Account
Notifications
Log In
QQQ
–
–%
DIA
–
–%
SPY
–
–%
TLT
–
–%
GLD
–
–%
BTC/USD
–
–%
Data & APIs
Events
Marketfy
Premarket
Contribute
Español
Italiano
Français
Sign in
News
Earnings
Guidance
Dividends
M&A
Buybacks
Legal
Interviews
Management
Retail Sales
Offerings
IPOs
Insider Trades
Biotech/FDA
Freight
Politics
Government
Healthcare
Markets
Pre-Market
After Hours
Movers
ETFs
Forex
Cannabis
Commodities
Options
Binary Options
Bonds
Futures
CME Group
Global Economics
Previews
Small-Cap
Cryptocurrency
Penny Stocks
Digital Securities
Ratings
Analyst Color
Downgrades
Upgrades
Initiations
Price Target
Ideas
Trade Ideas
Long Ideas
Short Ideas
Technicals
From The Press
Jim Cramer
Rumors
Best Stocks & ETFs
Best Penny Stocks
Best S&P 500 ETFs
Best Swing Trade Stocks
Best Blue Chip Stocks
Best High-Volume Penny Stocks
Best Small Cap ETFs
Fintech
News
Podcast
Personal Finance
Compare Online Brokers
Stock Brokers
Forex Brokers
Futures Brokers
Crypto Brokers
Options Brokers
ETF Brokers
Mutual Fund Brokers
Index Fund Brokers
Bond Brokers
Short Selling Brokers
Stock Apps
All Broker Reviews
Insurance
Auto
Home
Medicare
Life
Vision
Dental
Business
Pet
Health
Motorcycle
Renters
Workers Comp
Top Stocks
Penny Stocks
Stocks Under $5
Stocks Under $10
Stocks Under $20
Stocks Under $50
Stocks Under $100
Alternative Investing
Invest in Art
Invest in Land
Invest in Real Estate
Invest in Wine
Invest in Gold
Mortgages
Refinance
Purchase
Find a Mortgage Broker
Alts
Best Real Estate Crowdfunding Platforms
REITs Versus Crowdfunding
How to Invest in Artwork
Best Alternative Investments
Best Alternative Investment Platforms
Crypto
Get Started
Is Bitcoin a Good Investment?
Is Ethereum a Good Investment?
What is Blockchain
Best Altcoins
How to Buy Cryptocurrency?
DeFi
Crypto and DeFi 101
What is DeFi?
Decentralized Exchanges
Best DeFi Yield Farms
Digital Securities
NFTs
NFT Release Calendar
What is a Non-Fungible Token (NFT)?
How to Buy Non-Fungible Tokens (NFTs)
CryptoPunks Watchlist
Are NFTs a Scam or a Digital Bubble?
Best In Crypto
Best Crypto Apps
Best Crypto Portfolio Trackers
Best Crypto Day Trading Strategies
Best Crypto IRA
Best Cryptocurrency Scanners
Best Business Crypto Accounts
Best Crypto Screeners
Cannabis
News
Earnings
Interviews
Deals
Regulations
Psychedelics
TV
Watch
YouTube
Podcasts
Trading School
Personal Finance
Compare Online Brokers
Stock Brokers
Forex Brokers
Futures Brokers
Crypto Brokers
Options Brokers
ETF Brokers
Mutual Fund Brokers
Index Fund Brokers
Bond Brokers
Short Selling Brokers
Stock Apps
All Broker Reviews
Insurance
Auto
Home
Medicare
Life
Vision
Dental
Business
Pet
Health
Motorcycle
Renters
Workers Comp
Top Stocks
Penny Stocks
Stocks Under $5
Stocks Under $10
Stocks Under $20
Stocks Under $50
Stocks Under $100
Alternative Investing
Invest in Art
Invest in Land
Invest in Real Estate
Invest in Wine
Invest in Gold
Mortgages
Refinance
Purchase
Find a Mortgage Broker
Alts
Best Real Estate Crowdfunding Platforms
REITs Versus Crowdfunding
How to Invest in Artwork
Best Alternative Investments
Best Alternative Investment Platforms
Crypto
Get Started
Is Bitcoin a Good Investment?
Is Ethereum a Good Investment?
What is Blockchain
Best Altcoins
How to Buy Cryptocurrency?
DeFi
Crypto and DeFi 101
What is DeFi?
Decentralized Exchanges
Best DeFi Yield Farms
Digital Securities
NFTs
NFT Release Calendar
What is a Non-Fungible Token (NFT)?
How to Buy Non-Fungible Tokens (NFTs)
CryptoPunks Watchlist
Are NFTs a Scam or a Digital Bubble?
Best In Crypto
Best Crypto Apps
Best Crypto Portfolio Trackers
Best Crypto Day Trading Strategies
Best Crypto IRA
Best Cryptocurrency Scanners
Best Business Crypto Accounts
Best Crypto Screeners
Cannabis
News
Earnings
Interviews
Deals
Regulations
Psychedelics
TV
Watch
YouTube
Podcasts
Trading School
My Stocks
Tools
Calendars
Analyst Ratings Calendar
Dividend Calendar
Conference Call Calendar
Earnings Calendar
Economic Calendar
FDA Calendar
Guidance Calendar
IPO Calendar
M&A Calendar
Retail Sales Calendar
SPAC Calendar
Stock Split Calendar
Trade Ideas
Insider Trades
Trade Idea Feed
Analyst Ratings
Unusual Options Activity
Heatmaps
Short Interest
Most Shorted
Largest Increase
Largest Decrease
Calculators
Margin Calculator
100x Options Profit Calculator
Premium
QQQ
–
–%
DIA
–
–%
SPY
–
–%
TLT
–
–%
GLD
–
–%
BTC/USD
–
–%
AVID TECHNOLOGY, INC. Quarterly Report (Form10)
Accepted:
Form Type:
10-Q
Accession Number:
0000896841-22-000125 | https://www.benzinga.com/secfilings/22/08/28321086/avid-technology-inc-quarterly-report-form10 | 2022-08-04T11:20:18Z | https://www.benzinga.com/secfilings/22/08/28321086/avid-technology-inc-quarterly-report-form10 | false |
Take a look at the beta version of dw.com. We're not done yet! Your opinion can help us make it better.
How much does it cost to attend a Bundesliga game? Which club offers the cheapest tickets? Can you really watch Bayern Munich every week for less than €10? And why is DW considering buying a season ticket at Wolfsburg?
For the first time since before the pandemic, the new Bundesliga season will kick off this weekend in full stadiums with no capacity restrictions, with clubs hoping it will remain that way throughout.
Alongside top names, talented young players and progressive coaching, the German top flight is renowned for its stadium atmospheres — largely a result of affordable ticket prices and standing terraces, which provide the foundation for a vibrant, socially-inclusive fan culture.
So, how does it all work?
While several English Premier League clubs are re-introducing "safe standing" areas this season, standing terraces have been commonplace in Germany for a long time.
Every stadium in the Bundesliga features at least one unreserved standing section, usually several blocks behind one of the goals, where tickets are substantially cheaper.
Technically, Hertha Berlin's Olympiastadion doesn't have a standing terrace but tickets behind the goal in the Ostkurve are sold as such. The same was true of the Red Bull Arena in Leipzig, but actual standing terraces have now been added. Union Berlin's Stadion an der Alten Försterei is famously over 80% terracing.
The average cost of a season ticket (Dauerkarte) in a standing section at a Bundesliga club this season is €196.80, up €10 from before the pandemic, but still working out at just €11.57 per home game.
Tickets on Borussia Dortmund's Yellow Wall are actually the most expensive standing tickets in the Bundesliga
Germany's most famous standing terrace is the Südtribüne at Borussia Dortmund's Westfalenstadion, which can house over 24,000 standing fans. However, while famed for its atmosphere, tickets on the "Yellow Wall" are also the most expensive standing season tickets in the league at €240, or €14.11 per game.
Most of the spots on the Südtribüne belong to long-term season ticket holders, but a limited number of individual match tickets (Tageskarten) do go on sale for each home game. Demand is high but if you do manage to get one, they cost more and again are the most expensive in the league at €18.50. A 20% surcharge applies for the biggest two homes games of the season: the Revierderby against Schalke and the so-called Klassiker against Bayern Munich.
As for Bayern, yes, you literally can watch the perennial German champions for €10. Less, in fact, with a standing season ticket on the Südkurve terrace costing just €160, or €9.40 per game – the third cheapest in the league. Individual standing tickets, if you can get one, cost €15, plus a €1 processing fee.
Before the pandemic, Bayern actually offered the joint-cheapest season tickets in the Bundesliga but, having increased their prices, that crown now belongs solely to Wolfsburg, who remain very much the people's choice at €145. That's just €8.50 per game.
Admittedly, you have to watch Wolfsburg but, like we said, DW is considering getting one, so you can stand and suffer with us.
Of course, while standing is cheap and eminently safe, not everyone wants to be stood up and pushed around in a crowd with a restricted view for 90 minutes, with an ultra screaming at you to sing louder through a megaphone.
Demand for standing tickets is high at most clubs, especially Bayern and Dortmund, but also at well-supported clubs like Cologne, Borussia Mönchengladbach, Eintracht Frankfurt and newly-promoted Schalke.
Unfortunately, whether you are forced to buy a seat, or prefer to, these are substantially more expensive and don't really differ as much from equivalent tickets in other top European leagues. But you still need not break the bank.
Once again, the cheapest seats can be found in Wolfsburg, where the cheapest season ticket is only €220. That's just €12.94 per game, cheaper than a standing ticket at Borussia Dortmund, VfB Stuttgart, VfL Bochum or Union Berlin.
Hertha Berlin also offer eminently affordable seated season tickets at just €249 (€14.64 per game), while Hoffenheim, RB Leipzig, Bayer Leverkusen and Mainz 05 also have seats available for under €300. On average, however, the cheapest Bundesliga seats work out at €345 per season, or just over €20 per game — but keep in mind that single tickets are slightly more expensive.
Some of the most expensive Bundesliga tickets can be found in Cologne. Although you do get to see mascot Hennes IX
Others, though, are much more expensive. Seated season tickets at Borussia Dortmund cost between €435 and €805 (or €25.60 – €47.35 per game), with individual match tickets costing extra, from €36 at the very top of the quadrants to €61 for the best seats – plus that 20% surcharge against Schalke and Bayern.
Seats at Bayern Munich cost between €375 and €810 (or €22 – €47.64 per game), with individual match tickets costing up to €80.
The most expensive Bundesliga season ticket can be found at Cologne (€910 or €53.50 per game), while the most expensive single matchday ticket this season is for a "category one" match (i.e. Bayern & Dortmund) at RB Leipzig, costing €90.
Coronavirus: As the season kicks off, there are currently no capacity restrictions at Bundesliga stadiums, no vaccine or test requirements, and masks are not mandatory in the ground. They are, however, on trains and public transport.
Free travel: Visitors to Bundesliga matches are often pleased to discover that the cost of local train travel to the stadium is included in the price of a match ticket, and that's no different this season. Just show your ticket, digital or physical, to the train inspector.
A couple of things, though: free travel is generally only valid for three hours before kickoff, and strictly only on local, regional trains (RE/RB) in the immediate local travel region. In other words, not the fast, long-distance trains (ICE/IC/EC) that travel between states. Don't get caught out.
Borussia Dortmund tickets are valid for the entire state of North Rhine Westphalia (NRW), although you have to print off a separate ticket. Details on the club website.
Alcohol: Beer and other beverages are on sale on most games, with the exception of certain fixtures which local police might deem to be particularly "high-risk," and can be consumed in the stands while watching the game, unlike in the Premier League.
Away fans: While there are segregated home and away sections, and away fans should try and buy tickets via the away club, away supporters are generally tolerated in home areas. As long as you don't behave in an excessively partisan manner, you'll be fine, even in the away team's colors. With the exception of ...
Ultras: Don't wear the away team's colors in the home club's main standing section. This is reserved for the regular, hardcore support, and is the home of the ultras.
From a distance, the ultras can perhaps appear menacing, but they're not fundamentally violent or criminal and, unlike some of their counterparts abroad, are generally politically rather center-left leaning. In fact, "ultra" is one of largest youth subcultures in German society, a movement which goes beyond the 90 minutes of football. They're there every week, home and away, and the atmosphere wouldn't be the same without them.
Still, they won't take kindly to an away fan in their midst, nor to tourists taking photos of them or trying to film them, so keep your distance if asked.
PANAMA: Bundesliga stadiums may have become safer for everyone in recent years but if, for whatever reason, you feel threatened or unsafe, you can approach a steward, with some clubs operating specific systems.
At Borussia Dortmund, for example, just ask "how to get to Panama?" - a code which every member of staff will understand and know how to help. Similar initiatives also exist at Schalke, Werder Bremen, Fortuna Düsseldorf, Arminia Bielefeld, and others. | https://www.dw.com/en/bundesliga-ticket-prices-borussia-dortmund-pricey-bayern-munich-among-cheapest/a-62699448 | 2022-08-04T11:21:38Z | https://www.dw.com/en/bundesliga-ticket-prices-borussia-dortmund-pricey-bayern-munich-among-cheapest/a-62699448 | false |
SINGAPORE, Aug. 4, 2022 /PRNewswire/ -- XT.com, the world's first social infused digital assets trading platform, is excited to announce it will soon list Fanverse (FT) token with USDT trading pair on its platform. The listing of FT is scheduled to occur on August 4th, 2022, at 09:00 (UTC) on the exchange's Main Zone (Web3).
FT is a native cryptocurrency used to facilitate all transactions within the Fanverse NFT platform. The token can be used to perform P2P trading and staking and can seamlessly be used to pay for goods and services. Along with FT token use cases, users can also use it for mining and earn rewards.
Crypto traders and Fanverse holders can start depositing their crypto assets on August 3rd, 2022, at 09:00 (UTC) to prepare themselves for trading. While enjoying a near-zero fee in trading FT/USDT, XT.com will make withdrawals available to traders on August 5th, 2022, at 09:00 (UTC). With this new listing, everyone is encouraged to level up their experience in trading the token and receive a good return. Along with the platform's goal, it aims to also allow crypto holders to trade the token for effective pricing for the first time on the platform.
Jonathan Shih, the Head of MEA (Middle East & Africa) at XT.com, stated, "By having the Fanverse token (FT) listed on our platform, we look forward to aid in accelerating the way artists, creators, and their fans can exchange content and projects exclusively with NFTs in a harmonious manner, alongside providing intuitive support for Fanverse as it aims to become a gateway between the entertainment and blockchain industry."
About Fanverse (FT)
Fanverse (FT) is a non-fungible token (NFT) platform. It targets artists, creators, and their fan base to ignite how they exchange content and projects that are blended with NFTs. Fanverse also aims to become a gateway to bridge the gap between the entertainment and blockchain industry via the NFT market. Additionally, its services focus on entertainment content that features leading Korean artists and TV program-blended NFTs, to provide users with a new and exciting experience.
Website: https://www.fanverse.market/zh
Twitter: https://twitter.com/Fanverse_twt
About XT.com
By consistently expanding its ecosystem, XT.com is dedicated to providing users with the most secure, trusted, and hassle-free digital asset trading services. Our exchange is built from a desire to give everyone access to digital assets regardless where you are.
Founded in 2018, XT.com now serves more than 4.5 million registered users, over 500,000+ monthly active users, and 30+ million users in the ecosystem. Covering a rich variety of trading categories together with an NFT aggregated marketplace, our platform strives to cater to its large user base by providing a secure, trusted, and intuitive trading experience.
As the world's first social infused digital assets trading platform, XT.com also supports social networking platform based transactions to make our crypto services more accessible to users all over the world. Furthermore, to ensure optimal data integrity and security, we see user security as our top priority at XT.com.
Website: https://www.xt.com/
Telegram: https://t.me/XTsupport_EN
Twitter: https://twitter.com/XTexchange
View original content:
SOURCE XT.com | https://www.cleveland19.com/prnewswire/2022/08/04/xtcom-lists-fanverse-ft-with-usdt-trading-pair/ | 2022-08-04T11:22:17Z | https://www.cleveland19.com/prnewswire/2022/08/04/xtcom-lists-fanverse-ft-with-usdt-trading-pair/ | false |
Pennsylvania ended July and began August with its daily COVID-19 case counts trending up. Over the course of the 28 days between Thursday and July 7, the date of our last COVID-19 update, Pennsylvania has averaged 3,114 new cases per day.
But in the last seven days, the state has averaged 3,535 new cases per day, the highest jump the average has made week-to-week in the last month.
Overall, Pennsylvania has amassed a total of 3,105,341 cases of COVID-19 since March of 2020, according to data from the Pennsylvania Department of Health. Nearly 2 1/2 years later, the spread of COVID-19 is in an interesting position.
The spread of the BA.5 subvariant is significantly more rampant as any strain of COVID-19 has been during any previous summer — the seven-day average on the past two Aug. 3 dates have been 1,043 cases per day in 2021 and 842 cases per day in 2020.
The level of hospitalizations on Thursday -- 1,190 hospitalized -- is more than twice the level in both 2020 and 2021 (585 and 563, respectively).
Yet the difference in the state’s seven-day death averages at those same points isn’t as alarming — 14 on Thursday, 5 on Aug. 3, 2021, and 12 on Aug. 3, 2022. More, sure, but not staggeringly so.
The strange mix of figures is the combination of a few factors: A total return to “normalcy,” the prevalence of the COVID-19 vaccine and greater preparedness to treat those with a symptomatic case of COVID-19. It’s spreading much easier with businesses and schools totally open and without masks, but if a case is bad enough to result in a hospital visit, those hospitals are much better prepared to treat COVID-19.
As has been the case each of the last two years, the fall and especially winter have seen significantly harsher rates of COVID-19 infection. And with the 3,535 cases per day Pennsylvania is averaging in early August, that doesn’t bode well with just a couple months left of the summer.
The Lehigh Valley’s cases have been slightly more stable. Over the last four weeks, the region has averaged 157 new cases per day. Looking at only the previous week, the seven day average comes out to 164 cases per day — specifically, 80 new cases per day in Northampton County and 84 new cases per day in Lehigh County. There have been 19 COVID-19-related deaths in the Lehigh Valley since July 7, bringing the region’s total death toll to 2,420.
With the death average at 14 for the last week and 16 in the last four weeks, the average hasn’t moved more than 10 deaths per day in either direction since March (outside of one week skewed by a data anomaly from the Department of Health).
Like deaths, hospital levels have stayed consistent over the summer, with a range of a couple hundred patients in either direction of the current 1,190 patients hospitalized. As stated, that’s higher than this point in the calendar in both of the previous two years — that’s likely a result of the much higher case numbers this year than in 2020 and 2021.
While it’s not an ideal situation for hospitals to be in, the low death rate offers at least some encouragement. Those more susceptible to the virus due to old age or a condition that leaves them immunocompromised, even if a COVID-19 case requires them to be hospitalized, are being treated and discharged.
While Aug. 3, 2021, had 563 COVID-19 patients in the hospital — less than half of the figure on Thursday — its level of patients in the ICU and on a ventilator are actually much more akin to Thursday’s than the level of total hospitalized patients. There are currently 143 patients in the ICU and 47 on a ventilator, while on Aug. 3, 2021, there were 110 patients in the ICU and 61 on a ventilator.
That data indicate that the rate of a serious infection resulting in ventilation is cut in half, meaning that even hospitalized cases are being treated better and more quickly. That’s good news, but as with the state’s death rate, it’ll all depend on how much control the state can have over its case rate before the winter.
That requires safety measures from Pennsylvania residents. In the last week, Pennsylvania officially reached the 70% mark of its total population being fully vaccinated, according to data from the Center for Disease Control and Prevention. However, only 44% of that population has its booster dose. Additionally, while masks are seldom seen these days, wearing one indoors will significantly decrease the chance of spreading COVID-19, health experts advise.
Our journalism needs your support. Please subscribe today to lehighvalleylive.com.
Connor Lagore may be reached at clagore@njadvancemedia.com. | https://www.lehighvalleylive.com/coronavirus/2022/08/pa-covid-update-hospital-and-death-averages-stable-but-high-case-rate-a-cause-for-concern.html | 2022-08-04T11:27:00Z | https://www.lehighvalleylive.com/coronavirus/2022/08/pa-covid-update-hospital-and-death-averages-stable-but-high-case-rate-a-cause-for-concern.html | true |
FORT LAUDERDALE, Fla. (AP) — Jurors in the trial of Florida school shooter Nikolas Cruz prepared to walk through the still blood-spattered rooms of a three-story building at Parkland’s Marjory Stoneman Douglas High School on Thursday, visiting the scene where he murdered 14 students and three staff members four years ago.
The seven-man, five-woman jury and 10 alternates will be bused under heavy security the 30 miles (48 kilometers) from the Broward County Courthouse in downtown Fort Lauderdale to the suburban school, where classes don’t resume until later this month. Law enforcement plans to seal off the area around the campus and aircraft may be barred from flying overhead to prevent protesters from interrupting the proceedings and to protect the jurors’ safety.
The panelists and their law enforcement escorts will be accompanied into the building by Circuit Judge Elizabeth Scherer, prosecutors and Cruz’s attorneys. Cruz will not be present, according to one of his attorneys.
Prosecutors, who are winding up their case, are hoping the visit will help prove that the former Stoneman Douglas student’s actions were cold, calculated, heinous and cruel; created a great risk of death to many people and “interfered with a government function” — all aggravating factors under Florida’s capital punishment law.
Under Florida court rules, neither the judge nor the attorneys are allowed to speak to the jurors — and the jurors aren’t allowed to converse with each other — when they retrace the path Cruz followed on Feb. 14, 2018, as he methodically moved from floor to floor, firing down hallways and into classrooms as he went. The jurors have already seen surveillance video of the shooting and photographs of its aftermath.
Journalists will not be allowed inside until after the jurors leave, and will not be allowed to carry cameras.
The building has been sealed and surrounded by a chain-link fence since shortly after the massacre. Known both as the freshman and 1200 building, it looms ominously over the school and its teachers, staff and 3,300 students, and can be seen easily by anyone nearby. The Broward County school district plans to demolish it whenever the prosecutors approve. For now, it is a court exhibit.
“When you are driving past, it’s there. When you are going to class, it’s there. It is just a colossal structure that you can’t miss,” said Kai Koerber, who was a Stoneman Douglas junior at the time of the shooting. He is now at the University of California, Berkeley, and the developer of a mental health phone app. “It is just a constant reminder … that is tremendously trying and horrible.”
Cruz, 23, pleaded guilty in October to 17 counts of first-degree murder; the trial is only to determine if he is sentenced to death or life without parole.
The building’s interior has been left nearly intact since the shooting: Bloodstains still smear the floor, and doors and walls are riddled with bullet holes. Windows in classroom doors are shot out. Rotted Valentine’s Day flowers, deflated balloons and other gifts are strewn about. Only the bodies and personal belongings such as backpacks have been removed.
Miami defense attorney David S. Weinstein said prosecutors are hoping the visit will be “the final piece in erasing any doubt that any juror might have had that the death penalty is the only recommendation that can be made.”
Such site visits are rare. Weinstein, a former prosecutor, said in more than 150 jury trials dating back to the late 1980s, he has only had one.
One reason for their rarity is that they are a logistical nightmare for the judge, who needs to get the jury to the location and back to the courthouse without incident or risk a mistrial. And in a typical case, a visit wouldn’t even present truthful evidence: After law enforcement leaves, the building or public space returns to its normal use. The scene gets cleaned up, objects get moved and repairs are made. It’s why judges order jurors in many trials not to visit the scene on their own.
Craig Trocino, a University of Miami law professor who has represented defendants appealing their death sentences, said the visit — combined with the myriad graphic videos and photos jurors have already seen — could open an avenue for Cruz’s attorneys if they find themselves in the same situation.
“At some point evidence becomes inflammatory and prejudicial,” he said. “The site visit may be a cumulative capstone.”
Cruz’s attorneys have argued that prosecutors have used evidence not just to prove their case, but to inflame the jurors’ passions.
Prosecutors are expected to rest their case shortly after the visit. | https://www.wric.com/news/u-s-world/jurors-to-visit-still-bloodstained-parkland-school-building/ | 2022-08-04T11:28:32Z | https://www.wric.com/news/u-s-world/jurors-to-visit-still-bloodstained-parkland-school-building/ | false |
SAN DIEGO, Aug. 4, 2022 /PRNewswire/ -- Sempra (NYSE: SRE) (BMV: SRE) today announced second-quarter 2022 earnings of $559 million, or $1.77 per diluted share, compared to second-quarter 2021 earnings of $424 million, or $1.37 per diluted share. On an adjusted basis, the company's second-quarter 2022 earnings were $626 million or $1.98 per diluted share, compared to $504 million, or $1.63 per diluted share, in 2021.
"At Sempra, we want to help ensure energy is increasingly abundant, cleaner and more affordable. We're executing against a plan that extends our capabilities to better serve the growing needs of customers here in North America and overseas," said Jeffrey W. Martin, chairman and chief executive officer of Sempra. "Integral to the effort are our employees, whose relentless focus on safety, innovation and operational excellence allows us to meet the opportunity of this moment."
Sempra's earnings for the first six months of 2022 were $1.171 billion, or $3.70 per diluted share, compared with earnings of $1.298 billion, or $4.24 per diluted share, in the first six months of 2021. Adjusted earnings for the first six months of 2022 were $1.550 billion, or $4.90 per diluted share, compared to $1.404 billion, or $4.58 per diluted share, in the first six months of 2021.
The reported financial results reflect certain significant items as described on an after-tax basis in the following table of GAAP (generally accepted accounting principles in the United States of America) earnings, reconciled to adjusted earnings, for the second quarter and first six months of 2022 and 2021.
Sempra California
Sempra California is continuing to operate and construct critical new infrastructure that promotes safety and reliability, while also integrating cleaner forms of energy.
In May, San Diego Gas & Electric Co. (SDG&E) and Southern California Gas Co. (SoCalGas) each filed their 2024-2027 General Rate Cases (GRC) with the California Public Utilities Commission (CPUC). Based on a sustainability policy framework, the GRC filings propose critical infrastructure investments focused on safety, reliability and helping advance a cleaner energy future.
In June, SDG&E announced it had received approval from the CPUC to build four microgrid facilities equipped with energy storage to help dispatch cleaner energy to the grid during peak demand. The projects are aimed at furthering climate resiliency with the ability to operate independently from or in parallel with the larger regional grid to help improve power continuity during grid outages and capacity shortfalls.
Also in June, SoCalGas submitted its annual fugitive emissions report to the CPUC, reporting a significant achievement in reducing greenhouse gas emissions. From 2015 through 2021, SoCalGas reduced fugitive methane emissions by approximately 37%, significantly surpassing California's goal of a 20% reduction by 2025 and nearing the state's goal of a 40% reduction by 2030. The company's success comes from innovation in new detection technologies, including aerial methane mapping and drones to map and detect methane.
Sempra Texas
In Texas, high demand driven by premise growth, new high-voltage interconnections, and one of the fastest growing economies in the nation necessitates a reliable and resilient grid. Oncor Electric Delivery Company LLC (Oncor) is supporting the state's notable demographic growth by executing on its record capital plan, which is focused on critical new transmission and distribution (T&D) infrastructure.
During the second quarter, Oncor received 90 new transmission interconnection requests, representing a 73% increase in new requests versus the second quarter last year, and placed approximately $239 million of transmission projects into service. The company has completed approximately 880 miles of T&D projects year-to-date with 480 miles of T&D projects completed in the second quarter.
Additionally, the company connected approximately 35,000 premises in the first six months of 2022. Notably, in June, Oncor received interconnection requests for 110 new housing subdivisions, the most ever received in any one month.
In May, Oncor filed its base rate review with the Public Utility Commission of Texas. The company expects any adjustments to rates to be effective by the end of the first quarter of 2023.
Sempra Infrastructure
The strength and diversity of Sempra Infrastructure's growth platform helped drive significant commercial momentum in the second quarter, attracting world-class investment and commercial partners for its liquefied natural gas (LNG) and net-zero projects.
"There is an intersection of opportunity right now," said Justin Bird, CEO of Sempra Infrastructure. "It is expected that the United States will more than double its LNG export capacity by the end of the decade, while advancing the dual objectives of global energy security and decarbonization."
In June, Sempra completed the sale of a 10% non-controlling interest in Sempra Infrastructure Partners for approximately $1.7 billion in cash to a subsidiary of Abu Dhabi Investment Authority (ADIA). Sempra now owns a 70% controlling stake in Sempra Infrastructure Partners, and KKR and ADIA own a 20% and 10% non-controlling interest, respectively.
During the quarter, Sempra Infrastructure advanced its LNG development projects by signing a series of non-binding heads of agreements (HOAs) for approximately 12 million tonnes per annum (Mtpa) with the Polish Oil & Gas Company (PGNiG), RWE Supply & Trading, a subsidiary of RWE, and INEOS Energy Trading Ltd., a subsidiary of INEOS, culminating with an HOA with ConocoPhillips that supports the development of Phase 1 of the Port Arthur LNG project.
Sempra Infrastructure is also supporting the growing integration of North American energy markets through its cross-border infrastructure, as well as investments in clean energy development. In May, Sempra Infrastructure signed a participation agreement with TotalEnergies, Mitsui & Co., Ltd. and Mitsubishi Corporation, to advance the Hackberry Carbon Sequestration project in Southwest Louisiana.
As part of its business portfolio, Sempra Infrastructure is working on initiatives focused on sustainability and the global energy transition to advance its goal to lower the greenhouse gas emission intensity at its LNG and other facilities. Additionally, the company is working to provide decarbonization solutions to its customers in North America and in global energy markets.
Earnings Guidance
Sempra is updating its full-year 2022 GAAP earnings per common share (EPS) guidance range to $6.90 to $7.50. As a result of the company's strong execution and financial results in the first half of the year, Sempra is guiding to the high end of its full-year 2022 adjusted EPS guidance range of $8.10 to $8.70. Sempra also is affirming its full-year 2023 EPS guidance range of $8.60 to $9.20.
Non-GAAP Financial Measures
Non-GAAP financial measures include Sempra's adjusted earnings, adjusted EPS, and adjusted EPS guidance range. See Table A for additional information regarding these non-GAAP financial measures.
Internet Broadcast
Sempra will broadcast a live discussion of its earnings results over the Internet today at 12 p.m. ET with senior management of the company. Access is available by logging onto the company's website, sempra.com. For those unable to log on to the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 1507557.
About Sempra
Sempra's mission is to be North America's premier energy infrastructure company. The Sempra family of companies have 20,000 talented employees who deliver energy with purpose to nearly 40 million consumers. With more than $72 billion in total assets at the end of 2021, the San Diego-based company is the owner of one of the largest energy networks in North America helping some of the world's leading economies move to cleaner sources of energy. The company is helping to advance the global energy transition through electrification and decarbonization in the markets it serves, including California, Texas, Mexico and the LNG export market. Sempra is consistently recognized as a leader in sustainable business practices and for its long-standing commitment to building a high-performing culture focused on safety, workforce development and training, and diversity and inclusion. Sempra is the only North American utility sector company included on the Dow Jones Sustainability World Index and was also named one of the "World's Most Admired Companies" for 2022 by Fortune Magazine. For additional information about Sempra, please visit Sempra's website at sempra.com and on Twitter @Sempra.
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as "believes," "expects," "intends," "anticipates," "contemplates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "target," "outlook," "maintain," "continue," "progress," "advance," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations.
Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include risks and uncertainties relating to: California wildfires, including the risks that we may be found liable for damages regardless of fault and that we may not be able to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054, in rates from customers or a combination thereof; decisions, investigations, regulations, issuances or revocations of permits and other authorizations, renewals of franchises, and other actions by (i) the California Public Utilities Commission (CPUC), Comisión Reguladora de Energía, U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, Public Utility Commission of Texas, and other regulatory and governmental bodies and (ii) the U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries in which we do business; the success of business development efforts, construction projects and acquisitions and divestitures, including risks in (i) being able to make a final investment decision, (ii) completing construction projects or other transactions on schedule and budget, (iii) realizing anticipated benefits from any of these efforts if completed, and (iv) obtaining the consent or approval of partners or other third parties, including governmental and regulatory bodies; civil and criminal litigation, regulatory inquiries, investigations, arbitrations, property disputes and other proceedings, including those related to the natural gas leak at Southern California Gas Company's (SoCalGas) Aliso Canyon natural gas storage facility; changes to laws and regulations, including certain of Mexico's laws and rules that impact energy supplier permitting, energy contract rates, the electricity industry generally and the import, export, transport and storage of hydrocarbons; cybersecurity threats, including by state and state-sponsored actors, to the energy grid, storage and pipeline infrastructure, information and systems used to operate our businesses, and confidentiality of our proprietary information and personal information of our customers and employees, including ransomware attacks on our systems and the systems of third-parties with which we conduct business, all of which have become more pronounced due to recent geopolitical events and other uncertainties, such as the war in Ukraine; failure of foreign governments, state-owned entities and our counterparties to honor their contracts and commitments; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow on favorable terms and meet our debt service obligations; the impact of energy and climate policies, laws, rules and disclosures, as well as related goals and actions of companies in our industry, including actions to reduce or eliminate reliance on natural gas generally and any deterioration of or increased uncertainty in the political or regulatory environment for California natural gas distribution companies and the risk of nonrecovery for stranded assets; the pace of the development and adoption of new technologies in the energy sector, including those designed to support governmental and private party energy and climate goals, and our ability to timely and economically incorporate them into our businesses; weather, natural disasters, pandemics, accidents, equipment failures, explosions, acts of terrorism, information system outages or other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires or subject us to liability for damages, fines and penalties, some of which may be disputed or not covered by insurers, may not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; inflationary and interest rate pressures, volatility in foreign currency exchange rates and commodity prices, our ability to effectively hedge these risks, and their impact, as applicable, on San Diego Gas & Electric Company's (SDG&E) and SoCalGas' cost of capital and the affordability of customer rates; the availability of electric power, natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid or limitations on the withdrawal of natural gas from storage facilities; the impact of the COVID-19 pandemic on capital projects, regulatory approvals and the execution of our operations; the impact at SDG&E on competitive customer rates and reliability due to growth in distributed and local power generation, including from departing retail load resulting from customers transferring to Community Choice Aggregation and Direct Access, and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; changes in tax and trade policies, laws and regulations, including tariffs, revisions to international trade agreements and sanctions, such as those that have been imposed and that may be imposed in the future in connection with the war in Ukraine, which may increase our costs, reduce our competitiveness, impact our ability to do business with certain counterparties, or impair our ability to resolve trade disputes; and other uncertainties, some of which are difficult to predict and beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, sec.gov, and on Sempra's website, sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra Infrastructure, Sempra Texas, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or SoCalGas, and Sempra Infrastructure, Sempra Texas, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC.
None of the website references in this press release are active hyperlinks, and the information contained on, or that can be accessed through, any such website is not, and shall not be deemed to be, part of this document.
SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA ADJUSTED EARNINGS TO SEMPRA GAAP EARNINGS (Unaudited)
Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2022 and 2021 as follows:
Three months ended June 30, 2022:
- $(32) million from impacts associated with Aliso Canyon natural gas storage facility litigation related to property developer claims at Southern California Gas Company (SoCalGas)
- $(16) million impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives
- $(19) million net unrealized losses on commodity derivatives
Three months ended June 30, 2021:
- $(72) million impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives
- $(58) million net unrealized losses on commodity derivatives
- $50 million equity earnings from investment in RBS Sempra Commodities LLP, which represents a reduction to an estimate of our obligations to settle pending value added tax (VAT) matters and related legal costs at our equity method investment at Parent and other
Six months ended June 30, 2022:
- $(98) million from impacts associated with Aliso Canyon natural gas storage facility litigation related to property developer claims, four out of five of which were settled in the first quarter of 2022, at SoCalGas
- $(91) million impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives
- $(70) million net unrealized losses on commodity derivatives
- $(120) million deferred income tax expense associated with the change in our indefinite reinvestment assertion as a result of progress in obtaining regulatory approvals necessary to close the sale of NCI to Abu Dhabi Investment Authority (ADIA)
Six months ended June 30, 2021:
- $(69) million impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives
- $(87) million net unrealized losses on commodity derivatives
- $50 million equity earnings from investment in RBS Sempra Commodities LLP, which represents a reduction to an estimate of our obligations to settle pending VAT matters and related legal costs at our equity method investment at Parent and other
Sempra Adjusted Earnings and Adjusted EPS are non-GAAP financial measures (GAAP represents generally accepted accounting principles in the United States of America). These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities and/or are infrequent in nature. These non-GAAP financial measures also exclude the impact from foreign currency and inflation effects on our monetary positions in Mexico and associated undesignated derivatives and unrealized gains and losses on commodity derivatives, which we expect to occur in future periods, and which can vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the performance of Sempra's business operations to prior and future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra GAAP Earnings and GAAP EPS, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.
SEMPRA ENERGY
Table A (Continued)
RECONCILIATION OF SEMPRA 2022 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA 2022 GAAP EPS GUIDANCE RANGE (Unaudited)
Sempra 2022 Adjusted EPS Guidance Range of $8.10 to $8.70 excludes items (after the effects of income taxes and, if applicable, noncontrolling interests) as follows:
- $(98) million from impacts associated with Aliso Canyon natural gas storage facility litigation related to property developer claims, four out of five of which were settled in the first quarter of 2022, at SoCalGas
- $(91) million impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives in the six months ended June 30, 2022
- $(70) million net unrealized losses on commodity derivatives in the six months ended June 30, 2022
- $(120) million deferred income tax expense associated with the change in our indefinite reinvestment assertion as a result of progress in obtaining regulatory approvals necessary to close the sale of NCI to ADIA
Sempra 2022 Adjusted EPS Guidance is a non-GAAP financial measure. This non-GAAP financial measure excludes significant items that are generally not related to our ongoing business activities and/or infrequent in nature. This non-GAAP financial measure also excludes the impact from foreign currency and inflation effects on our monetary positions in Mexico and associated undesignated derivatives and unrealized gains and losses on commodity derivatives, which we expect to occur in future periods, and which can vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the performance of Sempra's business operations to prior and future periods. Sempra 2022 Adjusted EPS Guidance Range should not be considered an alternative to Sempra 2022 GAAP EPS Guidance Range. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles Sempra 2022 Adjusted EPS Guidance Range to Sempra 2022 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.
View original content to download multimedia:
SOURCE Sempra | https://www.kmvt.com/prnewswire/2022/08/04/sempra-reports-second-quarter-2022-earnings-results/ | 2022-08-04T11:28:57Z | https://www.kmvt.com/prnewswire/2022/08/04/sempra-reports-second-quarter-2022-earnings-results/ | false |
If you’re looking to buy a new build property you’d expect a high specification accommodation of excellent quality with all modern conveniences. Add in an accessible location on the edge of Truro close to the A30 and A39, and you’d tick all the boxes for 6 Arch Hill Place, a three-bedroom reverse-level property with a westerly countryside outlook.
The spacious accommodation is a traditionally-built home under natural slate roof and has underfloor heating to both the ground and first floor and will come with a Professional Consultant Certificate. Due to its elevated position, no. 6 benefits from a lovely outlook through the trees and to countryside beyond from its main reception room with balcony and the kitchen area.
The accommodation extends to 1,682sq.ft. including the garage and in brief comprises the principal bedroom with en suite, two further bedrooms, and a family bathroom on the ground floor. On the first floor is an entrance hallway with cloakroom/wc, fitted kitchen with integrated appliances, bedroom 4/study, and the magnificent living room with bi-fold doors to balcony. The broad balcony is powder coated steel with frameless glass infill panels.
The high specification Kettle & Company kitchen has stone worktops and integrated appliances including an AEG double oven and gas induction hob, integrated dishwasher and fridge freezer and wine cooler. The bath and shower rooms have Porcelanosa ceramic tiled walls and floors.
The house also has a detached garage and block paved driveway and the gardens have paving slabs to the patios and paths, and a turfed rear garden. Arch Hill Place is located on Old Falmouth Road which is on the southern outskirts of the city.
The location is exceptionally convenient with easy access out on to the A30, along the A39 to Falmouth and within moments of the city and all its facilities. The southern side of Truro is a popular location with easy access to the Carrick Roads which provide some of the finest day sailing waters in the country. Truro Golf Club is within five minutes’ drive with further courses available at Tehidy Country Park and Falmouth.
In terms of education there are three highly-regarded private schools within the city as well as further education. As well as very good access on the road network Truro has a mainline railway station with direct trains to Paddington, London taking around four-and-a-half hours.
With an asking price of £675,000, contact Lillicrap Chilcott on 01872 273473 for more information. | https://www.cornwalllive.com/news/property/brand-new-home-edge-truro-7415560 | 2022-08-04T11:29:20Z | https://www.cornwalllive.com/news/property/brand-new-home-edge-truro-7415560 | false |
NEW YORK, Aug. 4, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in 17 Education & Technology Group Inc. ("17EdTech" or the "Company") (NASDAQ: YQ) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of 17EdTech investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of persons or entities who purchased or otherwise acquired publicly traded 17EdTech securities pursuant and/or traceable to the registration statement and related prospectus issued in connection with 17EdTech's December 2020 initial public offering. Follow the link below to get more information and be contacted by a member of our team:
YQ investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) 17EdTech's K-12 Academic AST Services would end less than a year after the Company's initial public offering; (2) as part of its ongoing regulatory efforts, Chinese authorities would imminently curtail and/or end 17EdTech's core business; and (3) as a result, defendants' statements about the Company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
WHAT'S NEXT? If you suffered a loss in 17EdTech during the relevant time frame, you have until September 19, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.kswo.com/prnewswire/2022/08/04/yq-lawsuit-alert-levi-amp-korsinsky-notifies-17-education-amp-technology-group-inc-investors-class-action-lawsuit-upcoming-deadline/ | 2022-08-04T11:29:23Z | https://www.kswo.com/prnewswire/2022/08/04/yq-lawsuit-alert-levi-amp-korsinsky-notifies-17-education-amp-technology-group-inc-investors-class-action-lawsuit-upcoming-deadline/ | false |
DECATUR — One of the most popular events of Decatur Barbecue since its conception in 1953 is the evening concert. The first entertainer for this event was Leon McAulffe and his band who took the stage for the first performance at the barbecue. This year’s featured entertainers have a very strong tie to Arkansas which will resound in all who proudly reside in the Natural State.
To this day McAuliffe still holds the record for the longest run at the barbecue, 19 years to be exact (1953-72). That changed when Lloyd Peterson, one of the barbecue’s biggest sponsors, sent Decatur native Pat Austin to Nashville, Tenn., to find the best entertainers for the barbecue crowd. And Austin delivered when country music legend Hank Thompson Jr. took the stage at Old City Park in 1973 to open an era that saw country music legends, as well as up-and-coming stars, grace the stage for this annual event.
Austin is still assisting the Decatur Chamber of Commerce in picking the best headliners to draw more and more visitors and townsfolk to the barbecue each year. And this year is no different.
Blane Howard, who has a real feel for Arkansas since he grew up in the central part of the state, is the featured singer for the 68th Decatur Barbecue.
Howard said he was destined to be a country music singer-songwriter. At age three, he “stood in front of the TV with a blue and green plastic guitar and sang along with Alan Jackson’s “Chasin’ That Neon Rainbow.”
Twenty-plus years later, that little boy’s dream became a reality thanks to some notable influences from Garth Brooks, Vince Gill and Randy Travis on the country side and Lynyrd Skynyrd and AC/ DC on the classic rock side. These different styles of music helped to mold Howard into the performer he is today.
Howard moved to Nashville where he graduated from Belmont University, a private Christian college. Soon after his graduation, Howard began to open for several notable country music icons, such as Joe Nichols (from Rogers), Blake Shelton, Charlie Daniels, Josh Turner and Trace Atkins.
In 2013 Howard’s country music career began taking off with a string of hit singles. One of Howard’s biggest successes was written as a wedding gift to his new bride, Megan. “Promise To Love Her” was so successful for Howard that the song spent 17 straight weeks on Country Music Television Music’s 12-Pack Countdown where it spent one of those weeks at number one.
In 2014, Howard wrote “Arkansas Y’all,” which was selected as a finalist in the Song of Arkansas contest. A year later, he released the Razorback Version of the song which pays tribute to the University of Arkansas Razorbacks. Together the pair was released as a two-song CD by the same title.
“In late 2020, with the NFL playoffs approaching, Howard received a boost in recognition. While his touring was halted during the pandemic, Howard, a lifelong die-hard Kansas City Chiefs fan, wrote a new song, “Run It Back,” which became the Chiefs’ new anthem during their playoff run. The song was played by radio stations all over the Kansas City metro area and on surrounding Midwest stations. In just a few short months, the song, and the coinciding hype videos, racked up over two million streams and views and the Chiefs organization used the song in one of its highlight reels, as well as playing it in Arrowhead Stadium during a playoff game” (blanehoward.com/bio).
Howard was named as the Arkansas CMA Male Vocalist of the year in 2018 and 2019. He “embraces his unique style of country, modern traditional, mixing the authenticity of the 90s with the contemporary edge of today”(blanehoward.com/bio).
Howard’s hit songs also include “Rock On Her Window” and “All Those Empties.”
Schedule of events
The 68th Decatur Barbecue festival will be held on Saturday from 7 a.m. until 10 p.m. at Veterans Park in Decatur.
The schedule of events is as follows: 7 a.m. — 5K and Fun Run registration 7:30 a.m. — 5K and Fun Run start All Day — Arts and Crafts
10 a.m. — Car Show
10:30 a.m. — Chicken dinners service begins
Noon — Opening ceremonies: National anthem, prayer, Pledge of Allegiance
1 p.m. — Parade line-up at Third Street Car Wash
1:30 p.m. — Parade, starting at Third Street, ending at Veterans Park
2-3 p.m. — Sound check
2-4 p.m. — Cornhole tournament 4 p.m. — Tiny Tots Pageant
5 p.m. — Miss Decatur Barbecue contest
6 p.m. — Kevin Upshaw concert
7-9 p.m. — Blane Howard concert
Fireworks immediately after the concert
Mike Eckels can be reached at meckels@nwaonline.com . | https://www.arkansasonline.com/news/2022/aug/04/howard-to-headline-at-decatur-barbecue/ | 2022-08-04T11:29:50Z | https://www.arkansasonline.com/news/2022/aug/04/howard-to-headline-at-decatur-barbecue/ | false |
NEW YORK, Aug. 4, 2022 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Digital Turbine, Inc. ("Digital Turbine" or the "Company") (NASDAQ: APPS) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Digital Turbine investors who were adversely affected by alleged securities fraud between February 26, 2021 and May 31, 2022. Follow the link below to get more information and be contacted by a member of our team:
APPS investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) the Company's recent acquisitions, AdColony and Fyber, act as agents in certain of their respective product lines; (2) as a result, revenues for those product lines must be reported net of license fees and revenue share, rather than on a gross basis; (3) the Company's internal control over financial reporting as to revenue recognition was deficient; and (4) as a result of the foregoing, the Company's net revenues was overstated throughout fiscal 2022; and (5) as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
WHAT'S NEXT? If you suffered a loss in Digital Turbine during the relevant time frame, you have until August 5, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:
SOURCE Levi & Korsinsky, LLP | https://www.wistv.com/prnewswire/2022/08/04/apps-lawsuit-alert-levi-amp-korsinsky-notifies-digital-turbine-inc-investors-class-action-lawsuit-upcoming-deadline/ | 2022-08-04T11:32:07Z | https://www.wistv.com/prnewswire/2022/08/04/apps-lawsuit-alert-levi-amp-korsinsky-notifies-digital-turbine-inc-investors-class-action-lawsuit-upcoming-deadline/ | false |
Closing arguments in Brittney Griner’s drug case in Russia
MOSCOW (AP) - Closing arguments in Brittney Griner’s cannabis possession case in Russia are set for Thursday, nearly six months after the American basketball star was arrested at a Moscow airport in a case that has reached the highest levels of U.S.-Russia diplomacy.
Griner faces up to 10 years in prison if convicted. Although a conviction appears almost certain, given that Russian courts rarely acquit defendants and Griner has acknowledged that there were vape canisters with cannabis oil in her luggage, judges have considerable latitude on sentencing.
Lawyers for the Phoenix Mercury center and two-time Olympic gold medalist have pursued strategies to bolster Griner’s contention that she had no criminal intent and that the canisters ended up in her luggage due to hasty packing. They have presented character witnesses from the Russian team that she plays for in the WNBA off-season and written testimony from a doctor who said he prescribed her cannabis for pain treatment.
It’s not clear when the verdict will be announced. If she does not go free, attention will turn to the high-stakes possibility of a prisoner swap.
Before her trial began in July, the State Department designated her as “wrongfully detained,” moving her case under the supervision of its special presidential envoy for hostage affairs, effectively the government’s chief hostage negotiator.
Then last week, in an extraordinary move, U.S. Secretary of State Antony Blinken spoke to his Russian counterpart, Sergey Lavrov, urging him to accept a deal under which Griner and Paul Whelan, an American imprisoned in Russia on an espionage conviction, would go free.
The Lavrov-Blinken call marked the highest-level known contact between Washington and Moscow since Russia sent troops into Ukraine more than five months ago. The direct outreach over Griner is at odds with U.S. efforts to isolate the Kremlin.
People familiar with the proposal say it envisions trading Griner and Whelan for the notorious arms trader Viktor Bout. It underlines the public pressure that the White House has faced to get Griner released.
White House Press Secretary Karine Jean-Pierre told reporters Monday that Russia has made a “bad faith” response to the U.S. government’s offer, a counteroffer that American officials don’t regard as serious. She declined to elaborate.
Russian officials have scoffed at U.S. statements about the case, saying they show a disrespect for Russian law. They remained poker-faced, urging Washington to discuss the issue through “quiet diplomacy without releases of speculative information.”
Copyright 2022 The Associated Press. All rights reserved. | https://www.kbtx.com/2022/08/04/closing-arguments-brittney-griners-drug-case-russia/ | 2022-08-04T11:32:11Z | https://www.kbtx.com/2022/08/04/closing-arguments-brittney-griners-drug-case-russia/ | false |
Katrina Kaif looks drop dead gorgeous in a floral mini dress worth Rs 1,47,000
Katrina Kaif's recent pics are too cute to miss! She is looking ethereal in a floral mini dress. She posted a series of photos on her Instagram. Check out the pics below!
Whenever we think about fashionable and trendy outfits - the first name that comes to our mind is Katrina Kaif. She steals the limelight with her unique choices of outfits.
Katrina Kaif stunned the netizens with her recent post. She was seen wearing a white floral mini dress. The Jagga Jasoos actress was looking absolutely pretty and gorgeous in the dress.
She took to Instagram and posted a slew of photos of herself and captioned it, “Dreamy Florals. something special coming soon with @gaurikhan.” Gauri Khan also commented on her pic and wrote, “Looking forward to the grand reveal.” The pics went viral as soon as she posted those on social media. Fans and netizens commented as well.
If you’re looking for an elegant yet sober dress for a candlelight dinner or a date night, then Kat’s outfit can be the best option for you. But, hold on! You have to pay a handsome price for it. This mini dress by Prima costs approx. Rs. 1 lakh 47,000.Yes, you have heard it right!
A few days back also, Katrina caught the netizen’s attention for her Koffee With Karan look. She chose Monse’s printed shirt dress which was also worth Rs. 1 lakh (approx.).
It’s needless to say that Katrina has a very strong fashion sense and she loves to experiment with her outfits. She never fails to give major fashion goals.
Related News
Meanwhile, Katrina will soon grace the couch of Koffee With Karan with her Phone Booth co-actors, Siddhant Chaturvedi and Ishaan Khattar. Phone Booth will be released in theatres on October 7, this year. Talking about her other projects, she has Farhaan Akhtar’s Jee Le Zaara alongside Alia Bhatt and Priyanka Chopra in the pipeline.
Related News
What do you think about Kat’s new outfit? Do you like it or not? Let us know by tweeting at @TNEntertainment.
Latest News
Scientists create first synthetic embryos in lab without sperm or eggs
Why India's possible low rice production sparks worries over global food crisis
"Possessed" woman beheads 7-year-old niece in Rajasthan
Redmi Buds 3 Lite quick review: Compact design meets differently tuned sound
Alia Bhatt goes 'what a moment' as a New York theatre screens Darlings - see post
Kareena Kapoor Khan calls Forrest Gump 'elitist kind of classist film', internet goes 'Kuch bhi...'
APPSC Group 4 Key: APPSC Junior Assistant answer key released on psc.ap.gov.in, raise objection till Aug 5
Bajirao road, Shivaji roads to have standard size buses on these routes
End of Article | https://www.timesnownews.com/entertainment-news/katrina-kaif-looks-drop-dead-gorgeous-in-a-floral-mini-dress-worth-rs-147000-bollywood-news-entertainment-news-article-93345710 | 2022-08-04T11:32:15Z | https://www.timesnownews.com/entertainment-news/katrina-kaif-looks-drop-dead-gorgeous-in-a-floral-mini-dress-worth-rs-147000-bollywood-news-entertainment-news-article-93345710 | true |
VANCOUVER, Aug. 4, 2022 /PRNewswire/ -- City Office REIT, Inc. (NYSE: CIO) (the "Company," "City Office," "we" or "our") today announced its results for the quarter ended June 30, 2022.
Second Quarter Highlights
- Rental and other revenues were $45.5 million. GAAP net income attributable to common stockholders was approximately $1.0 million, or $0.02 per fully diluted share;
- Core FFO was approximately $17.6 million, or $0.40 per fully diluted share;
- AFFO was approximately $8.0 million, or $0.18 per fully diluted share;
- Closed the disposition of the Lake Vista Pointe property in Dallas, Texas for a gross sales price of $43.8 million, generating a gain on sale of $21.7 million;
- In-place occupancy closed the quarter at 86.9%;
- Executed approximately 254,000 square feet of new and renewal leases during the quarter;
- During the quarter and subsequent to quarter end, the Company completed the repurchase of 2,302,694 shares of common stock at an average gross price of $13.11 per share for an aggregate cost of approximately $30.2 million;
- Declared a second quarter dividend of $0.20 per share of common stock, paid on July 22, 2022; and
- Declared a second quarter dividend of $0.4140625 per share of Series A Preferred Stock, paid on July 22, 2022.
"Our properties are predominantly located in desirable Sun Belt locations positioned for long term growth," commented James Farrar, the Company's Chief Executive Officer. "We have built an attractive portfolio of high-quality and amenitized buildings that aligns with tenants' desire for vibrant office locations. Leasing tour activity and tenant utilization trends continue to improve, giving us confidence in the trajectory of our business."
"During 2022, a major priority has been executing our spec suite program and advancing strategic enhancements across our portfolio to drive leasing results. We are also focused on opportunities to generate incremental value. In that regard, we closed the sale of our Lake Vista Pointe property for a $22 million gain and have repurchased $30 million of shares of common stock to date at what we believe is a steep discount to their inherent value. We have provided a slide analyzing the stock repurchase metrics in our August Investor Presentation that can be found in the Investor Relations section of our website at www.cioreit.com."
A reconciliation of certain non-GAAP financial measures, including FFO, Core FFO, AFFO, NOI, Same Store NOI, Same Store Cash NOI, Adjusted Cash NOI and their equivalent per share measures, to the most directly comparable financial measure under U.S. generally accepted accounting principles ("GAAP") can be found at the end of this release.
Portfolio Operations
The Company reported that its total portfolio as of June 30, 2022 contained 6.0 million net rentable square feet and was 86.9% occupied. Occupancy was impacted by the newly constructed Bloc 83 property in Raleigh, North Carolina that is completing its initial lease-up phase and has signed leases that have not yet taken occupancy. Excluding the Bloc 83 property, portfolio occupancy was 88.6% as of June 30, 2022.
Net Operating Income was approximately $28.7 million and Adjusted Cash NOI (CIO share) was approximately $26.9 million for the second quarter of 2022. Net Operating Income benefited from $1.1 million of termination fee income recognized in the quarter.
Same Store Cash NOI decreased 7.1% for the three months ended June 30, 2022 as compared to the same period in the prior year. Same Store Cash NOI decreased 5.9% for the six months ended June 30, 2022 as compared to the same period in the prior year.
Investment and Disposition Activity
On June 15, 2022, the Company completed the previously announced $43.8 million sale of its Lake Vista Pointe property in Dallas, Texas. The disposition translates to a gain on sale of $21.7 million and a 6.1% cash capitalization rate, including an adjustment for an unfunded tenant improvement allowance. $16.8 million of mortgage debt secured by the property was repaid upon the close of the transaction.
Leasing Activity
The Company's total leasing activity during the second quarter of 2022 was approximately 254,000 square feet, which included 126,000 square feet of new leasing and 128,000 square feet of renewals. Approximately 233,000 square feet of leases signed within the quarter will commence subsequent to quarter end.
New Leasing – New leases were signed with a weighted average lease term of 6.6 years at a weighted average annual rent of $32.47 per square foot and at a weighted average cost of $7.63 per square foot per year. Of note, leasing activity continues to be strong at the Company's Bloc 83 property in Raleigh, North Carolina, where two leases for a total of approximately 23,000 square feet were signed during the quarter.
Renewal Leasing – Renewal leases were signed with a weighted average lease term of 4.6 years at a weighted average annual rent of $28.15 per square foot and at a weighted average cost of $6.90 per square foot per year.
Capital Structure
As of June 30, 2022, the Company had total principal outstanding debt of approximately $658.6 million. Approximately $446.6 million, or 67.8%, of the Company's outstanding debt was fixed rate. When factoring in the $50 million term loan as fixed rate debt due to an interest swap, approximately 75.4% of the Company's debt was effectively fixed rate. City Office's total principal outstanding debt had a weighted average maturity of approximately 3.8 years and a weighted average interest rate of 3.7%.
On August 5, 2020 the Company's Board of Directors approved a share purchase plan authorizing the Company to repurchase up to an aggregate amount of $50 million of its outstanding shares of common stock. During the three months ended June 30, 2022, the Company settled on the repurchase of 394,833 shares of its common stock at an average gross price of $12.64 per share for a total cost of approximately $5.0 million. Including incremental share repurchases completed after quarter end, the Company had completed the repurchase of 2,302,694 shares at an average gross price of $13.11 per share for an aggregate cost of approximately $30.2 million.
Dividends
On June 16, 2022, the Company's Board of Directors approved and the Company declared a cash dividend of $0.20 per share of the Company's common stock for the three months ended June 30, 2022. The dividend was paid on July 22, 2022 to common stockholders and unitholders of record as of July 8, 2022.
On June 16, 2022, the Company's Board of Directors approved and the Company declared a cash dividend of $0.4140625 per share of the Company's 6.625% Series A Preferred Stock for the three months ended June 30, 2022. The dividend was paid on July 22, 2022 to preferred stockholders of record as of July 8, 2022.
2022 Outlook
The Company is updating its 2022 guidance based on year-to-date performance and its expectations for the remainder of the year. The midpoint of full year 2022 Core FFO per share expectations has been adjusted downward by $0.025 per share. This net change is the result of several positive and negative impacts to prior expectations. Projected interest expense has increased due to higher forecasted interest rates on the floating rate portion of the Company's unsecured credit facility as well as higher outstanding debt from the share repurchase program. 2022 Net Operating Income is also expected to be lower primarily due to the timing of certain leasing assumptions. Offsetting part of these impacts is the accretion generated from the share repurchase program.
Material Considerations:
- Dispositions reflects the June 15, 2022 sale of the Lake Vista Pointe property in Dallas, Texas.
- Termination fee income of $3.4 million has been included in 2022 guidance.
- The General and Administrative Expenses guidance includes approximately $4.0 million for stock-based compensation. Our Core FFO definition excludes stock-based compensation. Excluding stock-based compensation, General and Administrative Expenses guidance for Full Year 2022 would have been $10.2 million – $10.7 million.
- Annual weighted average fully diluted shares of common stock outstanding are assumed to be approximately 43.4 million in the low scenario with $30 million of shares of common stock repurchased and approximately 42.8 million in the high scenario with $50 million of shares of common stock repurchased.
The Company's guidance is based on current plans and assumptions and subject to the risks and uncertainties more fully described in the Company's filings with the United States Securities and Exchange Commission. This outlook reflects management's view of current and future market conditions, including assumptions such as the pace of future acquisitions and dispositions, rental rates, occupancy levels, leasing activity, uncollectible rents, operating and general administrative expenses, weighted average diluted shares outstanding and rising interest rates. The Company reminds investors that the impacts of the COVID-19 pandemic are uncertain and impossible to predict. See "Forward-looking Statements" below.
Webcast and Conference Call Details
City Office's management will hold a conference call at 11:00 am Eastern Time on August 4, 2022.
The webcast will be available under the "Investor Relations" section of the Company's website at www.cioreit.com. The conference call can be accessed by dialing 1-844-200-6205 for domestic callers and 1-929-526-1599 for international callers. The passcode for the conference call is 134483.
A replay of the call will be available later in the day on August 4, 2022, continuing through November 2, 2022 and can be accessed by dialing 1-866-813-9403 for domestic callers and 44-204-525-0658 for international callers. The passcode for the replay is 007327. A replay will also be available for twelve months following the call at "Webcasts & Events" in the "Investor Relations" section of the Company's website.
A supplemental financial information package to accompany the discussion of the results will be posted on www.cioreit.com under the "Investor Relations" section.
Non-GAAP Financial Measures
Funds from Operations ("FFO") – The National Association of Real Estate Investment Trusts ("NAREIT") states FFO should represent net income or loss (computed in accordance with GAAP) plus real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments of unconsolidated partnerships and joint ventures, gains or losses on the sale of property and impairments to real estate.
The Company uses FFO as a supplemental performance measure because the Company believes that FFO is beneficial to investors as a starting point in measuring the Company's operational performance. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the Company's operating performance with that of other REITs.
However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the Company's properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of the Company's properties, all of which have real economic effects and could materially impact the Company's results from operations, the utility of FFO as a measure of the Company's performance is limited. In addition, other equity REITs may not calculate FFO in accordance with the NAREIT definition as the Company does, and, accordingly, the Company's FFO may not be comparable to such other REITs' FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the Company's performance.
Core Funds from Operations ("Core FFO") – We calculate Core FFO by using FFO as defined by NAREIT and adjusting for certain other non-core items. We also exclude from our Core FFO calculation acquisition costs, loss on early extinguishment of debt, changes in the fair value of the earn-out, changes in fair value of contingent consideration and the amortization of stock based compensation.
We believe Core FFO provides a useful metric in comparing operations between reporting periods and in assessing the sustainability of our ongoing operating performance. Other equity REITs may calculate Core FFO differently or not at all, and, accordingly, the Company's Core FFO may not be comparable to such other REITs' Core FFO.
Adjusted Funds from Operations ("AFFO") – We compute AFFO by adding to Core FFO the non-cash amortization of deferred financing fees and non-real estate depreciation and then subtracting cash paid for recurring tenant improvements, leasing commissions, and capital expenditures, and eliminating the net effect of straight-line rent / expense, deferred market rent and debt fair value amortization. Recurring capital expenditures exclude development / redevelopment activities, capital expenditures planned at acquisition and costs to reposition a property. We exclude first generation leasing costs within the first two years of our initial public offering or acquisition, which are generally to fill vacant space in properties we acquire or were planned at acquisition. We have further excluded all costs associated with tenant improvements, leasing commissions and capital expenditures which were funded by the entity contributing the properties at closing.
Along with FFO and Core FFO, we believe AFFO provides investors with appropriate supplemental information to evaluate the ongoing operations of the Company. Other equity REITs may calculate AFFO differently, and, accordingly, the Company's AFFO may not be comparable to such other REITs' AFFO.
Net Operating Income ("NOI"), Adjusted Cash NOI (CIO share) – We define NOI as rental and other revenues less property operating expenses. We define Adjusted Cash NOI as NOI less the effect of recurring straight-line rent / expense, deferred market rent, and any amounts which are funded by the selling entities and NCI in properties.
We consider NOI and Adjusted Cash NOI to be appropriate supplemental performance measures to net income because we believe they provide information useful in understanding the core operations and operating performance of our portfolio.
Same Store Net Operating Income ("Same Store NOI") and Same Store Cash Net Operating Income ("Same Store Cash NOI") – Same Store NOI and Same Store Cash NOI is calculated as the NOI attributable to the properties continuously owned and operated for the entirety of the reporting periods presented. The Company's definition of Same Store NOI and Same Store Cash NOI excludes properties that were not stabilized during both of the applicable reporting periods. These exclusions may include, but are not limited to, acquisitions, dispositions and properties undergoing repositioning or significant renovations.
We believe Same Store NOI and Same Store Cash NOI is an important measure of comparison because it allows for comparison of operating results of stabilized properties owned and operated for the entirety of both applicable periods and therefore eliminates variations caused by acquisitions, dispositions or repositionings during such periods. Other REITs may calculate Same Store NOI and Same Store Cash NOI differently and our calculation should not be compared to that of other REITs.
Forward-looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain statements contained in this press release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements within the meaning of the federal securities laws and as such are based upon the Company's current beliefs as to the outcome and timing of future events. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "approximately," "anticipate," "assume," "believe," "budget," "contemplate," "continue," "could," "estimate," "expect," "future," "hypothetical," "intend," "may," "outlook," "plan," "potential," "predict," "project," "seek," "should," "target," "will" or other similar words or expressions. There can be no assurance that actual forward-looking statements, including projected capital resources, projected profitability and portfolio performance, estimates or developments affecting the Company will be those anticipated by the Company. Examples of forward-looking statements include those pertaining to expectations regarding our financial performance, including under metrics such as NOI and FFO, market rental rates, national or local economic growth, including the impact of inflation, estimated replacement costs of our properties, the Company's expectations regarding tenant occupancy, re-leasing periods, projected capital improvements, expected sources of financing, expectations as to the likelihood and timing of closing of acquisitions, dispositions, or other transactions, the expected operating performance of the Company's current properties, anticipated near-term acquisitions and descriptions relating to these expectations, including, without limitation, the anticipated net operating income yield and cap rates, lower than expected yields, increased interest rates and operating costs, and changes in local, regional, national and international economic conditions, including as a result of the ongoing COVID-19 pandemic. Forward-looking statements presented in this press release are based on management's beliefs and assumptions made by, and information currently available to, management.
The forward-looking statements contained in this press release are based on historical performance and management's current plans, estimates and expectations in light of information currently available to us and are subject to uncertainty and changes in circumstances. There can be no assurance that future developments affecting us will be those that we have anticipated. Actual results may differ materially from these expectations due to the factors, risks and uncertainties described above, changes in global, regional or local political, economic, business, competitive, market, regulatory and other factors described in our news releases and filings with the SEC, including but not limited to those described in our Annual Report on Form 10-K for the year ended December 31, 2021 under the heading "Risk Factors" and in our subsequent reports filed with the SEC, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove to be incorrect, our actual results may vary in material respects from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company does not guarantee that the assumptions underlying such forward-looking statements contained in this press release are free from errors. Unless otherwise stated, historical financial information and per share and other data are as of June 30, 2022 or relate to the quarter ended June 30, 2022. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable securities laws.
Contact
City Office REIT, Inc.
Anthony Maretic, CFO
+1-604-806-3366
investorrelations@cityofficereit.com
View original content to download multimedia:
SOURCE City Office REIT, Inc. | https://www.wistv.com/prnewswire/2022/08/04/city-office-reit-reports-second-quarter-2022-results/ | 2022-08-04T11:33:49Z | https://www.wistv.com/prnewswire/2022/08/04/city-office-reit-reports-second-quarter-2022-results/ | true |
Two NDRF teams are to reach Namakkal, says Collector
Namakkal August 04, 2022 16:41 ISTThe Namakkal District Collector, Shreya P. Singh, said that two teams from the National Disaster Response Force (NDRF) will arrive at the district on Thursday.
Following the release of 2.10 lakh cusecs of water from the Mettur dam, River Cauvery is flooded at Komarapalayam and Pallipalayam in Namakkal district. Flood water entered into hundreds of houses situated near the river at these two places. People are moving out of their homes with their belongings, to relief camps set up by the Namakkal district administration at wedding halls. As a precautionary measure, the old bridge connecting Namakkal and Erode districts at Pallipalayam was closed temporarily.
Also read:Cauvery in spate, more than 200 houses at Bhavani and Kodumudi in Erode flooded
On Thursday, District Collector Shreya P. Singh visited the flood-affected areas along with the officials and also interacted with the people staying at camps, and inquired about the facilities provided to them. Further, she instructed the officials to check every house and to rescue people those stranded in inundated homes.
Speaking to reporters, Ms. Shreya P. Singh said two NDRF teams would arrive at Namakkal district from Kancheepuram, and one team will be stationed at Pallipalayam and the other team would be stationed at Komarapalayam. As a precautionary measure, fire and rescue service personnel have been deployed in these two places, and they will shift people when the water level increases in the river. People should come to the camps without delay, Ms. Shreya P. Singh urged. | https://www.thehindu.com/news/cities/Coimbatore/two-ndrf-teams-are-to-reach-namakkal-says-collector/article65725927.ece/amp/ | 2022-08-04T11:34:34Z | https://www.thehindu.com/news/cities/Coimbatore/two-ndrf-teams-are-to-reach-namakkal-says-collector/article65725927.ece/amp/ | false |
MINNEAPOLIS, Aug. 4, 2022 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) announced that its Board of Directors has decided to pay a dividend of $0.32 per share for the quarter ended June 30, 2022. The quarterly dividend will be payable August 29, 2022, to all common shareholders of record on August 15, 2022. Future cash dividends will be considered by the Board of Directors on a quarterly basis.
Bio-Techne Corporation (NASDAQ: TECH) is a global life sciences company providing innovative tools and bioactive reagents for the research and clinical diagnostic communities. Bio-Techne products assist scientific investigations into biological processes and the nature and progress of specific diseases. They aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses. With thousands of products in its portfolio, Bio-Techne generated approximately $1.1 billion in net sales in fiscal 2022 and has approximately 3,000 employees worldwide. For more information on Bio-Techne and its brands, please visit www.bio techne.com.
Forward Looking Statements:
Our press releases may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements involve risks and uncertainties that may affect the actual results of operations. Forward looking statements in this press release include statements regarding potential future repurchase of Bio-Techne common stock. The following important factors, among others, have affected and, in the future, could affect the Company's actual results and future share price: the effect of new branding and marketing initiatives, the integration of new businesses and leadership, the introduction and acceptance of new products, the funding and focus of the types of research by the Company's customers, the impact of the growing number of producers of biotechnology research products and related price competition, general economic conditions, customer site closures or supply chain issues resulting from the COVID-19 pandemic, the impact of currency exchange rate fluctuations, and the costs and results of research and product development efforts of the Company and of companies in which the Company has invested or with which it has formed strategic relationships.
For additional information concerning such factors, see the section titled "Risk Factors" in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements we make in our press releases due to new information or future events. Investors are cautioned not to place undue emphasis on these statements.
Contact: David Clair, Vice President, Investor Relations
David.Clair@bio-techne.com
612-656-4416
View original content to download multimedia:
SOURCE Bio-Techne Corporation | https://www.wsaz.com/prnewswire/2022/08/04/bio-techne-declares-dividend/ | 2022-08-04T11:39:56Z | https://www.wsaz.com/prnewswire/2022/08/04/bio-techne-declares-dividend/ | true |
TORONTO, Aug. 4, 2022 /PRNewswire/ - Superior Gold Inc. ("Superior Gold" or the "Company") (TSXV: SGI) (OTCMKTS: SUPGF) announced today that it will release its second-quarter 2022 financial and operating results before the Market opens on Wednesday, August 17, 2022. Following the release, management will host a conference call and webcast at 10:00 AM ET to discuss these results.
Date: Wednesday August 17, 2022 at 10:00 AM ET
Toll-free North America: +1 888 664 6392
Local or International: +1 416 764 8659
Webcast: https://app.webinar.net/Q6jknP1NdX0
Toll-free North America: +1 888 390 0541
Local or International: +1 416 764 8677
Passcode: 637061#
The conference call replay will be available for 365 days.
The presentation will be available on the Company's website at www.superior-gold.com.
Superior Gold is a Canadian-based gold producer that owns 100% of the Plutonic Gold Operations located in Western Australia. The Plutonic Gold Operations include the Plutonic underground gold mine and central mill, numerous open-pit projects including the Plutonic Main Pit push-back project, the Hermes open pit projects and an interest in the Bryah Basin joint venture. Superior Gold is focused on expanding production at the Plutonic Gold Operations and building an intermediate gold producer with superior returns for shareholders.
Web: www.superior-gold.com | Twitter: @SuperiorGoldInc | Facebook: SuperiorGoldInc | Instagram: SuperiorGoldInc | LinkedIn: Superior Gold Inc. | YouTube: Superior Gold
View original content:
SOURCE Superior Gold | https://www.kbtx.com/prnewswire/2022/08/04/superior-gold-provides-notice-second-quarter-2022-financial-operating-results-conference-call/ | 2022-08-04T11:40:50Z | https://www.kbtx.com/prnewswire/2022/08/04/superior-gold-provides-notice-second-quarter-2022-financial-operating-results-conference-call/ | true |
CHICAGO , Aug. 4, 2022 /PRNewswire/ -- TIANGEN, a high-tech biological enterprise, demonstrated its groundbreaking nucleic acid extraction solution and customer-oriented OEM model at AACC 2022 from July 26 to 28. The show received passionate feedback from more than 100 distributors and scientists working in molecular biology relevant fields.
The most eye-catching product on display at TIANGEN's booth was the TGuide S16 Nucleic Acid Extractor. It adopts magnetic bead method to efficiently extract nucleic acid automatically and eliminates manual operation and error. Distinct from the high throughput extractors currently on the market, the TGuide S16's footprint is impressively as small as an A4 paper. This compact benchtop instrument is specifically tailored to the research application, in terms of the suitable throughput (<16 samples per run), along with the optimization on the instrument and supporting reagent package design, creating an overall easy-to-use and comfortable user experience.
The TGuide S16 garnered considerable attention from the distributors and scientists visited by, rendering the TIANGEN's booth a hotspot at the event. It leads the groundbreaking automated nucleic acid extraction solutions for various common sample types and meets the great demand of laboratories worldwide for higher efficiency and productivity. The enthusiastic feedback indicated great market potential of this series.
In addition to the smart automated extraction solution, TIANGEN demonstrated examples where they offered one-stop service and provided customized products or solutions for numerous diagnostic reagent manufacturers and testing institutes. This part of products and service will open another door for TIANGEN to break into the highly competitive global market.
In fact, TIANGEN has focused on nucleic acid extraction and detection for nearly 20 years and continues to provide high-quality reagents, instruments and overall solutions for customers in the scientific research and in vitro diagnostics (IVD) industries. TIANGEN's virus extraction and detection products have supported IVD companies and government health agencies in more than 30 countries worldwide in COVID-19 testing. Furthermore, the company's products were listed in the 2020 World Health Organization Emergency Use Assessment COVID-19 IVDs Public Report, and the Global Fund's recommended list of COVID-19 diagnostic reagents and consumables. Additionally, the proven supply chain and logistics system that have been intensively tested during the Covid-19 pandemic also gave the potential customers great faith in TIANGEN.
Extending from TIANGEN's global business, cooperation and acknowledgement already established worldwide, the company announced a comprehensive upgrade of its global brand development plan this year, expanding the business from the original APAC countries to a broader range of target regions worldwide.
"The year 2022 is a milestone for TIANGEN's development, as it is when our brand officially enters the US market", said Kefei Sun, general manager of TIANGEN. "The US not only is the world's largest molecular biology research center, but also has the longest development history of molecular biological industrial applications. It is a significant target of our strategic market that will offer an enormous potential for the development of TIANGEN."
TIANGEN plans to expand its global distribution system in 2022 and 2023 and released an accelerated partnership program. The company is inviting all global outstanding distribution partners to create the molecular biology field a better future together.
About TIANGEN
TIANGEN BIOTECH (BEIJING) CO., LTD. is a high-tech biological enterprise integrating R&D, production, sales, and customer service. It has been committed to providing customers with a total solution from sample storage to nucleic acid extraction and detection. Currently, it is a recognized leader in nucleic acid purification in the Chinese market.
Official website (Life Science): https://en.tiangen.com/
Official website (Industry OEM&ODM): https://www.tiangenbioem.com/
LinkedIn:
TIANGEN (Search ID)
https://www.linkedin.com/company/tiangen
Mingwei He
Associate Strategic Account Manager
mingwei.he@tiangen.com
+1-2402433972
View original content to download multimedia:
SOURCE TIANGEN BIOTECH (BEIJING) CO., LTD. | https://www.wsaz.com/prnewswire/2022/08/04/debut-tiangen-received-passionate-feedback-aacc-2022/ | 2022-08-04T11:41:20Z | https://www.wsaz.com/prnewswire/2022/08/04/debut-tiangen-received-passionate-feedback-aacc-2022/ | false |
Fida lists most unsafe counties for women
What you need to know:
- Nairobi, Siaya and Kisumu lead in a list of 14 counties that account for more than half of recorded attacks against women during campaigns.
- Fida said it recorded 745 attacks on women aspirants nationwide between April and June in a report released yesterday.
Nairobi, Siaya and Kisumu are the country’s most hostile counties to women aspirants in the August 9 General Election campaigns, a new study by the Federation of Women Lawyers-Kenya (Fida) has shown.
The three counties lead in a list of 14 that account for more than half of recorded attacks against women during campaigns.
Fida said it recorded 745 attacks on women aspirants nationwide between April and June in a report released yesterday.
Of these, Siaya recorded 59 while Kisumu and Nairobi had 40 cases each. Others in the list are Kericho, where 33 incidents have been recorded, Marsabit (33), Kisii (26), Nakuru (25), Vihiga (24), Busia and Narok (21), Kitui and Bomet (20), Uasin Gishu and Mombasa (19).
“We have been able to report, map and document incidents of sexual gender-based violence perpetration against women aspirants, voters and supporters. Social media has also presented an opportunity to report and document election related violence on a mass scale, providing information which could ordinarily not be accessed using traditional means,” said Christabella Naliaka, who is the monitoring and evaluation lead Fida.
Reporting portal
The organisation established a reporting portal that allowed 100 monitors in the 47 counties to provide real-time data regarding the situation on the ground from April 2022 to June, 30 which ensured data authenticity and timely responses.
According to the report, cultural events, which include church gatherings and funerals, recorded the highest number of cases reported. Online meetings followed closely while official government functions and fundraisers recorded less numbers.
“The online space remains a marketplace of ideas that contributes to development and requires protection for women from unnecessary interference and irresponsible users, especially through self-regulation and moderation by site managers and users,” Ms Naliaka said.
Fida chairperson Nancy lkinu said they have launched a physical and online elections observation centre to provide psychological and legal support.
“Our monitors have also been deployed across 47 counties to report, map and document incidents of gender-based violence against women aspirants, voters and supporters. Fida will be monitoring and issuing periodic statements on the issues that will be reported from the ground as part of early warning and response during these elections,” she said.
At the same time, the women’s rights group said the two-thirds gender rule remains a mirage.
“Vote A Dada” campaign
“This is despite the fact that the 2017 election had a higher number of women elected into both houses of the Parliament,” Ms Ikinu said. The lobby had last year launched the “Vote A Dada” campaign to advance the gender agenda.
“We have trained over 350 female aspirants, including the youth and women living with disabilities, on the various aspects of the electoral cycle to ensure they have the requisite capacity for greater participation in elective politics,” said Ms Ikinu.
In this election three female deputy presidential candidates, gubernatorial (23), deputy governor (57), National Assembly (340), senatorial (42) and 1,187 MCA candidates have been gazetted. | https://nation.africa/kenya/news/gender/here-are-the-most-unsafe-counties-for-women-3902800 | 2022-08-04T11:42:01Z | https://nation.africa/kenya/news/gender/here-are-the-most-unsafe-counties-for-women-3902800 | false |
After Supreme Court ruling, it’s open season on US gun laws
WASHINGTON (AP) — The Supreme Court ruling expanding gun rights threatens to upend firearms restrictions across the country as activists wage court battles over everything from bans on AR-15-style guns to age limits.
The decision handed down in June already has led one judge to temporarily block a Colorado town from enforcing a ban on the sale and possession of certain semi-automatic weapons.
The first major gun decision in more than a decade, the ruling could dramatically reshape gun laws in the U.S. even as a series of horrific mass shootings pushes the issue back into the headlines.
“The gun rights movement has been given a weapon of mass destruction, and it will annihilate approximately 75% of the gun laws eventually,” said Evan Nappen, a New Jersey gun rights attorney.
The court battles come as the Biden administration and police departments across the U.S. struggle to combat a surge in violent crime and mass shootings, including several high-profile killings carried out by suspects who purchased their guns legally.
And given the sheer number of cases now working through the courts, a lot more time will be spent in courtrooms no matter who wins.
“We will see a lot of tax dollars and government resources that should be used to stop gun crime being used to defend gun laws that are lifesaving and wildly popular,” said Jonathan Lowry, chief counsel and vice president at Brady, the gun control group.
Congress broke through years of deadlock to pass a modest gun violence prevention package weeks ago, and the House voted to renew a ban on high-powered semi-automatic weapons, though that effort is likely doomed in the Senate as Republicans push back on firearms restrictions and say recent spikes in gun violence should be met with a stepped-up police response.
The Supreme Court decision struck down a New York law requiring people to demonstrate a particular need to get a license to carry a concealed gun in public, saying it violates Second Amendment rights. Several other states including California, Hawaii, Maryland, Massachusetts, New Jersey and Rhode Island have similar laws expected to be directly impacted by the ruling.
In Massachusetts, for example, police chiefs can no longer deny or impose restrictions on licenses just because the applicant doesn’t have a “good reason” to carry a gun. New York quickly passed a new concealed-weapon law, but Republicans there predict it will also end up being overturned.
In its New York ruling, the high court’s conservative majority also changed a test lower courts had used for evaluating challenges to gun laws.
Judges should no longer consider whether the law serves public interests like enhancing public safety, the opinion authored by Justice Clarence Thomas said. Instead, they should only weigh whether the law is “consistent with the Second Amendment’s text and historical understanding.”
“Basically, the Supreme Court has given an invitation for the gun lobby to file lawsuits against virtually every gun law in America,” Lowry said.
The Supreme Court has ordered lower courts to take another look at several other cases under the court’s new test. Among them: laws in California and New Jersey that limit the amount of ammunition a gun magazine can hold and a 2013 ban on “assault weapons” in Maryland.
Gun rights groups are also challenging similar bans in California, New York, New Jersey and Delaware.
“The rifles at issue in this case are the sorts of bearable arms in common use for lawful purposes that responsible and peaceable people across the United States possess by the millions. And they are, moreover, exactly what they would bring to service in militia duty, should such be necessary,” a New Jersey lawsuit brought in June by the Firearms Policy Coalition says, referencing the language of the Second Amendment.
The ruling also has come up in challenges to restrictions on gun possession for 18- to 20-year-olds in Texas and Pennsylvania. And it has been cited in a case challenging a federal ban on gun possession for people convicted of nonviolent crimes punishable by more than a year behind bars, as well as a prohibition on concealed guns on the subway in Washington, D.C.
In addition, a gun rights group is suing Colorado over the state’s 2013 ban on magazines that hold more than 15 rounds, saying the high court ruling reinforces the group’s argument that it infringes on Second Amendment rights. And the ruling has public defenders in New York City asking judges to drop gun possession cases.
Not all those lawsuits will necessarily be successful. The Texas attorney general, for example, argues the Supreme Court ruling doesn’t affect the state’s age limit law, and more state and local governments can certainly defend their gun laws as being in line with U.S. history.
Adam Skaggs, chief counsel and policy director at the Giffords Law Center to Prevent Gun Violence, predicted that when the dust settles, only laws “along the margins” will eventually be struck down.
“Most judges are going to see these for what they are, which is overreaching and lacking in any merit,” he said.
Backers of gun restrictions can also look to a concurring opinion from Justice Brett Kavanaugh.
Joined by Chief Justice John Roberts, Kavanaugh stressed that the Second Amendment does allow for a “variety” of gun regulations. He cited the use of background checks and mental health records as part of a licensing process to carry a gun and noted that states can forbid the carrying of firearms in “sensitive places” such as schools and government buildings.
But the Colorado decision handed down last month, while still early in the process, was a rosy sign for gun rights groups.
U.S. District Court Judge Raymond Moore, who was nominated by President Barack Obama, said he was sympathetic to the town’s goal of preventing mass shootings like the one that killed 10 people at a grocery store in nearby Boulder last year. But Moore said he didn’t know of “historical precedent” for a law banning “a type of weapon that is commonly used by law-abiding citizens for lawful purposes,” so the gun rights groups have a strong case against the ordinance.
Encouraged by that decision, Taylor D. Rhodes, the executive director of the Rocky Mountain Gun Owners, told The Associated Press that his group was considering going after other gun measures in Colorado, where Democrats hold the majority in the state legislature and the governor’s office.
Referring to the Supreme Court’s ruling, Rhodes said: “The Bruen decision gave us a 4-ton wrecking ball.”
___
Richer reported from Boston.
Copyright 2022 The Associated Press. All rights reserved. | https://www.valleynewslive.com/2022/08/04/after-supreme-court-ruling-its-open-season-us-gun-laws/ | 2022-08-04T11:42:44Z | https://www.valleynewslive.com/2022/08/04/after-supreme-court-ruling-its-open-season-us-gun-laws/ | true |
Of course, the main point of any watch is to help you keep track of the time. But don’t you think you should get a little bit more out of it? This refurbished Samsung SM Galaxy Smart Watch will do so much more than just keep you from being “the late one.” With a host of health functions and a myriad of apps to select from, your wrist is going to wonder what it did without it.
You may think that smartwatches are a product of the new millennium, and indeed it wasn’t until the turn of the century that these little wonders really took off and appeared on practically every wrist in the nation. But did you know that the first “smartwatch” actually appeared in 1927? It was called the Plus Four Wristlet Route Indicator, and acted as a navigational device that gave driving directions. It cost about $75 in today’s currency—a true bargain, even then! Of course, it didn’t provide anything more than that; certainly not the functions that we have come to expect from our smartwatches today.
Yes, almost 100 years later not only can we get detailed instructions on how to get from point A to point B with a flick of our wrist, but so much more information is available to us through the advent of devices like this Samsung SM Galaxy Smart Watch. This handsome device will monitor sleep patterns, your heart rate, your daily activities, and more. It will allow you to answer calls, receive notifications, and display your schedule for the next 10 hours. With a long battery life, you needn’t worry about running out of juice when you least expect it. It features customizable apps and pairs with both Android and iOS smartphones via Bluetooth connection.
Although it is factory refurbished, note that it is grade “A” listed, meaning it will be triple-checked for quality before shipping and arrive in near-mint condition. This watch sells for over $300 brand new, but you buy this one now for only $149.99. If you’re looking to upgrade, or haven’t yet got on the smartwatch bandwagon, this is your opportunity to enjoy the benefits that smartwatches offer in general, and appreciate the style and features that this one offers in particular.
Prices subject to change. | https://www.clickorlando.com/deals/2022/08/04/with-a-myriad-of-apps-and-a-host-of-functions-this-is-the-smartwatch-that-should-be-on-your-wrist/ | 2022-08-04T11:45:04Z | https://www.clickorlando.com/deals/2022/08/04/with-a-myriad-of-apps-and-a-host-of-functions-this-is-the-smartwatch-that-should-be-on-your-wrist/ | true |
FIRST INSTALLATION HEADED TO CALIFORNIA'S CANNABIS PRODUCTION HEARTLAND
DENVER, Aug. 4, 2022 /PRNewswire/ -- CryoMass Technologies Inc. (the "Company" or "CryoMass") (OTCQX: CRYM) is pleased to announce that rigorous testing of its patented cryogenic trichrome separation system has yielded results in all key areas of interest that either met or significantly surpassed pre-testing expectations. The Company is now busily preparing to deliver its first commercial unit to an operating partner based in the heart of the largest cannabis production region of the world's largest cannabis market, California.
This Monterey-based company manufactures premium extracts for their own brand and several of the more prominent, better-known brands in California. Their extensive expertise in producing high-quality, standardized extracts should prove invaluable as we refine standard operating procedures (SOP) to guide product development for future customers.
Together we are establishing a toll processing station at their sophisticated Monterey facility, where we expect to process cannabis on behalf of some of California's leading cannabis cultivators, many of which are already close business relationships. The Company is confident this partnership will begin generating revenues in the 4th quarter of 2022 and anticipate a steep ramp-up in revenues throughout 2023.
The CryoMass system enables cannabis and hemp cultivators and processors to optimize and streamline their processes, thus dramatically reducing costs while simultaneously capturing approximately 97% of the active elements and increasing the purity and quality of the products sold to consumers.
CryoMass Director and CEO Christian Noël stated, "Finally, after seven years of engineering, product development, and testing, we are ready to commercialize this exciting new technology. And the demand is incredible. Every week we receive inquiries from cannabis and hemp cultivators and processors from all around the United States and the rest of the world as well. It's an exciting time for us."
Noël added, "Our initial target market is North America, especially the United States. We think our first deployment in Monterey will serve to attract cultivators from within a four-hour radius seeking to avail themselves of this "must-have" new cryogenic trichome separation technology. Between Santa Barbara and Monterey, we will be positioned to toll-process for approximately 5,000 cultivation licenses representing 60% of the entire California market. We view this first installation as the perfect venue to showcase the CryoMass system to future customers from all around the globe."
Testing Phase Highlights
When comparing the results of the patented CryoMass system to traditional trichome separation systems, there is no comparison.
Based on the processing of 25,000 lbs. of biomass, here are the results of our trichome separation system versus nine leading traditional systems that do not and cannot utilize our patented cryogenic, solventless separation process:
It is important to note that one of the key reasons the CryoMass system is so much more efficient from a process and cost-saving perspective is that it is, to the best of our knowledge, the only continuous-feed separation system while all others are batch-feed systems.
Although the Company's initial focus is on the cannabis and hemp sector, there is tremendous potential to generate important revenue streams from processing other high-value, trichrome-rich plants where similar cost savings and end-product improvements can be realized.
Here is the video of the continuous-feed CryoMass trichrome separation system in operation that was initially published in May: CLICK HERE TO WATCH THE VIDEO
The common stock of CryoMass Technologies Inc. trades on the OTC QX market under the symbol CRYM. For further information, please contact the Company by email at investors@cryomass.com or by telephone at +1 833 256 2382.
This press release is not an offer of securities, or a solicitation for purchase, subscription or sale of securities in the United States of America or in any other jurisdiction in which it would be unlawful to do so.
This press release may contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 that involve known and unknown risks, uncertainties and other factors, including risk factors identified in the Company's SEC filings, and which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Risks and uncertainties include, without limitation, changes in the regulatory environment affecting the sale and use of cannabis or hemp products and of other, potential lines of businesses that the Company will consider entering at a given time, demand for the Company's products, internal funding and the financial condition of the Company, product roll-out, competition, our dependence upon our commercial partners, variations in the global commodities markets and other commercial matters involving the Company, its products and the markets in which the Company operates or seeks to enter, as well as general economic conditions. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Marijuana, as defined in the U.S. Controlled Substances Act, remains a Schedule I drug under the respective act, making it illegal under federal law in the U.S. to, among other things, cultivate, distribute or possess cannabis. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the U.S. may form the basis for prosecution under applicable U.S. federal money laundering legislation. Please carefully review the Company's SEC filings with respect to related risk factor.
View original content to download multimedia:
SOURCE CryoMass Technologies Inc | https://www.dakotanewsnow.com/prnewswire/2022/08/04/cryomass-prepares-market-launch-its-revolutionary-trichome-separator/ | 2022-08-04T11:46:34Z | https://www.dakotanewsnow.com/prnewswire/2022/08/04/cryomass-prepares-market-launch-its-revolutionary-trichome-separator/ | false |
We independently selected these products because we love them, and we think you might like them at these prices. E! has affiliate relationships, so we may get a commission if you purchase something through our links. Items are sold by the retailer, not E!. Prices are accurate as of publish time.
If you want beautifully long, full eyelashes but you're sick of the difficult application, this D.I.Y. Lash Extension Starter Kit from Amazon is for you. Even if you're a beginner when it comes to applying false eyelashes, this kit includes an applicator, false eyelashes, a bond to prep your lashes, and a seal to keep your eyelashes in place, so you can skip the salon visits and get lovely lashes at home.
Over 5,000 Amazon reviewers gave this kit a perfect review, and we can see why. You can reuse the false eyelashes that come with this kit up to three times, elevating three beauty looks with fabulous lashes. We think it's a no-brainer to add this step to your makeup routine.
The best part? This lash extension kit is on sale now. Scroll below for gorgeous eyes!
KISS Falscara D.I.Y. Lash Extension Starter Kit With 10 Eyelash Lengthening Wisps, Applicator and Bond & Seal lash adhesive
This D.I.Y. lash extension starter kit with over 5K 5-star reviews on Amazon makes eyelash application super easy, even for beginners. This kit comes with an applicator, false eyelashes, bond to prep your lashes, and a seal to make sure your false eyelashes aren't going anywhere. The best part? This kit is 30% off now.
Here's what reviewers are saying:
"I can't be anymore serious when I say that I have tried every single kind of false lash and glue on the market. Hoping. PRAYING!! That I could find something that would help me cross over to the world of falsies and it goes without saying FAIL. So I ordered the magnetic lashes TikTok was raving about. How could I screw that up? Paint on the magnetic eyeliner and put em on. NOPE. FAIL! So needless to say even though I lied to myself and said I was giving up I saw these and said "TAKE MY MONEY!" Pretty much knew they wouldn't work. Waited until I was relaxed and prepared to fail. What?!?! I did it?! No flipping way. Sure I got them on without saying one curse word in under 10 minutes but I'm sure they aren't going to stay on. I'll go out wearing them and end up looking like a hot mess without knowing it within an hour. NOPE! These puppies held on like a toxic relationship ANNND- I fell asleep in them. Woke up looking like a hot mess. But with lashes that were still fresh af."
"These lashes are amazing! I love extensions but hate the maintenance and price. These took 5 min to apply. As per some other reviews that the sealer leaves a white residue, that is false, they're probably using a lot of it. Also, here's a tip when applying the bond, only use a little it goes a long way, I'd recommend not applying it like it's mascara; instead try applying it more towards the lash line (underneath) and try doing small areas at a time because when you blink for whatever reason ( like looking down to grab a lash from the pack) your lashes will stick to the bottom lashes. So apply bond in small areas at a time.
And apply a small amount of the sealer and you will not get the white residue leftover."
"I have tried sooo many types of lashes and never kept a pair on longer than 4 hours before they totally drove me nutz. These are great, flawless application and they feel so light and not uncomfortable at all. They don't make my eyes water or itch. I do recommend putting the bond on the outer half of your natural lashes and attaching two or three wisps and then apply bond to your inner eye lashes. I wasn't quick enough to get them all on before the inner glue started to dry out. I only needed 4 of the 5 wisps per eye and to be honest, there isn't even need for mascara, they look beautifully natural and you don't need to clean any mascara off of them. I am totally hooked on these. They are incredible, and Ive never said that about false eyelashes, ever! Proof is in the picture!"
"I am a false lash moron. No matter how hard I tried or how much I practiced I could never get the darned things on. I tried the magnetic ones. No dice. The "easy on" lashes. Nope. I just. Couldn't. Do it. Then I bought these. I saw them on YouTube and figured I'd give falsies one last try. And I'm really glad I did.
They're pretty simple. You brush the "bond" on to your own lashes with a little mascara type wand, tuck the little wispies of false lash UNDER your own lashes, then brush on the clear "seal". That's it. And it worked.
I'm still in shock. OK, so the first time I used them I had a little trouble. I got the black "bond" on my fingers and it took 2 tries to get the first false on, but I did it. They stayed on too." | https://www.eonline.com/news/1340717/trouble-applying-fake-eyelashes-this-lash-extension-starter-kit-has-over-5-000-5-star-amazon-reviews | 2022-08-04T11:46:41Z | https://www.eonline.com/news/1340717/trouble-applying-fake-eyelashes-this-lash-extension-starter-kit-has-over-5-000-5-star-amazon-reviews | true |
Toyota Motor Corp. sales fell 21 percent in July as would-be buyers faced high prices at the gas pump, rising interest rates and tight supply that pushed new car prices to record highs.
There was a local bright spot, though. The San Antonio-built Tundra full-size pickup had its second-best sales month since December 2020, with dealers moving 10,694 Tundras last month.
The Japanese automaker began producing the redesigned Tundra late last year after a $400 million expansion at its South Side plant.
Toyota is also planning to start building the redesigned full-size Sequoia SUV in San Antonio sometime this summer, but it’s not clear when. Just a dozen Sequoias were sold last month.
Toyota employs about 3,200 people at its plant on the South Side.
For the 12 months through July, Toyota’s sales were down 19 percent from the same period a year earlier, and it’s seen declines every month this year.
The biggest hurdle for Toyota and other automakers is the shortage of parts that’s persisted since the pandemic threw off supply chains. That’s cut production — and sales.
Just 1.12 million new vehicles were for sale in the U.S. at the end of June, virtually unchanged since the beginning of May. The lack of cars available for purchase has pushed the average sale price for new vehicles to just past $48,000 in June — an increase of 13 percent from a year earlier, according to Cox Automotive.
But as the Federal Reserve lifts interest rates and makes loans more expensive, there’s a chance auto prices could moderate in coming months as fewer would-be buyers are able to afford higher monthly payments.
On ExpressNews.com: CPS Energy bills jump more than 50 percent in June as temperatures and gas prices rise
Through mid-July, the average auto loan rate increased by 1.5 percent, according to Cox. That translated to a 5 percent increase in monthly auto payments this year. As a result, the average monthly payment for a car hit $730.
That could bring the market to a tipping point. As the Fed continues increasing rates to combat inflation, monthly payments will rise further and “demand could diminish just as production and product availability improves,” Cox analysts said. “In that scenario, we could see the return of some discounting and incentives.”
“Rising interest rates and low consumer sentiment are keeping many potential buyers out of the market,” Cox Senior Economist Charlie Chesbrough said. “Tight supply, however, continues to be the biggest obstacle over the near term, and there is little evidence of supply returning to normal.”
diego.mendoza-moyers@express-news.net | https://www.expressnews.com/business/local/article/car-sales-truck-Texas-17346719.php | 2022-08-04T11:46:53Z | https://www.expressnews.com/business/local/article/car-sales-truck-Texas-17346719.php | false |
LEHIGH VALLEY, Pa., Aug. 4, 2022 /PRNewswire/ --
Q3 FY22 (comparisons versus prior year):
- GAAP EPS# of $2.62, up 11 percent; GAAP net income of $587 million, up 10 percent; and GAAP net income margin of 18.4 percent, down 200 basis points
- Adjusted EPS* of $2.62, up 13 percent; adjusted EBITDA* of $1,081 million, up 11 percent; and adjusted EBITDA margin* of 33.9 percent, down 360 basis points
Recent Highlights
- Advancing the Energy Transition:
- Growing the Base On-site Business:
- Demonstrating Sustainability in Action:
Guidance
- Maintained fiscal 2022 full-year adjusted EPS guidance* of $10.20 to $10.40, up 14 percent at the midpoint, over prior year adjusted EPS*; fiscal 2022 fourth quarter adjusted EPS guidance* of $2.68 to $2.88, up seven to 15 percent over prior year fourth quarter adjusted EPS*
- Expect fiscal year 2022 capital expenditures* of over $4.5 billion
#Earnings per share is calculated and presented on a diluted basis from continuing operations attributable to Air Products.
*Certain results in this release, including in the highlights above, include references to non-GAAP financial measures on a consolidated, continuing operations basis and a segment basis. Additional information regarding these measures and reconciliations of GAAP to non-GAAP historical results can be found below. In addition, as discussed below, it is not possible, without unreasonable efforts, to identify the timing or occurrence of events and transactions that could significantly impact future GAAP EPS or cash flow used for investing activities if they were to occur.
Air Products (NYSE:APD) today reported third quarter fiscal 2022 results, including GAAP EPS from continuing operations of $2.62, up 11 percent over prior year, and GAAP net income of $587 million, up 10 percent over prior year due to higher pricing, higher equity affiliates' income and higher volumes, which were partially offset by higher costs driven by inflation, higher supply chain costs, and planned maintenance activities, as well as unfavorable currency due to the strengthening of the dollar. GAAP net income margin of 18.4 percent decreased 200 basis points, primarily driven by higher energy cost pass-through, which negatively impacted margin by approximately 250 basis points.
For the quarter, on a non-GAAP basis, adjusted EPS from continuing operations of $2.62 increased 13 percent over the prior year, and adjusted EBITDA of $1,081 million was up 11 percent over the prior year, due to higher pricing, higher equity affiliates' income and higher volumes, which were partially offset by higher costs driven by inflation, higher supply chain costs, and planned maintenance activities, as well as unfavorable currency due to the strengthening of the dollar. Adjusted EBITDA margin of 33.9 percent decreased 360 basis points, primarily driven by higher energy cost pass-through, which negatively impacted margin by approximately 500 basis points.
Third quarter sales of $3.2 billion increased 22 percent over the prior year on 15 percent higher energy cost pass-through, seven percent higher pricing and five percent higher volumes, partially offset by five percent unfavorable currency. Volume growth was driven by new assets, recovery in hydrogen in the Americas, better merchant demand, and higher sale of equipment activity. Pricing improved in the Americas, Asia and Europe—the Company's three largest segments.
Commenting on the results, Air Products' Chairman, President and Chief Executive Officer Seifi Ghasemi said, "Our people across the globe are executing on our strategy, which is fundamentally based on doing two things at the same time: running our base industrial gas business efficiently and continuing to invest in and grow it, while also being the first-mover in low- and zero-carbon hydrogen projects that help the world decarbonize and drive the broader energy transition. Despite significant, continued challenges in the world, our team's hard work and commitment are enabling the strength and stability of our business to shine through, as evidenced in our results this quarter."
Fiscal Third Quarter Results by Business Segment
- Americas sales of $1,416 million were up 33 percent over the prior year on 22 percent higher energy cost pass-through, eight percent higher pricing, and four percent higher volumes, partially offset by one percent unfavorable currency. Operating income of $299 increased five percent and adjusted EBITDA of $481 million increased three percent on the higher pricing and higher volumes in the base business, partially offset by costs for inflation, higher planned maintenance, and higher supply chain costs as well as favorable one-time items in the prior year. Operating margin of 21.1 percent decreased 580 basis points and adjusted EBITDA margin of 33.9 percent decreased 980 basis points, primarily due to higher energy cost pass-through, which lowered operating margin and adjusted EBITDA margin by approximately 450 basis points and 800 basis points, respectively.
- Asia sales of $751 million were flat versus the prior year, as two percent higher volumes and two percent higher pricing were offset by four percent unfavorable currency. Operating income of $211 million decreased four percent and adjusted EBITDA of $324 million decreased five percent, as the favorable volumes and pricing were more than offset by unfavorable currency as well as costs for higher planned maintenance, inflation, and higher supply chain costs. Operating margin of 28.0 percent decreased 110 basis points and adjusted EBITDA margin of 43.1 percent decreased 230 basis points.
- Europe sales of $740 million increased 23 percent over the prior year on 24 percent higher energy cost pass-through and 17 percent higher pricing across all product lines and sub-regions, partially offset by 15 percent unfavorable currency and three percent lower volumes. Operating income of $137 million increased three percent and adjusted EBITDA of $207 million increased four percent, primarily driven by higher pricing, which more than offset lower volumes, higher power costs and unfavorable currency. Adjusted EBITDA was also positively impacted by higher equity affiliates' income. Operating margin of 18.6 percent decreased 380 basis points and adjusted EBITDA margin of 28.0 percent decreased 500 basis points, predominantly due to the higher energy cost pass-through, which lowered operating margin and adjusted EBITDA margin by approximately 450 basis points and 700 basis points, respectively.
- Middle East and India equity affiliates' income of $67 million was up $50 million over the prior year, primarily from the Jazan joint venture.
- Corporate and other sales of $247 million increased 48 percent over the prior year, driven by higher sale of equipment activity. This activity drove improvements in both operating income and adjusted EBITDA.
Outlook
Air Products has maintained full-year fiscal 2022 adjusted EPS guidance of $10.20 to $10.40, up 14 percent at midpoint, over prior year adjusted EPS. For the fiscal 2022 fourth quarter, Air Products' adjusted EPS guidance is $2.68 to $2.88, up seven to 15 percent over fiscal 2021 fourth quarter adjusted EPS.
Air Products expects capital expenditures of over $4.5 billion for full-year fiscal 2022.
Management has provided adjusted EPS guidance on a continuing operations basis, which excludes the impact of certain items that we believe are not representative of our underlying business performance, such as the incurrence of additional costs for cost reduction actions and impairment charges, or the recognition of gains or losses on disclosed items. It is not possible, without unreasonable efforts, to predict the timing or occurrence of these events or the potential for other transactions that may impact future GAAP EPS or the effective tax rate. Similarly, it is not possible, without unreasonable efforts, to reconcile our forecasted capital expenditures to future cash used for investing activities because we are unable to identify the timing or occurrence of our future investment activity, which is driven by our assessment of competing opportunities at the time we enter into transactions. Furthermore, it is not possible to identify the potential significance of these events in advance, but any of these events, if they were to occur, could have a significant effect on our future GAAP results. Management therefore is unable to reconcile, without unreasonable effort, the Company's forecasted range of adjusted EPS, the effective tax rate and our capital expenditures to a comparable GAAP range.
Earnings Teleconference
Access the fiscal 2022 third quarter earnings teleconference scheduled for 8:30 a.m. Eastern Time on August 4, 2022 by calling 323-701-0160 and entering passcode 5156956 or by accessing the Event Details page on Air Products' Investor Relations website.
About Air Products
Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale low- and zero-carbon hydrogen projects supporting global transportation and the energy transition.
The Company had fiscal 2021 sales of $10.3 billion from operations in over 50 countries and has a current market capitalization of about $55 billion. More than 20,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram.
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about earnings and capital expenditure guidance, business outlook and investment opportunities. Forward-looking statements are based on management's expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including, without limitation: the duration and impacts of the ongoing COVID-19 global pandemic and efforts to contain its transmission, including the effect of these factors on our business, our customers, economic conditions and markets generally; changes in global or regional economic conditions, inflation and supply and demand dynamics in the market segments we serve, or in the financial markets that may affect the availability and terms on which we may obtain financing; the ability to implement price increases to offset cost increases; disruptions to our supply chain and related distribution delays and cost increases; risks associated with having extensive international operations, including political risks, risks associated with unanticipated government actions and risks of investing in developing markets; project delays, contract terminations, customer cancellations, or postponement of projects and sales; our ability to develop, operate, and manage costs of large-scale and technically complex projects, including gasification and hydrogen projects; the future financial and operating performance of major customers, joint ventures, and equity affiliates; our ability to develop, implement, and operate new technologies; our ability to execute the projects in our backlog and refresh our pipeline of new projects; tariffs, economic sanctions and regulatory activities in jurisdictions in which we and our affiliates and joint ventures operate; the impact of environmental, tax, or other legislation, as well as regulations and other public policy initiatives affecting our business and the business of our affiliates and related compliance requirements, including legislation, regulations, or policies intended to address global climate change; changes in tax rates and other changes in tax law; the timing, impact, and other uncertainties relating to acquisitions and divestitures, including our ability to integrate acquisitions and separate divested businesses, respectively; risks relating to cybersecurity incidents, including risks from the interruption, failure or compromise of our information systems; catastrophic events, such as natural disasters and extreme weather events, public health crises, acts of war, including Russia's invasion of Ukraine and the ongoing civil war in Yemen, or terrorism; the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility; costs and outcomes of legal or regulatory proceedings and investigations; asset impairments due to economic conditions or specific events; significant fluctuations in inflation, interest rates, and foreign currency exchange rates from those currently anticipated; damage to facilities, pipelines or delivery systems, including those we own or operate for third parties; availability and cost of electric power, natural gas, and other raw materials; the success of productivity and operational improvement programs; and other risks described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2021 and subsequent filings we have made with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on our forward-looking statements. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.
The segment results presented below reflect the segment reorganization announced on 4 November 2021. For additional information on the reorganization, refer to the Company's Current Report on Form 8-K dated 9 December 2021.
The table below reconciles total operating income disclosed in the tables above to consolidated operating income as reflected on our consolidated income statements:
We present certain financial measures, other than in accordance with U.S. generally accepted accounting principles ("GAAP"), on an "adjusted" or "non-GAAP" basis. On a consolidated basis, these measures include adjusted diluted earnings per share ("EPS"), adjusted EBITDA, adjusted EBITDA margin, adjusted effective tax rate, and capital expenditures. On a segment basis, these measures include adjusted EBITDA and adjusted EBITDA margin. In addition to these measures, we also present certain supplemental non-GAAP financial measures to help the reader understand the impact that certain disclosed items, or "non-GAAP adjustments," have on the calculation of our adjusted diluted EPS. For each non-GAAP financial measure, we present a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP.
Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the most directly comparable measure calculated in accordance with GAAP. We believe these non-GAAP financial measures provide investors, potential investors, securities analysts, and others with useful information to evaluate the performance of our business because such measures, when viewed together with financial results computed in accordance with GAAP, provide a more complete understanding of the factors and trends affecting our historical financial performance and projected future results.
In many cases, non-GAAP financial measures are determined by adjusting the most directly comparable GAAP measure to exclude non-GAAP adjustments that we believe are not representative of our underlying business performance. For example, we previously excluded certain expenses associated with cost reduction actions, impairment charges, and gains on disclosed transactions. The reader should be aware that we may recognize similar losses or gains in the future. Readers should also consider the limitations associated with these non-GAAP financial measures, including the potential lack of comparability of these measures from one company to another.
When applicable, the tax impact of our pre-tax non-GAAP adjustments reflects the expected current and deferred income tax impact of our non-GAAP adjustments. These tax impacts are primarily driven by the statutory tax rate of the various relevant jurisdictions and the taxability of the adjustments in those jurisdictions.
NON-GAAP ADJUSTMENTS
There were no non-GAAP adjustments in the third quarter or first nine months of fiscal year 2022 that impacted diluted earnings per share or the effective tax rate. For information related to non-GAAP adjustments for the three and nine months ended 30 June 2021, refer to Exhibit 99.1 to our Current Report on Form 8-K dated 9 August 2021.
ADJUSTED DILUTED EPS
The table below provides a reconciliation to the most directly comparable GAAP measure for each of the major components used to calculate adjusted diluted EPS from continuing operations, which we view as a key performance metric. In periods that we have non-GAAP adjustments, we believe it is important for the reader to understand the per share impact of each such adjustment because management does not consider these impacts when evaluating underlying business performance. Per share impacts are calculated independently and may not sum to total diluted EPS and total adjusted diluted EPS due to rounding.
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN
We define adjusted EBITDA as net income less income (loss) from discontinued operations, net of tax, and excluding non-GAAP adjustments, which we do not believe to be indicative of underlying business trends, before interest expense, other non-operating income (expense), net, income tax provision, and depreciation and amortization expense. Adjusted EBITDA and adjusted EBITDA margin provide useful metrics for management to assess operating performance. Margins are calculated independently for each period by dividing each line item by consolidated sales for the respective period and may not sum to total margin due to rounding.
The tables below present consolidated sales and a reconciliation of net income on a GAAP basis to adjusted EBITDA and net income margin on a GAAP basis to adjusted EBITDA margin:
The tables below present sales and a reconciliation of operating income and operating margin to adjusted EBITDA and adjusted EBITDA margin for the Company's three largest regional segments and a reconciliation of operating loss to adjusted EBITDA for the Corporate and other segment for the three months ended 30 June 2022 and 2021:
ADJUSTED EFFECTIVE TAX RATE
The effective tax rate equals the income tax provision divided by income from continuing operations before taxes.
CAPITAL EXPENDITURES
We define capital expenditures as cash flows for additions to plant and equipment, including long-term deposits, acquisitions (less cash acquired), and investment in and advances to unconsolidated affiliates. A reconciliation of cash used for investing activities to our reported capital expenditures is provided below:
The components of our capital expenditures are detailed in the table below:
We expect capital expenditures for fiscal year 2022 to be over $4.5 billion.
It is not possible, without unreasonable efforts, to reconcile our forecasted capital expenditures to future cash used for investing activities because we are unable to identify the timing or occurrence of our future investment activity, which is driven by our assessment of competing opportunities at the time we enter into transactions. These decisions, either individually or in the aggregate, could have a significant effect on our cash used for investing activities.
OUTLOOK
The guidance provided below is on an adjusted continuing operations basis and is compared to adjusted historical diluted EPS attributable to Air Products. These adjusted measures exclude the impact of certain items that we believe are not representative of our underlying business performance, such as the incurrence of additional costs for cost reduction actions and impairment charges, or the recognition of gains or losses on disclosed items. It is not possible, without unreasonable efforts, to identify the timing or occurrence of these events or the potential for other transactions that may impact future GAAP EPS. Furthermore, it is not possible to identify the potential significance of these events in advance, but any of these events, if they were to occur, could have a significant effect on our future GAAP EPS. Accordingly, management is unable to reconcile, without unreasonable efforts, the Company's forecasted range of adjusted EPS on a continuing operations basis to a comparable GAAP range. The per share impact for each non-GAAP adjustment was calculated independently and may not sum to total adjusted diluted EPS due to rounding.
View original content:
SOURCE Air Products | https://www.valleynewslive.com/prnewswire/2022/08/04/air-products-reports-fiscal-2022-third-quarter-gaap-eps-adjusted-eps-262/ | 2022-08-04T11:47:13Z | https://www.valleynewslive.com/prnewswire/2022/08/04/air-products-reports-fiscal-2022-third-quarter-gaap-eps-adjusted-eps-262/ | false |
SINGAPORE, Aug. 4, 2022 /PRNewswire/ -- XT.com, the world's first social infused digital assets trading platform, is excited to announce it will soon list Fanverse (FT) token with USDT trading pair on its platform. The listing of FT is scheduled to occur on August 4th, 2022, at 09:00 (UTC) on the exchange's Main Zone (Web3).
FT is a native cryptocurrency used to facilitate all transactions within the Fanverse NFT platform. The token can be used to perform P2P trading and staking and can seamlessly be used to pay for goods and services. Along with FT token use cases, users can also use it for mining and earn rewards.
Crypto traders and Fanverse holders can start depositing their crypto assets on August 3rd, 2022, at 09:00 (UTC) to prepare themselves for trading. While enjoying a near-zero fee in trading FT/USDT, XT.com will make withdrawals available to traders on August 5th, 2022, at 09:00 (UTC). With this new listing, everyone is encouraged to level up their experience in trading the token and receive a good return. Along with the platform's goal, it aims to also allow crypto holders to trade the token for effective pricing for the first time on the platform.
Jonathan Shih, the Head of MEA (Middle East & Africa) at XT.com, stated, "By having the Fanverse token (FT) listed on our platform, we look forward to aid in accelerating the way artists, creators, and their fans can exchange content and projects exclusively with NFTs in a harmonious manner, alongside providing intuitive support for Fanverse as it aims to become a gateway between the entertainment and blockchain industry."
About Fanverse (FT)
Fanverse (FT) is a non-fungible token (NFT) platform. It targets artists, creators, and their fan base to ignite how they exchange content and projects that are blended with NFTs. Fanverse also aims to become a gateway to bridge the gap between the entertainment and blockchain industry via the NFT market. Additionally, its services focus on entertainment content that features leading Korean artists and TV program-blended NFTs, to provide users with a new and exciting experience.
Website: https://www.fanverse.market/zh
Twitter: https://twitter.com/Fanverse_twt
About XT.com
By consistently expanding its ecosystem, XT.com is dedicated to providing users with the most secure, trusted, and hassle-free digital asset trading services. Our exchange is built from a desire to give everyone access to digital assets regardless where you are.
Founded in 2018, XT.com now serves more than 4.5 million registered users, over 500,000+ monthly active users, and 30+ million users in the ecosystem. Covering a rich variety of trading categories together with an NFT aggregated marketplace, our platform strives to cater to its large user base by providing a secure, trusted, and intuitive trading experience.
As the world's first social infused digital assets trading platform, XT.com also supports social networking platform based transactions to make our crypto services more accessible to users all over the world. Furthermore, to ensure optimal data integrity and security, we see user security as our top priority at XT.com.
Website: https://www.xt.com/
Telegram: https://t.me/XTsupport_EN
Twitter: https://twitter.com/XTexchange
View original content:
SOURCE XT.com | https://www.wsaz.com/prnewswire/2022/08/04/xtcom-lists-fanverse-ft-with-usdt-trading-pair/ | 2022-08-04T11:47:50Z | https://www.wsaz.com/prnewswire/2022/08/04/xtcom-lists-fanverse-ft-with-usdt-trading-pair/ | true |
This is a carousel. Use Next and Previous buttons to navigate
Claudia Mobley was a few years retired from her career as a computer teacher at Rhodes Elementary.
The facilitator of young minds was looking forward to spending more time focusing on her own family who lived with her at her Medical Center-area home, including her daughter, Christina “Chrissy” Powell, and her grandson, Ryan.
Powell herself was a paralegal. The 39-year-old was a week into a permanent position with the law firm Sanchez and Wilson. Her older son, Ryan, 12, was attending band camp, honing his skills with the euphonium, a brass instrument.
But on July 5, Powell would disappear on her way to work. After more than two weeks of searching and wild guesses as to what happened to her, Powell was found dead in her SUV in the Huebner Oaks Shopping Center.
The shopping center itself is about four miles away from Powell’s home, a 10 minute drive down Huebner Road.
On the day she vanished, Powell had overslept. About 10 a.m., work called asking where she was. She said she would be late.
Mobley remembers seeing her daughter dash out the door, foregoing her usual routine of preparing for the day. She even forgot her iPhone, but her Apple watch stayed on contrary to other reports, Mobley said.
Powell was slightly pale from oversleeping and hurried.
“She just kind of threw herself together and said she was late, zoomed out the door,” Mobley recalled.
Powell left the front door open as she headed straight for her 2020 Nissan Rogue parked out front.
“Be careful,” her mother remembers telling her. The doorbell camera captured footage of what might have been Powell’s last steps at 10:34 a.m. — video that would circulate online following her disappearance.
Mobley thought her daughter had made it to work until later that day when a coworker showed up at her front door with two officers. They spoke with her son, Ryan, asking him to check to make sure she wasn’t in her room.
“That’s when I knew she hadn’t showed up to work,” Mobley said.
She began calling people she hoped might know of her daughter’s whereabouts: the father of Powell’s 3-year-old son, Elijah; her best friend; her ex-husband. Perhaps Powell went to visit her father, or maybe she flew to visit her sister in Utah.
Mobley searched along her daughter’s route to work. With the help of a close friend, she drove off the route and checked hotel parking lots, Walmart parking lots.
She emphasized Powell’s struggle with anxiety and depression when reporting her disappearance to police, who put out a missing persons bulletin after three days. Powell had two medicines she took before bed.
Police would “take notes, but they wouldn’t put her on the missing persons list,” Powell said. “But they finally did. It seemed like it was after I emphasized the depression and anxiety.”
Now, Mobley, 70, is left to grapple with the questions that surround her daughter’s death, particularly how Powell could be left there for so long in a parking lot that is often busy with people eating at restaurants and shopping at big box retail stores.
Agony of waiting
The Monday morning atmosphere is still and quiet at Mobley’s house. She sits calm and collected on a soft green sofa chair in the living room.
Light flows into the room from a large window, offering a view of a variety of plants and two dogs — eager to come back inside — in the back yard.
The mutts, named Chevy and Oliver, bark impatiently as Mobley glances outside from her chair.
Her daughter and grandson recently went to the Animal Care Services shelter and adopted the dogs. Ryan wanted one dog, and Powell wanted the other.
“I’m not a dog person, so it’s been kind of a learning experience,” Mobley said.
Powell also had a passion for gardening she shared with her mother. The back yard is filled with the succulents and orchids she grew. In her room, Powell was stocking up on household items in the hopes that one day she would move into her own home.
Mobley and her daughter loved Ryan so much that they joked they would maintain “joint custody” of him if she ever did find a place of her own.
The news of Powell’s disappearance resonated with people both locally and nationally. Mobley received and continues to get calls from so many news outlets that she stopped answering her phone.
About a week before Powell’s body was found, a security guard noticed a black SUV was parked at the shopping center. That same guard was on duty July 23, when he noticed the SUV was still there. He approached and smelled a foul odor, looking inside to see a body in the front passenger seat. He called police about 6:45 p.m.
As police examined the scene, Mobley received pictures of the black SUV surrounded by police vehicles and of the SUV’s license plate sent by supporters who went to the scene. One person who sent her an image said that it took three days for police to notify a relative in a similar situation, so they didn’t want her to experience the agony of a wait.
She called the missing persons unit, and a detective confirmed that they found a vehicle. They informed her the next morning in person that it was Powell, having tentatively identified her at the scene with an ID she had in her purse.
Police have told Mobley they found security camera footage that shows the SUV driving into a parking space shortly after 11 a.m. July 5, the day she went missing. No one is seen getting out of the vehicle.
The car was near an ATM. A discount department store with large blue letters could be seen in the distance in an image Mobley recalled. Police told Mobley her daughter was found sitting in the passenger side. She was slumped over below the bottom of the window line.
“If you just walked by the car, you probably wouldn’t see her sitting there,” Mobley said.
The shopping center is the opposite direction along Interstate 10 West of the law firm where Powell works. Mobley doesn’t know of any special connection her daughter has to the center, or what business she would’ve had there that day.
As of Wednesday, the Bexar County Medical Examiner’s Office has yet to identify Powell’s cause or manner of death. The findings could take three months or more.
Investigators have told Mobley there was no sign of foul play and no sign that her daughter killed herself.
Instead, it appears so far that Powell died of hyperthermia, succumbing to the heat.
‘Not sure what’s next’
As a paralegal, her first job was with the big city Thomas J. Henry law firm. She had graduated with a bachelor’s degree in psychology from the University of Texas at San Antonio. She completed UTSA’s paralegal certificate program about two years ago.
“When she was little, we used to say she was going to be a lawyer because she could argue about anything,” Mobley said. “And make it appear as though she was right.”
Mobley still remembers how excited Powell was when she started her career.
For Powell, one of three siblings including a brother and a sister, home was near the Medical Center. She attended Pat Neff Middle School and graduated from Marshall High School.
Mobley said her family moved to San Antonio from Nashville more than 30 years ago when her then husband found a job at the University of Texas Health Science Center.
Powell was described by a family friend as having a bubbly personality. She was charming, classy but also private, her mother said.
“Several men have told me that she was the love of his life,” Mobley said.
Now, Mobley is waiting for her daughter’s ashes and will memorialize her in a small gathering at some point.
Her thoughts turned to Ryan and what’s next for him.
“This is all new territory for me. I’m not sure what’s next,” she said. “We’re just trying to get through every day as it comes.”
jbeltran@express-news.net | Twitter: @JBfromSA | https://www.expressnews.com/news/local/article/Chrissy-Powell-death-found-17349940.php | 2022-08-04T11:48:30Z | https://www.expressnews.com/news/local/article/Chrissy-Powell-death-found-17349940.php | true |
Vote was unpatriotic
What’s the difference in the criticism of the NFL protesters taking a knee during the national anthem and politicians taking a knee during the vote on the military veterans health benefits (the PACT Act)? How can one be unpatriotic and the other isn’t?
Billy Tassos
God’s image is diverse
Re: “Roy’s priority is freedom — except for LGBTQ,” by Metro columnist Gilbert Garcia, July 22:
People come in many different shapes, sizes, heights, colors, and with varying interests, talents and aptitudes.
So why should personality type be God-given whereas sexual orientation is a choice?
U.S. Rep. Chip Roy fails to realize that though all of us are created in God’s image, our heavenly father doesn’t use a cookie-cutter template.
Stephen Shackelford, Austin
Parker a superhero, too
Dear Tony Parker,
My grandsons and I recently visited the San Antonio Museum of Art and saw your exhibit, “Tony Parker’s Heroes and Villains.” Thank you for sharing your collection, and thanks to the San Antonio Museum of Art for exhibiting it. My grandsons and I thoroughly enjoyed all the wonderful statues.
L.G. Womack
Swing and a miss
Editor’s note: The following letter was attributed to the wrong writer in Sunday’s paper. We are running it again with the correct writer’s name.
Re: “Build baseball stadium,” Your Turn, July 20:
I see several things that should be considered for a downtown baseball stadium.
First, a stadium downtown limits parking (example: the Alamodome). So many people attend baseball games at Nelson Wolff Memorial Stadium simply because they get free tickets from work, sponsors or friends.
Any building of a stadium should be done with private money. Let the people who will benefit build and pay for the stadium. With our high property taxes, local officials need to cut spending.
Sadly, I fear our City Council and Bexar County commissioners will approve taxpayers’ money to foot the bill.
Robert Wise | https://www.expressnews.com/opinion/letters-editor/article/Your-Turn-Aug-3-A-shameful-vote-against-burn-17345618.php | 2022-08-04T11:50:09Z | https://www.expressnews.com/opinion/letters-editor/article/Your-Turn-Aug-3-A-shameful-vote-against-burn-17345618.php | false |
COLLEGE STATION — A lone solid quarterback on a college roster is a big-time risk. Two sound quarterbacks offer a bit more breathing room. Three sturdy QBs to select from in camp? That’s plain pleasurable for a coach with a reputation for enriching the position.
“It’s fun to have three really good players,” Texas A&M coach Jimbo Fisher said of quarterbacks Max Johnson, Haynes King and Conner Weigman. “As you saw last year, we needed ’em.”
The Aggies didn’t have any of the three available in SEC play last year, primarily because King, who won the starting job over Zach Calzada, broke his leg in Week 2, Weigman was a five-star senior at Bridgeland High, and Johnson was starting for SEC West rival LSU.
This time around a state champion, a high school prodigy and a savvy outsider have provided the most captivating narrative at an A&M camp since Johnny Manziel was the returning Heisman Trophy winner nine years ago.
“It’s an open competition; we’ll see who wins and what happens,” Fisher said of the battle that will crank up in earnest as camp opens Wednesday. “But I tell you what, I feel very blessed to have those three guys.”
More Aggie football: Texas A&M’s football recruiting lags splashy 2022 class
Fisher, who’s entering his fifth season at A&M, knows decent depth can grow shallow in a hurry. A year ago he had to shift Eli Stowers, the lone quarterback signee in the class of 2021, to tight end because of a lingering shoulder injury.
That left Fisher with two scholarship quarterbacks entering the season, and King was out for the year by the second week after hurting his leg in a win over Colorado. Calzada stepped in and led the Aggies to an 8-4 finish (4-4 SEC), including an upset of top-ranked Alabama at Kyle Field in October.
Calzada, who since has transferred to Auburn, also struggled plenty, and he had to fight through injuries against Alabama and Auburn to press on as a banged-up starter. His backup was freshman walk-on Blake Bost.
“Zach in that Alabama game, he had his knee hit and came back from that, and in the Auburn game he actually popped his shoulder back in place and the (team doctor) said he could play, so he played,” Fisher said. “You really need a third guy, and having three guys, that’s rare in today’s time.
“But I think we’ve got three outstanding guys, and I’m excited to work with them.”
Fisher is a fan of experience as well, and the junior Johnson holds a big advantage on that front in SEC play — including beating the Aggies in last year’s regular-season finale.
“He’s going to be an amazing quarterback at A&M,” said LSU defensive end BJ Ojulari, Johnson’s former teammate and roommate. “On and off the field, I’ve never met somebody so pure and goodhearted as him — he’s going to do a great job at A&M.”
The sophomore King, who in 2018 led Longview to its first state title since 1937, has plenty to prove after the injury that sidelined him for most of 2021. In last year’s season opener, he threw three interceptions in an otherwise easy win over Kent State, then two more in the spring game.
But he’s fast, and so is the five-star Weigman, also a standout baseball player whose true passion appears to be firing a football over a hardball. For now, Weigman has the luxury of patience behind Johnson and King, and he could redshirt if need be before competing for the starting gig a year from now.
Gig 'em: Texas A&M beats out Texas for top-ranked linebacker Anthony Hill
Manziel in 2011 redshirted under then-coach Mike Sherman before winning the Heisman in 2012 under first-year coach Kevin Sumlin, Fisher’s predecessor at A&M. Meantime, Fisher at Florida State redshirted Jameis Winston in 2012, and the current New Orleans Saints starter won the Heisman in 2013, so Fisher is unafraid to show patience with his quarterbacks.
Coaches with three or even two quality quarterbacks also always run the risk of a late August transfer by the guy or guys who fail to win the starting job, but Fisher said he’s tried emphasizing development over immediate playing time with his quarterbacks.
“Keeping quarterbacks now is hard, it really is,” Fisher said. “But I’ll say this: It’s where you walk out of the (college) game in getting ready for the NFL, not where you’re trying to hurry up and get there. That’s very critical in guys’ development, and hopefully they can see that.”
A&M opens its season with home games Sept. 3 against Sam Houston and Sept. 10 against Appalachian State, so Fisher should have a couple of weeks to lock down a starter by the time Miami under new coach Mario Cristobal rolls into College Station on Sept. 17.
“We’re very dynamic in our (quarterback) room, and we have a lot of ability and a lot of different things we’re capable of doing,” Fisher said. “I’m anxious for the competition, and as you saw last year, having depth at quarterback is critical.”
brentzwerneman@chron.com
Twitter: @brentzwerneman | https://www.expressnews.com/sports/aggies/article/Aggies-football-Texas-position-battle-17346737.php | 2022-08-04T11:50:29Z | https://www.expressnews.com/sports/aggies/article/Aggies-football-Texas-position-battle-17346737.php | true |
Seasoned ecommerce leader and former CMO of Lulus joins thredUP to oversee marketing and merchandising
OAKLAND, Calif., Aug. 4, 2022 /PRNewswire/ -- thredUP (NASDAQ: TDUP), one of the largest online resale platforms for women's and kids' apparel, shoes, and accessories, today announced that Noelle Sadler has joined the company as its chief marketing officer (CMO). As thredUP sharpens its focus on inspiring a new generation of consumers to think secondhand first by capturing the mindshare of younger generations, Sadler will apply her expertise in ecommerce marketing and merchandising to secondhand. She is the company's first dedicated CMO in nearly five years and will report to thredUP President Anthony Marino, who previously oversaw marketing.
"thredUP has made great strides towards our mission of inspiring a new generation of consumers to think secondhand first. As we continue to shift consumer preference from new to used, it's imperative that we make shopping secondhand as easy as possible and provide a delightful experience for the next generation of thrifters," said Anthony Marino, President at thredUP. "Resale is taking hold of the modern shopper, and Noelle's expertise will help enhance the customer experience and in turn fuel growth among young buyers."
Sadler joins thredUP from online fashion retailer Lulus, where she most recently served as CMO. Previously, she held several marketing leadership roles at MAC Cosmetics and cofounded Retold Recycling, a subscription-based clothing clean out service. Sadler has a Master's degree in Business Administration from IESE Business School, a Certificate in Sustainable Business Strategy from Harvard Business School Online, and a Bachelor's degree in Fine Arts in Film & Television Production from New York University.
"thredUP is undeniably changing the way the world shops and I'm eager to further the company's mission. My expertise is deeply rooted in consumer marketing and merchandising, while my passion closely aligns with sustainability and reducing fashion waste," said Sadler. "As a thredUP customer, I'm thrilled to have the opportunity to use my marketing expertise to drive awareness of the mission and enhance the customer experience and build brand loyalty. I look forward to building on the incredible work thredUP and its marketing team have already achieved."
This spring, the company kicked off several marketing campaigns aimed at reaching a new audience of thrifters and inspiring younger consumers to embrace secondhand over fast fashion. These initiatives included the company's first brand awareness campaign saturating the Seattle market, which coincided with a climate positive concert during Coachella to raise awareness of single-use fashion waste. The company also collaborated with celebrity stylist Karla Welch during both festival season and wedding season – two of the most wasteful fashion moments of the year - to help consumers dress responsibly for events without sacrificing style.
thredUP is transforming resale with technology and a mission to inspire a new generation of consumers to think secondhand first. By making it easy to buy and sell secondhand, thredUP has become one of the world's largest online resale platforms for women's and kids' apparel, shoes and accessories. Sellers love thredUP because we make it easy to clean out their closets and unlock value for themselves or for the charity of their choice while doing good for the planet. Buyers love shopping value, premium and luxury brands all in one place, at up to 90% off estimated retail price. Our proprietary operating platform is the foundation for our managed marketplace and consists of distributed processing infrastructure, proprietary software and systems and data science expertise. With thredUP's Resale-as-a-Service, some of the world's leading brands and retailers are leveraging our platform to deliver customizable, scalable resale experiences to their customers. thredUP has processed over 125 million unique secondhand items from 35,000 brands across 100 categories. By extending the life cycle of clothing, thredUP is changing the way consumers shop and ushering in a more sustainable future for the fashion industry.
Media Contact: Kayla Wilkinson, media@thredup.com
View original content to download multimedia:
SOURCE thredUP | https://www.wbtv.com/prnewswire/2022/08/04/thredup-names-noelle-sadler-chief-marketing-officer/ | 2022-08-04T11:53:47Z | https://www.wbtv.com/prnewswire/2022/08/04/thredup-names-noelle-sadler-chief-marketing-officer/ | false |
- Presented initial seribantumab proof-of-concept data from Phase 2 CRESTONE study at ASCO 2022, including 33% response rate with two complete responses across all tumor types harboring NRG1 fusions
- Seribantumab granted Fast Track designation by FDA for tumor-agnostic treatment of solid tumors harboring NRG1 fusions
- Entered into an exclusive license agreement with CSPC Pharmaceutical Group to develop and commercialize EO-3021 (SYSA1801), a differentiated, clinical stage ADC targeting Claudin18.2 in solid tumors
- Secured $50 million loan facility with K2 HealthVentures, supporting the license of EO-3021 (SYSA-1801)
NEW YORK, Aug. 4, 2022 /PRNewswire/ -- Elevation Oncology, Inc. (Nasdaq: ELEV), a clinical stage biopharmaceutical company focused on the development of precision oncology products for patients with genomically defined cancers, today announced financial results for the quarter ended June 30, 2022, and highlighted recent progress.
"Presenting the first-ever Phase 2 CRESTONE data for seribantumab at ASCO 2022, including two complete responses and two partial responses in patients whose tumors harbor NRG1 fusions, was a significant milestone for Elevation. We also completed the enrollment of the first 20 patients into Cohort 1 of CRESTONE, another milestone, and now look forward to reporting additional interim data from the ongoing study in the first half of next year," said Shawn M. Leland, PharmD, RPh, Founder and Chief Executive Officer of Elevation Oncology. "Additionally, we are excited to announce the licensing of EO-3021, a differentiated antibody-drug conjugate targeting Claudin18.2 which is highly expressed especially in several types of cancers including gastrointestinal tumors. Our expanded pipeline now includes two clinical candidates for patients with solid tumors and speaks to the successful execution of our business development strategy to build an industry leading precision oncology company."
Recent Progress and Highlights
Seribatumab
- Initial Phase 2 CRESTONE data presented in oral presentation at ASCO 2022. As of the April 18, 2022 cut-off date, findings presented at ASCO 2022 represent positive clinical proof-of-concept data supporting the potential of seribantumab to induce deep and durable benefit for patients with tumors harboring NRG1 fusions.
- Seribantumab received Fast Track designation. In May 2022, Elevation Oncology announced the U.S. Food and Drug Administration's (FDA) decision to grant Fast Track designation to seribantumab for the tumor-agnostic treatment of advanced solid tumors harboring NRG1 gene fusions. A drug candidate that receives Fast Track designation is afforded greater access to the FDA for the purpose of expediting the drug's development, review and potential approval, and allows for eligibility for Accelerated Approval and Priority Review if relevant criteria are met.
- First 20 patients enrolled into Cohort 1 of the Phase 2 CRESTONE study. Elevation Oncology achieved its enrollment milestone for the CRESTONE study in mid-2022. Patients in Cohort 1 have advanced solid tumors harboring NRG1 fusions as determined by local testing, have had no prior pan-ERBB, HER2 or HER3 targeted therapy, and are treated with seribantumab 3g QW. The Company is on track to report additional interim data from Cohort 1 including results in the first half of 2023.
EO-3021
- Expanded pipeline through licensing of EO-3021. In July 2022, Elevation Oncology announced an exclusive licensing agreement with CSPC Megalith Biopharmaceutical Co., Ltd, a subsidiary of CSPC Pharmaceutical Group Limited, to develop and commercialize EO-3021 (SYSA1801), a differentiated, clinical-stage anti-Claudin18.2 antibody-drug conjugate (ADC), in all global territories outside of Greater China. The agreement includes an upfront payment of $27 million to CSPC. CSPC will also be eligible to receive up to $148 million in potential development and regulatory milestones and up to $1.0 billion in potential commercial milestones, plus royalties on net sales. Elevation Oncology expects to initiate a Phase 1 clinical trial in the US to evaluate EO-3021 in solid tumors in 2023.
Corporate
- Secured $50 million loan facility. In July 2022, Elevation Oncology secured a $50 million loan facility from K2 HealthVentures, a leading healthcare-focused investment firm. An initial tranche of $30 million was made available immediately, with a second tranche consisting of up to $20 million to be available in the future, subject to both parties' mutual agreement. The initial proceeds from the facility were used primarily to fund an upfront payment of $27 million for the licensing of EO-3021 (SYSA1801) from CSPC Pharmaceutical Group.
Expected Upcoming Milestones and Operational Objectives
- Additional interim seribantumab data from the Phase 2 CRESTONE study are expected in the first half of 2023
- Phase 1 clinical trial in the US to evaluate EO-3021 expected to initiate in 2023
- Topline data for seribantumab from the Phase 2 CRESTONE study results are expected in 2024
- Ongoing target evaluation and continued execution of the Company's strategy for future pipeline expansion
Second Quarter 2022 Financial Results
As of June 30, 2022, the Company had cash, cash equivalents and marketable securities totaling $122.5 million, compared to $132.1 million as of March 31, 2022.
Research and development expenses for the second quarter 2022 were $16.3 million, compared to $3.9 million for the second quarter 2021. The increase in R&D expense was primarily related to an increase in manufacturing, personnel costs and other expenses associated with the Phase 2 CRESTONE study.
General and administrative expenses for the second quarter 2022 were $3.8 million, compared to $1.1 million for the second quarter 2021. The increase in G&A expense was primarily related to personnel costs, professional services and other administrative costs.
Net loss for the second quarter 2022 was $19.9 million, compared to $5.1 million for the second quarter 2021.
Financial Outlook
Elevation Oncology expects its cash, cash equivalents and marketable securities as of June 30, 2022, and following the licensing of EO-3021 and the initial tranche of the loan facility, to fund current operations, including the continued development of seribantumab and EO-3021, into 2024.
About Elevation Oncology, Inc.
Elevation Oncology is founded on the belief that every patient living with cancer deserves to know what is driving the growth of their disease and have access to therapeutics that can stop it. We aim to make genomic tests actionable by selectively developing drugs to inhibit the specific alterations that have been identified as drivers of tumor growth. Together with our peers, we work towards a future in which each tumor's unique genomic test result can be matched with a purpose-built precision medicine to enable an individualized treatment plan for each patient. Our most advanced candidate, seribantumab, is intended to inhibit tumor growth driven by NRG1 fusions and is currently being evaluated in the Phase 2 CRESTONE study for patients with solid tumors of any origin that have an NRG1 gene fusion. Details on the Phase 2 CRESTONE study are available at www.NRG1fusion.com. Our other product candidate, EO-3021, is a differentiated, clinical stage antibody drug conjugate that targets Claudin18.2 and is currently being developed for the treatment of gastrointestinal cancers. For more information, visit www.ElevationOncology.com.
Forward Looking Statements:
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, anticipated preclinical and clinical development activities, expected timing of announcements of clinical results, potential benefits of seribantumab, EO-3021 and Elevation Oncology's other future product candidates, potential opportunities to expand Elevation Oncology's product candidate pipeline, potential market opportunities for seribantumab, EO-3021 and Elevation Oncology's other future product candidates, the ability of seribantumab, EO-3021 and Elevation Oncology's other future product candidates to treat their targeted indications, and Elevation Oncology's expectations about its cash runway. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These forward-looking statements may be accompanied by such words as "aim," "anticipate," "believe," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "might," "plan," "potential," "possible," "will," "would," and other words and terms of similar meaning. Although Elevation Oncology believes that the expectations reflected in such forward-looking statements are reasonable, Elevation Oncology cannot guarantee future events, results, actions, levels of activity, performance or achievements, and the timing and results of biotechnology development and potential regulatory approval is inherently uncertain. Forward-looking statements are subject to risks and uncertainties that may cause Elevation Oncology's actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to Elevation Oncology's ability to advance its product candidates, the timing and results of preclinical studies and clinical trials, approvals and commercialization of product candidates, the receipt and timing of potential regulatory designations, the impact of the COVID-19 pandemic on Elevation Oncology's business, Elevation Oncology's ability to fund development activities and achieve development goals, Elevation Oncology's ability to protect intellectual property, Elevation Oncology's ability to establish and maintain collaborations with third parties and other risks and uncertainties described under the heading "Risk Factors" in documents Elevation Oncology files from time to time with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release, and Elevation Oncology undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
Elevation Oncology Investor and Media Contact
Candice Masse, 978-879-7273
Senior Director, Corporate Communications & Investor Relations
cmasse@elevationoncology.com
1 We define working capital as current assets less current liabilities.
View original content to download multimedia:
SOURCE Elevation Oncology | https://www.wkyt.com/prnewswire/2022/08/04/elevation-oncology-reports-second-quarter-2022-financial-results-highlights-recent-company-progress/ | 2022-08-04T11:53:50Z | https://www.wkyt.com/prnewswire/2022/08/04/elevation-oncology-reports-second-quarter-2022-financial-results-highlights-recent-company-progress/ | true |
Fond du Lac teen arrested after assault with handgun
FOND DU LAC, Wis. (WBAY) - A 16-year-old boy is in custody following an assault involving a handgun in Fond du Lac.
On Aug. 3, at 10:25 p.m., police were called to the 300 block of N. Peters Avenue for a report of an assault involving juveniles. A victim was hit in the head with a handgun. The suspect had run off with a group of juveniles.
A Fond du Lac County deputy was in the area of W. Scott Street and N. Peters Avenue and spotted a group of juveniles matching the description of those at the assault scene. The deputy approached them and one juvenile ran away to the south.
Police set up a perimeter near an apartment complex in the 300 block of N. Peters. They caught up with the suspect as he was trying to climb over a metal fence.
The 16-year-old had in his backpack a 9mm handgun with a red dot laser sight, extended capacity magazine with 23 rounds of ammunition, marijuana and drug paraphernalia.
The teen was treated for injuries to his hands from climbing the fence and then transported to Fond du Lac County Secure Detention.
The teen has been referred on charges of Disorderly Conduct, Battery, First Degree Reckless Endangering Safety, Minor Going Armed with a Weapon, Resisting, Intent to Deliver Narcotics, and Possession of Drug Paraphernalia.
Anyone with information should call the Crime Alert number at (920) 322-3740. You can remain anonymous.
Copyright 2022 WBAY. All rights reserved. | https://www.wbay.com/2022/08/04/fond-du-lac-teen-arrested-after-assault-with-handgun/ | 2022-08-04T11:55:05Z | https://www.wbay.com/2022/08/04/fond-du-lac-teen-arrested-after-assault-with-handgun/ | false |
ARLINGTON, Va., Aug. 4, 2022 /PRNewswire/ -- RiskSpan, a leading provider of residential mortgage and structured product data and analytics, has announced a new Multi-Scenario Yield Table feature within its award-winning Edge Platform.
REITs and other mortgage loan and MSR investors leverage the Multi-Scenario Yield Table to instantaneously run and compare multiple scenario analyses on any individual asset in their portfolio.
An interactive, self-guided demo of this new functionality can be viewed here. Comprehensive details of this and other new capabilities are available by requesting a no-obligation live demo at riskspan.com.
With a single click from the portfolio screen, Edge users can now simultaneously view the impact of as many as 20 different scenarios on outputs including price, yield, WAL, dv01, OAS, discount margin, modified duration, weighted average CRR and CDR, severity and projected losses. The ability to view these and other model outputs across multiple scenarios in a single table eliminates the tedious and time-consuming process of running scenarios individually and having to manually juxtapose the resulting analytics.
Entering scenarios is easy. Users can make changes to scenarios right on the screen to facilitate quick, ad hoc analyses. Once these scenarios are loaded and assumptions are set, the impacts of each scenario on price and other risk metrics are lined up in a single, easily analyzed data table.
Analysts who determine that one of the scenarios is producing more reasonable results than the defined base case can overwrite and replace the base case with the preferred scenario in just two clicks.
The Multi-Scenario Yield Table is the latest in a series of enhancements that is making the Edge Platform increasingly indispensable for mortgage loan and MSR portfolio managers.
RiskSpan offers cloud-native SaaS analytics for on-demand market risk, credit risk, pricing and trading. With our data science experts and technologists, we are the leader in data as a service and end-to-end solutions for loan-level data management and analytics.
Our mission is to be the most trusted and comprehensive source of data and analytics for loans and structured finance investments.
Rethink loan and structured finance data. Rethink your analytics. Learn more at www.riskspan.com.
Media contact:
Timothy Willis
twillis@riskspan.com
View original content to download multimedia:
SOURCE RiskSpan, Inc. | https://www.valleynewslive.com/prnewswire/2022/08/04/riskspan-introduces-multi-scenario-yield-table/ | 2022-08-04T11:55:49Z | https://www.valleynewslive.com/prnewswire/2022/08/04/riskspan-introduces-multi-scenario-yield-table/ | true |
TORONTO, Aug. 4, 2022 /PRNewswire/ - Superior Gold Inc. ("Superior Gold" or the "Company") (TSXV: SGI) (OTCMKTS: SUPGF) announced today that it will release its second-quarter 2022 financial and operating results before the Market opens on Wednesday, August 17, 2022. Following the release, management will host a conference call and webcast at 10:00 AM ET to discuss these results.
Date: Wednesday August 17, 2022 at 10:00 AM ET
Toll-free North America: +1 888 664 6392
Local or International: +1 416 764 8659
Webcast: https://app.webinar.net/Q6jknP1NdX0
Toll-free North America: +1 888 390 0541
Local or International: +1 416 764 8677
Passcode: 637061#
The conference call replay will be available for 365 days.
The presentation will be available on the Company's website at www.superior-gold.com.
Superior Gold is a Canadian-based gold producer that owns 100% of the Plutonic Gold Operations located in Western Australia. The Plutonic Gold Operations include the Plutonic underground gold mine and central mill, numerous open-pit projects including the Plutonic Main Pit push-back project, the Hermes open pit projects and an interest in the Bryah Basin joint venture. Superior Gold is focused on expanding production at the Plutonic Gold Operations and building an intermediate gold producer with superior returns for shareholders.
Web: www.superior-gold.com | Twitter: @SuperiorGoldInc | Facebook: SuperiorGoldInc | Instagram: SuperiorGoldInc | LinkedIn: Superior Gold Inc. | YouTube: Superior Gold
View original content:
SOURCE Superior Gold | https://www.valleynewslive.com/prnewswire/2022/08/04/superior-gold-provides-notice-second-quarter-2022-financial-operating-results-conference-call/ | 2022-08-04T11:56:43Z | https://www.valleynewslive.com/prnewswire/2022/08/04/superior-gold-provides-notice-second-quarter-2022-financial-operating-results-conference-call/ | false |
Published: Aug. 4, 2022 at 6:00 AM CDT|Updated: 57 minutes ago
Aggregates Results Drive Second Quarter Earnings Growth Full Year Earnings Growth Outlook Underpinned by Pricing Momentum and Solid Execution
BIRMINGHAM, Ala., Aug. 4, 2022 /PRNewswire/ -- Vulcan Materials Company (NYSE: VMC), the nation's largest producer of construction aggregates, today announced results for the quarter ended June 30, 2022.
Financial and Operating Highlights:
Total revenues increased sharply from the prior year driven by double-digit growth in the Company's legacy business as well as the addition of U.S. Concrete (USCR) operations
Gross profit increased $48 million, or 12 percent, to $446 million
Earnings attributable to Vulcan from continuing operations were $1.50 per diluted share
Adjusted EBITDA increased 11 percent to $450 million
Average selling prices increased in each product line, helping to offset inflationary pressures
Shipments increased year-over-year in each major product line, reflecting construction activity consistent with the Company's expectations as well as the contribution from acquisitions
Tom Hill, Vulcan Materials' Chairman and Chief Executive Officer, stated, "Our teams continued to execute well and delivered another quarter of solid earnings growth amidst a challenging backdrop. We are well on our way to delivering another year of double-digit earnings growth.
"We increased our aggregates gross profit by 11 percent during the trailing-twelve months despite ongoing inflation and other external headwinds. Robust growth in aggregates pricing and a relentless focus on operating disciplines will help us carry this momentum forward," continued Hill. "Our asphalt pricing actions, which began late last year, are increasingly offsetting sharply higher liquid asphalt costs, and we remain focused on growing our gross profit in our Asphalt segment. In concrete, leading indicators for private nonresidential construction activity and a favorable pricing environment will support earnings growth in 2022."
Highlights as of June 30, 2022 include:
Segment Results Aggregates Segment gross profit was $402 million, an increase of 8 percent from the prior year. Cash gross profit per ton increased 2 percent to $7.99 per ton. Strong price growth and solid operational execution helped offset cost headwinds, including significantly higher diesel fuel costs ($32 million) and inflationary pressures for many other parts and supplies. Second quarter results also included the impacts of the unexpected and arbitrary shut down by the Mexican government of the Company's Mexico operations in early May and a $3 million unfavorable impact from selling acquired inventory after its markup to fair value.
Price growth in the second quarter was widespread across the Company's markets. Freight-adjusted pricing was $16.25 per ton, an increase of $1.32 per ton, or 9 percent, over the prior year. Adjusting for mix impacts, average selling price increased 10 percent. The Company expects this pricing momentum to continue throughout the remainder of the year as the second round of price increases gains traction across the Company's markets.
Total aggregates shipments increased 9 percent, reflecting shipment contribution from acquisitions and construction activity consistent with the Company's expectations. On a same-store basis, shipments increased 2 percent. Shipment activity was particularly good in many southeastern markets and Texas.
Freight-adjusted unit cash cost of sales increased 16 percent, or $1.16 per ton, as compared to the prior year's second quarter. Excluding the impact of higher diesel fuel costs and the impact of selling acquired inventory, cash cost of sales increased 8 percent, or $0.60 per ton.
Asphalt, Concrete and Calcium Asphalt segment gross profit was $14 million, in line with the prior year's second quarter. Asphalt pricing increased 19 percent, or $11.28 per ton, helping offset a 42 percent ($29 million) increase in the average price paid for liquid asphalt as well as a $4 million year-over-year increase in natural gas cost. Asphalt volumes increased 9 percent overall driven by growth in Arizona, California, and Texas, three of the Company's largest asphalt markets. Strong price growth through the first half of the year (up 17 percent, or $9.67 per ton, year-over-year) helped preserve unit material margins (selling price per ton less cost of raw materials per ton) despite sharp increases in liquid asphalt as well as higher prices for aggregates supplied by the Company.
Second quarter Concrete segment gross profit was $30 million, an increase of $20 million from the comparable quarter last year. Concrete results benefited from the contribution of USCR operations as well as strong price growth in the Company's legacy operations. Material unit margins improved as higher selling prices helped offset higher raw materials costs, including aggregates supplied by the Company. Segment results were negatively impacted by higher diesel prices and the availability of cement and truck drivers in certain markets.
Selling, Administrative and General (SAG) SAG expense was $134 million in the quarter, or 6.9 percent of total revenues, and included overhead expenses associated with the USCR business that were not in the prior year's quarter. Additionally, increased routine business development activities and more normalized travel expenses, due in part to integration activities, contributed to the year-over-year increase. Trailing-twelve months SAG expense was 7.3 percent of total revenues, 30 basis points less than the prior year.
Financial Position, Liquidity and Capital Allocation Capital expenditures in the second quarter were $117 million, including both maintenance and growth projects. Through the first half of 2022, capital expenditures were $240 million. For the full year, the Company expects to spend $600 to $650 million. Full-year capital expenditures include spending for USCR operations acquired in August 2021 as well as spending for projects put on hold in 2020 due to the pandemic. The Company will continue to review its plans and will adjust as needed, while being thoughtful about preserving liquidity.
On June 30, 2022, the ratio of total debt to trailing-twelve months Adjusted EBITDA was 2.6 times (2.5 times on a net debt basis). The Company remains committed to its stated long-term target leverage range of 2.0 to 2.5 times total debt to trailing-twelve-months Adjusted EBITDA.
On a trailing-twelve months basis, return on invested capital was 13.6 percent. The Company is focused on driving further improvement through solid operating earnings growth coupled with disciplined capital management.
Outlook Regarding the Company's full year outlook, Mr. Hill said, "We are updating our full-year Adjusted EBITDA guidance range to reflect the considerable pricing momentum in our aggregates business as well as higher than expected energy-related cost inflation that is currently impacting each of our segments. Additionally, our outlook now reflects the previously disclosed impact ($80 to $100 million) of the closure of our Mexico operations for the balance of 2022."
Updates to management's expectations for 2022 include:
Net earnings attributable to Vulcan of between $680 to $760 million
Adjusted EBITDA of between $1.60 to $1.70 billion
Aggregates freight-adjusted price increase of 9 to 11 percent ($14.87 per ton in 2021)
Mid-single digit growth in Aggregates segment cash gross profit per ton despite severe inflationary pressures from diesel fuel and other commodities and supply chain challenges
Cash gross profit of $280 to $300 million in Asphalt, Concrete and Calcium segments, collectively with concrete expected to account for approximately 80 percent of the total
SAG expense of between $495 to $505 million
Interest expense of approximately $165 million
Depreciation, depletion, accretion and amortization expense of approximately $565 million
Mr. Hill continued, "Our ability to grow our aggregates unit profitability consistently during the last two years of pandemic-related disruptions differentiates us from the rest of our industry. These results demonstrate the resiliency of our business and our ability to capitalize on changes in the macro environment. We are positioned in markets that will continue to outperform other parts of the country, from a demand perspective, both in the near-term and longer term, and we expect both the favorable pricing dynamics and our strong execution to lead to attractive growth in aggregates unit profitability in 2022 and beyond."
Mexico Update After the unexpected and arbitrary shut down of the Company's operations in Mexico on May 5, 2022, and upon suspension of its three-year customs permit (granted in March 2022), on May 13, 2022, the Company disclosed a potential EBITDA impact of $80 to $100 million should it be unable to fully operate in Mexico for the balance of 2022. Operations remain shut down, and the aforementioned potential impact has now been incorporated into the Company's full year 2022 outlook.
On May 8, 2022, the Company filed an application in its NAFTA arbitration seeking permission to file an ancillary claim in connection with this latest shutdown of its remaining operations in Mexico. On July 11, 2022, the NAFTA arbitration tribunal granted the Company's application. The ancillary claim will be addressed as part of the pending arbitration, and it is expected that the NAFTA arbitration tribunal will issue a decision no earlier than 2023.
Conference Call Vulcan will host a conference call at 9:00 a.m. CDT on August 4, 2022. A webcast will be available via the Company's website at www.vulcanmaterials.com. Investors and other interested parties may access the teleconference live by calling 800-225-9448, or 203-518-9708 if outside the U.S. The conference ID is 2021457. The conference call will be recorded and available for replay at the Company's website approximately two hours after the call.
About Vulcan Materials Company Vulcan Materials Company, a member of the S&P 500 Index with headquarters in Birmingham, Alabama, is the nation's largest supplier of construction aggregates – primarily crushed stone, sand and gravel – and a major producer of aggregates-based construction materials, including asphalt and ready-mixed concrete. For additional information about Vulcan, go to www.vulcanmaterials.com.
Non-GAAP Financial Measures Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures, other than the reconciliation of Projected EBITDA as included in Appendix 3 hereto. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.
FORWARD-LOOKING STATEMENT DISCLAIMER This document contains forward-looking statements. Statements that are not historical fact, including statements about Vulcan's beliefs and expectations, are forward-looking statements. Generally, these statements relate to future financial performance, results of operations, business plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other measures), dividend policy, shipment volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned divestitures and asset sales. These forward-looking statements are sometimes identified by the use of terms and phrases such as "believe," "should," "would," "expect," "project," "estimate," "anticipate," "intend," "plan," "will," "can," "may" or similar expressions elsewhere in this document. These statements are subject to numerous risks, uncertainties, and assumptions, including but not limited to general business conditions, competitive factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the SEC.
Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary significantly from those expressed in or implied by the forward-looking statements. The following risks related to Vulcan's business, among others, could cause actual results to differ materially from those described in the forward-looking statements: general economic and business conditions; a pandemic, epidemic or other public health emergency, such as the COVID-19 outbreak; Vulcan's dependence on the construction industry, which is subject to economic cycles; the timing and amount of federal, state and local funding for infrastructure; changes in the level of spending for private residential and private nonresidential construction; changes in Vulcan's effective tax rate; the increasing reliance on information technology infrastructure, including the risks that the infrastructure does not work as intended, experiences technical difficulties or is subjected to cyber-attacks; the impact of the state of the global economy on Vulcan's businesses and financial condition and access to capital markets; international business operations and relationships, including recent actions taken by the Mexican government with respect to Vulcan's property and operations in that country; the highly competitive nature of the construction industry; the impact of future regulatory or legislative actions, including those relating to climate change, wetlands, greenhouse gas emissions, the definition of minerals, tax policy or international trade; the outcome of pending legal proceedings; pricing of Vulcan's products; weather and other natural phenomena, including the impact of climate change and availability of water; availability and cost of trucks, railcars, barges and ships as well as their licensed operators for transport of Vulcan's materials; energy costs; costs of hydrocarbon-based raw materials; healthcare costs; labor shortages and constraints; the amount of long-term debt and interest expense incurred by Vulcan; changes in interest rates; volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; the impact of environmental cleanup costs and other liabilities relating to existing and/or divested businesses; Vulcan's ability to secure and permit aggregates reserves in strategically located areas; Vulcan's ability to manage and successfully integrate acquisitions; the effect of changes in tax laws, guidance and interpretations; significant downturn in the construction industry may result in the impairment of goodwill or long-lived assets; changes in technologies, which could disrupt the way Vulcan does business and how Vulcan's products are distributed; and other assumptions, risks and uncertainties detailed from time to time in the reports filed by Vulcan with the SEC. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement. Vulcan disclaims and does not undertake any obligation to update or revise any forward-looking statement in this document except as required by law.
Investor Contact: Mark Warren (205) 298-3220 Media Contact: Janet Kavinoky (205) 298-3220
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.valleynewslive.com/prnewswire/2022/08/04/vulcan-reports-second-quarter-2022-results/ | 2022-08-04T11:57:23Z | https://www.valleynewslive.com/prnewswire/2022/08/04/vulcan-reports-second-quarter-2022-results/ | true |
After Supreme Court ruling, it’s open season on US gun laws
WASHINGTON (AP) — The Supreme Court ruling expanding gun rights threatens to upend firearms restrictions across the country as activists wage court battles over everything from bans on AR-15-style guns to age limits.
The decision handed down in June already has led one judge to temporarily block a Colorado town from enforcing a ban on the sale and possession of certain semi-automatic weapons.
The first major gun decision in more than a decade, the ruling could dramatically reshape gun laws in the U.S. even as a series of horrific mass shootings pushes the issue back into the headlines.
“The gun rights movement has been given a weapon of mass destruction, and it will annihilate approximately 75% of the gun laws eventually,” said Evan Nappen, a New Jersey gun rights attorney.
The court battles come as the Biden administration and police departments across the U.S. struggle to combat a surge in violent crime and mass shootings, including several high-profile killings carried out by suspects who purchased their guns legally.
And given the sheer number of cases now working through the courts, a lot more time will be spent in courtrooms no matter who wins.
“We will see a lot of tax dollars and government resources that should be used to stop gun crime being used to defend gun laws that are lifesaving and wildly popular,” said Jonathan Lowry, chief counsel and vice president at Brady, the gun control group.
Congress broke through years of deadlock to pass a modest gun violence prevention package weeks ago, and the House voted to renew a ban on high-powered semi-automatic weapons, though that effort is likely doomed in the Senate as Republicans push back on firearms restrictions and say recent spikes in gun violence should be met with a stepped-up police response.
The Supreme Court decision struck down a New York law requiring people to demonstrate a particular need to get a license to carry a concealed gun in public, saying it violates Second Amendment rights. Several other states including California, Hawaii, Maryland, Massachusetts, New Jersey and Rhode Island have similar laws expected to be directly impacted by the ruling.
In Massachusetts, for example, police chiefs can no longer deny or impose restrictions on licenses just because the applicant doesn’t have a “good reason” to carry a gun. New York quickly passed a new concealed-weapon law, but Republicans there predict it will also end up being overturned.
In its New York ruling, the high court’s conservative majority also changed a test lower courts had used for evaluating challenges to gun laws.
Judges should no longer consider whether the law serves public interests like enhancing public safety, the opinion authored by Justice Clarence Thomas said. Instead, they should only weigh whether the law is “consistent with the Second Amendment’s text and historical understanding.”
“Basically, the Supreme Court has given an invitation for the gun lobby to file lawsuits against virtually every gun law in America,” Lowry said.
The Supreme Court has ordered lower courts to take another look at several other cases under the court’s new test. Among them: laws in California and New Jersey that limit the amount of ammunition a gun magazine can hold and a 2013 ban on “assault weapons” in Maryland.
Gun rights groups are also challenging similar bans in California, New York, New Jersey and Delaware.
“The rifles at issue in this case are the sorts of bearable arms in common use for lawful purposes that responsible and peaceable people across the United States possess by the millions. And they are, moreover, exactly what they would bring to service in militia duty, should such be necessary,” a New Jersey lawsuit brought in June by the Firearms Policy Coalition says, referencing the language of the Second Amendment.
The ruling also has come up in challenges to restrictions on gun possession for 18- to 20-year-olds in Texas and Pennsylvania. And it has been cited in a case challenging a federal ban on gun possession for people convicted of nonviolent crimes punishable by more than a year behind bars, as well as a prohibition on concealed guns on the subway in Washington, D.C.
In addition, a gun rights group is suing Colorado over the state’s 2013 ban on magazines that hold more than 15 rounds, saying the high court ruling reinforces the group’s argument that it infringes on Second Amendment rights. And the ruling has public defenders in New York City asking judges to drop gun possession cases.
Not all those lawsuits will necessarily be successful. The Texas attorney general, for example, argues the Supreme Court ruling doesn’t affect the state’s age limit law, and more state and local governments can certainly defend their gun laws as being in line with U.S. history.
Adam Skaggs, chief counsel and policy director at the Giffords Law Center to Prevent Gun Violence, predicted that when the dust settles, only laws “along the margins” will eventually be struck down.
“Most judges are going to see these for what they are, which is overreaching and lacking in any merit,” he said.
Backers of gun restrictions can also look to a concurring opinion from Justice Brett Kavanaugh.
Joined by Chief Justice John Roberts, Kavanaugh stressed that the Second Amendment does allow for a “variety” of gun regulations. He cited the use of background checks and mental health records as part of a licensing process to carry a gun and noted that states can forbid the carrying of firearms in “sensitive places” such as schools and government buildings.
But the Colorado decision handed down last month, while still early in the process, was a rosy sign for gun rights groups.
U.S. District Court Judge Raymond Moore, who was nominated by President Barack Obama, said he was sympathetic to the town’s goal of preventing mass shootings like the one that killed 10 people at a grocery store in nearby Boulder last year. But Moore said he didn’t know of “historical precedent” for a law banning “a type of weapon that is commonly used by law-abiding citizens for lawful purposes,” so the gun rights groups have a strong case against the ordinance.
Encouraged by that decision, Taylor D. Rhodes, the executive director of the Rocky Mountain Gun Owners, told The Associated Press that his group was considering going after other gun measures in Colorado, where Democrats hold the majority in the state legislature and the governor’s office.
Referring to the Supreme Court’s ruling, Rhodes said: “The Bruen decision gave us a 4-ton wrecking ball.”
___
Richer reported from Boston.
Copyright 2022 The Associated Press. All rights reserved. | https://www.mysuncoast.com/2022/08/04/after-supreme-court-ruling-its-open-season-us-gun-laws/ | 2022-08-04T11:58:01Z | https://www.mysuncoast.com/2022/08/04/after-supreme-court-ruling-its-open-season-us-gun-laws/ | true |
Work is underway to find new GPs to take over two key medial practices in Co Down.
It comes after the current GP partners at Priory Surgery in Holywood, which incorporates Springhill Surgery in Bangor, announced they will hand back their contract to health bosses early next year.
The practices will stop providing General Medical Services from February 1st, 2023.
Read more: Work underway to find new GPs to take over North Belfast medical practice
The surgery operates out of two sites in Holywood and Bangor and provides GP services for 14,525 patients.
A search is now underway to identify a replacement GP contractor or groups of GPs to provide medical services for these patients.
In a statement to its patients on Wednesday, the current GP partners said: "The current GP partners at Priory Surgery (including Springhill Surgery) will no longer be providing General Medical Services from 1st February 2023.
"The Strategic Planning and Performance Group (which replaced the former Health and Social Care Board) are seeking a replacement GP contractor or a group of GP's to provide General Medical Services to the patients currently on our practice list. You can continue to access care from the practice as usual.
"We would kindly ask that you do not contact the practice to ask about this update as we are experiencing a very high demand on our telephone system from patients wanting to access GP services. If you have any queries regarding this please contact the Strategic and Planning Group at the Department of Health, Tel: 028 95363926."
In a statement, a spokesperson for the Department of Health said: "Priory and Springhill Surgery remains open and patients who require GP care should continue to contact the surgery as normal. Work is underway to find GPs to take over the practice.
"Patients have been written to and should receive correspondence in the coming days. We will continue to keep patients informed of the outcome of this process."
Alliance Party MLA Andrew Muir has called for swift action and warned that Northern Ireland is at a "critical crisis point" when it comes to health care.
The North Down MLA told Belfast Live : “News from Priory Surgery in Holywood and Springhill in Bangor is a matter of real concern and apprehension for so many people, on foot of previous complaints from constituents in tears struggling to get the health care needed.
“Ability to access GP services is a key foundation of our NHS and should not be in question. We’re now at critical crisis point.
“Action must be swiftly taken by the Department of Health, with whom I am seeking a urgent meeting, to give patients the required assurances that business will be provided without interruption with service standards increased without delay.
“A restored Executive and confirmed Budget is essential to give framework to rebuild the NHS and Primary Care across Northern Ireland where the future of GP Surgeries is now in doubt at a number of locations,” Mr Muir added.
Last month, the partners of Grove Medical Practice in North Belfast announced that they will be unable to provide doctor services from the end of this year.
New GPs are being sought to take over at the medial practice on York Road from 1 January 2023 and patients are being advised to continue to contact Grove Medical Practice as normal.
Elsewhere, the Western Trust took over the contract for Dromore and Trillick GP Practice in Co Tyrone, which was under threat following the current doctor's resignation.
In June, Health Minister Robin Swann published a review into general surgery provision in Northern Ireland.
Mr Swann said the plan to reconfigure how surgeries are carried out here will deliver safer and more consistent care for patients.
The review, which was led by consultant surgeon Professor Mark Taylor, has produced a new set of standards that hospitals will be required to meet to continue to provide emergency and planned general surgeries.
The plan envisages greater separation of emergency and elective surgery provision, with different hospitals specialising in the different services. The exercise is part of the wider plan to reshape health delivery in Northern Ireland.
READ NEXT:
-
Leading GP expresses sadness and frustration over closure of North Belfast medical practice
-
Plan to reconfigure how surgeries are carried out in Northern Ireland published
-
Northern Ireland ambulance staff start using body-worn-cameras as attacks continue to rise
- Western Trust to take on contract for at risk GP practice in Co Tyrone
For all the latest news, visit the Belfast Live homepage here. To sign up to our FREE newsletters, see here. | https://www.belfastlive.co.uk/news/northern-ireland/work-underway-find-new-gps-24667850 | 2022-08-04T12:00:40Z | https://www.belfastlive.co.uk/news/northern-ireland/work-underway-find-new-gps-24667850 | true |
BROOMFIELD, Colo. (AP) _ Crocs Inc. (CROX) on Thursday reported second-quarter profit of $160.3 million.
The Broomfield, Colorado-based company said it had profit of $2.58 per share. Earnings, adjusted for pretax expenses, came to $3.24 per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.72 per share.
The footwear company posted revenue of $964.6 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $947.1 million.
Crocs expects full-year earnings in the range of $9.50 to $10.30 per share, with revenue in the range of $3.4 billion to $3.51 billion.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CROX at https://www.zacks.com/ap/CROX | https://www.seattlepi.com/business/article/Crocs-Q2-Earnings-Snapshot-17350715.php | 2022-08-04T12:01:07Z | https://www.seattlepi.com/business/article/Crocs-Q2-Earnings-Snapshot-17350715.php | false |
NEW YORK, Aug. 4, 2022 /PRNewswire/ -- Celebrating its eight years of trailblazing role as a clothing innovator that offers comfortable, versatile and eco-friendly activewear while addressing the environmental issues in the sportswear field, Baleaf Sports ("Baleaf") is launching its anniversary sale that packs in a series of unmissable deals, discounts and gift giveaways, inviting sports lovers and the brand's fans to join its 8th birthday party that marks a new milestone on its journey to refresh people's fitness wardrobes with premium and sustainable athletic apparels.
Shoppers will be treated to a host of online activities and special offers including lucky draw and VIP exclusive multi-tiered discounts on August 4th. For those who have registered as a customer on Baleaf's official website for three years, birthday giveaway gifts have been prepared for 300 lucky participants who will receive a special edition basketball and a thank-you card.
"Since the first pair of biker shorts listed online in 2014, Baleaf has grown into a leading apparel company that designs technical athletic clothes made from biodegradable and recyclable materials, inspiring people to join a collective course to alleviate the environmental impact on the planet with their passion for sports and each purchase. While setting our priority on taking on the sustainability challenge of sportswear, we adopt a customer co-creation approach for our business, listening, embracing, and delivering users' ideas to co-construct products with state-of-the-art functionalities to meet and uplift their lifestyles," said Lefee Xu, CEO of Baleaf.
The mission of Baleaf Sports is straightforward from the outset – providing affordable and high-performance workout gears for both fitness aficionados and athleisure consumers while reducing their wardrobes' carbon footprint. From this starting point, the brand takes eco-conscious decisions at every stage of product design and production from fabric selection to manufacturing with all its products certified by the Global Recycle Standard (GRS).
Baleaf combines its environment-centric strategy with cutting-edge technology to empower customers to perform to their highest potential when they are being active. Soft, durable, and versatile, each product is designed with the highest standards for quality, as well as outstanding moisture-wicking and temperature-managing features to deliver great comfort and optimal performance during sports. Baleaf has expanded into a wide range of categories with its innovations, covering running, cycling, swimming, outdoor, golf, and equestrian wear.
"Sustainability is deeply embedded in Baleaf's DNA, and just like the way we treat our products with great care and dedication and place a premium on innovation so our customers can enjoy the technical benefits that Baleaf delivers, we are extending our efforts beyond the environmental front to human rights and other societal issues, working closely with our partners and supplier to jointly create a safe, friendly and equal workspace for all involved in our business operation. We believe this will help advance our pledge for the planet as we accelerate toward the goal of 100 percent sustainable products by 2035,"Lefee added. "Also, as we celebrate the 8th anniversary at Beleaf, we would like to reaffirm our commitment to shoulder more social responsibilities, support more charitable causes, and help more people in need in the future."
For more details about the anniversary carnival, please visit: https://www.baleaf.com/pages/baleaf-8th-anniversary
About Baleaf
Founded in 2014, Baleaf is a contemporary activewear brand that caters to those who enjoy dabbling in fitness trends but don't want to keep stockpiling gear for each activity they engage in. Baleaf is on a mission to help downsize and streamline peoples' activewear wardrobes with high-quality, versatile, and multifaceted athleisure apparel at an affordable price. For more information, please visit https://www.baleaf.com/
View original content to download multimedia:
SOURCE Baleaf Sports | https://www.wagmtv.com/prnewswire/2022/08/04/baleaf-sports-kicks-off-8th-anniversary-carnival-with-exciting-surprises-eco-conscious-sports-lovers/ | 2022-08-04T12:01:07Z | https://www.wagmtv.com/prnewswire/2022/08/04/baleaf-sports-kicks-off-8th-anniversary-carnival-with-exciting-surprises-eco-conscious-sports-lovers/ | false |
NEW YORK (AP) _ Royalty Pharma (RPRX) on Thursday reported second-quarter profit of $305 million.
On a per-share basis, the New York-based company said it had profit of 50 cents. Earnings, adjusted for non-recurring costs, were 79 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 78 cents per share.
The company posted revenue of $536 million in the period. Its adjusted revenue was $524 million, which also beat Street forecasts. Three analysts surveyed by Zacks expected $511.9 million.
Royalty Pharma expects full-year revenue in the range of $2.28 billion to $2.35 billion.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RPRX at https://www.zacks.com/ap/RPRX | https://www.seattlepi.com/business/article/Royalty-Pharma-Q2-Earnings-Snapshot-17350764.php | 2022-08-04T12:03:15Z | https://www.seattlepi.com/business/article/Royalty-Pharma-Q2-Earnings-Snapshot-17350764.php | false |
– Initial Clinical Activity Results of IMU-935 in Psoriasis Expected in the Fourth Quarter –
– Unblinded Safety Data from the Single and Multiple Ascending Dose Parts of
Phase 1 Clinical Trial of IMU-856 in Healthy Human Subjects Expected in the Third Quarter –
– $88.1 Million in Cash and Cash Equivalents Expected to Fund Immunic
Into the Fourth Quarter of 2023 –
– Webcast to be Held Today, August 4, 2022, at 8:00 am ET –
NEW YORK, Aug. 4, 2022 /PRNewswire/ -- Immunic, Inc. (Nasdaq: IMUX), a clinical-stage biopharmaceutical company developing a pipeline of selective oral immunology therapies focused on treating chronic inflammatory and autoimmune diseases, today announced financial results for the second quarter ended June 30, 2022 and provided a corporate update.
"The second quarter was a period of continued progress in each of our key clinical programs, setting the stage for important data readouts during the second half of this year, including for IMU-935, a highly potent and selective oral IL-17 inhibitor, and IMU-856, an orally available and systemically acting small molecule shown preclinically to regulate intestinal barrier function and regenerate bowel epithelium," stated Daniel Vitt, Ph.D., Chief Executive Officer and President of Immunic. "Most notably, we look forward to reporting initial clinical activity data from part C of our phase 1 clinical trial of IMU-935 in moderate-to-severe psoriasis patients in the fourth quarter of this year. Additionally, during the third quarter, we expect to report unblinded safety data from both the single (SAD) and multiple ascending dose (MAD) parts of our phase 1 clinical trial of IMU-856 in healthy human subjects."
Dr. Vitt continued, "As we reported in June, the top-line data from our phase 2 CALDOSE-1 trial of our selective oral DHODH inhibitor, vidofludimus calcium (IMU-838), in patients with moderate-to-severe ulcerative colitis (UC), did not meet its primary endpoint due to a previously unknown interaction with chronic concurrent steroid use. Based on a post-hoc analysis of our phase 2 EMPhASIS trial in relapsing-remitting multiple sclerosis (RRMS) patients, we do not believe this will be an issue for our ongoing program in multiple sclerosis (MS) as chronic administration of corticosteroids is not generally used in this patient population or permitted in our ongoing MS trials. Based on the totality of data generated thus far, demonstrating an impressive suppression of MRI lesions, evidence for neuroprotective effects and an unrivaled safety and tolerability profile, we remain highly optimistic about the potential for vidofludimus calcium to become a highly differentiated and uniquely valuable treatment option in relapsing multiple sclerosis (RMS)."
- July 2022: Announced the appointment of Maria Törnsén, an industry executive with 20 years of global commercial experience in U.S. and ex-U.S. markets, to the Board of Directors and the resignation of Jan Van den Bossche from the Board, both effective July 5, 2022.
- June 2022: Announced publication of data from the phase 2 EMPhASIS trial of vidofludimus calcium in patients with RRMS, in the peer reviewed journal, Annals of Clinical and Translational Neurology.
- June 2022: Reported top-line data from phase 2 CALDOSE-1 trial of vidofludimus calcium in patients with moderate-to-severe UC, revealing an interaction with chronic concurrent steroid use and, therefore, missing the trial's primary endpoint. Consistent with prior data sets in other patient populations, administration of vidofludimus calcium in this trial was observed to be safe and well-tolerated. Also announced that the company's development programs in the inflammatory bowel disease indications will not be continued without a partner.
- May 2022: Announced the start of the celiac disease cohorts in the ongoing phase 1 clinical trial of IMU-856, representing the first time patients are treated with the company's orally available small molecule modulator targeting restoration of intestinal barrier function and regeneration of bowel epithelium.
- Update on the use of steroids in the phase 2 EMPhASIS trial of vidofludimus calcium in RRMS: Based on the observed interaction between vidofludimus calcium and chronic steroid use in the CALDOSE-1 trial in UC patients, Immunic performed a post-hoc analysis of the phase 2 EMPhASIS data in RRMS patients to explore the potential influence of steroids on these study results. As anticipated, steroid use was rare and among those RRMS patients who received any steroids, the majority received only short steroid courses following relapse events or acute neurological events. Comparing patients who received at least one dose of corticosteroids with those who did not, Immunic does not see any difference in clinical parameters or any evidence that the rare, short-term use of steroids in RRMS patients has any influence on the effectiveness of vidofludimus calcium in this patient population.
- Results of exploratory phase 1 drug-drug interaction (DDI) study of IMU-935: An exploratory phase 1 study was completed in 15 evaluable healthy human subjects to assess the DDI potential of IMU-935. No relevant signals for DDI potential were observed and treatment was safe and well-tolerated.
- Update on phase 1 clinical trial of IMU-935 in metastatic castration-resistant prostate cancer (mCRPC) – initial safety data available: The first two dose cohorts of the phase 1 clinical trial of IMU-935 in mCRPC have been fully recruited, with 6 patients enrolled in the 300 mg cohort and 6 patients in the 600 mg cohort. Of these patients, all have completed the initial 28-day safety study part without reaching dose limiting toxicity (DLT). The third, 900 mg cohort is expected to start dosing soon. Initial safety data available so far show a promising safety profile of IMU-935 in mCRPC, with only benign adverse events and no dose limiting toxicities. Immunic plans to provide a more comprehensive update on safety and also on potential signs of anti-tumor activity of IMU-935 in this trial as soon as data from the planned dose expansion part are available.
- Vidofludimus calcium in MS: Immunic has carefully analyzed the impact that current events in the Ukraine and Russia may have on its ongoing clinical programs. Based on this assessment, the current goal is to report data from the interim analysis of the phase 2 CALLIPER trial of vidofludimus calcium in progressive multiple sclerosis (PMS) in the second half of 2023 and to read-out top-line data at the end of 2024. Moreover, the read-out of the first of the phase 3 ENSURE trials of vidofludimus calcium in RMS is currently targeted for end of 2025. Although Immunic currently believes that each of these goals is achievable, they are each dependent on numerous factors which are not under the company's direct control and can be difficult to predict. Immunic plans to periodically review this assessment and provide updates of material changes as appropriate.
- IMU-935 phase 1 program in psoriasis: Recruitment of part C of the phase 1 clinical trial of IMU-935 in patients with moderate-to-severe psoriasis is ongoing in Australia, New Zealand and Bulgaria. Initial results are expected to be available in the fourth quarter of 2022.
- IMU-856 phase 1 program: Unblinded safety data from the SAD and MAD parts of the ongoing phase 1 clinical trial of IMU-856 in healthy human subjects are expected to be available in the third quarter of 2022.
- Research and Development (R&D) Expenses were $16.5 million for the three months ended June 30, 2022, as compared to $15.7 million for the three months ended June 30, 2021. The $0.8 million increase reflects (i) a $4.0 million increase in external development costs related to the ongoing clinical trials of vidofludimus calcium for the phase 3 program in RMS and the phase 2 trial in PMS and IMU-935, and (ii) a $0.7 million increase in personnel expense in research and development, $0.3 million of which is related to non-cash stock compensation expense and the remainder of which is related to an increase in headcount. The increases were partially offset by (i) a $3.2 million decrease in external development costs related to clinical trials of vidofludimus calcium related to COVID-19 and UC, and (ii) a decrease of $0.7 million across numerous categories.
For the six months ended June 30, 2022, R&D expenses were $34.0 million, as compared to $27.3 million for the same period ended June 30, 2021. The $6.7 million increase reflects (i) a $12.1 million increase in external development costs related to the ongoing clinical trials of vidofludimus calcium for the phase 3 program in RMS and the phase 2 trial in PMS, IMU-935 and IMU-856, and (ii) a $1.8 million increase in personnel expense in research and development, $0.7 million of which is related to non-cash stock compensation expense and the remainder of which is related to an increase in headcount. The increases were partially offset by (i) a $6.3 million decrease in external development costs related to clinical trials of vidofludimus calcium related to COVID-19 and UC, and (ii) a decrease of $0.9 million in external development costs across numerous categories. - General and Administrative (G&A) Expenses were $4.1 million for the three months ended June 30, 2022, as compared to $3.4 million for the same period ended June 30, 2021. The $0.6 million increase was primarily due to a $0.6 million increase in personnel expenses, $0.3 million of which is related to non-cash stock compensation expense and the remainder of which is related to an increase in headcount.
For the six months ended June 30 ,2022, G&A expenses were $8.1 million, as compared to $7.1 million for the same period ended June 30, 2021. The $1.0 million increase was primarily due to personnel expenses, $0.3 million of which is related to non-cash stock compensation expense and the remainder of which is related to an increase in headcount. - Other Income (Expense) was ($1.3 million) for the three months ended June 30, 2022, as compared to $1.2 million for the same period ended June 30, 2021. The $2.5 million decrease was primarily attributable to an increase in the loss on an intercompany loan between Immunic, Inc. and Immunic AG as a result of changes in currency exchange rates.
For the six months ended June 30, 2022, other expense was ($0.7 million), as compared to ($0.9 million) for the same period ended June 30, 2021. The $0.2 million decrease was primarily attributable to an increase in research and development tax incentives for clinical trials in Australia as a result of increased spending on clinical trials in Australia as well as the impact of foreign exchange rates on loans between Immunic AG and Immunic Australia Pty Ltd, partially offset by an increase in the loss on an intercompany loan between Immunic, Inc. and Immunic AG. - Net Loss for the three months ended June 30, 2022 was approximately $21.9 million, or $0.72 per basic and diluted share, based on 30,248,767 weighted average common shares outstanding, compared to a net loss of approximately $17.9 million, or $0.82 per basic and diluted share, based on 21,749,439 weighted average common shares outstanding for the same period ended June 30, 2021.
Net loss for the six months ended June 30, 2022, was approximately $42.7 million, or $1.49 per basic and diluted share, based on 28,686,910 weighted average common shares outstanding, compared to a net loss of approximately $52.5 million, or $2.44 per basic and diluted share, based on 21,463,656 weighted average common shares outstanding for the same period ended June 30, 2021. - Cash and Cash Equivalents as of June 30, 2022 were $88.1 million, which management expects to be sufficient to fund operations into the fourth quarter of 2023.
Immunic will host a webcast today at 8:00 am ET. To participate in the webcast, please register in advance at: https://imux.zoom.us/webinar/register/WN_alOspcfoRBWZpGzVMIbfFg or on the "Events and Presentations" section of Immunic's website at: ir.imux.com/events-and-presentations. Registrants will receive a confirmation email containing a link for online participation or a telephone number for dial in access.
An archived replay of the webcast will be available approximately one hour after completion on Immunic's website at: ir.imux.com/events-and-presentations.
Immunic, Inc. (Nasdaq: IMUX) is a clinical-stage biopharmaceutical company with a pipeline of selective oral immunology therapies focused on treating chronic inflammatory and autoimmune diseases. The company is developing three small molecule products: its lead development program, vidofludimus calcium (IMU-838), a selective immune modulator that inhibits the intracellular metabolism of activated immune cells by blocking the enzyme DHODH and exhibits a host-based antiviral effect, is currently being developed as a treatment option for multiple sclerosis, and primary sclerosing cholangitis. IMU-935, a selective inverse agonist of the transcription factor RORγ/RORγt, is targeted for development in psoriasis, and castration-resistant prostate cancer. IMU-856, which targets the restoration of the intestinal barrier function, is targeted for development in diseases involving bowel barrier dysfunction. For further information, please visit: www.imux.com.
This press release contains "forward-looking statements" that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, sufficiency of cash, expected timing and results of clinical trials, prospects, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to Immunic's three development programs and the targeted diseases; the potential for Immunic's development programs to safely and effectively target diseases; preclinical and clinical data for Immunic's development programs; the timing of current and future clinical trials and anticipated clinical milestones; the nature, strategy and focus of the company and further updates with respect thereto; the development and commercial potential of any product candidates of the company; and the company's expected cash runway. Immunic may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Such statements are based on management's current expectations and involve substantial risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, the COVID-19 pandemic, impacts of the Ukraine – Russia conflict on planned and ongoing clinical trials, risks and uncertainties associated with the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient financial and other resources to meet business objectives and operational requirements, the fact that the results of earlier preclinical studies and clinical trials may not be predictive of future clinical trial results, the protection and market exclusivity provided by Immunic's intellectual property, risks related to the drug development and the regulatory approval process and the impact of competitive products and technological changes. A further list and descriptions of these risks, uncertainties and other factors can be found in the section captioned "Risk Factors," in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 24, 2022, and in the company's subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov or ir.imux.com/sec-filings. Any forward-looking statement made in this release speaks only as of the date of this release. Immunic disclaims any intent or obligation to update these forward-looking statements to reflect events or circumstances that exist after the date on which they were made. Immunic expressly disclaims all liability in respect to actions taken or not taken based on any or all the contents of this press release.
Contact Information
Immunic, Inc.
Jessica Breu
Head of Investor Relations and Communications
+49 89 2080 477 09
jessica.breu@imux.com
US IR Contact
Rx Communications Group
Paula Schwartz
+1 917 633 7790
immunic@rxir.com
US Media Contact
KOGS Communication
Edna Kaplan
+1 617 974 8659
kaplan@kogspr.com
View original content to download multimedia:
SOURCE Immunic, Inc. | https://www.wagmtv.com/prnewswire/2022/08/04/immunic-inc-reports-second-quarter-2022-financial-results-provides-corporate-update/ | 2022-08-04T12:03:45Z | https://www.wagmtv.com/prnewswire/2022/08/04/immunic-inc-reports-second-quarter-2022-financial-results-provides-corporate-update/ | true |
All summer in Tokyo, Ms. Tsutsumi, a gray-ponytailed 73-year-old, has worried about getting sick from the heat.
"The other day it was so hot," she recalls, "I went to a shrine and prayed, 'Please let us survive this summer.'"
Like North America, Europe and other parts of Asia, Japan has been dealing with a scorching summer.
At the shrine, Tsutsumi bought a charm that reads "no sickness." It's now hanging at the entrance to her small, muggy second-floor apartment. The bathroom has no bathtub or shower, so she can't take a cold bath or shower to gain relief from the heat. (For hygiene, she uses wet wipes and periodically goes to a communal bathhouse.)
And the building has no elevator, so she has to be very careful navigating the stairs. Her biggest fear is that a moment of weakness in the heat could make her fall.
Sadly, these types of incidents are not uncommon, says Glen Kenny, a physiology professor at the University of Ottawa who researches how our bodies handle heat.
As temperatures soar around the world, there's more advice than ever on how you can stay cool. But what if you're also concerned about protecting those around you?
While advice can vary depending on climate conditions and individual circumstances, emergency responders and researchers who study the impacts of heat waves say you can still do plenty to safeguard others.
Preparing for extreme heat
Knowing which people in your life are more likely to be vulnerable to heat stress can help you better support them when rising temperatures pose a danger to their health.
Who's particularly at risk?
People who aren't acclimatized to the heat because they are from cooler regions or spend little time outdoors; infants, especially newborns; people in their 60s and older; outdoor workers with little control over their working hours; those with certain health conditions or medication regimens that limit the body's ability to regulate temperature; and for a variety of reasons, people living in poverty (for example, they have a higher likelihood of chronic health conditions or a lack of air conditioning).
Just as more cities are preparing plans for dealing with extreme heat, loved ones and neighbors can help each other develop their own individual plans.
This could start by ensuring that people are receiving heat alerts in the most useful language, whether these alerts are linked to social media, weather bulletins or other sources of information. This planning could also involve periodic checks of any air conditioners to ensure they're working properly.
You can even map out the cool and warm zones in someone's home. Kenny advises helping at-risk people limit the use of areas of their homes that are most exposed to the sun. Even putting blankets over the windows in the hottest rooms can be helpful.
Keeping spray bottles on hand — for misting the skin — can help keep someone's body temperature in check. And making sure that prepared food is available means that the stove doesn't need to be turned on.
It can be awkward to run through disaster scenarios with an acquaintance, but it's useful to spark conversations about heat stress, as not everyone is aware of the symptoms or the risks.
When should you call for an ambulance?
Health problems may start with relatively mild cramping, as well as muscle spasms brought on by strenuous activity in the heat.
Heat exhaustion is more common. It can include nausea, vomiting, cool or clammy skin, faintness or dizziness, and a quick but weak pulse.
These symptoms intensify with heatstroke: The pulse tends to become stronger, the skin gets redder and the faintness can turn into confusion or loss of consciousness. You can also keep an eye out for headaches and a temperature above 103 F.
Starting in June, Japan experienced temperatures topping 104 F, coupled with high humidity, as part of its worst-ever heat wave since records began.
"I feel the difference because we see a lot more patients with heatstroke," says Osamu Tadachi, a paramedic in the city of Koshigaya.
They were receiving three times as many heatstroke call-outs as in previous years, without enough ambulances and staff to respond to them all, he says.
Tadachi, who's also the general secretary of the National Council of Japanese Firefighters and Ambulance Workers, says that a person may have heatstroke even if the individual isn't sweating, but is staggering or nonresponsive. Dry lips are another worrying sign. He recommends calling for an ambulance in these situations.
In Oregon, Tremaine Clayton of Portland Fire & Rescue vividly recalls his city's devastating and unexpected heat wave in 2021.
When someone has symptoms of heat exhaustion that are not yet at the level of a medical emergency, Clayton advises spraying cool water on the person, moving the individual into an air-conditioned space, removing clothes and giving water (try to avoid caffeine, soda and other diuretics).
Clayton suggests waiting about 20 minutes to see whether there's improvement. If the symptoms remain or if they tip over into heatstroke (for instance, disorientation), it's time to call an ambulance.
While waiting, the neck, armpits and groin are particularly important to cool.
For people whose heatstroke is brought on by physical exertion, it's crucial to get them into cold water, says Kenny, of the University of Ottawa.
Jun Kanda, an emergency physician and researcher at Teikyo University Hospital in Tokyo, stresses the importance of looking out not only for a high temperature but also for dehydration. "People do usually recover after they drink water," says Kanda, who's a member of the Japanese Association for Acute Medicine's Heatstroke and Hypothermia Surveillance Committee. So if they're unable to take in liquid, that's a worrying sign that would merit an emergency call.
Continuing to check in
Many heatstroke cases happen away from public view — for instance, in the overheated bedroom of an elderly person who lives alone. People over 65 are more likely to be confined indoors and have trouble paying energy bills, making it challenging to use cooling devices even if they have them.
Overall, social isolation is a major killer during heat waves.
In Tadachi's experience, it might take several missed phone calls or a stack of newspapers accumulating outside the door for neighbors to get worried about a person who lives alone.
Some cities have attempted to formalize check-ins before it's too late. Because a high proportion of people who died in British Columbia's 2021 heat dome lived and died alone in low-income housing, the city of Vancouver has proposed funding a group of tenants to conduct room checks in single room occupancy buildings, among other measures.
Another Canadian city, Saskatoon, is working with civil society groups to identify seniors who may benefit from hot-weather checks. And in New York City, the Be a Buddy program connects volunteers with people who have health risks related to climate change.
While these programs are positive, not everyone will know about or opt into such services. It can be especially challenging for many community programs like these to reach older men living alone. This is where a personal connection can be a lifeline.
Wellness checks can be done either in person or over the phone, says Kenny. Even a phone call can help you determine whether someone is disoriented — you can ask basic questions like "When is your birthday?" Figuring out whether windows are open and how often someone is drinking water also gives you a sense of how the individual might be faring in the heat.
On a home visit, you can check whether the home feels warm. Kenny says that in general, a temperature above 78 F poses a risk to elderly people and those with chronic health conditions; above 87 F would call for alternative arrangements.
Kenny advises doing these checks between one and three times a day during extreme heat events. And it's best to come to a wellness check prepared with a spray bottle of cool water, towels to wet and drape over the skin, and drinking water.
Apart from advocating for stronger climate action, the most helpful thing any of us can do in the heat is also the simplest: check in on others who may be vulnerable before it gets to a crisis point.
"There are lives that could have been saved," Kanda says of Japan's early-summer heat wave this year. "To do so, we need to look out for each other."
Reporting for this article was supported by the Social Science Research Council and the Japan Foundation Center for Global Partnership, through the Abe Fellowship for Journalists. This story was reported with Chie Matsumoto.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wunc.org/2022-08-04/how-to-protect-the-people-you-care-about-from-extreme-heat | 2022-08-04T12:04:32Z | https://www.wunc.org/2022-08-04/how-to-protect-the-people-you-care-about-from-extreme-heat | false |
After Supreme Court ruling, it’s open season on US gun laws
WASHINGTON (AP) — The Supreme Court ruling expanding gun rights threatens to upend firearms restrictions across the country as activists wage court battles over everything from bans on AR-15-style guns to age limits.
The decision handed down in June already has led one judge to temporarily block a Colorado town from enforcing a ban on the sale and possession of certain semi-automatic weapons.
The first major gun decision in more than a decade, the ruling could dramatically reshape gun laws in the U.S. even as a series of horrific mass shootings pushes the issue back into the headlines.
“The gun rights movement has been given a weapon of mass destruction, and it will annihilate approximately 75% of the gun laws eventually,” said Evan Nappen, a New Jersey gun rights attorney.
The court battles come as the Biden administration and police departments across the U.S. struggle to combat a surge in violent crime and mass shootings, including several high-profile killings carried out by suspects who purchased their guns legally.
And given the sheer number of cases now working through the courts, a lot more time will be spent in courtrooms no matter who wins.
“We will see a lot of tax dollars and government resources that should be used to stop gun crime being used to defend gun laws that are lifesaving and wildly popular,” said Jonathan Lowry, chief counsel and vice president at Brady, the gun control group.
Congress broke through years of deadlock to pass a modest gun violence prevention package weeks ago, and the House voted to renew a ban on high-powered semi-automatic weapons, though that effort is likely doomed in the Senate as Republicans push back on firearms restrictions and say recent spikes in gun violence should be met with a stepped-up police response.
The Supreme Court decision struck down a New York law requiring people to demonstrate a particular need to get a license to carry a concealed gun in public, saying it violates Second Amendment rights. Several other states including California, Hawaii, Maryland, Massachusetts, New Jersey and Rhode Island have similar laws expected to be directly impacted by the ruling.
In Massachusetts, for example, police chiefs can no longer deny or impose restrictions on licenses just because the applicant doesn’t have a “good reason” to carry a gun. New York quickly passed a new concealed-weapon law, but Republicans there predict it will also end up being overturned.
In its New York ruling, the high court’s conservative majority also changed a test lower courts had used for evaluating challenges to gun laws.
Judges should no longer consider whether the law serves public interests like enhancing public safety, the opinion authored by Justice Clarence Thomas said. Instead, they should only weigh whether the law is “consistent with the Second Amendment’s text and historical understanding.”
“Basically, the Supreme Court has given an invitation for the gun lobby to file lawsuits against virtually every gun law in America,” Lowry said.
The Supreme Court has ordered lower courts to take another look at several other cases under the court’s new test. Among them: laws in California and New Jersey that limit the amount of ammunition a gun magazine can hold and a 2013 ban on “assault weapons” in Maryland.
Gun rights groups are also challenging similar bans in California, New York, New Jersey and Delaware.
“The rifles at issue in this case are the sorts of bearable arms in common use for lawful purposes that responsible and peaceable people across the United States possess by the millions. And they are, moreover, exactly what they would bring to service in militia duty, should such be necessary,” a New Jersey lawsuit brought in June by the Firearms Policy Coalition says, referencing the language of the Second Amendment.
The ruling also has come up in challenges to restrictions on gun possession for 18- to 20-year-olds in Texas and Pennsylvania. And it has been cited in a case challenging a federal ban on gun possession for people convicted of nonviolent crimes punishable by more than a year behind bars, as well as a prohibition on concealed guns on the subway in Washington, D.C.
In addition, a gun rights group is suing Colorado over the state’s 2013 ban on magazines that hold more than 15 rounds, saying the high court ruling reinforces the group’s argument that it infringes on Second Amendment rights. And the ruling has public defenders in New York City asking judges to drop gun possession cases.
Not all those lawsuits will necessarily be successful. The Texas attorney general, for example, argues the Supreme Court ruling doesn’t affect the state’s age limit law, and more state and local governments can certainly defend their gun laws as being in line with U.S. history.
Adam Skaggs, chief counsel and policy director at the Giffords Law Center to Prevent Gun Violence, predicted that when the dust settles, only laws “along the margins” will eventually be struck down.
“Most judges are going to see these for what they are, which is overreaching and lacking in any merit,” he said.
Backers of gun restrictions can also look to a concurring opinion from Justice Brett Kavanaugh.
Joined by Chief Justice John Roberts, Kavanaugh stressed that the Second Amendment does allow for a “variety” of gun regulations. He cited the use of background checks and mental health records as part of a licensing process to carry a gun and noted that states can forbid the carrying of firearms in “sensitive places” such as schools and government buildings.
But the Colorado decision handed down last month, while still early in the process, was a rosy sign for gun rights groups.
U.S. District Court Judge Raymond Moore, who was nominated by President Barack Obama, said he was sympathetic to the town’s goal of preventing mass shootings like the one that killed 10 people at a grocery store in nearby Boulder last year. But Moore said he didn’t know of “historical precedent” for a law banning “a type of weapon that is commonly used by law-abiding citizens for lawful purposes,” so the gun rights groups have a strong case against the ordinance.
Encouraged by that decision, Taylor D. Rhodes, the executive director of the Rocky Mountain Gun Owners, told The Associated Press that his group was considering going after other gun measures in Colorado, where Democrats hold the majority in the state legislature and the governor’s office.
Referring to the Supreme Court’s ruling, Rhodes said: “The Bruen decision gave us a 4-ton wrecking ball.”
___
Richer reported from Boston.
Copyright 2022 The Associated Press. All rights reserved. | https://www.kold.com/2022/08/04/after-supreme-court-ruling-its-open-season-us-gun-laws/ | 2022-08-04T12:05:20Z | https://www.kold.com/2022/08/04/after-supreme-court-ruling-its-open-season-us-gun-laws/ | false |
Jurors to visit still bloodstained Parkland school building
FORT LAUDERDALE, Fla. (AP) — Jurors in the trial of Florida school shooter Nikolas Cruz prepared to walk through the still blood-spattered rooms of a three-story building at Parkland’s Marjory Stoneman Douglas High School on Thursday, visiting the scene where he murdered 14 students and three staff members four years ago.
The seven-man, five-woman jury and 10 alternates will be bused under heavy security the 30 miles from the Broward County Courthouse in downtown Fort Lauderdale to the suburban school, where classes don’t resume until later this month. Law enforcement plans to seal off the area around the campus, and aircraft may be barred from flying overhead to prevent protesters from interrupting the proceedings and to protect the jurors’ safety.
The panelists and their law enforcement escorts will be accompanied into the building by Circuit Judge Elizabeth Scherer, prosecutors and Cruz’s attorneys. Cruz will not be present, according to one of his attorneys.
Prosecutors, who are winding up their case, are hoping the visit will help prove that the former Stoneman Douglas student’s actions were cold, calculated, heinous and cruel; created a great risk of death to many people and “interfered with a government function” — all aggravating factors under Florida’s capital punishment law.
Under Florida court rules, neither the judge nor the attorneys are allowed to speak to the jurors — and the jurors aren’t allowed to converse with each other — when they retrace the path Cruz followed on Feb. 14, 2018, as he methodically moved from floor to floor, firing down hallways and into classrooms as he went. The jurors have already seen surveillance video of the shooting and photographs of its aftermath.
Journalists will not be allowed inside until after the jurors leave, and will not be allowed to carry cameras.
The building has been sealed and surrounded by a chain-link fence since shortly after the massacre. Known both as the freshman and 1200 building, it looms ominously over the school and its teachers, staff and 3,300 students, and can be seen easily by anyone nearby. The Broward County school district plans to demolish it whenever the prosecutors approve. For now, it is a court exhibit.
“When you are driving past, it’s there. When you are going to class, it’s there. It is just a colossal structure that you can’t miss,” said Kai Koerber, who was a Stoneman Douglas junior at the time of the shooting. He is now at the University of California, Berkeley, and the developer of a mental health phone app. “It is just a constant reminder ... that is tremendously trying and horrible.”
Cruz, 23, pleaded guilty in October to 17 counts of first-degree murder; the trial is only to determine if he is sentenced to death or life without parole.
The building’s interior has been left nearly intact since the shooting: Bloodstains still smear the floor, and doors and walls are riddled with bullet holes. Windows in classroom doors are shot out. Rotted Valentine’s Day flowers, deflated balloons and other gifts are strewn about. Only the bodies and personal belongings such as backpacks have been removed.
Miami defense attorney David S. Weinstein said prosecutors are hoping the visit will be “the final piece in erasing any doubt that any juror might have had that the death penalty is the only recommendation that can be made.”
Such site visits are rare. Weinstein, a former prosecutor, said in more than 150 jury trials dating back to the late 1980s, he has only had one.
One reason for their rarity is that they are a logistical nightmare for the judge, who needs to get the jury to the location and back to the courthouse without incident or risk a mistrial. And in a typical case, a visit wouldn’t even present truthful evidence: After law enforcement leaves, the building or public space returns to its normal use. The scene gets cleaned up, objects get moved and repairs are made. It’s why judges order jurors in many trials not to visit the scene on their own.
Craig Trocino, a University of Miami law professor who has represented defendants appealing their death sentences, said the visit — combined with the myriad graphic videos and photos jurors have already seen — could open an avenue for Cruz’s attorneys if they find themselves in the same situation.
“At some point evidence becomes inflammatory and prejudicial,” he said. “The site visit may be a cumulative capstone.”
Cruz’s attorneys have argued that prosecutors have used evidence not just to prove their case, but to inflame the jurors’ passions.
Prosecutors are expected to rest their case shortly after the visit.
Copyright 2022 The Associated Press. All rights reserved. | https://www.kold.com/2022/08/04/jurors-visit-still-bloodstained-parkland-school-building/ | 2022-08-04T12:05:39Z | https://www.kold.com/2022/08/04/jurors-visit-still-bloodstained-parkland-school-building/ | false |
REHOVOT, Israel, Aug. 4, 2022 /PRNewswire/ -- Nova (Nasdaq: NVMI) today announced financial results for the second quarter, the three-month period ended June 30, 2022.
- Record quarterly revenue of $141.6 million. Up 45% year over year
- GAAP net income of $34.9 million, or $1.09 per diluted share. Up 42% year over year on a per-share basis
- Non-GAAP net income of $39.5 million, or $1.24 per diluted share. Up 38% year over year on a per-share basis
- Record Optical CD Standalone revenue driven by multiple customer selections
- Diversified geographic mix, including four major territories contributing over 15% of revenue each
- Continued proliferation of Nova METRION®. Selected by Advanced Logic Manufacturer
A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements included in this release. See also "Use of Non-GAAP Adjusted Financial Measures" section.
"Nova delivered sound results for the second quarter, demonstrating strength in all product lines across our dimensional, materials, and chemical metrology portfolio. Our business performance yielded another quarterly revenue record with both revenue and profitability reaching the high end of the guidance," commented Eitan Oppenhaim, President and Chief Executive Officer. "Our solid backlog and the demand for our products across the various semiconductor technology nodes solidify our goal to continue our profitable growth this year as well. With the company revenues exceeding $500 million in the last four quarters, we mark the realization of our Nova 500 strategic plan, which cemented the fundamentals to support our future organic and inorganic growth in the long term."
Management provided an outlook for the third quarter, the period ending September 30, 2022. Based on current estimates, management expects:
- $137 million to $147 million in revenue
- $0.89 to $1.08 in diluted GAAP EPS
- $1.06 to $1.25 in diluted non-GAAP EPS
Total revenues for the second quarter of 2022 were $141.6 million, an increase of 6% compared with the first quarter of 2022 and an increase of 45% compared with the second quarter of 2021.
Gross margin in the second quarter of 2022 was 57%, same as the first quarter of 2022 and the second quarter of 2021.
Operating expenses in the second quarter of 2022 were $43.4 million, compared with $39.0 million in the first quarter of 2022 and $28.7 million in the second quarter of 2021.
On a GAAP basis, the Company reported net income of $34.9 million, or $1.09 per diluted share, in the second quarter of 2022. This is compared with net income of $34.2 million, or $1.07 per diluted share, in the first quarter of 2022, and net income of $22.9 million, or $0.77 per diluted share, in the second quarter of 2021.
On a non-GAAP basis, the Company reported net income of $39.5 million, or $1.24 per diluted share, in the second quarter of 2022. This is compared with net income of $41.5 million, or $1.30 per diluted share, in the first quarter of 2022, and net income of $26.9 million, or $0.90 per diluted share, in the second quarter of 2021.
Nova will host a conference call today, August 4, 2022, at 8:30 a.m. Eastern Time, to discuss the financial results and outlook. To attend the conference call, please dial one of the following teleconferencing numbers. Please begin by placing your calls five minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
U.S. TOLL-FREE Dial-in Number: 1-800-239-9838
ISRAEL TOLL-FREE Dial-in Number: 1-809-407-724
INTERNATIONAL Dial-in Number: 1-323-794-2551
At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time
3:30 p.m. Israel Time
The conference call will also be webcast live from a Link on Nova's website at https://www.novami.com/investors/events/.
A replay of the conference call will be available from August 4, 2022, at 11:30 a.m. Eastern Time to August 11, 2022, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers:
Replay Dial-in TOLL-FREE: 1-844-512-2921
Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-6671
Replay Pin Number: 2902650
A replay will also be available for 90 days on Nova's website at https://www.novami.com/investors/events/.
About Nova
Nova is a leading innovator and key provider of material, optical and chemical metrology solutions for advanced process control in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova's product portfolio, which combines high-precision hardware and cutting-edge software, provides its customers with deep insight into developing and producing the most advanced semiconductor devices. Nova's unique capability to deliver innovative solutions enables its customers to improve performance, enhance product yields and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices worldwide. Additional information may be found on Nova's website link - https://www.novami.com/.
Nova is traded on the Nasdaq and TASE, Nasdaq ticker symbol NVMI.
Use of Non-GAAP Adjusted Financial Measures
This press release provides financial measures that exclude amortization of acquired intangible assets, acquisition related expenses, inventory step-up and contingent consideration revaluation, stock-based compensation expenses, revaluation of operating lease liabilities, amortization of debt discount and issuance costs and tax effect of non-GAAP adjustment, as applicable, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding Nova's performance because they reflect our operational results and enhance management's and investors' ability to evaluate Nova's performance before charges or benefits considered by management to be outside Nova's ongoing operating results. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management believes that it is in the best interest of its investors to provide financial information that will facilitate comparison of both historical and future results and allow greater transparency to supplemental information used by management in its financial and operational decision making. A reconciliation of each GAAP to non-GAAP financial measure discussed in this press release is contained in the accompanying financial tables.
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: catastrophic events such as the outbreak of COVID-19; increased information technology security threats and sophisticated computer crime; foreign political and economic risks; changes in U.S. trade policies; inability to protect our intellectual property; open source technology exposure; failure to compete effectively or to respond to the rapid technological changes; consolidation in our industry; difficulty in predicting the length and strength of any downturn or expansion period of the market we target; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; difficulty in integrating current or future acquisitions; lengthy sales cycle and customer delays in orders; political, economic, and military instability in Israel; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in Nova's Annual Report on Form 20-F for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 1, 2022. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
(Tables to Follow)
* Stock-based compensation for the three months ended June 30, 2022 included in: Cost of revenues - 1,021; Research and development, net - 1,694; Sales and marketing - 756; General and administrative - 601.
Company Contact:
Dror David, Chief Financial Officer
Tel: +972-73-229-5760
E-mail - investors@novami.com
Nova website link - https://www.novami.com/
Investor Relations Contact:
Miri Segal MS-IR LLC
Tel: +917-607-8654
E-mail - msegal@ms-ir.com
View original content:
SOURCE Nova | https://www.wagmtv.com/prnewswire/2022/08/04/nova-reports-results-second-quarter-2022/ | 2022-08-04T12:05:53Z | https://www.wagmtv.com/prnewswire/2022/08/04/nova-reports-results-second-quarter-2022/ | true |
- FDA Clearance of IND Application for OTX-2002, the First Ever Epigenomic Controller, for MYC Driven Hepatocellular Carcinoma Received
- Launch of Phase 1/2 Clinical Trial Under the MYCHELANGELOTM Clinical Program in Patients Expected in 2H'22
- Data from Preclinical Studies Show Promising Anti-Tumor Activity and Loss of Cancer Cell Viability Achieved Through Pre-Transcriptional Downregulation of MYC Gene Expression
- $173.7 Million in Cash, Cash Equivalents and Marketable Securities at End of Second Quarter
CAMBRIDGE, Mass., Aug. 4, 2022 /PRNewswire/ -- Omega Therapeutics, Inc. (Nasdaq: OMGA) ("Omega"), a clinical-stage biotechnology company pioneering the first systematic approach to use mRNA therapeutics as a new class of programmable epigenetic medicines by leveraging its OMEGA Epigenomic Programming™ platform, today announced financial results for the second quarter ended June 30, 2022, and highlighted recent Company progress.
"This has been an exciting second quarter for Omega, in which we were thrilled to receive FDA clearance of our first IND application for OTX-2002, representing the first ever Omega Epigenomic ControllerTM, a new class of programmable mRNA therapeutics. This is a critical milestone for Omega as we enter our next phase of growth and reflects our pioneering work to realize the potential of epigenomic programming," said Mahesh Karande, President and Chief Executive Officer of Omega Therapeutics. "Additionally, we were also pleased to share exciting, new supportive preclinical data, both from our lead program OTX-2002 in hepatocellular carcinoma, as well as from another program in our pipeline focused on non-small cell lung cancer, a potential future indication. We look forward to continuing this momentum as we enter the clinic in the second half of this year and further exploring the broad ranging capabilities of our novel platform in additional therapeutic areas."
Recent Business Highlights
Development Pipeline and Platform
- Received FDA Clearance of Investigational New Drug (IND) application for OTX-2002, the First Omega Epigenomic ControllerTM (OEC), for MYC driven Hepatocellular Carcinoma (HCC): OTX-2002 is a novel, engineered, and programmable mRNA therapeutic designed to downregulate c-Myc (MYC) expression pre-transcriptionally through epigenetic modulation while potentially overcoming MYC autoregulation. This represents the first ever epigenomic controller, a new class of programmable mRNA therapeutics, to receive IND clearance.
- On Track to Launch a Phase 1/2 Clinical Trial Under the MYCHELANGELOTM Clinical Trial Program in HCC patients in the 2H'22: The study consists of Part 1 (OTX-2002 as monotherapy) and Part 2 (OTX-2002 combined with standards of care in HCC). The Phase 1/2 trial will evaluate the safety, tolerability, pharmacokinetics, pharmacodynamics, and preliminary antitumor activity of OTX-2002 as a monotherapy and in combination with standard of care therapies in patients with relapsed or refractory HCC and other solid tumor types known for association with the MYC oncogene. The study is expected to enroll approximately 190 patients at clinical trial sites in the United States, Asia, and Europe and the Company expects to dose the first patient during the fourth quarter of 2022.
- New OTX-2002 Preclinical Data Presented at Three Major Medical Meetings Show Robust In Vivo Efficacy and In Vitro Loss of Cancer Cell Viability:
- Additional OEC Development: Beyond HCC and NSCLC, the Company is advancing multiple programs through preclinical studies spanning oncology, multigenic diseases including immunology, regenerative medicine, and select monogenic diseases.
- OMEGA Epigenomic ProgrammingTM Platform: Omega is creating a new generation of programmable mRNA medicines that are designed to control the fundamental epigenetic processes to correct the root cause of disease by restoring aberrant gene expression to normal levels without altering native nucleic acid sequences. Omega has developed a highly rational and deterministic approach to drug design that enables the Company to rapidly develop and optimize novel OECs with high target specificity to durably tune the expression of single or multiple genes. Omega is advancing multiple preclinical development programs spanning oncology, multigenic diseases including immunology, regenerative medicine, and select monogenic diseases.
Corporate
- Joshua Reed Appointed Chief Financial Officer. Mr. Reed brings over 25 years of successful and diverse corporate and financial operations experience including capital raising, business development, and investor relations.
Second Quarter 2022 Financial Results
As of June 30, 2022, the Company had cash, cash equivalents and marketable securities totaling $173.7 million.
Research and development (R&D) expenses for the second quarter of 2022 were $19.4 million, compared to $11.2 million for the second quarter of 2021. The $8.2 million increase in R&D expense was primarily driven by an increase in personnel-related expenses, external manufacturing costs, and study costs in support of the advancement of our programs
General and administrative (G&A) expenses for the second quarter of 2022 were $6.2 million, compared to $3.6 million for the second quarter of 2021. The $2.6 million increase in G&A expense was primarily driven by an increase in personnel-related expenses to support business growth.
Net loss for the second quarter of 2022 was $25.9 million, compared to $15.4 million for the second quarter of 2021, driven predominantly by increased R&D and G&A expenses to support the Company's growth and operations as a public company.
About Omega Therapeutics
Omega Therapeutics, founded by Flagship Pioneering, is a clinical-stage biotechnology company pioneering the first systematic approach to use mRNA therapeutics as a new class of programmable epigenetic medicines. The company's OMEGA Epigenomic Programming™ platform harnesses the power of epigenetics, the mechanism that controls gene expression and every aspect of an organism's life from cell genesis, growth, and differentiation to cell death. Using a suite of technologies, paired with Omega's process of systematic, rational, and integrative drug design, the OMEGA platform enables control of fundamental epigenetic processes to correct the root cause of disease by returning aberrant gene expression to a normal range without altering native nucleic acid sequences. Omega's modular and programmable mRNA medicines, Omega Epigenomic Controllers™, are designed to target specific epigenomic loci within insulated genomic domains, EpiZips, from amongst thousands of unique, mapped, and validated genome-wide DNA-sequences, with high specificity to durably tune single or multiple genes to treat and cure diseases through Precision Genomic Control™. Omega is currently advancing a broad pipeline of development candidates spanning a range of disease areas, including oncology, regenerative medicine, multigenic diseases including immunology, and select monogenic diseases, including alopecia.
For more information, visit omegatherapeutics.com, or follow us on Twitter and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the timing and design of our Phase 1/2 MYCHELANGELOTM clinical trial; the potential of the OMEGA platform to engineer programmable epigenetic mRNA therapeutics that successfully regulate gene expression by targeting insulated genomic domains; expectations surrounding the potential of our product candidates, including our lead OEC candidate OTX-2002; and expectations regarding our pipeline, including trial design, initiation of preclinical studies and advancement of multiple preclinical development programs in oncology, immunology, regenerative medicine, and select monogenic diseases. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the novel technology on which our product candidates are based makes it difficult to predict the time and cost of preclinical and clinical development and subsequently obtaining regulatory approval, if at all; the substantial development and regulatory risks associated with epigenomic controller machines due to the novel and unprecedented nature of this new category of medicines; our limited operating history; the incurrence of significant losses and the fact that we expect to continue to incur significant additional losses for the foreseeable future; our need for substantial additional financing; our investments in research and development efforts that further enhance the OMEGA platform, and their impact on our results; uncertainty regarding preclinical development, especially for a new class of medicines such as epigenomic controllers; potential delays in and unforeseen costs arising from our clinical trials; the fact that our product candidates may be associated with serious adverse events, undesirable side effects or have other properties that could halt their regulatory development, prevent their regulatory approval, limit their commercial potential, or result in significant negative consequences; the impact of increased demand for the manufacture of mRNA and LNP based vaccines to treat COVID-19 on our development plans; difficulties manufacturing the novel technology on which our OEC candidates are based; our ability to adapt to rapid and significant technological change; our reliance on third parties for the manufacture of materials; our ability to successfully acquire and establish our own manufacturing facilities and infrastructure; our reliance on a limited number of suppliers for lipid excipients used in our product candidates; our ability to advance our product candidates to clinical development; and our ability to obtain, maintain, enforce and adequately protect our intellectual property rights. These and other important factors discussed under the caption "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, and our other filings with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
Investor contact:
Kevin Murphy
Argot Partners
212.600.1902
ArgotOmega@argotpartners.com
Media contact:
Jason Braco, Ph.D.
LifeSci Communications
646.751.4361
jbraco@lifescicomms.com
View original content to download multimedia:
SOURCE Omega Therapeutics | https://www.wagmtv.com/prnewswire/2022/08/04/omega-therapeutics-reports-second-quarter-2022-financial-results-highlights-recent-company-progress/ | 2022-08-04T12:06:06Z | https://www.wagmtv.com/prnewswire/2022/08/04/omega-therapeutics-reports-second-quarter-2022-financial-results-highlights-recent-company-progress/ | true |
BD REPORTS THIRD QUARTER FISCAL 2022 FINANCIAL RESULTS
Published: Aug. 4, 2022 at 5:30 AM CDT|Updated: 2 hours ago
Revenue from continuing operations of $4.6 billion increased 0.7% as reported and 3.8% on currency-neutral basis
Revenue from continuing operations driven by base revenue growth of 6.0% as reported, 9.3% currency-neutral
Worldwide COVID-only testing revenues of $76 million declined from $300 million in the prior year
GAAP diluted EPS from continuing operations of $1.28; adjusted diluted EPS from continuing operations of $2.66
Company raises full year revenue and EPS guidance
FRANKLIN LAKES, N.J., Aug. 4, 2022 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced results for its third quarter of fiscal year 2022, which ended June 30, 2022.
"Our BD2025 strategy continues to serve as our True North and has proven to be an effective, winning strategy as reflected in our continued strong performance, even amid a challenging macro environment," said Tom Polen, chairman, CEO and president of BD. "Through our talented team's focused execution and commitment to our purpose, we are advancing our Grow-Simplify-Empower initiatives, innovation pipeline and capital deployment strategy, which are all contributing to profitable growth. Looking forward, we expect continued momentum and remain well-positioned to drive long-term growth and value for all stakeholders."
Recent Business Highlights
BD continues to advance its innovation-driven growth strategy, tuck-in M&A, and ESG initiatives.
Acquired Parata Systems, entering high-growth pharmacy automation market segment by offering a comprehensive set of technologies across the care continuum, and furthering strategy to drive smart, connected care.
Acquired MedKeeper, a provider of modern, cloud-based pharmacy management applications, including connected pharmacy software to support the preparation of compounded medications.
Launched BD COR™ System in U.S. Fully automated, high-throughput infectious disease molecular diagnostic platform includes 510(k) cleared BD COR™ MX instrument that elevates standard of care for sexually transmitted infections.
Obtained CE mark for COVID-19 and Influenza A/B combination test for BD COR™ MX.
Launched CE marked BD MAX™ respiratory viral panel for COVID-19, Influenza A/B and Respiratory Syncytial Virus.
Unveiled BD FACSDiscover™ S8 cell sorter at International Society for Advancement of Cytometry CYTO 2022 conference. World's first spectral cell sorter with high-speed imaging technology that sorts cells based on visual characteristics.
Issued 2021 ESG Report with notable progress toward 2030+ ESG commitments, addressing energy, water and waste reduction, environmental impact of product portfolio and supplier diversification.
Named a "Noteworthy Company" for the third straight year in DiversityInc's annual ranking of the top U.S. companies for diversity.
Recognized as a Best Place to Work for Disability Inclusion for the fourth consecutive year. Perfect score on 2022 Disability Equality Index demonstrates progress in removing barriers and creating employment opportunities for people with disabilities.
Basis of Presentation— Continuing Operations
On April 1, 2022, the Company completed the spin-off of its Diabetes Care business as a separate publicly traded company named Embecta Corp. ("Embecta"). The historical results of the Diabetes Care business that was contributed to Embecta in the spin-off are now accounted for as discontinued operations. Financial information presented in this release reflects BD's results on a continuing operations basis, which excludes Embecta. Prior periods have been recast to conform to this presentation.
Third Quarter Fiscal 2022 Operating Results
Geographic Results
Segment Results
Third fiscal quarter revenue growth across the segments was driven by strong base business performance.
The BD Medical segment includes the Medication Delivery Solutions (MDS), Medication Management Solutions (MMS), and Pharmaceutical Systems (PS) business units. BD Medical revenue growth was driven by strong performance in MDS and PS.
MDS performance reflects global competitive gains in catheters driven by strong momentum in our comprehensive vascular access management strategy despite COVID restrictions in China. Improved utilization year-over-year in the U.S. and Europe also contributed to MDS performance.
MMS performance reflects continued strong momentum worldwide in our dispensing business driven by our connected medication management and pharmacy automation solutions. Worldwide performance in our infusion business was about flat, reflecting a similar level of demand in the U.S. for pumps under medical necessity compared to the prior year.
PS performance reflects our strong leadership position in pre-fillable devices, supported by ongoing capacity expansion and supply availability that enabled our ability to meet increased demand for biologic drugs.
The BD Life Sciences segment includes the Integrated Diagnostic Solutions (IDS) and Biosciences (BDB) business units. BD Life Sciences performance reflects growth in the base business of 8.8% as reported and 13.2% on a currency-neutral basis and the decline in COVID-only testing revenues.
IDS performance reflects a decline in COVID-only testing revenues, partially offset by strong growth in the base business. Base business growth was driven by continued adoption of our broader respiratory panel and leveraging the increased BD Max™ installed base, and growth in specimen management that reflects price management and continued production increases that enabled us to meet strong demand.
BDB performance reflects continued strong demand for reagents driven by our antibody and dye strategy and continued adoption of our e-commerce platform. Strong instrument growth was driven by recent product launches and strategic procurement of critical components that enabled higher instrument placements.
The BD Interventional segment includes the Surgery, Peripheral Intervention (PI), and Urology & Critical Care (UCC) business units. BD Interventional revenue growth reflects strong performance across the segment.
Surgery performance reflects strong growth worldwide in Advanced Repair and Reconstruction driven by continued market adoption of Phasix™ hernia resorbable scaffold and the acquisition of Tepha. Performance also reflects double-digit growth worldwide in biosurgery.
PI performance reflects share gains driven by the return of Venovo™ to the market, continued global penetration of Rotarex™ and the acquisition of Venclose, which is expanding our focus across chronic disease settings. Growth was also aided by partial back-order recovery during the quarter. Partially offsetting this growth was a negative impact to deferrable procedures from macroeconomic factors such as labor constraints.
UCC performance reflects continued strong demand for chronic female incontinence products in the acute care & alternative care settings. Strength in acute care was aided by back-order recovery during the quarter.
Assumptions and Outlook for Full Year Fiscal 2022
The company provided the following guidance with respect to its continuing operations for fiscal 2022.
The company raised and narrowed its full-year revenue and adjusted EPS guidance ranges.
The company now expects fiscal year 2022 revenues to be in the range of approximately $18.75 billion to $18.83 billion compared to $18.5 billion to $18.7 billion previously announced, which reflects an increase of approximately $190 million at the mid-point.
The company now expects fiscal year 2022 adjusted diluted EPS to be $11.28 to $11.35, compared to $11.15 to $11.30 previously announced. This reflects an increase of $0.09 at the mid-point that is driven by strong base business performance. The estimated incremental impact from foreign currency is expected to be minimal.
BD's outlook for fiscal 2022 reflects numerous assumptions about many factors that could affect its business, based on the information management has reviewed as of this date. Management will discuss its outlook and several of its assumptions on its third fiscal quarter earnings call.
The company's expected adjusted diluted EPS for fiscal 2022 excludes potential charges or gains that may be recorded during the fiscal year, such as, among other things, the non-cash amortization of intangible assets, acquisition-related charges, spin related charges, and certain tax matters. BD does not attempt to provide reconciliations of forward-looking adjusted diluted non-GAAP EPS guidance to the comparable GAAP measure because the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of BD's financial performance. We also present our estimated revenue and adjusted diluted EPS growth for our 2022 fiscal year after adjusting for the anticipated impact of foreign currency translation. BD believes that this adjustment allows investors to better evaluate BD's anticipated underlying earnings performance for our 2022 fiscal year in relation to our underlying 2021 fiscal year performance.
Conference Call and Presentation Materials
BD will host an audio webcast today for the public, investors, analysts, and news media to discuss its third quarter results. The audio webcast will be broadcast live on BD's website, www.bd.com/investors at 8 a.m. (ET) Thursday, August 4, 2022. Accompanying slides will be available on BD's website, www.bd.com/investors at approximately 6:30 a.m. (ET). The conference call will be available for replay on BD's website, www.bd.com/investors. Alternatively, you can dial into the replay at 1-800-839-3012 (domestic) and 1-402-220-7232 (international) through the close of business on Thursday, Aug. 11, 2022. A confirmation number is not needed to access the replay.
Non-GAAP Financial Measures/Financial Tables
This news release contains certain non-GAAP financial measures. These include revenue growth rates on a currency-neutral basis, adjusted diluted earnings per share, base revenue and organic revenue. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States. BD management believes that the use of non-GAAP measures to adjust for items that are considered by management to be outside of BD's underlying operational results or that affect period to period comparability helps investors to gain a better understanding of our performance year-over-year, to analyze underlying trends in our businesses, to analyze our base operating results, and understand future prospects. Management uses these non-GAAP financial measures to measure and forecast the company's performance, especially when comparing such results to previous periods or forecasts. We believe presenting such adjusted metrics provides investors with greater transparency to the information used by BD management for its operational decision-making and for comparison for other companies within the medical technology industry. Although BD's management believes non-GAAP results are useful in evaluating the performance of its business, its reliance on these measures is limited since items excluded from such measures may have a material impact on BD's net income, earnings per share or cash flows calculated in accordance with GAAP. Therefore, management typically uses non-GAAP results in conjunction with GAAP results to address these limitations. BD strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by BD may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Non-GAAP measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures.
We present adjusted diluted earnings per share for the third fiscal quarter and the first nine months of fiscal year 2022, and the corresponding prior periods, after eliminating items we believe are not part of our ordinary operations and affect the comparability of the periods presented. We also present adjusted diluted earnings per share for the full 2021 fiscal year. Adjusted diluted earnings per share includes adjustments for the impact of purchase accounting adjustments, integration and restructuring costs, spin related charges, certain transaction gains and losses, certain legal defense and product remediation costs, certain regulatory costs, certain investment gains and losses, certain asset impairment costs, and the impact of the extinguishment of debt. In particular, current and prior-year adjusted diluted earnings per share results exclude European regulatory initiative-related costs, which represent costs incurred to develop processes and systems to establish initial compliance with the European Union Medical Device Regulation and the European Union In Vitro Diagnostic Medical Device Regulation (collectively, the "New EU Medical Devices Regulations"), which represent a significant, unusual change to the existing regulatory framework. We consider the excluded European regulatory initiative-related costs to be duplicative of previously incurred costs and/or one-off costs related to establishing initial compliance with such regulatory regimes, and in each case are limited to a specific period of time. These expenses relate to establishing initial compliance with the New EU Medical Devices Regulations and include the cost of labor, other services and consulting (in particular, research and development and clinical trials) and supplies, travel and other miscellaneous costs. These costs were recorded in Cost of products sold and Research and development expense.
We also present revenue growth rates for the third fiscal quarter and the first nine months of fiscal year 2022 over the corresponding prior periods on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable. We also show the growth in adjusted diluted earnings per share compared to the prior year period after eliminating the impact of foreign currency translation to further enable investors to evaluate BD's underlying earnings performance compared to the prior period. We calculate foreign currency-neutral percentages by converting our current-period local currency financial results using the prior period foreign currency exchange rates and comparing these adjusted amounts to our current-period results. As exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of results on a foreign currency-neutral basis in addition to reported results helps improve investors' ability to understand our operating results and evaluate our performance in comparison to prior periods.
Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables. Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.
About BD
BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 75,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to accurately detect disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/ and Twitter @BDandCo.
***
This press release contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's future prospects and performance, including, but not limited to, future revenues and earnings per share. All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to forward-looking statements contained herein, a number of factors could cause actual results to vary materially. These factors include, but are not limited to, risks relating to any impact of the current disruptions in the global supply chain on our operations, including our ability to source raw materials and components needed to manufacture our products and inflationary pressures; the possible impact of the COVID-19 pandemic on our business and the global healthcare system (including decreases in the demand for our products, disruptions to our operations or the operations of our suppliers and customers (including the impact of employee absenteeism) and our supply chain, and factors such as vaccine utilization rates, the rate of infections, the emergence of new variantsand competitive factors that could impact the demand and pricing for our COVID-19 diagnostics testing); product efficacy or safety concerns resulting in product recalls or actions being taken with respect to our products; new or changing laws and regulations impacting our business (including the imposition of tariffs, changes in tax laws, new environmental laws and regulations, or changes in laws impacting international trade) or changes in enforcement practices with respect to such laws; labor shortages and increased labor costs; our suppliers' ability to provide products needed for our operations and BD's ability to maintain favorable supplier arrangements and relationships; legislative or regulatory changes to the U.S. or foreign healthcare systems, potential cuts in governmental healthcare spending (including China's volume-based procurement tender process) or governmental or private measures to contain healthcare costs, including changes in pricing and reimbursement policies, each of which could result in reduced demand for our products or downward pricing pressure; changes in interest or foreign currency exchange rates; adverse changes in regional, national or foreign economic conditions, including inflation, deflation and fluctuations in interest rates, particularly in emerging markets, including any impact on our ability to access credit markets and finance our operations; the adverse impact of cyber-attacks on our information systems or products; competitive factors including technological advances and new products introduced by competitors; risks relating to our overall indebtedness; interruptions in our manufacturing or sterilization processes; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; adverse changes in geopolitical conditions; increases in energy costs and their effect on, among other things, the cost of producing BD's products; the remediation of our infusion pump business (including risks relating to our ability to obtain regulatory clearance and market acceptance of the BD Alaris™ System); our ability to achieve our projected level or mix of product sales; our ability to successfully integrate any businesses we acquire; uncertainties of litigation and/or investigations and/or subpoenas (as described in BD's filings with the Securities and Exchange Commission ("SEC")); and the issuance of new or revised accounting standards, as well as other factors discussed in BD's filings with the SEC. In addition, we have made certain assumptions in making these forward-looking statements, particularly regarding the COVID-19 pandemic, supply chain pressures and inflation. If any of these assumptions are incorrect, BD's actual results could differ materially from those described in these forward-looking statements. The Russia and Ukraine conflict may also heighten the impact of certain of these factors described above as well as other factors discussed in BD's filings with the SEC. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.
Contacts: Investors: Francesca DeMartino, SVP, Head of Investor Relations - 201-847-5743 Media: Troy Kirkpatrick, VP, Public Relations - 858-617-2361
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/2022/08/04/bd-reports-third-quarter-fiscal-2022-financial-results/ | 2022-08-04T12:10:36Z | https://www.weau.com/prnewswire/2022/08/04/bd-reports-third-quarter-fiscal-2022-financial-results/ | false |
NYSE-owner ICE quarterly profit rises 12%
Aug 4 (Reuters) - Intercontinental Exchange reported a 12.4% rise in second-quarter profit on Thursday, as spiraling global markets sent trading volumes surging at the owner of the New York Stock Exchange.
Heightened volatility in the global markets triggered by geopolitical turmoil and recession fears across asset classes have sent trading volumes surging with investors actively looking to rejig portfolios to hedge against potential risks.
ICE, which runs futures and equities exchanges as well as clearing houses, data services and a mortgage software business, saw revenue from its biggest exchanges segment rise 20% to $1.6 billion in the quarter ended June 30.
The results round out an upbeat second-quarter for U.S. exchanges, which benefited from market turbulence driving up trading volumes and robust demand for hedging products to navigate the downturn.
On an adjusted basis, ICE reported net income of $739 million, or $1.32 per share, in the April-June period, compared to $657 million, or $1.16 per share, last year.
Total revenue, excluding transaction-based expenses, rose 6.3% to $1.81 billion. (Reporting by Manya Saini in Bengaluru; Editing by Shailesh Kuber) | https://www.dailymail.co.uk/wires/reuters/article-11080763/NYSE-owner-ICE-quarterly-profit-rises-12.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | 2022-08-04T12:11:30Z | https://www.dailymail.co.uk/wires/reuters/article-11080763/NYSE-owner-ICE-quarterly-profit-rises-12.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | true |
LORDSTOWN, Ohio, Aug. 4, 2022 /PRNewswire/ -- Lordstown Motors Corp. (Nasdaq: RIDE), ("Lordstown Motors" or "LMC"), an original equipment manufacturer ("OEM") of electric light duty vehicles focused on the commercial fleet market, today released its second quarter 2022 financial results and provided a business update.
Second Quarter and Recent Business Highlights
- Ending cash balance of $236 million is above internal expectations and extends our runway, due in part to disciplined expense controls and rigorous program management
- Closed Asset Purchase Agreement with Foxconn ("APA"), generated $107.5 million cash proceeds in 2Q22 and $257.5 million in total proceeds
- Reported operating profit of $61.3 million, inclusive of a $101.7 million gain on sale plus a $18.4 million reimbursement of certain operating expenses related to the plant sale
- Core operating expenses1, excluding the impact of the APA, were $58.8 million or 33% lower than 1Q22, and down 47% versus 2Q21
- Closed Contract Manufacturing Agreement, transferred the plant and approximately 400 manufacturing employees to Foxconn, reducing operating complexity and cost, and solidifying path to a less capital intensive and highly variable cost structure
- Formed a Joint Venture with Foxconn – LMC becomes Foxconn's primary development partner for electric vehicles in the North American commercial market
- Continued progress with testing, validation and certification activities to prepare the Endurance for Q3 commercial release production and Q4 customer deliveries
- Appointed Daniel Ninivaggi as Executive Chairman, promoted Edward Hightower to CEO and added several automotive veterans to strengthen senior management team
- Targeting a limited number of strategic fleet customers for the Endurance and anchor customers for the first vehicle to be produced with Foxconn through our joint venture
Outlook
- Reaffirming third quarter 2022 target for start of commercial production of the Endurance and commercial deliveries expected in Q4
- Expect lower 2H 2022 total operating loss and capital expenditures of between $140 and $150 million, excluding contingent liabilities, reducing the minimum capital raise in 2022 from $150 million to $50 to $75 million
- Balanced approach to allocate existing capital on the critical path items to get the Endurance to market
- Production ramp plan will be aligned with bill of material cost reductions and capital raising
- First vehicle program from our Foxconn joint venture expected to be announced in Q4
Please refer to "Forward Looking Statements" below.
Executive Commentary
"Over the past year, we have recruited and developed an experienced senior management team, made significant progress towards launching the Endurance, transitioned to a less capital intensive and flexible business model, established a new vehicle development platform with Foxconn, and raised some additional capital," said Daniel Ninivaggi, LMC's Executive Chairman. "While these were critical foundational steps, we realize that much work remains to be done. Our immediate focus moving forward will be on completing the successful launch of the Endurance; identifying partners, including other OEMs, to jointly scale the Endurance; defining the first vehicle program under our Foxconn joint venture; securing significant customer support for that program; and earning the support from our investors required to raise the additional capital necessary to execute our business plan," Ninivaggi continued.
"I am excited by my expanded role as CEO of Lordstown and the joint venture with Foxconn. In Q2, we made significant progress towards our plan to launch the Endurance in Q3 of 2022 and begin sales in Q4. We look forward to getting the Endurance into customers' hands, as we think they are going to love it," said Edward Hightower, CEO of Lordstown Motors. "We have also started pre-development work on the first vehicle under our joint venture. Our team is excited to create and launch future products while leveraging the Foxconn EV ecosystem."
"We are pleased with the outcome of the quarter. The rigorous program management, disciplined cost controls and intense focus by our team allowed us to end the quarter in a better cash position than planned. We have more runway and will need to raise less capital in 2022 than previously forecasted," said Adam Kroll, Chief Financial Officer of Lordstown. "However, our success and ability to execute our plan remains dependent upon our ability to raise additional capital."
Second Quarter 2022 results
In the second quarter, we generated an operating profit of $61.3 million, including $120.1 million from the sale of the Lordstown facility, consisting of a $101.7 million gain on sale and $18.4 million in operating expense reimbursement. Excluding the impact of the APA, our core total operating expenses were $58.8 million, of which research and development ("R&D") and selling, general and administrative ("SG&A") costs represented $28.9 million and $29.9 million, respectively.
R&D costs included $10.7 million associated with operating the Lordstown facility and producing pre-production vehicles ("PPVs"), $16.7 million for engineering testing and development costs and $1.5 million for Endurance prototype components. Costs associated with operating the Lordstown facility and manufacturing PPVs decreased 51% versus the first quarter of 2022 as the APA closed on May 11, 2022, resulting in the Company incurring approximately half the plant operating costs in the period. Engineering, testing and development expenses in the second quarter decreased 18% versus the first quarter of 2022. Costs related to vehicle components for building PPVs and testing fell 93%, or $18.2 million, compared to the first quarter of 2022 as we largely completed building PPVs in the quarter.
SG&A was $29.9 million in the quarter, up approximately 15% versus both the first quarter of 2022 and fourth quarter of 2021. These increases were due primarily to a non-cash charge to reflect the net realizable value for inventory, partly offset by lower legal and professional fees.
At the end of the quarter, cash on hand was $236 million, approximately $32 million higher than the first quarter of 2022. The change in cash reflects $52.4 million in cash used by operations, which includes $21.6 million for working capital, $18.1 million in capital expenditures roughly half of which was tooling for the Endurance, $87.5 million in proceeds from the plant sale, and $15.1 million from equity issuances.
Please refer to "Forward Looking Statements" below.
Conference call Information
Lordstown Motors will host a conference call at 8:30 a.m. Eastern Time today (Thursday, August 4, 2022). The call can be accessed via a live webcast that is accessible on the Events page of Lordstown Motors' Investor Relations website, as well as the investor presentation deck, at https://investor.lordstownmotors.com/. An archive of the webcast will be available shortly after the call.
About Lordstown Motors Corp.
Lordstown Motors is an electric vehicle (EV) innovator developing high-quality light duty commercial fleet vehicles, with the Endurance all electric pick-up truck as its first vehicle being launched in the Lordstown, Ohio facility. Lordstown Motors has engineering, research and development facilities in Farmington Hills, Michigan and Irvine, California. For additional information visit www.lordstownmotors.com.
Contacts:
Investors
Carter W. Driscoll, CFA
IR@lordstownmotors.com
Media
Colleen Robar
crobar@robarpr.com
313-207-5960
Financial Results
Lordstown Motors Corp.
Non-GAAP Reconciliation from Operating Expenses (Income) to Core Operating Expenses
(Amounts in thousands -- Unaudited)
In addition to the results provided in accordance with accounting principles generally accepted in the U.S. ("GAAP"), this release includes a non-GAAP measure, referred to as "core operating expenses," to present operating results on an adjusted basis to eliminate the impact of the closing of the Foxconn APA. The table below provides a reconciliation of operating expenses (income), the most directly comparable financial measure calculated and presented in accordance with GAAP, to the presented non-GAAP financial measure. The Company believes that core operating expenses, when reviewed in conjunction with GAAP financial measures, can provide more information to assist investors in evaluating historical trends and the current period performance. Items may be excluded from GAAP financial measures when the Company believes this provides useful supplementary information to management and investors in assessing the operating performance of our business. However, the Company's inclusion of these adjusted measures should not be construed as an indication that its future results will be unaffected by unusual or infrequent items or that the items for which it has made adjustments are unusual or infrequent or will not recur. A non-GAAP financial measure should be considered in addition to, and not as superior to or as a substitute for the GAAP financial measures presented in this earnings release and the Company's condensed consolidated financial statements and other publicly filed reports. In addition, any non-GAAP financial measure the Company provides may not be the same as or comparable to similar non-GAAP measures presented by other companies.
Forward Looking Statements
This release includes forward looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel," "believe," "expects," "estimates," "projects," "intends," "should," "is to be," or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the need to raise substantial additional capital to execute our business plan, achieve our production targets for the Endurance in 2022 and beyond, achieve scaled production of the Endurance, to continue ongoing operations and remain a going concern, and our ability to raise such funding on a reasonable timeline and with suitable terms; the cost and other impacts of contingent liabilities such as litigation, regulatory proceedings, investigations, stockholder letters and claims and availability of insurance coverage and/or adverse publicity with respect to these matters, which may have a material adverse effect, whether or not successful or valid, on our liquidity position, cash projections, business prospects and ability and timeframe to obtain financing; our limited operating history and our ability to execute our business plan, including through our relationship with Foxconn; our ability to raise sufficient capital in order to invest in the tooling that we expect will enable us to eventually lower the Endurance bill of materials cost, continue design enhancements of the Endurance and fund any future vehicles we may develop; the rollout of our business and the timing of expected business milestones, including our ability to complete the engineering of the Endurance and Foxconn's completion of the conversion and retooling of the Lordstown facility, to establish and maintain appropriate supplier relationships, to successfully complete testing, homologation and certification, and to start production and delivery of the Endurance in accordance with our projected timeline; our ability to successfully identify and implement actions that will lower the Endurance bill of materials cost; supply chain disruptions, inflation and the potential inability to source essential components and raw materials, including on a timely basis or at acceptable cost, and their consequences on testing, production, sales and other activities; our ability to obtain binding purchase orders and build customer relationships; the risk that our technology, including our hub motors, does not perform as expected and our overall ability to deliver on the expectations of customers with respect to the pricing, performance, quality, reliability, safety and efficiency of the Endurance and to provide the levels of service and support that they will require; our ability to conduct business using a direct sales model, rather than through a dealer network used by most other OEMs; the effects of competition on our ability to market and sell vehicles; our inability to retain key personnel and to hire additional personnel; the ability to protect our intellectual property rights; the failure to obtain required regulatory approvals; changes in laws or regulatory requirements or new or different interpretations of existing law; changes in governmental incentives and fuel and energy prices; the impact of health epidemics, including the COVID-19 pandemic, on our business; cybersecurity threats and compliance with privacy and data protection laws; failure to timely implement and maintain adequate financial, information technology and management processes and controls and procedures; our ability to remain in compliance with our debt covenants, our ability to repay the obligations when due, and the risks associated with having pledged significant assets as collateral for recently obtained indebtedness; and the possibility that we may be adversely affected by other economic, geopolitical, business and/or competitive factors, including the direct and indirect effects of the war in Ukraine. In addition, the transactions entered into with Foxconn are subject to risks and uncertainties. No assurances can be given that we will successfully implement or that we will realize the anticipated benefits from the recently completed transactions with Foxconn, including the contract manufacturing agreement and the joint venture to jointly develop additional EVs for launch. If we are unable to maintain our relationship with Foxconn or effectively manage outsourcing the production of the Endurance to Foxconn, we may be unable to ensure continuity, quality, and compliance with our design specifications or applicable laws and regulations, which may ultimately disrupt and have a negative effect on our production and operations. The success of the joint venture depends on many variables, including our ability to utilize the designs, engineering data and other foundational work of Foxconn, its affiliates, and other members of the MIH consortium to commercialize, industrialize, homologate and certify a vehicle in North America, along with variables that are out of the parties' control, such as technology, innovation, adequate funding, supply chain and other economic conditions, competitors, customer demand and other factors that impact new vehicle development. If we are unable to develop new vehicles for ourselves and potentially other OEM customers, our business prospects, results of operations and financial condition may be adversely affected. We will need additional funding to execute our 2022 business plan and achieve scaled production of the Endurance. As we seek additional sources of financing, there can be no assurance that such financing would be available to us on favorable terms or at all. Our ability to obtain additional financing in the debt and equity capital markets is subject to several factors, including market and economic conditions, the significant amount of capital required, the fact that our bill of materials cost is currently, and expected to continue to be, substantially higher than our anticipated selling price, uncertainty surrounding regulatory approval and the performance of the vehicle, meaningful exposure to material losses related to ongoing litigation and the SEC investigation, our performance and investor sentiment with respect to us and our business and industry. Additional information on potential factors that could affect the financial results of the Company and its forward-looking statements is included in its most recent Form 10-K and subsequent filings with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement. Any forward-looking statements speak only as of the date on which they are made, and Lordstown Motors undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
View original content to download multimedia:
SOURCE Lordstown Motors Corp. | https://www.weau.com/prnewswire/2022/08/04/lordstown-motors-reports-second-quarter-2022-financial-results/ | 2022-08-04T12:13:50Z | https://www.weau.com/prnewswire/2022/08/04/lordstown-motors-reports-second-quarter-2022-financial-results/ | false |
SAN JUAN, Puerto Rico (AP) — Former Puerto Rico Governor Wanda Vázquez was arrested Thursday in the U.S. territory on corruption charges, an official told The Associated Press.
Two other unidentified people were arrested along with her, said the official, who was not authorized to talk about the federal case.
Juan Rosado-Reynés, a spokesman for Vázquez, told the AP he did not have immediate comment.
Vázquez was sworn in as governor in August 2019 after former Gov. Ricardo Rosselló stepped down following massive protests. She served until 2021, after losing the primaries of the pro-statehood New Progressive Party to now Gov Pedro Pierluisi.
Vázquez previously served as the island’s justice secretary and a district attorney for more than 30 years.
She became governor after Puerto Rico’s Supreme Court ruled that the swearing in of Pierluisi — who was secretary of state in 2019 — as governor was unconstitutional. Vázquez at the time said she was not interested in running for office and would only finish the nearly two years left in Rosselló’s term.
Rosselló had resigned after tens of thousands of Puerto Ricans took to the street, angry over corruption, mismanagement of public funds and an obscenity-laced chat in which he and 11 other men including public officials made fun of women, gay people and victims of Hurricane Maria, among others.
Shortly after she was sworn in, Vázquez told the AP that her priorities were to fight corruption, secure federal hurricane recovery funds and help lift Puerto Rico out of a deep economic crisis as the government sought to emerge from bankruptcy.
During the interview, she told the AP that she had long wanted to be in public service: as a girl, she would stand on her balcony and hold imaginary trials, always finding the supposed defendants guilty. | https://www.wearegreenbay.com/international/ap-international/official-ex-puerto-rico-governor-wanda-vazquez-arrested/ | 2022-08-04T12:14:17Z | https://www.wearegreenbay.com/international/ap-international/official-ex-puerto-rico-governor-wanda-vazquez-arrested/ | true |
CHICAGO , Aug. 4, 2022 /PRNewswire/ -- TIANGEN, a high-tech biological enterprise, demonstrated its groundbreaking nucleic acid extraction solution and customer-oriented OEM model at AACC 2022 from July 26 to 28. The show received passionate feedback from more than 100 distributors and scientists working in molecular biology relevant fields.
The most eye-catching product on display at TIANGEN's booth was the TGuide S16 Nucleic Acid Extractor. It adopts magnetic bead method to efficiently extract nucleic acid automatically and eliminates manual operation and error. Distinct from the high throughput extractors currently on the market, the TGuide S16's footprint is impressively as small as an A4 paper. This compact benchtop instrument is specifically tailored to the research application, in terms of the suitable throughput (<16 samples per run), along with the optimization on the instrument and supporting reagent package design, creating an overall easy-to-use and comfortable user experience.
The TGuide S16 garnered considerable attention from the distributors and scientists visited by, rendering the TIANGEN's booth a hotspot at the event. It leads the groundbreaking automated nucleic acid extraction solutions for various common sample types and meets the great demand of laboratories worldwide for higher efficiency and productivity. The enthusiastic feedback indicated great market potential of this series.
In addition to the smart automated extraction solution, TIANGEN demonstrated examples where they offered one-stop service and provided customized products or solutions for numerous diagnostic reagent manufacturers and testing institutes. This part of products and service will open another door for TIANGEN to break into the highly competitive global market.
In fact, TIANGEN has focused on nucleic acid extraction and detection for nearly 20 years and continues to provide high-quality reagents, instruments and overall solutions for customers in the scientific research and in vitro diagnostics (IVD) industries. TIANGEN's virus extraction and detection products have supported IVD companies and government health agencies in more than 30 countries worldwide in COVID-19 testing. Furthermore, the company's products were listed in the 2020 World Health Organization Emergency Use Assessment COVID-19 IVDs Public Report, and the Global Fund's recommended list of COVID-19 diagnostic reagents and consumables. Additionally, the proven supply chain and logistics system that have been intensively tested during the Covid-19 pandemic also gave the potential customers great faith in TIANGEN.
Extending from TIANGEN's global business, cooperation and acknowledgement already established worldwide, the company announced a comprehensive upgrade of its global brand development plan this year, expanding the business from the original APAC countries to a broader range of target regions worldwide.
"The year 2022 is a milestone for TIANGEN's development, as it is when our brand officially enters the US market", said Kefei Sun, general manager of TIANGEN. "The US not only is the world's largest molecular biology research center, but also has the longest development history of molecular biological industrial applications. It is a significant target of our strategic market that will offer an enormous potential for the development of TIANGEN."
TIANGEN plans to expand its global distribution system in 2022 and 2023 and released an accelerated partnership program. The company is inviting all global outstanding distribution partners to create the molecular biology field a better future together.
About TIANGEN
TIANGEN BIOTECH (BEIJING) CO., LTD. is a high-tech biological enterprise integrating R&D, production, sales, and customer service. It has been committed to providing customers with a total solution from sample storage to nucleic acid extraction and detection. Currently, it is a recognized leader in nucleic acid purification in the Chinese market.
Official website (Life Science): https://en.tiangen.com/
Official website (Industry OEM&ODM): https://www.tiangenbioem.com/
LinkedIn:
TIANGEN (Search ID)
https://www.linkedin.com/company/tiangen
Mingwei He
Associate Strategic Account Manager
mingwei.he@tiangen.com
+1-2402433972
View original content to download multimedia:
SOURCE TIANGEN BIOTECH (BEIJING) CO., LTD. | https://www.wflx.com/prnewswire/2022/08/04/debut-tiangen-received-passionate-feedback-aacc-2022/ | 2022-08-04T12:17:00Z | https://www.wflx.com/prnewswire/2022/08/04/debut-tiangen-received-passionate-feedback-aacc-2022/ | false |
SÃO PAULO, Aug. 4, 2022 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), Brazil's largest domestic airline, announces today preliminary air traffic figures for the month of July 2022, compared to the same period in 2021.
Highlights:
- GOL's total supply (ASK) increased 42.6%. Total seats increased 41.9% and the number of departures increased by 44.7%. GOL's total demand (RPK) increased by 36.3% and the load factor was 80.8%.
- GOL's domestic supply (ASK) increased 31% and demand (RPK) increased by 24.1%. GOL's domestic load factor was 80.1%. The volume of departures increased by 40.2% and seats increased by 37.5%.
- GOL's international supply (ASK) was 309 million, the demand (RPK) was 275 million and international load factor was 88.9%.
July/22 Preliminary Traffic Figures:
* Source: Agência Nacional de Aviação Civil (ANAC) and the Company for the current month.
(1) Preliminary Figures
GOL Investor Relations
ri@voegol.com.br
www.voegol.com.br/ir
+55 (11) 2128-4700
About GOL Linhas Aéreas Inteligentes S.A. ("GOL")
GOL is the largest airline in Brazil, leader in the corporate and leisure segments. Since founded in 2001, the Company has the lowest unit cost in Latin America, thus democratizing air transportation. The Company has alliances with American Airlines and Air FranceKLM and makes available several codeshares and interline agreements available to Customers, bringing more convenience and simple connections to any place served by these partnerships. With the purpose of "Being the First for All", GOL offers the best travel experience to its passengers, including: the largest number of seats and more space between seats; the greatest platform with internet, movies and live TV; and the best frequent-flyer program, SMILES. In cargo transportation, GOLLOG delivers orders to different regions in Brazil and abroad. The Company has a team of 14,000 highly qualified aviation professionals focused on Safety, GOL's #1 value, and operates a standardized fleet of 144 Boeing 737 aircraft. The Company's shares are traded on the NYSE (GOL) and the B3 (GOLL4). For further information, go to www.voegol.com.br/ri.
View original content:
SOURCE GOL Linhas Aéreas Inteligentes S.A. | https://www.wflx.com/prnewswire/2022/08/04/gol-discloses-preliminary-traffic-figures-july-2022/ | 2022-08-04T12:17:39Z | https://www.wflx.com/prnewswire/2022/08/04/gol-discloses-preliminary-traffic-figures-july-2022/ | true |
DAYTON, Ohio (WDTN) — A remembrance event is being held to honor the nine victims killed in the 2019 Oregon District shooting.
According to the Facebook event page, the event will be held from 6 p.m. to 8 p.m. in the Oregon District on Thursday, Aug. 4.
“Join us as we remember the nine lives that were taken on the night of August 4th, 2019, and celebrate the strength and resilience of our community,” said the event page.
The event will feature music, guest speakers, a dove release and a gift basket raffle with the proceeds benefitting the FUDGE Foundation. | https://www.wdtn.com/news/oregon-district-shooting/remembrance-event-to-take-place-in-the-oregon-district/ | 2022-08-04T12:17:54Z | https://www.wdtn.com/news/oregon-district-shooting/remembrance-event-to-take-place-in-the-oregon-district/ | false |
Take a look at the beta version of dw.com. We're not done yet! Your opinion can help us make it better.
Taiwan is a democracy with a strong human rights record and a high standard of living. But despite the country’s economic strength and elected government, the island state struggles to receive international recognition.
Even in terms of corruption, Taiwan’s track record is better than that of some European states.
The problem is that Beijing regards democratic Taiwan, which seceded from the mainland in 1949, as a renegade province rather than an independent state. China is trying to isolate it internationally. Many fear that China has plans to attack Taiwan in the near future:
The President of the People's Republic of China, Xi Jinping, has made it clear that his country is prepared to claim the island by military means. Beijing has been adopting this threatening stance for decades. Thus far, the goal has been to annex the island to the mainland at some undefined point in the future. China's historically questionable worldview would see this as reunification; from Taiwan's perspective, it would be annexation.
Both countries are highly armed - a war would inevitably cost many people their lives. The film throws open a window on a nation that has been in a state of existential threat for decades; a country that is home to people who will defend their freedom at all costs - and also those who yearn for an imminent annexation with China.
Broadcasting Hours:
DW English
THU 15.09.2022 – 01:15 UTC
THU 15.09.2022 – 04:15 UTC
THU 15.09.2022 – 18:15 UTC
FRI 16.09.2022 – 09:15 UTC
SAT 17.09.2022 – 19:15 UTC
SUN 18.09.2022 – 02:15 UTC
SUN 18.09.2022 – 15:15 UTC
Lagos UTC +1 | Cape Town UTC +2 I Nairobi UTC +3
Delhi UTC +5,5 I Bangkok UTC +7 | Hong Kong UTC +8
London UTC +1 | Berlin UTC +2 | Moscow UTC +3
San Francisco UTC -7 | Edmonton UTC -6 | New York UTC -4
DW Deutsch+
FRI 17.09.2022 – 09:15 UTC
Vancouver UTC -7 | New York UTC -4 | Sao Paulo UTC -3 | https://www.dw.com/en/taiwan-on-guard-facing-the-threat-from-china/a-62675883 | 2022-08-04T12:18:13Z | https://www.dw.com/en/taiwan-on-guard-facing-the-threat-from-china/a-62675883 | true |
UNCASVILLE, Conn., Aug. 4, 2022 /PRNewswire/ -- Mohegan Tribal Gaming Authority, or Mohegan (formerly d/b/a Mohegan Gaming & Entertainment), will host a conference call regarding its third quarter fiscal 2022 operating results on Thursday, August 11, 2022, at 11:00 a.m. (Eastern Daylight Time).
Those interested in participating in the call should dial as follows:
(877) 407-0890
+1(201) 389-0918 (International)
The live stream of the call will also be available at: https://www.webcast-eqs.com/mohegan20220811
Call in participants should join five minutes in advance to ensure they are connected prior to the initiation of the call. Questions and answers will be reserved for call-in analysts and investors. Interested parties also may listen to a replay of the entire conference call commencing two hours after the call's completion on Thursday, August 11, 2022. This replay will run through Thursday, August 25, 2022.
The webcast site for the replay of the conference call is as follows:
https://www.webcast-eqs.com/mohegan20220811
As of May 16, 2022, Mohegan Tribal Gaming Authority operates under the name "Mohegan," a natural evolution for the brand.
Mohegan is the owner, developer and manager of premier entertainment resorts in the United States, Canada, and Northern Asia. Mohegan's U.S. operations include resorts in Connecticut, Washington, Pennsylvania, New Jersey, and Nevada; Canadian operations are based in Niagara Falls, Ontario; and Mohegan Inspire is located in Incheon, South Korea. The brand's iGaming division, Mohegan Digital, provides cutting-edge online gaming solutions to Mohegan's loyal fan base and meets the digital needs of customers on a global scale. Mohegan is owner and operator of Connecticut Sun, a professional basketball team in the WNBA. For more information on Mohegan and its properties, please visit www.mohegangaming.com.
Contact:
Carol K. Anderson
Chief Financial Officer
Mohegan
(860) 862-8000
View original content:
SOURCE Mohegan Gaming & Entertainment | https://www.wflx.com/prnewswire/2022/08/04/mohegan-invites-you-join-its-third-quarter-fiscal-2022-operating-results-conference-call/ | 2022-08-04T12:19:26Z | https://www.wflx.com/prnewswire/2022/08/04/mohegan-invites-you-join-its-third-quarter-fiscal-2022-operating-results-conference-call/ | true |
UNCASVILLE, Conn., Aug. 4, 2022 /PRNewswire/ -- Mohegan Tribal Gaming Authority, or Mohegan (formerly d/b/a Mohegan Gaming & Entertainment), will host a conference call regarding its third quarter fiscal 2022 operating results on Thursday, August 11, 2022, at 11:00 a.m. (Eastern Daylight Time).
Those interested in participating in the call should dial as follows:
(877) 407-0890
+1(201) 389-0918 (International)
The live stream of the call will also be available at: https://www.webcast-eqs.com/mohegan20220811
Call in participants should join five minutes in advance to ensure they are connected prior to the initiation of the call. Questions and answers will be reserved for call-in analysts and investors. Interested parties also may listen to a replay of the entire conference call commencing two hours after the call's completion on Thursday, August 11, 2022. This replay will run through Thursday, August 25, 2022.
The webcast site for the replay of the conference call is as follows:
https://www.webcast-eqs.com/mohegan20220811
As of May 16, 2022, Mohegan Tribal Gaming Authority operates under the name "Mohegan," a natural evolution for the brand.
Mohegan is the owner, developer and manager of premier entertainment resorts in the United States, Canada, and Northern Asia. Mohegan's U.S. operations include resorts in Connecticut, Washington, Pennsylvania, New Jersey, and Nevada; Canadian operations are based in Niagara Falls, Ontario; and Mohegan Inspire is located in Incheon, South Korea. The brand's iGaming division, Mohegan Digital, provides cutting-edge online gaming solutions to Mohegan's loyal fan base and meets the digital needs of customers on a global scale. Mohegan is owner and operator of Connecticut Sun, a professional basketball team in the WNBA. For more information on Mohegan and its properties, please visit www.mohegangaming.com.
Contact:
Carol K. Anderson
Chief Financial Officer
Mohegan
(860) 862-8000
View original content:
SOURCE Mohegan Gaming & Entertainment | https://www.kold.com/prnewswire/2022/08/04/mohegan-invites-you-join-its-third-quarter-fiscal-2022-operating-results-conference-call/ | 2022-08-04T12:19:51Z | https://www.kold.com/prnewswire/2022/08/04/mohegan-invites-you-join-its-third-quarter-fiscal-2022-operating-results-conference-call/ | false |
- FDA Clearance of IND Application for OTX-2002, the First Ever Epigenomic Controller, for MYC Driven Hepatocellular Carcinoma Received
- Launch of Phase 1/2 Clinical Trial Under the MYCHELANGELOTM Clinical Program in Patients Expected in 2H'22
- Data from Preclinical Studies Show Promising Anti-Tumor Activity and Loss of Cancer Cell Viability Achieved Through Pre-Transcriptional Downregulation of MYC Gene Expression
- $173.7 Million in Cash, Cash Equivalents and Marketable Securities at End of Second Quarter
CAMBRIDGE, Mass., Aug. 4, 2022 /PRNewswire/ -- Omega Therapeutics, Inc. (Nasdaq: OMGA) ("Omega"), a clinical-stage biotechnology company pioneering the first systematic approach to use mRNA therapeutics as a new class of programmable epigenetic medicines by leveraging its OMEGA Epigenomic Programming™ platform, today announced financial results for the second quarter ended June 30, 2022, and highlighted recent Company progress.
"This has been an exciting second quarter for Omega, in which we were thrilled to receive FDA clearance of our first IND application for OTX-2002, representing the first ever Omega Epigenomic ControllerTM, a new class of programmable mRNA therapeutics. This is a critical milestone for Omega as we enter our next phase of growth and reflects our pioneering work to realize the potential of epigenomic programming," said Mahesh Karande, President and Chief Executive Officer of Omega Therapeutics. "Additionally, we were also pleased to share exciting, new supportive preclinical data, both from our lead program OTX-2002 in hepatocellular carcinoma, as well as from another program in our pipeline focused on non-small cell lung cancer, a potential future indication. We look forward to continuing this momentum as we enter the clinic in the second half of this year and further exploring the broad ranging capabilities of our novel platform in additional therapeutic areas."
Recent Business Highlights
Development Pipeline and Platform
- Received FDA Clearance of Investigational New Drug (IND) application for OTX-2002, the First Omega Epigenomic ControllerTM (OEC), for MYC driven Hepatocellular Carcinoma (HCC): OTX-2002 is a novel, engineered, and programmable mRNA therapeutic designed to downregulate c-Myc (MYC) expression pre-transcriptionally through epigenetic modulation while potentially overcoming MYC autoregulation. This represents the first ever epigenomic controller, a new class of programmable mRNA therapeutics, to receive IND clearance.
- On Track to Launch a Phase 1/2 Clinical Trial Under the MYCHELANGELOTM Clinical Trial Program in HCC patients in the 2H'22: The study consists of Part 1 (OTX-2002 as monotherapy) and Part 2 (OTX-2002 combined with standards of care in HCC). The Phase 1/2 trial will evaluate the safety, tolerability, pharmacokinetics, pharmacodynamics, and preliminary antitumor activity of OTX-2002 as a monotherapy and in combination with standard of care therapies in patients with relapsed or refractory HCC and other solid tumor types known for association with the MYC oncogene. The study is expected to enroll approximately 190 patients at clinical trial sites in the United States, Asia, and Europe and the Company expects to dose the first patient during the fourth quarter of 2022.
- New OTX-2002 Preclinical Data Presented at Three Major Medical Meetings Show Robust In Vivo Efficacy and In Vitro Loss of Cancer Cell Viability:
- Additional OEC Development: Beyond HCC and NSCLC, the Company is advancing multiple programs through preclinical studies spanning oncology, multigenic diseases including immunology, regenerative medicine, and select monogenic diseases.
- OMEGA Epigenomic ProgrammingTM Platform: Omega is creating a new generation of programmable mRNA medicines that are designed to control the fundamental epigenetic processes to correct the root cause of disease by restoring aberrant gene expression to normal levels without altering native nucleic acid sequences. Omega has developed a highly rational and deterministic approach to drug design that enables the Company to rapidly develop and optimize novel OECs with high target specificity to durably tune the expression of single or multiple genes. Omega is advancing multiple preclinical development programs spanning oncology, multigenic diseases including immunology, regenerative medicine, and select monogenic diseases.
Corporate
- Joshua Reed Appointed Chief Financial Officer. Mr. Reed brings over 25 years of successful and diverse corporate and financial operations experience including capital raising, business development, and investor relations.
Second Quarter 2022 Financial Results
As of June 30, 2022, the Company had cash, cash equivalents and marketable securities totaling $173.7 million.
Research and development (R&D) expenses for the second quarter of 2022 were $19.4 million, compared to $11.2 million for the second quarter of 2021. The $8.2 million increase in R&D expense was primarily driven by an increase in personnel-related expenses, external manufacturing costs, and study costs in support of the advancement of our programs
General and administrative (G&A) expenses for the second quarter of 2022 were $6.2 million, compared to $3.6 million for the second quarter of 2021. The $2.6 million increase in G&A expense was primarily driven by an increase in personnel-related expenses to support business growth.
Net loss for the second quarter of 2022 was $25.9 million, compared to $15.4 million for the second quarter of 2021, driven predominantly by increased R&D and G&A expenses to support the Company's growth and operations as a public company.
About Omega Therapeutics
Omega Therapeutics, founded by Flagship Pioneering, is a clinical-stage biotechnology company pioneering the first systematic approach to use mRNA therapeutics as a new class of programmable epigenetic medicines. The company's OMEGA Epigenomic Programming™ platform harnesses the power of epigenetics, the mechanism that controls gene expression and every aspect of an organism's life from cell genesis, growth, and differentiation to cell death. Using a suite of technologies, paired with Omega's process of systematic, rational, and integrative drug design, the OMEGA platform enables control of fundamental epigenetic processes to correct the root cause of disease by returning aberrant gene expression to a normal range without altering native nucleic acid sequences. Omega's modular and programmable mRNA medicines, Omega Epigenomic Controllers™, are designed to target specific epigenomic loci within insulated genomic domains, EpiZips, from amongst thousands of unique, mapped, and validated genome-wide DNA-sequences, with high specificity to durably tune single or multiple genes to treat and cure diseases through Precision Genomic Control™. Omega is currently advancing a broad pipeline of development candidates spanning a range of disease areas, including oncology, regenerative medicine, multigenic diseases including immunology, and select monogenic diseases, including alopecia.
For more information, visit omegatherapeutics.com, or follow us on Twitter and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the timing and design of our Phase 1/2 MYCHELANGELOTM clinical trial; the potential of the OMEGA platform to engineer programmable epigenetic mRNA therapeutics that successfully regulate gene expression by targeting insulated genomic domains; expectations surrounding the potential of our product candidates, including our lead OEC candidate OTX-2002; and expectations regarding our pipeline, including trial design, initiation of preclinical studies and advancement of multiple preclinical development programs in oncology, immunology, regenerative medicine, and select monogenic diseases. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the novel technology on which our product candidates are based makes it difficult to predict the time and cost of preclinical and clinical development and subsequently obtaining regulatory approval, if at all; the substantial development and regulatory risks associated with epigenomic controller machines due to the novel and unprecedented nature of this new category of medicines; our limited operating history; the incurrence of significant losses and the fact that we expect to continue to incur significant additional losses for the foreseeable future; our need for substantial additional financing; our investments in research and development efforts that further enhance the OMEGA platform, and their impact on our results; uncertainty regarding preclinical development, especially for a new class of medicines such as epigenomic controllers; potential delays in and unforeseen costs arising from our clinical trials; the fact that our product candidates may be associated with serious adverse events, undesirable side effects or have other properties that could halt their regulatory development, prevent their regulatory approval, limit their commercial potential, or result in significant negative consequences; the impact of increased demand for the manufacture of mRNA and LNP based vaccines to treat COVID-19 on our development plans; difficulties manufacturing the novel technology on which our OEC candidates are based; our ability to adapt to rapid and significant technological change; our reliance on third parties for the manufacture of materials; our ability to successfully acquire and establish our own manufacturing facilities and infrastructure; our reliance on a limited number of suppliers for lipid excipients used in our product candidates; our ability to advance our product candidates to clinical development; and our ability to obtain, maintain, enforce and adequately protect our intellectual property rights. These and other important factors discussed under the caption "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, and our other filings with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
Investor contact:
Kevin Murphy
Argot Partners
212.600.1902
ArgotOmega@argotpartners.com
Media contact:
Jason Braco, Ph.D.
LifeSci Communications
646.751.4361
jbraco@lifescicomms.com
View original content to download multimedia:
SOURCE Omega Therapeutics | https://www.wbay.com/prnewswire/2022/08/04/omega-therapeutics-reports-second-quarter-2022-financial-results-highlights-recent-company-progress/ | 2022-08-04T12:23:31Z | https://www.wbay.com/prnewswire/2022/08/04/omega-therapeutics-reports-second-quarter-2022-financial-results-highlights-recent-company-progress/ | false |
ARLINGTON, Va., Aug. 4, 2022 /PRNewswire/ -- RiskSpan, a leading provider of residential mortgage and structured product data and analytics, has announced a new Multi-Scenario Yield Table feature within its award-winning Edge Platform.
REITs and other mortgage loan and MSR investors leverage the Multi-Scenario Yield Table to instantaneously run and compare multiple scenario analyses on any individual asset in their portfolio.
An interactive, self-guided demo of this new functionality can be viewed here. Comprehensive details of this and other new capabilities are available by requesting a no-obligation live demo at riskspan.com.
With a single click from the portfolio screen, Edge users can now simultaneously view the impact of as many as 20 different scenarios on outputs including price, yield, WAL, dv01, OAS, discount margin, modified duration, weighted average CRR and CDR, severity and projected losses. The ability to view these and other model outputs across multiple scenarios in a single table eliminates the tedious and time-consuming process of running scenarios individually and having to manually juxtapose the resulting analytics.
Entering scenarios is easy. Users can make changes to scenarios right on the screen to facilitate quick, ad hoc analyses. Once these scenarios are loaded and assumptions are set, the impacts of each scenario on price and other risk metrics are lined up in a single, easily analyzed data table.
Analysts who determine that one of the scenarios is producing more reasonable results than the defined base case can overwrite and replace the base case with the preferred scenario in just two clicks.
The Multi-Scenario Yield Table is the latest in a series of enhancements that is making the Edge Platform increasingly indispensable for mortgage loan and MSR portfolio managers.
RiskSpan offers cloud-native SaaS analytics for on-demand market risk, credit risk, pricing and trading. With our data science experts and technologists, we are the leader in data as a service and end-to-end solutions for loan-level data management and analytics.
Our mission is to be the most trusted and comprehensive source of data and analytics for loans and structured finance investments.
Rethink loan and structured finance data. Rethink your analytics. Learn more at www.riskspan.com.
Media contact:
Timothy Willis
twillis@riskspan.com
View original content to download multimedia:
SOURCE RiskSpan, Inc. | https://www.wbay.com/prnewswire/2022/08/04/riskspan-introduces-multi-scenario-yield-table/ | 2022-08-04T12:24:52Z | https://www.wbay.com/prnewswire/2022/08/04/riskspan-introduces-multi-scenario-yield-table/ | false |
Strong earnings represent an increase in sales and continued company growth after the launch of its new Tag Smart collection of smart suitcases.
NEW YORK, Aug. 4, 2022 /PRNewswire/ -- Samsara Luggage ("Samsara Luggage" or the "Company") (OTC: SAML), maker of innovative travel products, has announced strong Q2 results for 2022. In the spring of 2022, Samsara Luggage introduced the Tag Smart suitcase that is combined with the Apple AirTag allowing travelers to track their Samsara luggage. Revenues for the three months ended June 30, 2022, compared to the three months ended March 31, 2022, represent an increase of over 700% due to the new Tag Smart luggage collection. The introduction of the new luggage line positively affected sales, as revenue for the same period represents an increase of over 500%. In addition, the surge in travel in 2022 along with the increase in reported cases of lost luggage triggered a large demand for suitcases with built-in tracking technology.
"We are very pleased with this quarter's record results," said Atara Dzikowski, Co-founder & CEO of Samsara Luggage. "Our recent launch of the Tag Smart collection allowed us to provide consumers with smart luggage equipped with precise tracking capabilities at a time when lost luggage wreaked havoc at airports around the world. We are thrilled to be able to share this groundbreaking news with our shareholders."
Additional sales were generated through PR initiatives, paid media, and new strategic partnerships. Samsara increased its brand visibility by unveiling its new digital marketing assets produced specifically for the launch of the Tag Smart collection. Samsara also ramped up its social media presence with the release of fresh digital photography and video advertisements. The Company partnered with YouTube content creator iJustine to showcase its new products to her millions of followers with an unboxing video on YouTube and Instagram. Samsara also partnered with Desperate ApeWives, a Web3 brand, to create its first NFT Brand Ambassador "Sam." The Tag Smart suitcase was featured in many notable media outlets for its fresh new design, technology and its relevance during the summer surge in lost luggage.
The Tag Smart suitcase is the first of its kind that combines with the Apple AirTag so travelers can track their suitcase using the Find My app on their iPhone. It is equipped with an interior compartment that secures the Apple AirTag device from within. The suitcase's aluminum frame and TSA-approved combination locks keep the AirTag protected from any outside tampering. The Tag Smart Device is included in the suitcase. Samsara plans to expand this collection to more sizes and technologies in the future.
About Samsara Luggage:
Samsara Luggage, Inc. ("Samsara," "Samsara Luggage" or the "Company") (OTCQB: SAML) is a global smart luggage and smart travel brand with a deep belief in creating a world where travel isn't a hassle, but rather an effortless experience. By combining smart features, including Internet of Things (IoT) technology, innovative design and quality materials, Samsara is dedicated to transforming the travel industry with its products.
Samsara launched Sarah & Sam, a fashion and lifestyle collection in the fourth quarter of the 2020 fiscal year. Sarah & Sam leverages the Company's established digital assets and manufacturing and fulfillment supply chain capabilities to offer additional consumer products that respond to the changing needs of the market due to the coronavirus pandemic.
Forward-Looking Statements:
All statements other than statements of historical facts contained in this press release are "forward-looking statements," which may often, but not always, be identified by the use of such words as "expects," "anticipates," "intends," "estimates," "plans," "potential," "possible," "probable," "believes," "seeks," "may," "will," "should," "could" or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. These factors include uncertainties as to the Company's international manufacturing and supply chain, market acceptance of the Company's smart luggage, successfully implementing the Company's growth strategy, dependence on key Company personnel, changes in economic conditions, competition and other risks including, but not limited to, those described from in the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 11, 2022 (the "SEC"), and other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
View original content:
SOURCE Samsara Luggage Inc | https://www.wbay.com/prnewswire/2022/08/04/samsara-luggage-reports-over-700-revenue-increase-2022-q2-earnings/ | 2022-08-04T12:24:58Z | https://www.wbay.com/prnewswire/2022/08/04/samsara-luggage-reports-over-700-revenue-increase-2022-q2-earnings/ | false |
MADRID (AP) — Police in Spain are investigating about 50 reported cases of women getting pricked with medical needles while at nightclubs or parties, a trend that previously came to the attention of authorities in other European countries.
So far, Spanish police have not confirmed any cases of sexual assault or robbery related to the mysterious jabs. Police said that 23 of the recently reported needle attacks were in northeast Spain’s Catalonia region, which borders France.
Waves of needle pricks at musical events also have confounded authorities in France, Britain, Belgium and the Netherlands. French police have tallied over 400 reports in recent months, and said the motive of the jabs was unclear. In many cases, it also wasn’t clear if the victims were injected with a substance.
Spanish police so far have found evidence of drugs in one victim, a 13-year-old girl in the northern city of Gijón who had the party drug ecstasy in her system. Local media reported that the girl was quickly taken to hospital by her parents, who were near her when she felt a prick with something sharp.
In an interview with national public broadcaster TVE that aired Wednesday, Spanish Justice Minister Pilar Llop urged everyone who thinks they received a shot without their consent to go to the police, since being stabbed with a needle “is a serious act of violence against women.”
Spanish health authorities said they were updating their protocols to improve the ability to detect any substances that were possibly injected into victims. The toxicological screening protocols call for blood or urine tests within 12 hours of a suspected attack, Llop said.
The guidelines advise victims to immediately call emergency services and go to a health center as soon as possible.
In southwest France, a spate of needle attacks were reported during the Bayonne Festival, which about 1.2 million people attended last week in the city near Spain’s border.
Bayonne Deputy Prosecutor Caroline Parizel said 124 people received medical examinations after they reported potential needle attacks. They included both women and men. Eleven filed legal complaints.
___
AP writer Sylvie Corbet contributed to this report from Saulieu, France. | https://cbs4indy.com/entertainment-news/ap-entertainment/spain-is-latest-nation-with-reports-of-nightclub-needle-jabs/ | 2022-08-04T12:26:28Z | https://cbs4indy.com/entertainment-news/ap-entertainment/spain-is-latest-nation-with-reports-of-nightclub-needle-jabs/ | true |
AMSTERDAM (AP) — The Anne Frank House museum is releasing an English-language version of three videos in which an actress playing the young Jewish diarist describes the last six months of her life, from her arrest to her death in a Nazi concentration camp.
The English version of “Anne Frank – After the Arrest” is set for release on Thursday, 78 years to the day since Anne, her parents, her sister and four other Jews who hid with them in a secret annex of an Amsterdam house were arrested. Two non-Jewish helpers also were arrested.
The Frank family members hid in the annex from July 1942 until they were arrested in August 1944 and deported to concentration camps. Only Anne’s father, Otto Frank, survived.
After the war, Otto had his dead teenage daughter’s diary published, and it has since been translated into more than 70 languages. The building housing the secret annex was turned into a museum in 1960.
The videos being released Thursday were previously available in Dutch. They pick up where the diary ends, depicting what happened to Anne and her family after their arrest. Eyewitness accounts provided some of the information.
The actress playing Anne speaks to the camera in between harrowing scenes of the arrest, transportation and the inhuman conditions and treatment of Jews in the camps — first Camp Westerbork in the eastern Netherlands and later Auschwitz and Bergen-Belsen. Anne, 15, and her older sister, Margot, both died of typhus shortly before Bergen-Belsen was liberated.
The video’s creators worked with the museum and Dutch public broadcaster NTR to develop the series.
“It makes a deep impression to look through Anne’s eyes at the last months of her life; the terrible time in the camps,” the Amsterdam museum’s executive director, Ronald Leopold, said in a statement Wednesday.
“With this sequel, we’ve answered the questions of many young people about what happened to Anne after her arrest, the period she couldn’t describe in her diary,” he added. “We hope to reach even more young people worldwide with the English-language version of ‘Anne Frank – After the Arrest.’”
The three episodes, each about 15 minutes long, will be available to view on the museum’s YouTube channel from 9 p.m. (1900 GMT) on Thursday. | https://cbs4indy.com/entertainment-news/ap-entertainment/videos-in-english-depict-last-6-months-of-anne-franks-life/ | 2022-08-04T12:26:35Z | https://cbs4indy.com/entertainment-news/ap-entertainment/videos-in-english-depict-last-6-months-of-anne-franks-life/ | false |
INDIANAPOLIS (WISH) — Here’s a look at Thursday’s business headlines with Jane King.
U.S. gas prices fall for the seventh straight week
U.S. gas prices have fallen for seven straight weeks and are approaching an average price of $4 a gallon.
Opis, an energy data provider, says the average cost nationwide has fallen to $4.16. That’s a 17% drop from a record high in June.
AAA says the current average in central Indiana is about $4.03 per gallon.
Lilly to start selling COVID-19 antibody treatment commercially
Indianapolis-based Eli Lilly and Company plans to begin commercial sales of its COVID-19 monoclonal antibody treatment to states, hospitals and other healthcare providers this month. Previously, it was only sold to the government.
Lilly’s price on the treatment is listed at $2,100 per dose. The company says it is working with the Department of Health and Human Services to ensure uninsured, low-income people can get the drug.
Parents prepare cyber safety talks as kids go back to school
As parents prepare to send their kids back to school soon, one critical item needs to be included on the checklist: checking out all online platforms their kids are using – and starting conversations early about cyber safety.
Kids and teens between the ages of eight and 18 spend about 44.5 hours each week in front of digital screens, according to the nonprofit Center for Parenting Education.
There are predators that spend “a lot of hours” attempting to groom children online, Cyber Safety Consulting told Fox Digital.
Oreo, Starbucks plan August rollout of pumpkin spice items
Oreo’s “pumpkin spice sandwich cookies” are hitting store shelves on Aug. 15, marking their return following a five-year hiatus. The limited-edition flavor features two golden oreo cookies with a “fFestive pumpkin spice flavored cream” sandwiched in the middle.
Social media reports that Starbucks will start offering its pumpkin spice latte on Aug. 30.
The “PSL” will reportedly cost 80 cents more than it did last year. | https://www.wishtv.com/news/business/thursdays-business-headlines-200/ | 2022-08-04T12:26:36Z | https://www.wishtv.com/news/business/thursdays-business-headlines-200/ | true |
Data Center Liquid Cooling to Exceed $1 Billion in Market Revenues by 2026
REDWOOD CITY, Calif., Aug. 4, 2022 /PRNewswire/ -- According to a recently published report from Dell'Oro Group, the trusted source for market information about the telecommunications, networks, and data center industries, data center physical infrastructure (DCPI) revenues are forecast to grow at an 8 percent compound annual growth rate (CAGR) from 2021 to 2026, to above $31 billion. Growth is forecast to remain resilient, driven by sustainability-minded data center expansion from cloud and colocation service providers, despite near-term supply chain constraints persisting and macroeconomic headwinds forming.
"Demand for data center physical infrastructure remains resilient, despite the developing macroeconomic uncertainties," said Lucas Beran, Principal Analyst at Dell'Oro Group. "Most importantly, data center sustainability has risen to the top of decision making criteria in the industry, opening the door for significant technology transitions during this forecast period. The most exciting is the acceleration of data center liquid cooling, as both direct liquid cooling (DLC) and immersion cooling (single-phase and two-phase) are forecast to grow significantly and surpass $1 billion in market revenue by 2026," added Beran.
Additional highlights from the Data Center Physical Infrastructure 5-Year July 2022 Report:
- DCPI revenue growth is forecast to slow to 6 percent in 2023, driven by continued cloud and colocation service provider growth and marginal enterprise growth.
- China is forecast to grow at the fastest CAGR during the forecast period, followed by APAC (Excluding China) and EMEA.
- Data Center Thermal Management is forecast to grow the fastest rate of any market segment during the forecast period, surpassing $6 B in vendor revenues in 2026.
- The Service Providers (Top 10 Cloud, Rest-of-Cloud, Colocation, and Telco) customer segment is forecast to grow at a double-digit CAGR during the forecast period, while the Enterprise customer segment (Large Enterprise, Rest-of-Enterprise) is forecast to grow at a much lower rate.
Dell'Oro Group's Data Center Physical Infrastructure 5-Year Forecast Report offers complete, in-depth coverage of the data center physical infrastructure market. This covers market sizes and forecasts for uninterruptible power supplies (UPS), thermal management, cabinet power distribution and busway, rack power distribution, IT racks and containment, and software and services. Additional product level detail is provided for each market segment. Allocation of manufacturing revenues by cloud service providers, telco, colocation, and enterprise customer segments is also provided. For more information about the report, please contact us at dgsales@delloro.com.
Dell'Oro Group is a market research firm that specializes in strategic competitive analysis in the telecommunications and enterprise networks, data center infrastructure, and network security markets. Our firm provides in-depth quantitative data and qualitative analysis to facilitate critical, fact-based business decisions. For more information, contact Dell'Oro Group at +1.650.622.9400 or visit www.delloro.com.
View original content to download multimedia:
SOURCE Dell'Oro Group | https://www.1011now.com/prnewswire/2022/08/04/sustainability-initiatives-drive-data-center-physical-infrastructure-31-billion-2026-according-delloro-group/ | 2022-08-04T12:27:09Z | https://www.1011now.com/prnewswire/2022/08/04/sustainability-initiatives-drive-data-center-physical-infrastructure-31-billion-2026-according-delloro-group/ | false |
New dispensary expands patient access to medical cannabis; grand opening specials available
TALLAHASSEE, Fla., Aug. 4, 2022 /PRNewswire/ -- Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the United States, today announced the opening of a new medical dispensary in Kissimmee, Florida. Located at 51 N. Doverplum Ave., the doors will open at 9 a.m. on Thursday, August 4, 2022, with ongoing regular hours of 9 a.m. – 9 p.m. from Monday through Saturday and 10 a.m. – 8 p.m. on Sunday.
Grand opening festivities throughout the day at the new dispensary will include numerous partner giveaways, music, food trucks, deals and specials, and all registered patients will receive a 25% discount. Trulieve also offers statewide home delivery, convenient online ordering and in-store pickup. As always, all first-time guests are eligible for a 50% new customer discount at any Florida-based location.
"Trulieve is proud to continue being at the forefront of expanding access to medical marijuana for Florida's patient population," said Trulieve's Chief Executive Officer Kim Rivers, "Trulieve is committed to investing in the Kissimmee community, as well as offering patients access to high quality products and providing exceptional customer experiences."
As the state's leading medical cannabis provider, Trulieve's retail employees are trained to provide personalized patient care and support individuals at every stage of their cannabis journeys. Trulieve dispensaries throughout Florida offer on-site consultations to help patients obtain appropriate medical products and dosages to ensure optimal cannabis experiences.
Trulieve patients across Florida can choose from the largest selection of THC and CBD products available in a variety of consumption methods, including smokable flower, concentrates, edibles, capsules, syringes, tinctures, topical creams, vaporizers, and more.
Designed to meet every patient's needs, our portfolio of in-house brands includes Alchemy, Co2lors, Cultivar Collection, Modern Flower, Momenta, Muse, Roll One and Sweet Talk. Patients also have access to beloved brands such as Bellamy Brothers, Bhang, Binske, Blue River, Black Tuna, DeLisioso, Love's Oven, Miami Mango, O.pen and Sunshine Cannabis, all available exclusively at Trulieve in Florida.
For more information, or to learn how to become a registered patient, please visit Trulieve.com and connect on Instagram or Facebook.
About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S. operating in 11 states, with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. To learn more about Trulieve, visit Trulieve.com.
Facebook: @Trulieve
Instagram: @Trulieve_
Twitter: @Trulieve
Investor Contact
Christine Hersey, Executive Director of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com
Media Contact
Rob Kremer, Executive Director of Corporate Communications
+1 (404) 218-3077
Robert.Kremer@Trulieve.com
View original content to download multimedia:
SOURCE Trulieve Cannabis Corp. | https://www.wymt.com/prnewswire/2022/08/04/trulieve-opening-medical-marijuana-dispensary-kissimmee-fl/ | 2022-08-04T12:29:12Z | https://www.wymt.com/prnewswire/2022/08/04/trulieve-opening-medical-marijuana-dispensary-kissimmee-fl/ | true |
Campaign Provides Educational Resources on Liver Cancer and Encourages People to Make Some Daily Adjustments to Help Support Liver Health
NUTLEY, N.J., Aug. 4, 2022 /PRNewswire/ -- Baseball legend and Latin Grammy-nominated musician Bernie Williams has teamed up with Blue Faery, the Global Liver Institute and Eisai Inc. to launch the One Liver to Love initiative to help raise awareness about liver cancer and the importance of adopting and maintaining healthy lifestyle choices to support liver health. The campaign aims to help provide information, educational resources, advocacy support services and a sense of community for anyone impacted by liver cancer.
Rates of liver cancer, including hepatocellular carcinoma (the most common form of liver cancer), have almost tripled since 1980. In 2022, over 40,000 new cases are estimated to be diagnosed in the U.S. Liver cancer can be thought of as a disease within a disease. Many people living with liver cancer may also have other liver-related conditions like chronic liver disease, viral hepatitis (B or C), fatty liver disease or cirrhosis. When treating liver cancer, it is important to be proactive about liver health and speak with your health care provider.
"Liver disease is personal to me. It has impacted my mom, my uncle and my grandfather, and I've seen first-hand the difficulties and feelings that come with it," said Williams. "Liver disease and liver cancer can disproportionately impact communities of color, so I'm glad to go to bat for the One Liver to Love initiative to encourage others to be proactive when it comes to liver health and help those affected by liver cancer feel seen and supported."
Liver cancer is a complex disease that is often misunderstood. Once diagnosed, people with liver cancer may feel stigmatized, lost and alone. This initiative aims to help support all people living with liver cancer throughout their experience. It emphasizes the importance of small adjustments to one's daily routine based on four pillars of liver health—nutrition, exercise, sleep and mental health—along with support from one's healthcare team and liver cancer community.
"Navigating liver cancer can be challenging. Being proactive when it comes to liver health is important for one's physical, mental, and emotional wellbeing," said Andrea Wilson Woods, President, Blue Faery. "That's why it's especially critical to reach this community with resources to explore treatment options and determine the diet, exercise and lifestyle choices that may be best for each individual."
The website OneLiverToLove.com provides information about liver cancer, the roles of different health care providers a patient may have on their multidisciplinary care team, and what to expect with a liver cancer diagnosis. Additionally, the website offers links to advocacy groups and other organizations to help guide those living with cancer and their caregivers.
"The people who understand liver cancer the most are the ones who live it every day: the patients, caregivers, families, health care teams and liver cancer support organizations – and while it can be difficult to ask for and accept support, we are stronger when we come together as a community," said Donna Cryer, President and CEO, Global Liver Institute. "Whether you or a loved one are living with liver cancer, we can all rally together to start a new era of understanding and support."
"Eisai is driven by our human health care mission, to give our first thoughts to patients as well as their families, and we believe that everyone deserves quality care. From our work with patients and advocates, we know that some people living with liver cancer may feel discouraged or uncomfortable seeking medical care due to stigma – whether external or internalized against themselves, so to address this and the many challenges faced by this community, we've collaborated with partners who share our vision," said Teresa Cronin, Vice President of Corporate Communications and Patient Advocacy at Eisai Inc. "It is our hope that One Liver to Love will help anyone impacted by liver cancer take back their power by understanding more about this disease, finding support within the community, and embracing healthy choices."
As part of the initiative, Williams joins the online conversation around liver health and liver cancer. Others can follow or join the conversation as well by using the hashtag #OneLiverToLove on social media. To learn more about the One Liver to Love initiative and find information and resources about liver cancer, please visit OneLiverToLove.com.
Liver cancer rates have almost tripled since 1980 and in 2022 an estimated 41,000 new cases will be diagnosed in the U.S. Risk factors for liver cancer include gender, ethnicity, chronic viral hepatitis (Hep-B or Hep-C) infection, cirrhosis, alcohol use and metabolic syndrome. Hepatocellular carcinoma (HCC) is the most common form of liver cancer and makes up 85%-90% of primary liver cancers (cancer that starts in the tissues of the liver). Hepatocellular carcinoma, which is often diagnosed at an advanced stage, has a five-year survival rate of approximately 20%.
Founded in 2002, the mission of Blue Faery is to prevent, treat, and cure primary liver cancer through research, education, and advocacy. Blue Faery's Patient Resource Guides for Liver Cancer are free for patients, their families, and their healthcare providers. Blue Faery hosts an online Liver Cancer Community for patients and caregivers and gives an annual award to recognize researchers who have made significant contributions to the advancement of scientific knowledge in the diagnosis, treatment, prevention, or understanding of primary liver cancer. To learn more, visit bluefaery.org.
Global Liver Institute (GLI) is a patient-driven 501(c)3 nonprofit organization headquartered in Washington, DC, with offices in the EU and UK, founded in the belief that liver health must take its place on the global public health agenda commensurate with the prevalence and impact of liver disease and the importance of liver health to well-being. GLI promotes innovation, encourages collaboration, and supports the scaling of optimal approaches to improve research, care, and policy. By bringing together more than 200 community-based, national, and international organizations across its Councils, Campaigns, and events, GLI equips advocates to identify and solve the problems that matter to liver patients.
GLI's liver cancers portfolio drives policy, education, and awareness of the diseases to increase screening, treatment, and prevention of the third deadliest cancer in the world. GLI elevates the global dialogue and increases expert collaboration in the field through their Liver Cancers Council. Membership in the Liver Cancers Council provides a basis for many of GLI's liver cancers initiatives, including project planning and development of patient and provider education materials.
Follow GLI on Twitter, Facebook, Instagram, LinkedIn, and YouTube.
At Eisai Inc., human health care (hhc) is our mission and is the shared purpose that connects us to those we serve creating a network of powerful relationships that enables us to identify, understand and work to address the needs of people throughout their lives. We boldly push past the boundaries of science and aim to deliver life-changing therapies and health-related solutions that matter to people and society. We bring together science, technology and real-world expertise to pursue a world free from cancer, Alzheimer's disease and other neurodegenerative diseases.
Everything we do is guided by the simple principle that patients and their families come first, and we have a responsibility to listen to and learn from them.
Eisai Inc. is the U.S. pharmaceutical subsidiary of Tokyo-based Eisai Co., Ltd. The company's presence in the U.S. includes three discovery centers as well as commercial, clinical development and global demand organizations. To learn more about Eisai, please visit us at www.eisai.com/US and follow us on Twitter and LinkedIn. For more information on our work in neurology, please visit the Eisai U.S. Neurology LinkedIn page.
View original content to download multimedia:
SOURCE Eisai Inc. | https://www.wafb.com/prnewswire/2022/08/04/baseball-legend-bernie-williams-teams-up-with-eisai-advocacy-partners-launch-one-liver-love-initiative-help-raise-awareness-about-liver-cancer-importance-liver-health/ | 2022-08-04T12:32:14Z | https://www.wafb.com/prnewswire/2022/08/04/baseball-legend-bernie-williams-teams-up-with-eisai-advocacy-partners-launch-one-liver-love-initiative-help-raise-awareness-about-liver-cancer-importance-liver-health/ | true |
DENVER, Aug. 4, 2022 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero Resources", "Antero", or the "Company") today announced that it has commenced tender offers (each, an "Offer" and, collectively, the "Offers") to purchase for cash (i) any and all of the Company's outstanding 8.375% Senior Notes due 2026 (such notes, the "Any and All Notes" and, such offer, the "Any and All Tender Offer") and (ii) an amount of the Company's outstanding 7.625% Senior Notes due 2029 (such notes, the "Maximum Tender Notes" and, such offer, the "Maximum Tender Offer") equal to the difference between $300,000,000 and the aggregate principal amount of Any and All Notes accepted for purchase (as such amount may be increased or eliminated by the Company pursuant to the terms of the Offers, the "Aggregate Maximum Principal Amount"), in each case, on the terms and subject to the conditions set forth in the Company's Offer to Purchase, dated August 4, 2022 (as it may be amended or supplemented from time to time, the "Offer to Purchase").
The Offer to Purchase relates to two separate Offers, one for each series of notes (each series, a "Series of Notes", and such notes, collectively, the "Notes"). No Offer is conditioned on any minimum amount of Notes being tendered or the consummation of any other Offer.
The Any and All Tender Offer will expire at 5:00 p.m., New York City time, on August 10, 2022, unless extended or earlier terminated (such time and date, as the same may be extended with respect to the Any and All Tender Offer, the "Any and All Expiration Date"). Holders (as defined in the Offer to Purchase) of the Any and All Notes must validly tender and not validly withdraw their Any and All Notes at or prior to the Any and All Expiration Date to be eligible to receive the Total Consideration for such Any and All Notes. The settlement date for the Any and All Tender Offer is expected to be August 11, 2022, unless extended by the Company (the "Any and All Settlement Date"), or for Any and All Notes validly tendered pursuant to the guaranteed delivery procedures set forth in the Offer to Purchase, August 15, 2022 (the "Guaranteed Delivery Settlement Date").
The Maximum Tender Offer will expire at 11:59 p.m., New York City time, on August 31, 2022, unless extended or earlier terminated (such time and date, as the same may be extended with respect to the Maximum Tender Offer, the "Maximum Tender Expiration Date"). Holders of Maximum Tender Notes must validly tender and not validly withdraw their Maximum Tender Notes at or prior to 5:00 p.m., New York City time, on August 17, 2022 (such time and date, as the same may be extended, the "Early Tender Deadline") in order to be eligible to receive the Total Consideration, which includes the Early Tender Premium for the Maximum Tender Notes of $50.00 per $1,000 principal amount of Notes tendered. Holders who validly tender their Maximum Tender Notes after the Early Tender Deadline and at or prior to the Maximum Tender Expiration Date will be eligible to receive only the Tender Consideration as set forth in the table above.
In each case, such Holders will also be entitled to receive accrued and unpaid interest, if any, from the last interest payment date for the applicable Series of Notes up to, but not including, the applicable Settlement Date (as defined below), if and when the applicable Notes are accepted for purchase. For the avoidance of doubt, Any and All Notes validly tendered pursuant to the guaranteed delivery procedures set forth in the Offer to Purchase will only be entitled to receive accrued and unpaid interest, if any, from the last interest payment date up to, but not including, the Any and All Settlement Date. The Offers are open to all Holders of the Notes.
Tendered Notes may be withdrawn at or prior to 5:00 p.m., New York City time, on (i) August 10, 2022, with respect to the Any and All Notes, or (ii) August 17, 2022, with respect to the Maximum Tender Notes, by following the procedures described in the Offer to Purchase, but may not thereafter be validly withdrawn, except as provided for in the Offer to Purchase or required by applicable law.
If the aggregate principal amount of Maximum Tender Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline equals or exceeds the Aggregate Maximum Principal Amount, Holders of the Maximum Tender Notes who validly tender and do not validly withdraw Maximum Tender Notes after the Early Tender Deadline and at or prior to the Maximum Tender Expiration Date will not have any such Maximum Tender Notes accepted for payment, unless the Company increases the Aggregate Maximum Principal Amount. There can be no assurance that any or all tendered Maximum Tender Notes will be accepted for purchase.
If purchasing all of the validly tendered and not validly withdrawn Maximum Tender Notes on the applicable Settlement Date (as defined in the Offer to Purchase) would cause the Aggregate Maximum Principal Amount to be exceeded on such Settlement Date, the Company will accept such Maximum Tender Notes on a pro rata basis, so as to not exceed the Aggregate Maximum Principal Amount (with adjustments to avoid the purchase of Maximum Tender Notes in a principal amount other than in the applicable minimum denomination requirements contained in the indenture governing the Maximum Tender Notes and in integral multiples of $1,000 in excess thereof). As such, there can be no assurance that any or all tendered Maximum Tender Notes will be accepted for purchase, even if validly tendered and not validly withdrawn prior to the Early Tender Deadline.
The Company reserves the right, but is under no obligation, to increase or eliminate the Aggregate Maximum Principal Amount at any time without extending the applicable Maximum Tender Withdrawal Deadline (as defined in the Offer to Purchase), subject to applicable law. As such, there can be no assurance that any or all tendered Maximum Tender Notes will be accepted for purchase, even if validly tendered and not validly withdrawn prior to the Early Tender Deadline.
The Company reserves the right, but is under no obligation, at any time after the Early Tender Deadline and before the Maximum Tender Expiration Date, to accept Maximum Tender Notes that have been validly tendered and not validly withdrawn for purchase on a date determined at the Company's option (such date, if any, the "Maximum Tender Early Settlement Date"). The Company currently expects the Maximum Tender Early Settlement Date, if any, to occur on August 19, 2022. If the Company chooses to exercise its option to have a Maximum Tender Early Settlement Date, the Company will purchase any remaining Maximum Tender Notes that have been validly tendered and not validly withdrawn after the Early Tender Deadline and at or prior to the Maximum Tender Expiration Date, subject to the Aggregate Maximum Principal Amount and all conditions to the Maximum Tender Offer having been satisfied or waived by the Company, on the final settlement date (the "Maximum Tender Final Settlement Date"). The Company will purchase any and all Any and All Notes that have been validly tendered and not validly withdrawn at or prior to the Any and All Expiration Date, subject to all conditions of the Any and All Offer having been satisfied or waived by the Company, on the Any and All Settlement Date or on the Guaranteed Delivery Settlement Date, as applicable (each of the Maximum Tender Early Settlement Dates, the Any and All Settlement Date, the Guaranteed Delivery Settlement Date and the Maximum Tender Final Settlement Date, a "Settlement Date").
The Maximum Tender Final Settlement Date, if any, is expected to be September 2, 2022, unless extended by the Company. If the Company chooses not to exercise its option to have a Maximum Tender Early Settlement Date, it will purchase all Maximum Tender Notes that have been validly tendered and not validly withdrawn at or prior to the Maximum Tender Expiration Date, subject to the Aggregate Maximum Principal Amount and all conditions to the Maximum Tender Offer having been satisfied or waived by the Company, on the Maximum Tender Final Settlement Date. No tenders of Notes submitted after the Maximum Tender Expiration Date will be valid.
The Company reserves the right to terminate or withdraw the Offers in whole or terminate or withdraw the Offers with respect to any Series of Notes at any time, subject to applicable law.
Wells Fargo Securities, LLC is acting as Lead Dealer Manager, Truist Securities, Inc. and CIBC World Capital Markets Corp. are acting as Co-Dealer Managers and IPREO LLC is acting as the Tender Agent and Information Agent for the Offers. Requests for documents may be directed to IPREO LLC at (888) 593-9546 (toll-free), (212) 849-3880 (all others) or by email at ipreo-tenderoffer@ihsmarkit.com. Copies of such documents are also available at the following web address: https://www.debtdomain.com/public/antero/index.html. Questions regarding the Offers may be directed to Wells Fargo Securities, LLC (toll-free) (866) 309-6316 or (collect) (704) 410-4756.
This announcement is for informational purposes only and is not an offer to purchase or sell or a solicitation of an offer to purchase or sell, with respect to any securities, including in connection with the Offers. The Offers are only being made pursuant to the terms of the Offer to Purchase. The Offers are not being made in any state or jurisdiction in which such Offers would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. None of the Company, any Dealer Manager, or the Tender Agent and Information Agent is making any recommendation as to whether or not Holders should tender their Notes in connection with the Offers.
Cautionary Statement Regarding Forward-Looking Information
This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero's control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero expects, believes or anticipates will or may occur in the future, such as Antero's ability to successfully consummate the Offers and the terms thereof, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "may," "assume," "forecast," "position," "predict," "strategy," "expect," "intend," "plan," "estimate," "anticipate," "believe," "project," "budget," "potential," or "continue," and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. All forward-looking statements speak only as of the date of this release. Although Antero believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.
Antero cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil, most of which are difficult to predict and many of which are beyond Antero's control. These risks include, but are not limited to, commodity price volatility, inflation, availability of drilling, completion and production equipment and services, environmental risks, drilling and completion and other operating risks, marketing and transportation risks, regulatory changes or changes in law, the uncertainty inherent in estimating natural gas, NGLs and oil reserves and in projecting future rates of production, cash flows and access to capital, the timing of development expenditures, conflicts of interest among our stockholders, impacts of world health events (including the COVID-19 pandemic), cybersecurity risks, the state of markets for, and availability of, verified quality carbon offsets, and the other risks described under the heading "Item 1A. Risk Factors" in Antero's Annual Report on Form 10-K for the year ended December 31, 2021 and in its subsequent Quarterly Reports on Form 10-Q.
View original content to download multimedia:
SOURCE Antero Resources Corporation | https://www.wbrc.com/prnewswire/2022/08/04/antero-resources-announces-cash-tender-offers-up-300-million-aggregate-principal-amount-senior-notes/ | 2022-08-04T12:34:34Z | https://www.wbrc.com/prnewswire/2022/08/04/antero-resources-announces-cash-tender-offers-up-300-million-aggregate-principal-amount-senior-notes/ | true |
Dimapur, Aug 4: The BJP legislators of Nagaland have appealed to the negotiating parties – the Naga political groups and the government of India – to expedite the process for a final solution to the Indo-Naga political issue at the earliest.
In a joint statement on Wednesday, the 12 MLAs of the party, who are part of the ruling United Democratic Alliance government in Nagaland, assured the Nagaland BJP's unwavering stand and support to the Naga people for an early solution to the protracted Indo-Naga political Issue, which is acceptable and honourable.
They affirmed the state BJP has always remained firm in its commitment for an early solution to the issue and continues to remain focused on its stand without any compromise. "It would be a grave mistake to think otherwise by anyone," they added.
"We all feel the aspirations of the people and final solution is of supreme priority and BJP Nagaland is ever ready to walk the extra mile to contribute in ushering a lasting solution that would ultimately take us to the path of permanent peace, faster development and a brighter future to our people," the BJP MLAs said.
Saying that the Naga cause transcends all other, the BJP legislators reassures the people of Nagaland that the BJP is unfazed in its resolve for an early Solution.
"Needless to say that the roles of Legislators are that of a facilitator and the entire negotiation process and to culminate it into a final solution rest with the negotiating parties," the statement said.
Dimapur, Aug 4: The BJP legislators of Nagaland have appealed to the negotiating parties – the Naga political groups and the government of India – to expedite the process for a final solution to the Indo-Naga political issue at the earliest.
In a joint statement on Wednesday, the 12 MLAs of the party, who are part of the ruling United Democratic Alliance government in Nagaland, assured the Nagaland BJP's unwavering stand and support to the Naga people for an early solution to the protracted Indo-Naga political Issue, which is acceptable and honourable.
They affirmed the state BJP has always remained firm in its commitment for an early solution to the issue and continues to remain focused on its stand without any compromise. "It would be a grave mistake to think otherwise by anyone," they added.
"We all feel the aspirations of the people and final solution is of supreme priority and BJP Nagaland is ever ready to walk the extra mile to contribute in ushering a lasting solution that would ultimately take us to the path of permanent peace, faster development and a brighter future to our people," the BJP MLAs said.
Saying that the Naga cause transcends all other, the BJP legislators reassures the people of Nagaland that the BJP is unfazed in its resolve for an early Solution.
"Needless to say that the roles of Legislators are that of a facilitator and the entire negotiation process and to culminate it into a final solution rest with the negotiating parties," the statement said. | https://assamtribune.com/north-east/nagaland-bjp-mlas-call-for-early-solution-to-naga-issue-1431880 | 2022-08-04T12:36:18Z | https://assamtribune.com/north-east/nagaland-bjp-mlas-call-for-early-solution-to-naga-issue-1431880 | true |
HOLLISTON, Mass., Aug. 4, 2022 /PRNewswire/ -- Biostage, Inc. (OTCQB: BSTG) ("Biostage" or the "Company"), a cell-therapy biotechnology company with successful "first-in-human" experience in treating esophageal cancer (conducted at the Mayo Clinic and published last August) and FDA approval to commence a clinical trial of the Biostage Esophageal Implant for severe esophageal disease including cancer, today announced that it will release Q2 2022 financial results on August 4, 2022 and host a conference call and webcast on August 5, 2022 at 9:00 AM ET to discuss financial results and business updates for the second-quarter 2022.
Conference Call & Webcast
Date: Friday, August 5, 2022
Time: 9:00 AM ET
Participant Dial-In: 877-407-8293 / +1 201-689-8349
Click here for participant International Toll-Free access numbers
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=7KTHPg8g
Call me™:
https://hd.choruscall.com/InComm/?callme=true&passcode=13728504&h=true&info=Company&r=true&B=6
- Call me™ is a zero hold-time telephone dial-back service for participants.
Media - Telephone Replay: 877-660-6853 / 201-612-7415 Access ID: 13732138
About Biostage.
Biostage is a clinical-stage biotech company that uses cell therapy to regenerate organs inside the human body to treat cancer, trauma and birth defects. We have performed the world's first regeneration of an esophagus in a human cancer patient. This surgery was performed at Mayo Clinic and was published in August 2021.
Biostage has 8 issued U.S. patents, 2 orphan-drug designations (which provide 7 years of market exclusivity in addition to any patents), and the possibility of 2 Priority Review Vouchers from the FDA.
Biostage's current goals include raising capital, uplisting from the OTC bulletin board to NASDAQ and beginning its clinical trial for repair of the esophagus in adults.
Forward-Looking Statements
Some of the statements in this press release are "forward-looking" and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These "forward-looking" statements in this press release include, but are not limited to, statements relating to the capabilities and performance of our products and product candidates; our capital raising plans and expectations, including uplifting to NASDAQ; development expectations and regulatory approval of any of the Company's products, including those utilizing its Biostage Esophageal Implant technology, by the U.S. Food and Drug Administration, the European Medicines Agency or otherwise, which expectations or approvals may not be achieved or obtained on a timely basis or at all; and success with respect to any collaborations, clinical trials and other development and commercialization efforts of the Company's products, which such success may not be achieved or obtained on a timely basis or at all. These statements involve risks and uncertainties that may cause results to differ materially from the statements set forth in this press release, including, among other things, the Company's inability to obtain needed funds in the immediate future; the Company's ability to obtain and maintain regulatory approval for its products; plus other factors described under the heading "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 or described in the Company's other public filings. The Company's results may also be affected by factors of which the Company is not currently aware. The forward-looking statements in this press release speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.
Investor Relations Contact
Shunfu Hu
Vice President of Business Development
and Operations
774-233-7300
shu@biostage.com
View original content to download multimedia:
SOURCE Biostage, Inc. | https://www.kxii.com/prnewswire/2022/08/04/biostage-schedules-conference-call-webcast-q2-2022-results/ | 2022-08-04T12:37:05Z | https://www.kxii.com/prnewswire/2022/08/04/biostage-schedules-conference-call-webcast-q2-2022-results/ | true |
- Reported second quarter net income attributable to all partners of $32.2 million
- EBITDA of $64.5 million including approximately $6.2 million of adverse acquisition related expenses
- Delivered 38 consecutive quarters of distribution growth with recent increase to $0.985/unit; reflects 4.8% increase y/y
- Closed 3 Bear acquisition on June 1, 2022; expands third party revenue, product mix and geography in Permian
- Delek Permian Gathering volumes expected to approximately double by end of 3Q22 from 4Q21 levels
BRENTWOOD, Tenn., Aug. 4, 2022 /PRNewswire/ -- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the second quarter 2022. For the three months ended June 30, 2022, Delek Logistics reported net income attributable to all partners of $32.2 million, or $0.74 per diluted common limited partner unit. This compares to net income attributable to all partners of $43.2 million, or $1.00 per diluted common limited partner unit, in the second quarter 2021. Net cash from operating activities was $85.1 million in the second quarter 2022 compared to $85.8 million in the second quarter 2021. Distributable cash flow, as adjusted(1) was $55.6 million in the second quarter 2022, compared to $53.8 million in the second quarter 2021.
For the second quarter 2022, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $64.5 million (including $6.2 million of adverse closing costs associated with 3 Bear Delaware - NM, LLC) compared to $66.8 million in the second quarter 2021.
Avigal Soreq, President of Delek Logistics' general partner, stated, "We are excited to welcome the 3 Bear team to Delek Logistics. This is a transformational acquisition as it increases our third party revenue, expands our product mix to include natural gas and water and diversifies our geographic footprint into the Delaware portion of the Permian basin. Between our legacy Midland assets and newly acquired Delaware assets, we are concentrated in one of the most prolific basins in the world. Returning cash to unitholders has been a longstanding priority of the partnership and I'm proud to continue that tradition with the 38th consecutive increase in the quarterly distribution of $0.985 per unit."
Uzi Yemin, Executive Chairman of Delek Logistics, remarked, "DKL has enjoyed significant growth since becoming a public company providing stable EBITDA throughout various business cycles and delivering consistent quarterly distribution increases over time. The partnership is well positioned for the future and the recent 3 Bear acquisition progressively shifts DKL toward more of a stand-alone entity."
Distribution and Liquidity
On July 25, 2022, Delek Logistics declared a quarterly cash distribution of $0.985 per common limited partner unit for the second quarter 2022, which equates to $3.940 per common limited partner unit on an annualized basis. This distribution will be paid on August 11, 2022 to unitholders of record on August 4, 2022. This represents a 0.5% increase from the first quarter 2022 distribution of $0.980 per common limited partner unit, or $3.920 per common limited partner unit on an annualized basis, and a 4.8% increase over Delek Logistics' second quarter 2021 distribution of $0.940 per common limited partner unit, or $3.760 per common limited partner unit annualized. For the second quarter 2022, the total cash distribution declared to all partners was approximately $42.8 million, resulting in a distributable cash flow coverage ratio, as adjusted(1) of 1.30x.
As of June 30, 2022, Delek Logistics had total debt of approximately $1,522.2 million and cash of $13.8 million. Additional borrowing capacity, subject to certain covenants, under the $1.0 billion credit facility was $119.1 million. The total leverage ratio as of June 30, 2022 of approximately 4.7x was well within the requirements of the maximum allowable leverage ratio under the credit facility.
Consolidated Operating Results
Contribution margin in the second quarter 2022 increased to $69.4 million compared to $64.2 million in the second quarter 2021 primarily as a result of an increase in refinery utilization rates at Delek US and incremental contribution margin attributable to the acquisition of 3 Bear Delaware - NM, LLC (the "3 Bear Acquisition") that closed on June 1, 2022 (the "Acquisition Date"). Second quarter 2022 EBITDA of $64.5 million benefited from the increased contribution margin as well as continued strong throughput on joint venture pipelines, offset by $6.2 million of transaction costs associated with the 3 Bear Acquisition, as compared to EBITDA of $66.8 million in the second quarter 2021. Net income attributable to all partners for the second quarter 2022 of $43.2 million reflected a decrease of $11.1 million compared to the second quarter 2021, which is primarily comprised of the $5.2 million increase in contribution margin, offset by increases in interest costs, amortization and depreciation, and transaction costs related to the 3 Bear Acquisition totaling $14.3 million.
1 |
Pipelines and Transportation Segment
Contribution margin in the second quarter 2022 was $48.4 million compared to $45.2 million in the second quarter 2021. The increase was primarily driven from strong refinery utilization rates at Delek US.
Wholesale Marketing and Terminalling Segment
During the second quarter 2022, contribution margin was $16.3 million compared to $19.0 million in the second quarter 2021. The decrease was primarily driven be lower margins in the West Texas wholesale business and lower contribution from Tyler assets compared to the second quarter 2021.
3 Bear Operations Segment
Our second quarter 2022 results were favorably impacted by the incremental contribution margin for the one month from the Acquisition Date through June 30, 2022. Contribution margin in the 3 Bear Operations Segment is largely driven by production volumes and gathering activities during the month, which are a function of both producer activities as well as our capacity, subject to the dedicated acreage agreements and the portions of acreage which have been developed, the extent to which connection points and interconnects have been brought on-line, and the extent to which maintenance or other planned or unplanned operational disruptions may occur.
Investments in Pipeline Joint Ventures Segment
During the second quarter 2022, income from equity method investments was $7.1 million compared to $6.6 million in the second quarter 2021, primarily driven by increased volumes at both Caddo and Red River joint ventures.
Second Quarter 2022 Results | Conference Call Information
Delek Logistics will hold a conference call to discuss its second quarter 2022 results on Thursday, August 4, 2022 at 9:00 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.DelekLogistics.com. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. An archived version of the replay will also be available at www.DelekLogistics.com for 90 days.
Investors may also wish to listen to Delek US Holdings, Inc.'s (NYSE: DK) ("Delek US") second quarter 2022 earnings conference call on Thursday, August 4, 2022 at 10:00 a.m. Central Time and review Delek US' earnings press release. Market trends and information disclosed by Delek US may be relevant to Delek Logistics, as it is a consolidated subsidiary of Delek US. Investors can find information related to Delek US and the timing of its earnings release online by going to www.DelekUS.com.
About Delek Logistics Partners, LP
Delek Logistics Partners, LP, headquartered in Brentwood, Tennessee, was formed by Delek US and owns, operates, acquires and constructs crude oil, natural gas and refined products logistics and marketing assets.
Safe Harbor Provisions Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are "forward-looking statements," as that term is defined under the federal securities laws. These statements contain words such as "possible," "believe," "should," "could," "would," "predict," "plan," "estimate," "intend," "may," "anticipate," "will," "if," "expect" or similar expressions, as well as statements in the future tense, and can be impacted by numerous factors, including the fact that a substantial majority of Delek Logistics' contribution margin is derived from Delek US, thereby subjecting us to Delek US' business risks; risks relating to the securities markets generally; risks and costs relating to the age and operational hazards of our assets including, without limitation, costs, penalties, regulatory or legal actions and other effects related to releases, spills and other hazards inherent in transporting and storing crude oil and intermediate and finished petroleum products; the impact of adverse market conditions affecting the utilization of Delek Logistics' assets and business performance, including margins generated by its wholesale fuel business; risks and uncertainties related to the integration of the 3 Bear business following the recent acquisition; risks and uncertainties related to the Covid-19 pandemic; uncertainties regarding future decisions by OPEC regarding production and pricing disputes between OPEC members and Russia; an inability of Delek US to grow as expected as it relates to our potential future growth opportunities, including dropdowns, and other potential benefits; scheduled turnaround activity; the results of our investments in joint ventures; adverse changes in laws including with respect to tax and regulatory matters; and other risks as disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports and filings with the United States Securities and Exchange Commission. Forward-looking statements include, but are not limited to, statements regarding future growth at Delek Logistics; distributions and the amounts and timing thereof; potential dropdown inventory; projected benefits of the 3 Bear acquisition; expected earnings or returns from joint ventures or other acquisitions; expansion projects; ability to create long-term value for our unit holders; financial flexibility and borrowing capacity; and distribution growth of 5% or at all. Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Delek Logistics undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek Logistics becomes aware of, after the date hereof, except as required by applicable law or regulation.
2 |
Non-GAAP Disclosures:
Our management uses certain "non-GAAP" operational measures to evaluate our operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our GAAP financial information presented in accordance with U.S. GAAP. These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include:
- Earnings before interest, taxes, depreciation and amortization ("EBITDA") - calculated as net income before net interest expense, income tax expense, depreciation and amortization expense, including amortization of customer contract intangible assets, which is included as a component of net revenues in our accompanying condensed consolidated statements of income.
- Distributable cash flow - calculated as net cash flow from operating activities plus or minus changes in assets and liabilities, less maintenance capital expenditures net of reimbursements and other adjustments not expected to settle in cash. Delek Logistics believes this is an appropriate reflection of a liquidity measure by which users of its financial statements can assess its ability to generate cash.
- Distributable cash flow, as adjusted for transaction costs, or Distributable cash flow, as adjusted(FN)) - distributable cash flow adjusted to exclude significant, infrequently occurring transaction costs.
Our EBITDA and distributable cash flow measures are non GAAP supplemental financial measures that management and external users of our condensed consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:
- Delek Logistics' operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA, financing methods;
- the ability of our assets to generate sufficient cash flow to make distributions to our unitholders on a current and on-going basis;
- Delek Logistics' ability to incur and service debt and fund capital expenditures; and
- the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.
We believe that the presentation of EBITDA and distributable cash flow measures provide information useful to investors in assessing our financial condition and results of operations and assists in evaluating our ongoing operating performance for current and comparative periods. EBITDA and distributable cash flow should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. EBITDA and distributable cash flow have important limitations as analytical tools because they exclude some, but not all, items that affect net income and net cash provided by operating activities. Additionally, because EBITDA and distributable cash flow may be defined differently by other partnerships in our industry, our definitions of EBITDA and distributable cash flow may not be comparable to similarly titled measures of other partnerships, thereby diminishing their utility. For a reconciliation of EBITDA and distributable cash flow to their most directly comparable financial measures calculated and presented in accordance with U.S. GAAP, please refer to "Results of Operations" below. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures.
3 |
4 |
5 |
6 |
7 |
8 |
Information about Delek Logistics Partners, LP can be found on its website (www.deleklogistics.com), investor relations webpage (ir.deleklogistics.com), news webpage (www.deleklogistics.com/news) and its Twitter account (@DelekLogistics).
9|
View original content to download multimedia:
SOURCE Delek Logistics | https://www.wbrc.com/prnewswire/2022/08/04/delek-logistics-partners-lp-reports-second-quarter-2022-results/ | 2022-08-04T12:37:14Z | https://www.wbrc.com/prnewswire/2022/08/04/delek-logistics-partners-lp-reports-second-quarter-2022-results/ | true |
MELBOURNE, Aug. 4, 2022 /PRNewswire/ -- Eve Holding, Inc. ("Eve") (NYSE: EVEX and EVEXW) reports its second quarter 2022 earnings results.
Eve ready for a new chapter
Eve is a leading developer of next-generation Urban Air Mobility (UAM) solutions. Our goal is to create a comprehensive, practical and capital-efficient UAM solution that includes:
- Design and production of electric Vertical Takeoff and Landing aircraft (eVTOLs);
- Portfolio of agnostic maintenance and support services for both Eve and third-party aircraft;
- Fleet operations services in collaboration with partners;
- New Urban Air Traffic Management system designed to allow eVTOLs to operate safely and efficiently in densely-populated urban areas alongside conventional aircraft and drones.
Eve's business was formerly part of Embraer S.A., the third largest aircraft manufacturer in the world specialized in the development of regional and executive jets. As a separate company, Eve has the resources, agility and autonomy to pursue innovative business models and will be able to serve as a protagonist in shaping the UAM market.
Eve is uniquely positioned to develop, certify and commercialize its UAM solution on a global scale given its aviation heritage, strategic relationship with Embraer and the experience of its management team and employees, complemented by the strategic partners involved with Eve's project.
Now with the right partners, an experienced and independent team, and an extensive amount of funding secured, Eve is fully engaged to make history.
2Q2022 financial highlights
- Eve reported a net loss of $11.8 million in 2Q22 versus $2.4 million in 2Q21 mostly driven by higher Research & Development (R&D) expenses and Selling, General & Administrative (SG&A) costs, as eVTOL project continues to advance and as our team of collaborators grows. In the 1H22, Eve reported a net loss of $21.3 million, $16.7 million higher than the $4.6 million net loss in the 1H21.
- During the first half of 2022, Eve's operations consumed $13.2 million of free cash flow, versus $5.1 million in 1H21. The 1H22 free cash flow reflects an $11.2 million working-capital gain – most of which is due to higher accounts payable with Embraer.
- On the finance side, net cash provided by financing activities reached $329.1 million during 1H22 with the net proceeds from our listing on the New York Stock Exchange.
- At the end of 2Q22, Eve had $330.8 million in total liquidity (cash, equivalents and financial investments) versus $14.4 million at the beginning of the quarter. Eve's significantly higher cash position comes primarily from the capital raise in May 2022, and was partially offset by development expenses and transaction costs.
- As of the end of 2Q22, Eve did not have any debt on its balance sheet. Our management team continues to monitor the capital markets for debt financing options to bring additional cash resources to Eve at attractive terms. Before service is commenced, Eve may also seek incremental capex lines – via corporate loans, to help fund its manufacturing and production facilities.
- As we continue to advance our eVTOL development, Eve expects to transition part of its non-binding orders into firm contracts. Those firm orders may result in significant cash advances and inflow to the company through down payments that tend to occur several months prior to final eVTOL delivery.
For additional information, please access the full 2Q22 Earnings release, available in the Investor Relations website at ir.eveairmobility.com
2Q2022 Webcast details
Management will discuss the results on a conference call later today (August 4th, 2022) at 12:00pm (Eastern Time). The webcast will be publicly available in the Upcoming Events section of the company website (www.eveairmobility.com).
To listen by phone, please dial 1-877-704-4453 or 1-201-389-0920. A replay of the call will be available until midnight, Thursday, August 18, 2022, by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 13730439.
About Eve Holding, Inc.
Eve is dedicated to accelerating the Urban Air Mobility ecosystem. Benefitting from a start-up mindset, backed by Embraer S.A.'s more than 50-year history of aerospace expertise, and with a singular focus, Eve is taking a holistic approach to progressing the UAM ecosystem, with an advanced eVTOL project, a comprehensive global services and support network and a unique air traffic management solution. Eve is listed on the New York Stock Exchange where its shares of common stock and public warrants trade under the tickers "EVEX" and "EVEXW". For more information, please visit www.eveairmobility.com
Forward Looking Statements
Certain statements in this press release include "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target", "may", "intend", "predict", "should", "would", "predict", "potential", "seem", "future", "outlook" or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. All statements other than statements of historical facts are forward-looking statements and include, but are not limited to, statements regarding the Company's expectations with respect to future performance and anticipated financial impacts of the business combination. These statements are based on various assumptions, whether or not identified herein, and on the current expectations of the Company's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of the Company.
These forward-looking statements are subject to a number of risks and uncertainties, including: (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) failure to realize the anticipated benefits of the business combination with Zanite Acquisition Corp.; (iii) risks relating to the uncertainty of the projected financial information with respect to the Company; (iv) the outcome of any legal proceedings that may be instituted against the Company related to the completion of the business combination; (v) future global, regional or local economic and market conditions, including the growth and development of the urban air mobility market; (vi) the development, effects and enforcement of laws and regulations; (vii) the Company's ability to grow and manage future growth, maintain relationships with customers and suppliers and retain its key employees; (viii) the Company's ability to develop new products and solutions, bring them to market in a timely manner, and make enhancements to its platform; (ix) the Company's ability to successfully develop, obtain certification for and commercialize its aircraft, (x) the effects of competition on the Company's future business; (xi) the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; (xi) the impact of the global COVID-19 pandemic and (xii) those factors discussed under the heading "Risk Factors" in the Company's Registration Statement on Form S-1/A filed on July 29, 2022, and subsequent filings with the Securities and Exchange Commission (SEC). If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company does not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company's expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause the Company's assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this press release and undue reliance should not be placed upon the forward-looking statements.
Investor Relations
Lucio Aldworth
Caio Pinez
investors@eveairmobility.com
https://ir.eveairmobility.com/
Media:
media@eveairmobility.com
View original content:
SOURCE Eve Holding, Inc. | https://www.wbrc.com/prnewswire/2022/08/04/eve-holding-inc-reports-second-quarter-2022-results/ | 2022-08-04T12:37:46Z | https://www.wbrc.com/prnewswire/2022/08/04/eve-holding-inc-reports-second-quarter-2022-results/ | false |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.