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NEW YORK, July 20, 2022 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) today reported operating results for the three months ended June 30, 2022. The operating results along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Second Quarter 2022 and on the company's website at www.cohenandsteers.com under "Company—Investor Relations—Press Releases."
Conference Call
The company will host a conference call tomorrow, July 21, 2022, at 10:00 a.m. (ET) to discuss these results via webcast and telephone. Hosting the call will be chief executive officer and president, Joseph Harvey, chief financial officer, Matthew Stadler, and chief investment officer, Jon Cheigh.
Investors and analysts can access the live conference call by dialing 877-311-6681 (U.S.) or +1-212-231-2933 (international); passcode: 22019639. Participants should plan to register at least 10 minutes before the conference call begins. A replay of the call will be available for two weeks starting at approximately 12:00 p.m. (ET) on July 21, 2022 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 22019639. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Company—Investor Relations—Overview." The webcast will be archived on the website for one month.
About Cohen & Steers
Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong and Tokyo.
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SOURCE Cohen & Steers, Inc. | https://www.ktre.com/prnewswire/2022/07/20/cohen-amp-steers-reports-results-second-quarter-2022/ | 2022-07-20T21:46:23 | en | 0.921107 |
DALLAS (KDAF) — This weekend, July 21-24, is when this year’s Asian Film Festival of Dallas takes place. The festival has been run for the past 15 years, giving hundreds of Asian filmmakers the chance to show off their creations.
There will be 16 feature films shown at this year’s festival (12 narrative features and four documentary films) as well as 11 short films.
You can purchase tickets to individual screenings for about $15 per ticket. To see a full schedule, click here.
The first film to kickoff the festival will be a showing of Too Cool to Kill, scheduled for 7:30 p.m. this Thursday, July 21.
The Official lineup is as follows:
- Too Cool to Kill
- The Witch 2: The Other One
- Small, Slow but Steady
- 7 Days
- A New Old Play
- Baby Assassins
- Dealing With Dad
- Erzulie
- Jalsaghar (The Music Room)
- Lonely Glory
- Preman
- Yellow Dragon’s Village
- Ascension
- Cat Daddies
- Dark Red Forest
- Singing in the Wilderness
- An Island Drifts
- Falafel
- Foster Fail
- The Han Flows
- I want to hear the word on the street
- The Man of the Terms of Service
- Misdelivered
- Nai Nai
- Secret Recipe
- Spider
- Veils
Since 2002, the Asian Film Festival of Dallas has been dedicated to celebrating and supporting emerging and established Asian and Asian-American filmmakers and sharing the rich diversity of Asian culture through cinema.
For more information, visit their website by clicking here. | https://cw33.com/news/local/the-asian-film-festival-of-dallas-takes-place-this-weekend-july-21-24-heres-what-you-can-expect/ | 2022-07-20T21:46:25 | en | 0.904307 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nfl/buffalo-bills/articles/40133315 | 2022-07-20T21:46:26 | en | 0.738227 |
The National Company Law Tribunal (NCLT) on Wednesday ordered insolvency resolution proceedings against Future Retail Ltd (FRL) and rejected objection raised by Amazon, which is involved in a legal tussle with the Kishore Biyani-led company.
The Mumbai Bench of NCLT also appointed Vijaykumar Iyer as the interim Resolution Professional (IRP) for FRL. “NCLT has pronounced its order today, allowing the admission of the said petition of Bank of India on alleged amount of default of Rs 1441.62 crore,” FRL said in an exchange filing. The NCLT also dismissed the intervention application filed by Amazon.com NV Investment Holdings LLC, under Section 65 of the Code, it added.
On May 12, Amazon filed an intervention application under Section 65 of the Insolvency and Bankruptcy Code (IBC) that deals with provisions relating to penalty for fraudulent or malicious initiation of proceedings. Future Group’s proposed deal with Reliance Industries (RIL) that involved FRL also was opposed by Amazon. However, the deal was later called off.
The total exposure of lenders to the Future Group is pegged at Rs 27,000 crore. As of September 2021, FRL’s gross debt stood at Rs 13,346.78 crore, while three of the group’s other listed entities had a combined gross debt of Rs 5,863 crore. RIL’s plan to take over 19 entities of the Future Group failed to get secured creditors’ approval.
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To protect FRL’s assets
A consortium of lenders, led by Bank of India, had sought insolvency proceedings against Future Retail and had moved the NCLT with the aim of protecting the assets of the debt-ridden company.
Regulatory norms state that lenders to a company must make additional provisions of 20 per cent if a resolution plan for a stressed asset is not found within 180 days of the end of the review period for the asset.
In April, Bank of India (BoI) filed the petition before the tribunal after FRL defaulted paying Rs 3,495 crore under the one-time restructuring scheme. Amazon had opposed BoI’s petition alleging that the lender had colluded with FRL and that any bankruptcy proceedings at this stage would compromise the e-commerce company’s rights.
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Big Bazaar is the flagship chain of Future Retail.
Reliance Retail, the retail arm of the oil-to-telecom conglomerate RIL, had in August 2020 agreed to take over the retail and logistics business of the Future Group for Rs 24,713 crore, but the deal couldn’t be closed as Future’s warring partner Amazon went to court citing violation of some contracts.
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/business/companies/nclt-initiates-action-against-frl-8042301/ | 2022-07-20T21:46:29 | en | 0.960325 |
The rupee on Wednesday declined further to trade below the 80-mark intra-day at 80.05 against the dollar, before closing the session at 79.99.
The currency had closed at 79.95 against the US dollar on Tuesday. Analysts said a significant demand for dollars from oil importers, firm crude oil prices and concerns about swelling trade deficit have been weighing on the investors’ sentiment. The rupee had opened at 79.91 against the dollar and declined on higher demand for the dollar. On Tuesday, the rupee had fallen below 80 during intra-day trade.
“Overall gains in crude in the last few days where Brent has risen again above $105 and lack of intervention from the RBI has kept the rupee hovering around 80.00,” Jateen Trivedi, vice president, Research Analyst at LKP Securities said. “Going ahead rupee will be seen in the range of 79.75-80.25.” Brent crude on Wednesday fell 1.7 per cent to $105.65 a barrel, as of 10:23 am ET.
Market expectation is that the US Federal Reserve could raise rates by another 75 bps and maintain a hawkish stance, analysts said. On the domestic front, trade deficit continued to widen and that also is weighing on the rupee.
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Meanwhile, the benchmark Sensex shot up by 1.15 per cent, or 630 points, to 55,397.53 and the NSE Nifty Index gained 180 points to 16,520.85 on buying support despite the depreciation of the rupee. Among various sectors, metals, IT and FMCG indices rose the most while telecom and power indices fell the most. Broad market indices underperformed as the midcap and smallcap indices rose by 0.5 per cent.
Global stocks inched higher Wednesday amid speculation that the worst of this year’s equity rout may be over, even as concerns over the potential for a global downturn sparked by hawkish central banks lingers. Chinese tech stocks advanced following a report that regulators are wrapping up an investigation into Didi Global Inc with a hefty fine, with traders again hoping this will herald an end to a crackdown on the sector.
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Rupee fall to hit students abroad
The rupee depreciation below the 80 level is likely to impact Indian students who will have to spend substantially more money to complete their studies abroad, especially in the US.
With the rupee hitting an all-time low, US imports, foreign education and travel could all get very expensive. Indian students who wish to study abroad, particularly in the US, now fear that they will have to spend a lot more just to pursue their plans to study abroad, according to analysts.
“Optionally, students can go instead to a destination country that is relatively cheaper in order to continue pursuing their international education aspirations. But students who have been wanting to pursue education in their dream study destinations say that considering a different country that is cheaper poses its own set of problems,” said a report by M Square Media, a global service provider and international education platform.
“While the plunge of the rupee is an unfortunate development, the fluctuation of the value of currencies is the natural result of floating exchange rates, which is true for most major economies,” said Sanjay Laul, CEO and founder of M Square Media. “It should not be considered a permanent situation and students should thus avoid making permanent decisions regarding a very important life event such as education.”
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/business/market/re-again-treads-below-80-crude-trade-deficit-weigh-8042295/ | 2022-07-20T21:46:29 | en | 0.955744 |
COVINGTON, Ky., July 20, 2022 /PRNewswire/ -- Commonwealth Hotels announced today that Jean-Luc Laramie has been appointed the general manager of the Hyatt Place Portland-Old Port. Mr. Laramie brings over 15 years of hospitality experience to his new role as general manager having previously served as the general manager for the Waterman Hotel in Santa Barbara, California.
'We are excited to have Jean-Luc on board at the Portland hotel" Said Jennifer Porter, chief operating officer for Commonwealth Hotels. "His extensive general manager experience and focus on the guest experience will be key to the hotel's success."
Prior to joining The Hyatt Place Portland-Old Port, Laramie served in various leadership roles at the Hotel Chicago West Loop, the St. Jane Hotel, the James Chicago, and Kimpton Hotels. Laramie holds a Bachelor of Arts degree in hospitality management from Kendall College in Chicago, Illinois.
Commonwealth Hotels, LLC was founded in 1986 and is a proven partner in providing hotel management services with superior financial results. The company has extensive experience managing premium branded full service and select service hotels. Commonwealth Hotels currently manages 61 properties with nearly 7,600 rooms. Additional information may be found at www.commonwealthhotels.com.
Contact
Barbara E. Willen Commonwealth Hotels, LLC
bwillen@commonwealthhotels.com
859.392-2254
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SOURCE Commonwealth Hotels, Inc. | https://www.ktre.com/prnewswire/2022/07/20/commonwealth-hotels-appoints-jean-luc-laramie-general-manager-hyatt-place-portland-old-port/ | 2022-07-20T21:46:29 | en | 0.930814 |
Chief Minister Bhupendra Patel will inaugurate a “Youth Model Assembly” Thursday, which is being organised “to provide information about parliamentary functioning and systems among students”. The programme is being organised under the chairmanship of Gujarat Speaker Nimaben Acharya, by Ganesh Vasudev Mavlankar Parliamentary Studies and Training Bureau, Gujarat Legislative Assembly and an Ahmedabad-based newspaper ‘The School Post’ at Assembly House, Gandhinagar.
Speaker Nimaben Acharya said that as per the decision taken by the Lok Sabha Secretariat in the 81st All India Legislature Conference held on September 15, 2021 it was decided that some programmes would be organised under the auspices of the Parliament and some by the state legislatures. Under this, Ganesh Vasudev Mavalankar Parliamentary Study and Training Bureau, and the Gujarat Assembly were asked to organise a Youth Parliament.
She said that the Youth Model Assembly is a unique platform that provides a golden opportunity to expose students to parliamentary procedures and systems.
“In order to increase the participation of the youth in development process of the country and provide good governance to this country in the future, it is necessary to organize programmes like ‘Youth Model Assembly’,” she stated in an official release.
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Students of Gandhinagar Government College and various schools of the state have been selected by the officials of the Gujarat Legislative Assembly by interviewing them who have been given training on the parliamentary procedures through online means and face to face depending on the topics of this programme.
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/cities/ahmedabad/cm-bhupendra-patel-youth-model-assembly-students-8042271/ | 2022-07-20T21:46:30 | en | 0.955512 |
DALLAS (KDAF) — Dallasites, you will have the chance to see the world’s largest coconut this weekend.
Coconut water beverage brand Vita Coco will unveil the World’s Biggest Coconut in Dallas to celebrate the launch of its newest product Vita Coco Coconut Juice. The roadside experience will be located in the Bishop Arts District, located at 707 N. Zang Boulevard 75208 from 11 a.m. to 4 p.m. on July 22-24.
Aside from the coconut, there will also be local food vendors, outdoor games and refreshments courtesy Vita Coco. Officials say Vita Coco Coconut Juice is a ‘delicious blend of coconut water packed with electrolytes, nutrients, and a burst of tropical flavor.’ | https://cw33.com/news/local/the-worlds-biggest-coconut-experience-is-coming-to-dallas-heres-where-and-when/ | 2022-07-20T21:46:31 | en | 0.928407 |
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Over 900 students of the Government Medical College (GMC) in Bhavnagar have been protesting for 24 days, opposing the decision to relocate them to the Government Leprosy Hospital premises for carrying out renovation works at a “dilapidated” GMC. The college dean said talks on a proposed arrangement at Maharaja Krishnakumarsinhji Bhavnagar University is also under way.
Undergraduate and postgraduate students, under the aegis of Medical Students’ Association (MSA) of GMC, Bhavnagar, have made representations to Gujarat Health Minister Rushikesh Patel on June27, president of the Medical Assessment and Rating Board of the National Medical Commission (NMC) on July 13, and to the Union Minister of Health and Family Welfare Mansukh Mandaviya on July 15.
According to MSA of GMC Bhavnagar, the students received an order dated June 18 from the dean’s office, intimating of the shifting plan. As part of the shifting plan, the dean’s office order states that “all teaching activities” will be conducted at the Leprosy Hospital, and “all clinical teaching activities” will be conducted at the Sir T Hospital campus.
In a communication dated July 4, Rushikesh Patel told Gujarat additional chief secretary of health Manoj Aggarwal to “take appropriate action as per the rules” with respect to students’ grievances, but the association members say there was no action till date.
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The key grievances raised include that the “alternative arrangement is much worse than the existing system, unsanitary, unsafe”, which the students and faculties will have to use for the next 2-3 years.
It has also been pointed out that the Leprosy Hospital lacks basic facilities such as offices for dean and administrative work, reading rooms, classrooms, etc. It has also been pointed out that the new arrangement is nearly six kilometres away from the teaching hospital Sir T General Hospital and it is “difficult for students to arrive on time as well as return”.
The association is demanding that the existing relocation plan should be scrapped and the study should be continued in the existing space “till a suitable replacement is found or a new medical college is set up according to NMC guidelines near Sir T General Hospital and hostels”.
GMC Bhavnagar dean Dr HB Mehta said, “An alternate proposal was sent by the dean’s office to relocate to Maharaja Krishnakumarsinhji Bhavnagar University and an in-principle approval was given one or two days ago. The matter is with the health department’s medical education division, which will coordinate with the education department to facilitate this arrangement.”
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/cities/ahmedabad/gmc-students-continue-protest-demands-relocation-not-met-8042281/ | 2022-07-20T21:46:36 | en | 0.96761 |
Community Heritage Financial, Inc. Reports Earnings for the Second Quarter of 2022
Published: Jul. 20, 2022 at 4:14 PM CDT|Updated: 32 minutes ago
MIDDLETOWN, Md., July 20, 2022 /PRNewswire/ -- Community Heritage Financial, Inc. ("the Company") (OTC PK: CMHF), the parent company of Middletown Valley Bank ("MVB" or the "Bank"), announced today that for the six months ended June 30, 2022 the Company earned net income of $3.89 million or $1.73 per share, an increase of $1.39 million or 55.6% compared to net income of $2.50 million or $1.11 per share for the six months ended June 30, 2021. Second quarter 2022 net income was $2.07 million or $0.92 per share, an increase of $250 thousand compared to first quarter 2022 net income of $1.82 million and an increase of $1.18 million compared to $892 thousand for the second quarter of 2021.
The Company continued its controlled growth strategy during the second quarter which resulted in an ending balance sheet of $872.6 million in total assets as of June 30, 2022, up $27.0 million for the second quarter and up $54.7 million from December 31, 2021. Deposit growth of $20.6 million for the second quarter of 2022 and $54.1 million on a year-to-date basis has funded the overall growth in the balance sheet. The deposit growth includes $10 million in brokered deposits, which were added late in the second quarter of 2022. The deposit growth, as noted, has also funded robust loan growth over the same period. Loan balances were $692.8 million as of June 30, 2022, up $48.9 million from March 31, 2022 balances and up $82.3 million for the year. As of June 30, 2022, all loan balances under the Paycheck Protection Program ($13.3 million outstanding at December 31, 2021 and $3.6 million outstanding as of March 31, 2022) have been forgiven and remaining balances paid to zero. Excluding the PPP balances as noted above, core loan growth for the second quarter of 2022 was $52.5 million and $95.6 million year-to-date for 2022. The strong loan growth has increased the earning asset base resulting in net interest income of $6.93 million for the second quarter of 2022, up $518 thousand compared to $6.41 million for the first quarter of 2022 and up $984 thousand compared to the second quarter of 2021. To support the loan growth as noted above, the Bank added $217 thousand to the loan loss provision for the quarter, up from $10 thousand in the first quarter of 2022. The additional provision brings the allowance for loan losses to total loans ratio to a level of 1.03% as of June 30, 2022, up slightly from 1.01% as of March 31, 2022. Operating expenses increased by approximately 4.6% during the second quarter compared to the first quarter of 2022 as the Company continues to invest in employee assets, training and technology in support of the balance sheet growth. In summary, strong earning asset growth, controlled funding costs and controlled operating expenses led to overall net income for the first six months of 2022 of $3.89 million, which represents the highest first half earnings in the history of the Company.
Subsequent Events:
As of December 31, 2021, the Bank converted from the Community Bank Leverage Ratio (CBLR) for regulatory capital reporting to the Basel III Risk Weighted Capital guidelines. Upon further evaluation, management has determined that a portion of the first lien residential mortgage portfolio, which had been risk weighted at 100% for the December 31, 2021, and March 31, 2022, reporting periods, were eligible for 50% weighting under Basel III guidelines. The adjustment will have a favorable impact on the Risk Based Capital position at the Bank. Amended Call Reports will be filed for December 31, 2021, and March 31, 2022, to update the capital schedules. All current financial reports as of June 30, 2022, and future financial reports reflecting historical data will reflect the change.
Quarterly Highlights – 2Q22 vs 1Q22
Tangible book value per share increased by $0.73 or 3.3% to $22.67 per share at June 30, 2022, from $21.94 at March 31, 2022. The tangible book value increase was due to earnings of $2.07 million along with minimal adjustments to accumulated other comprehensive income (loss) for the second quarter.
Cash balances decreased on a linked-quarter basis by 55.4% or $19.2 million. The decrease in cash balances was due to the strong loan growth in the second quarter totaling $48.9 million.
Gross loans increased by $48.9 million or 7.6% at June 30, 2022 compared to March 31, 2022. PPP loan forgiveness was completed during the second quarter and generated interest and fee income of $96 thousand during the second quarter of 2022 compared to $320 thousand for the first quarter of 2022.
Overall deposits grew $20.6 million, or 2.7%, during the second quarter of 2022. Non-interest-bearing deposits grew $7.1 million and interest-bearing deposits grew $13.5 million. While short-term interest rates in the market increased dramatically during the second quarter, the Bank's cost of interest-bearing deposits for the second quarter increased by only 3 basis points to 0.31% compared to the first quarter of 2022 at 0.28%. The increase was due mainly to an increase in rate on a small portion of the money market accounts, which are indexed to short-term treasury rates.
Strong loan growth and controlled funding costs led to an increase in the Bank's net interest margin of 10 basis points to 3.45% in the second quarter of 2022 from 3.35% in the first quarter of 2022.
The allowance for loan losses to total loans ratio was 1.03% at June 30, 2022, an increase of 2 basis points from 1.01% at March 31, 2022. The increase in the allowance for loan losses to total loans coincides with the additional provision for loan losses of $217 thousand in the second quarter compared to $10 thousand for the first quarter of 2022.
Quarterly Highlights – 2Q22 vs 2Q21
Tangible book value per share of $22.67 at June 30, 2022 decreased by $0.82 or 3.5% from $23.49 at June 30, 2021. The tangible book value decrease was due to an increase in the accumulated other comprehensive loss of $8.95 million at June 30, 2022, from a gain of $54 thousand at June 30, 2021.
Net loans of $685.7 million as of June 30, 2022 were up $121.6 million or 21.6% compared to June 30, 2021, which includes PPP loan forgiveness of $31.6 million during the time period. Excluding PPP loans, core loan growth on a year-over-year basis was $153.2 million or 28.7%.
Deposits grew $139.9 million or 21.5% during the 12 months ended June 30, 2022. The majority of the growth was in demand deposits ($60.9 million), low-cost money market deposits ($49.7 million), and savings deposits ($12.4 million).
For the three months ended June 30, 2022, the Bank's overall cost of funds increased to 0.20% from 0.19% for the three months ended June 30, 2021. This increase resulted from increased money market rates, additional borrowings and brokered deposit purchases during the second quarter of 2022.
The loan loss provision for the quarter ended June 30, 2022 was $217 thousand compared to $1.43 million for the quarter ended June 30, 2021. The second quarter of 2021 included increased provision expense associated with an isolated Covid related charge-off.
Non-interest income for the quarter ended June 30, 2022 decreased by $430 thousand or 24.7% compared to the quarter ended June 30, 2021. The mortgage activity and secondary sales income decrease of $436 thousand accounted for the majority of the decrease.
Non-interest expense during the quarter ended June 30, 2022 increased by $326 thousand compared to the quarter ended June 30, 2021. The increase was directly related to the growth of the balance sheet (19%) as staffing has increased to support such growth. Salary and benefits expense during the second quarter of 2022 increased 6.5%. Operating expenses in the second quarter of 2022 also included increased occupancy and equipment expense related to the opening of a new branch in Franklin County, PA in May 2021 to expand our market area.
Dividend
A dividend of $0.04 per share was declared by the Board of Directors on July 15, 2022, for stockholders of record as of July 29, 2022, and payable on August 5, 2022.
Community Heritage Financial, Inc. Robert E. (BJ) Goetz, Jr. President & Chief Executive Officer 301-371-3055
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.ktre.com/prnewswire/2022/07/20/community-heritage-financial-inc-reports-earnings-second-quarter-2022/ | 2022-07-20T21:46:36 | en | 0.972012 |
(The Hill) – The U.S. Supreme Court’s decision last month to overturn the 50-year constitutional right to abortion prompted an outcry from activists who said they were misled during the justice’s confirmation hearings.
Conservative justices Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett, who voted to overturn Roe V. Wade in a 5-4 vote, have been accused of misleading the public and members of the Senate about their intentions during their respective confirmation hearings before the Senate Judiciary Committee.
The calls to impeach the justices for misleading the public have been led by Rep. Alexandria Ocasio-Cortez (D-N.Y.), who last month said “there must be consequences” for upending democratic institutions with false statements.
“If we allow Supreme Court nominees to lie under oath and secure lifetime appointments to the highest court of the land and then issue — without basis, if you read these opinions — rulings that deeply undermine the human civil rights of the majority of Americans, we must see that through,” she said on NBC.
Several other House Democrats have joined in the calls to get answers on whether the justices misled the public about overturning Roe.
Sen. Dick Durbin (D-Ill.), however, said removing a justice is “not realistic” when he was asked if Justice Clarence Thomas should be impeached.
The House can file articles of impeachment for a federal judge with a majority vote, but the Senate must secure a two-thirds majority vote to remove the judge.
As a result, any impeachment effort for a Supreme Court justice would face an uphill battle. Democrats now have 50 Senate seats, but not all 50 of those Democrats would be likely to vote to impeach a Supreme Court justice.
Only one Supreme Court justice has ever been impeached.
In 1805, the House impeached justice Samuel Chase, but the Senate acquitted him.
Chase, a federalist with a “volcanic personality,” was accused of bitter partisan rhetoric, refusing to dismiss biased jurors and of excluding or limiting defense witnesses in at least two cases, according to the Senate’s historical recounting of the event on its website.
The House labeled Chase an “electioneering partizan” and successfully passed articles of impeachment, according to the Senate’s history. But in the Senate, Chase was acquitted on eight articles, which “thereby effectively insulated the judiciary from further congressional attacks based on disapproval of judges’ opinions,” according to the Senate’s website.
Convincing the public and lawmakers that Kavanaugh, Barrett and Gorsuch should be removed because of perjury could be difficult because their comments could be interpreted in different ways.
According to Factcheck.org, Gorsuch in his 2017 hearing said Roe was a “precedent” that deserves standing, but also refused to say how he would rule on a case challenging it.
“If it looks like I am giving hints or previews or intimations about how I might rule, I think that is the beginning of the end of the independent judiciary, if judges have to make, effectively, campaign promises for confirmation,” Gorsuch said.
During his confirmation hearing in 2018, Kavanaugh said Roe was an “important precedent” that has been “reaffirmed many times,” including through 1992’s Casey V. Planned Parenthood.
“That makes Casey precedent on precedent. It has been relied on,” Kavanaugh said, according to Factcheck.org.
Kavanaugh also said he would be open to new arguments on any case, adding he has an “open mind” and that a justice should “listen to all arguments.”
Barrett in her 2020 hearing said she would follow the doctrine of stare decisis, which means following a precedent, but also said Roe was not a “super precedent.”
“Scholars across the spectrum say that doesn’t mean that Roe should be overruled, but descriptively, it does mean that it’s not a case that everyone has accepted and doesn’t call for its overruling,” she told the Senate.
Impeachment is typically reserved for perjury, fraud, gross misconduct, conflict of interest or high crimes.
Since 1804, 15 federal judges have been impeached and a majority of them removed from office, with three of them impeached and convicted for perjury.
Alcee L. Hastings, who served on the U.S. District Court for the Southern District of Florida, was impeached and removed in 1989 after he was accused of soliciting a bribe to reduce the sentences of two mobsters. He was also accused of lying and falsifying evidence at the trial.
Judge Walter Nixon on the Southern District of Mississippi was impeached and removed from office in 1989 after he lied to a grand jury about his attempt to influence the prosecution of a business associate’s son.
More recently, Thomas Porteous Jr. on the Eastern District of Louisiana was impeached and removed in 2010 for corrupt conduct and for lying to the Senate and the FBI to obtain a federal judgeship. | https://cw33.com/news/nexstar-media-wire/could-congress-impeach-supreme-court-justices-for-perjury/ | 2022-07-20T21:46:37 | en | 0.971105 |
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Even as the water levels in the Ajwa reservoir and Vishwamitri river remained steady at approximately 211.50 feet and 16.5 feet respectively after rain paused on Wednesday, the Vadodara Municipal Corporation (VMC) issued an alert for areas in the vicinity of Vadsar village, closing access roads late Tuesday night.
The road leading to Koteshwar Mahadev temple in Vadsar was submerged Tuesday night, marooning Vadsar village and adjoining areas, including a residential colony — Casa Residency. In a late-night alert, the VMC warned people from venturing on the blocked road saying crocodiles would have strayed in from the Vishwamitri waters. The VMC made public announcements on loudspeakers, warning residents against venturing into the flood water.
As rain paused in Vadodara city as well as the catchment areas of Ajwa reservoir in Panchmahal district, which witnessed a heavy overnight rainfall until 9 am on Wednesday, Vishwamitri began receding at various points in the city at 15.85 feet at 5 pm. Ajwa Reservoir, which has its gates fixed at 211 feet until August 15 as per protocol is witnessing an outflow from the level of 211.5 feet, into the Vishwamitri river.
VMC officials said that although the corporation is on high alert, given that the Vishwamitri has been flowing at 19.3 feet at Akota and 18.3 feet at Mujhmahuda, the pause in the rain spell has eliminated the fear of a flood as of now. “We will have to see the situation a day or two later when heavy rain is predicted again… Vishwamitri will continue to remain halfway to its danger mark for a couple of days… But as of now, there seems to be no threat of a flood in the city,” an official said. In Panchmahal, where Vishwamitri originates, Halol recorded a total of 62 mm rain in 24 hours, Godhra recorded 46 mm, and Kalol recorded 42 mm rainfall.
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Four rescued
Four persons of a family, including two septuagenarians, were injured when one floor of a dilapidated building in Patel Faliya in Yakutpura area of Vadodara collapsed early Wednesday. The fire teams with the help of locals rescued trapped members of the family that was asleep when the accident occurred.
Officials said four persons, identified as Mushtaq Rangrez (75), Subrabibi Rangrez (71), Anas Rangrez (19) and Ishu were trapped in the debris after the first floor of the two-storeyed house collapsed around 5 am. While local residents rushed to rescue the trapped members of the Rangrez family, fire officials helped the septuagenarian couple.
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/cities/baroda/rain-abates-in-vadodara-as-city-remains-on-alert-8042278/ | 2022-07-20T21:46:43 | en | 0.971758 |
(The Hill) – The only text message the Secret Service turned over to the House committee investigating the Jan. 6, 2021, attack on the Capitol was a plea from then-Capitol Police officer Steven Sund asking for help.
Lawmakers on the panel are increasingly confused and irritated by the lack of messages from the Secret Service after it subpoenaed the records following a letter from a government watchdog indicating that messages had been “erased” during a device replacement program.
“That’s all that we have,” Rep. Stephanie Murphy (D-Fla.) told The Hill.
A source close to the Secret Service previously told The Hill that Sund had contacted the Secret Service on Jan. 6 requesting assistance.
“That message was captured and it was turned over,” the source said.
The Secret Service has denied that it maliciously deleted any text messages but has said some data was lost during a system migration.
Agency spokesman Anthony Guglielmi said Secret Service policy prohibits using text messages due to security concerns, but that the initial 20 agents whose records were requested did not have phones impacted by the migration.
He said there were no “hidden messages” the agency was concealing or anything else officials were “holding out” from the panel.
Lawmakers on the panel have said they are hopeful the Secret Service will be able to recover the information from the phones even though they were wiped.
“My hope is that the Secret Service will use their forensic data capabilities to recapture the texts that we have requested and comply with the subpoena. I think the information they’ve provided us to date leaves a lot of questions regarding their process for data retention,” Murphy said.
But they’ve grown increasingly frustrated with Secret Service’s explanation around why its records weren’t fully preserved in the days after Jan. 6.
“We were just updated and it remains a big mystery to me,” Rep. Jamie Raskin (D-Md.) told reporters Wednesday
He added that the Secret Service’s explanation stretches the outer limits of plausibility.
“I smell a rat,” he said. “That seems like an awfully strange coincidence for those text messages to be banished into oblivion on two days where there was also the most violent insurrection against the union in our history, after the Civil War.”
Murphy previously said Secret Service’s actions are questionable, given the time frame.
“They received four requests from congressional committees on Jan. 16 to preserve records, and they had this planned migration for the 25th, I believe, of January, and nobody along the way stopped and thought, ‘Well, maybe we shouldn’t do the migration of data and of the devices until we are able to fulfill these four requests from Congress,’” she said during an interview on MSNBC.
Rep. Pete Aguilar (D-Calif.) said the panel is expected to have a more public response on the texts in the coming days.
“I got a lot of questions,” he said. “Committee members have a lot of questions related to this.”
Mike Lillis contributed. | https://cw33.com/news/nexstar-media-wire/secret-service-turns-over-single-message-to-jan-6-panel/ | 2022-07-20T21:46:43 | en | 0.975411 |
PHILADELPHIA, July 20, 2022 /PRNewswire/ -- Representatives of media outlets, bloggers and podcasters are invited to attend, and provide coverage for, the ODAAT 40th ANNIVERSARY Candlelight VIGIL AND COMMUNITY FESTIVAL, which will take place on July 21, 2022, from 1:30-7:00 pm, in the 2400 block of Lehigh Avenue, at the ODAAT Center, in North Philadelphia.
Featured participants will be Pennsylvania Attorney General, the Hon.Josh Shapiro; the Hon. PA State Senator Sharif Street; Philadelphia City Council President, the Hon. Darrell L. Clarke; Dr. Ish Major, senior vice president, Health Equity, Crossroads Treatment Centers; and Mel Wells, president, ODAAT.
Live entertainment will be provided, beginning at 12:00 pm, by Chrisette Michelle, Freeway, Wallo, Suzann Suzann Christine and King of Hooks.
The day-long program will also include a Kids Carnival, vendors and free food.
Event sponsors include:
The Greater Philadelphia Church of Christ (GPCC)
City of Philadelphia
City Council President Darrell Clarke
Urban Affairs Coalition
Independence Blue Cross Foundation
Department of Behavioral Health and Intellectual disability Services (DBHIDS)
Crossroads Treatment Centers
Labors' Union Local 57
W. Wallo
Senator Sharif Street's Office
HOPE Worldwide
Brown's ShopRite
AT&T
100.3 Radio, R&B and HipHop
HiTouch Enterprise
Serving more than 26,500 monthly patients, through 120 national treatment centers, and a network of 170 medical providers, in Colorado, Georgia, Kentucky, New Jersey, North Carolina, South Carolina, Tennessee, Texas, Virginia and Pennsylvania, Crossroads Treatment Centers is one of the nation's leading providers of medication-assisted, outpatient, treatment for substance abuse disorders and mental health care. Crossroads also offers services for Hepatitis C, toxicology screening, digital health screens and smoking cessation.
Crossroads Treatment Centers currently provides services to 3,000 patients, through seven centers in Philadelphia, and 14,000 patients through more than 50 centers, statewide. In recognition of its high-quality, effective services, Tom Wolf, the Governor of Pennsylvania, has designated Crossroads as a "Center of Excellence" in its areas of specialization, across Pennsylvania.
For additional information, please contact A. Bruce Crawley, at 267-243-2500 or abcrawley@m3mpr.com.
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A team of the State Disaster Response Force (SDRF) recovered the bodies of a man and a woman, tied together with a dupatta, from the Mahisagar river in Kadana taluka of Mahisagar district on Wednesday, after 36 hours of search operations.
The couple, identified as Sunil Khant and Jalpa Baria, residents of Gablawada village in Lunavada taluka, allegedly jumped into the river from the Ghodiyar bridge Monday night, according to local residents who alerted the authorities about the unattended motorcycle and slippers left behind by the couple.
On Tuesday, teams of Kadana police station sought help from local swimmers to trace the couple. Police also contacted the families of the duo from details of the motorcycle registration.
According to police, the families confirmed that the man and the woman feared opposition to their relationship and left their homes on July 18. Following the unsuccessful attempt to trace them Tuesday, police requested SDRF to assist in the operations. After a 36-hour search operation, the SDRF recovered the bodies, tied together with a dupatta at the waist and hands, on Wednesday.
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- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/cities/baroda/sdrf-recovers-bodies-of-couple-who-jumped-into-mahisagar-river-police-8042287/ | 2022-07-20T21:46:49 | en | 0.958225 |
QUOGUE, N.Y. (WPIX) — The body of what appears to be a great white shark, with its jaw open and teeth bared, washed up on a Long Island, New York shore on Wednesday morning, police said.
Officers responded to reports of the dead shark on the Ocean Beaches in Quogue around 9:30 a.m., officials said. The shark, which was around 7-8 feet long, was washed back into the ocean before police could secure the body.
Police have cautioned swimmers and asked people to contact authorities if they spot the shark. Officers in Quogue have been in touch with South Fork Natural History Museum Shark Research and Education Program.
There has been a series of shark sightings at New York beaches this summer. A number of sharks have also bit people.
On Monday, Gov. Kathy Hochul directed the Office of Parks, Recreation and Historic Preservation, the Department of Environmental Conservation and the State Police to implement heightened patrols. That includes using drones and helicopters to monitor sharks.
“As New Yorkers and visitors alike head to our beautiful Long Island beaches to enjoy the summer, our top priority is their safety,” she said. “We are taking action to expand patrols for sharks and protect beachgoers from potentially dangerous situations. I encourage all New Yorkers to listen to local authorities and take precautions to help ensure safe and responsible beach trips this summer.”
Shark sightings shut down beaches from eastern Queens to central Long Island on Tuesday. Coastal authorities say that the high number of shark sightings means that the systems in place to protect beachgoers are working.
The large number of sightings have another benefit – experts say the increase in numbers of sharks is a sign that conservation efforts have succeeded in helping restore ecological balance to the oceans.
The Associated Press contributed to this report. | https://cw33.com/news/nexstar-media-wire/sharks-body-washes-up-in-long-island-after-sightings-close-beaches/ | 2022-07-20T21:46:49 | en | 0.953892 |
YARDLEY, Pa., July 20, 2022 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) today announced its financial results for the second quarter ended June 30, 2022.
Highlights
- Earnings per share of $2.43 versus $0.95 in 2021
- Global beverage can volumes grew 4%
- Self-made two-piece food cans up 43%
- Global beverage can capacity expansion projects on schedule
- Kiwiplan sale completed for $180 million, after tax gain of $102 million
- Repurchased $600 million in Company shares year to date
Net sales in the second quarter were $3,510 million compared to $2,856 million in the second quarter of 2021 reflecting increased beverage can unit volumes and the pass through of higher raw material costs partially offset by unfavorable foreign currency translation of $104 million.
Income from operations was $466 million in the second quarter compared to $385 million in the second quarter of 2021. Segment income of $432 million in the second quarter improved by $37 million compared to the $395 million in the prior year second quarter primarily due to improved profitability in the North American tinplate and can-making equipment businesses, recovery of inflation incurred in prior years and increased beverage can unit volumes, partially offset by unfavorable foreign currency translation of $11 million.
Commenting on the quarter, Timothy J. Donahue, President and Chief Executive Officer, stated, "The Company performed well during the quarter despite accelerating European energy prices and currency translation headwinds. Global beverage can demand continues to be robust, with virtually every region operating at full capacity. Shipment growth during the second quarter was particularly strong in Mexico, the Middle East and Southeast Asia. In North America, demand currently exceeds our ability to supply, and we expect to remain in an over-sold position at least through the end of 2023.
"On April 1st, the inflation recovery mechanisms built into our North American beverage can contracts commenced, allowing us to begin to recoup many of the cost increases experienced over the past year. As previously noted, the Company is in the process of negotiating pending beverage can contracts in Europe to include more comprehensive raw material and other inflationary pass-through provisions. Demand remains strong across most Transit Packaging businesses with overall performance level to the prior year when accounting for currency translation and the sale of the Kiwiplan business. The Transit business has initiated an overhead cost reduction program that will begin to yield benefits during the second half of 2022 and throughout 2023. Performance across the North American Tinplate and can-making equipment businesses reflects firm demand and the installation of new two-piece food can capacity to plants in Iowa and Pennsylvania during 2021. Additional capacity is expected to be commercialized later this year as we complete the construction of a third two-piece food can line at the Owatonna, Minnesota plant."
To meet customers' global beverage can requirements, the Company will commercialize significant new beverage can capacity through the end of 2023 with several projects in construction, including new multi-line greenfield plants in Martinsville, Virginia; Mesquite, Nevada; Uberaba, Brazil; and Peterborough, United Kingdom. The first line in Uberaba began commercial production in May. Additional production lines are being installed to existing plants in Phnom Penh, Cambodia; Agoncillo, Spain; and Parma, Italy.
Interest expense was $64 million in the second quarter of 2022 compared to $68 million in 2021 as lower outstanding debt balances were partially offset by higher borrowing costs.
Net income attributable to Crown Holdings in the second quarter was $295 million compared to $128 million in the second quarter of 2021. Reported diluted earnings per share were $2.43 in the second quarter of 2022 compared to $0.95 in 2021. Adjusted diluted earnings per share was $2.10 compared to $2.14 in 2021.
In the second quarter of 2022, the Company recorded a restructuring charge of $29 million related to an overhead cost reduction program in the Transit Packaging segment. The Company expects to realize annual savings of approximately $60 million, reducing headcount by approximately 600 employees. Additionally, the Company recorded a gain of $113 million ($102 million net of tax) in the second quarter of 2022 for the sale of the Transit Packaging segment's Kiwiplan business.
Six Month Results
Net sales for the first six months of 2022 were $6,672 million compared to $5,420 million in the first six months of 2021, primarily due to increased sales unit volumes and the pass through of higher raw material costs which more than offset unfavorable foreign currency translation of $153 million.
Income from operations was $810 million in the first half of 2022 compared to $712 million in the first half of 2021. Segment income in the first half of 2022 was $815 million versus $764 million in the prior year period, primarily due to improved profitability in the North American tinplate and can-making equipment businesses and higher global beverage can sales unit volumes, offsetting unfavorable foreign currency translation of $19 million.
Interest expense was $118 million for the first six months of 2022 compared to $137 million in 2021 primarily due to lower outstanding debt balances.
Net income attributable to Crown Holdings in the first six months of 2022 was $511 million compared to $339 million in the first six months of 2021. Reported diluted earnings per share were $4.15 compared to $2.52 in 2021 and adjusted diluted earnings per share were $4.11 compared to $3.97 in 2021.
The following supplemental information is provided below: a reconciliation from net income and diluted earnings per share to adjusted net income and adjusted diluted earnings per share, the impact of foreign currency translation by segment and net income and diluted earnings per share at constant currencies.
Outlook
The Company currently expects third quarter adjusted earnings to be in the range of $1.75 to $1.85 per share, and full year adjusted earnings in the range of $7.65 to $7.85 per share. The full year guidance assumes approximately a $0.50 headwind due to the stronger U.S. dollar and higher energy cost in Europe.
Non-GAAP Measures
Segment income, adjusted free cash flow, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share, adjusted EBITDA and amounts presented at constant currency exchange rates are not defined terms under U.S. generally accepted accounting principles (non-GAAP measures). Non-GAAP measures should not be considered in isolation or as a substitute for income from operations, net income, diluted earnings per share, effective tax rates, cash flow or leverage ratio data prepared in accordance with U.S. GAAP and may not be comparable to calculations of similarly titled measures by other companies.
The Company views segment income as the principal measure of the performance of its operations and adjusted free cash flow and adjusted net leverage ratio as the principal measure of its liquidity. The Company considers all of these measures in the allocation of resources. Adjusted free cash flow has certain limitations, however, including that it does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure. The amount of mandatory versus discretionary expenditures can vary significantly between periods. Reconciliations of estimated adjusted diluted earnings per share for the third quarter and full year of 2022 to estimated diluted earnings per share on a GAAP basis are not provided in this release due to the unavailability of estimates of the following, the timing and magnitude of which the Company is unable to reliably forecast without unreasonable efforts, which are excluded from estimated adjusted diluted earnings per share and could have a significant impact on earnings per share on a GAAP basis: gains or losses on the sale of businesses or other assets, restructuring and other costs, asset impairment charges, asbestos-related charges, losses from early extinguishment of debt, pension settlement and curtailment charges, the tax and noncontrolling interest impact of the items above, and the impact of tax law changes or other tax matters. The Company believes that adjusted net income, the adjusted effective tax rate and adjusted diluted earnings per share are useful in evaluating the Company's operations as these measures are adjusted for items that affect comparability between periods. The Company believes that adjusted free cash flow and adjusted net leverage ratio provide meaningful measures of liquidity and a useful basis for assessing the Company's ability to fund its activities, including the financing of acquisitions, debt repayments, share repurchases or dividends. Segment income, adjusted free cash flow, adjusted net leverage ratio, the adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share and adjusted EBITDA are derived from the Company's Consolidated Statements of Operations and Cash Flows and Consolidated Balance Sheets, as applicable, and reconciliations to segment income, adjusted free cash flow, net leverage ratio, the adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share and adjusted EBITDA can be found within this release.
Conference Call
The Company will hold a conference call tomorrow, July 21, 2022 at 9:00 a.m. (EDT) to discuss this news release. Forward-looking and other material information may be discussed on the conference call. The dial-in numbers for the conference call are 630-395-0194 or toll-free 888-324-8108 and the access password is "packaging." A live webcast of the call will be made available to the public on the internet at the Company's website, www.crowncork.com. A replay of the conference call will be available for a one-week period ending at midnight on July 28. The telephone numbers for the replay are 203-369-1213 or toll free 866-452-2107.
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all other information in this press release consists of forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors, including the future impact of the coronavirus pandemic on the Company's operations, including the Company's ability to continue to operate its plants, distribute its products, and maintain its supply chain; the impact of the coronavirus pandemic on demand for the Company's products; the future impact of currency translation; the continuation of performance and market trends in 2022, including consumer preference for beverage cans and increasing global beverage can demand; future demand for food cans; and the Company's ability to successfully complete its previously announced capacity expansion projects and begin production within expected timelines, including any delays related to the pandemic, that may cause actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this press release or the actual results of operations or financial condition of the Company to differ are discussed under the caption "Forward Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2021 and in subsequent filings made prior to or after the date hereof. The Company does not intend to review or revise any particular forward-looking statement in light of future events.
Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets. World headquarters are located in Yardley, Pennsylvania.
For more information, contact:
Kevin C. Clothier, Senior Vice President and Chief Financial Officer, (215) 698-5281
Thomas T. Fischer, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720
Unaudited Consolidated Statements of Operations, Balance Sheets, Statements of Cash Flows, Segment Information and Supplemental Data follow.
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SOURCE Crown Holdings, Inc. | https://www.ktre.com/prnewswire/2022/07/20/crown-holdings-inc-reports-second-quarter-2022-results/ | 2022-07-20T21:46:49 | en | 0.949283 |
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The son of a BJP legislator in Madhya Pradesh has been booked for assaulting two forest guards who were on duty at a check post in the wee hours of Wednesday.
The forest guards were allegedly thrashed with sticks and rods by Singrauli MLA Ram Lalu Vaishya’s son Vivek and latter’s five-six aides when the truck they were travelling in was stopped at a check post on the MP-UP border, 35km from Singrauli. The truck was loaded with coal when the forest guards stopped the vehicle for paper checking.
The forest guards have been identified as Sanjeev Kumar Shukla and Suresh Kumar Mishra.
In his police complaint, Shukla said he, along with Suresh Kumar Mishra, was posted at a mining barrier when around 2am a truck loaded with coal reached the check post. According to Shukla, Vivek Vaishya, Dharmendra Singh, and five-six people were sitting in the vehicle.
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“They immediately started abusing me and ran towards me, asking how dare I stop the vehicle. The hit me with rods and sticks. They also assaulted Mishra when he came to my rescue,” Shukla said in the
complaint.
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/cities/bhopal/bjp-legislators-son-booked-for-assaulting-forest-guards-in-mp-8042297/ | 2022-07-20T21:46:55 | en | 0.984418 |
AUSTIN (KXAN) — The woman accused of shooting and killing pro-cyclist Moriah Wilson appeared in an Austin courtroom for the first time Wednesday after spending 43 days on the run.
In addition to entering a plea of not guilty, Kaitlin Armstrong’s attorneys asked for a speedy trial.
“There is a big picture here. This is a beginning of a process that will play out in court and it should play out in court,” Rick Cofer, Armstrong’s attorney said. Cofer agreed to make a statement after Wednesday’s hearing but would not answer questions, including why Armstrong fled the country.
Cofer said Armstrong’s legal team has some questions themselves, including why Austin Police officers “seemingly ignored a tip about the former boyfriend of Ms. Wilson.” He also said they want to know “who vandalized the home of Kaitlin Armstrong and Colin Strickland the night of Wilson’s death and why?”
KXAN has reached out to the Austin Police Department for their response to statements made by Cofer.
After some back and forth, the judge set the docket call for this case for Oct. 19, with a jury trial the following week.
The state argued it has more than 100 murder cases backlogged because of the pandemic and that an October trial would be difficult.
“I know they haven’t seen the evidence because we don’t have all the evidence to give them,” the state told Judge Brenda Kennedy.
“What you saw in the courtroom today was illuminating. Ms. Armstrong wants her day in court, she wants a trial,” Cofer said. “Cases should not be indicted if prosecutors are not prepared to proceed.”
Armstrong was scheduled for a pretrial hearing in the 403rd District Court for her first-degree murder charge. Pretrial hearings are typically quick and procedural, but also offer attorneys the opportunity to file motions, ask for specific evidence to be included or excluded and set the stage for trial.
A court also addressed Armstrong’s theft of service charge, a class B misdemeanor, Wednesday after she allegedly did not pay for a Botox session in March 2018. Court records show Armstrong had a jail docket call on that case Wednesday morning, prior to her hearing.
Armstrong is being held on a $3.5 million bond in Travis County’s jail after police say she shot and killed Wilson in mid-May and then fled the country using someone else’s passport. She was captured in Costa Rica and extradited back to the United States for trial.
Wilson was visiting Austin for a race. She was staying with a friend who found her shot and bleeding the night of her murder.
“Moriah was a talented, kind, and caring young woman. Her life was taken from her before she had the opportunity to achieve everything she dreamed of. Our family, and all those who loved her, will forever miss her,” her family’s statement said in part.
Wilson’s family has started a GoFundMe in her memory, the proceeds of which will go to the Moriah Wilson Foundation, which will help expand “access to recreation, sports and educational programs that promote healthy lifestyles and community engagement for all.” | https://cw33.com/news/nexstar-media-wire/suspect-in-murder-of-pro-cyclist-enters-plea-attorneys-seek-speedy-trial/ | 2022-07-20T21:46:55 | en | 0.976138 |
NEW YORK, July 20, 2022 /PRNewswire/ -- Delcath Systems, Inc. (Nasdaq: DCTH), an interventional oncology company focused on the treatment of primary and metastatic cancers of the liver, today announced the closing of the previously announced private placement for the issuance and sale of 690,954 shares of common stock (the "Common Stock") and 566,751 pre-funded warrants to purchase Common Stock (the "Pre-Funded Warrants") to certain investors. Each share of Common Stock was sold at a price per share of $3.98 and the Pre-Funded Warrants were sold at a price of $3.97 per Pre-Funded Warrant. The Pre-Funded Warrants have an exercise price of $0.01 per share of Common Stock and are immediately exercisable.
Delcath received gross proceeds from the Private Placement of approximately $5.0 million before deducting offering expenses payable by Delcath. Delcath intends to use the net proceeds from the Private Placement for working capital purposes and other general corporate purposes.
The securities sold in the Private Placement, including the shares of common stock underlying the Pre-Funded Warrants, have not been registered under the Securities Act of 1933, as amended, or state securities laws as of the time of issuance and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission ("SEC") or an applicable exemption from such registration requirements. Delcath has agreed to file one or more registration statements with the SEC registering the resale of the Common Stock and the shares issuable upon exercise of the Pre-Funded Warrants purchased in the Private Placement.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Delcath Systems, Inc.
Delcath Systems, Inc. is an interventional oncology company focused on the treatment of primary and metastatic liver cancers. The Company's proprietary percutaneous hepatic perfusion (PHP) system is designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects. In the United States, the PHP system is being developed under the tradename HEPZATO™ KIT (melphalan hydrochloride for injection/hepatic delivery system), or HEPZATO, for the treatment of patients with unresectable hepatic-dominant metastatic ocular melanoma (mOM), also known as metastatic uveal melanoma (mUM) and is considered a combination drug and device product regulated by the United States Food and Drug Administration (FDA).
In Europe, the PHP system is now regulated as a Class lll medical device and is approved for sale under the trade name CHEMOSAT Hepatic Delivery System for Melphalan, or CHEMOSAT, where it has been used at major medical centers to treat a wide range of cancers of the liver.
Safe Harbor / Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by the Company or on its behalf. This news release contains forward-looking statements, which are subject to certain risks and uncertainties that can cause actual results to differ materially from those described, in particular, the expected uses of the proceeds from the Private Placement. Factors that may cause such differences include, but are not limited to, uncertainties relating to: the timing and results of the Company's clinical trials, including without limitation the mOM and ICC clinical trial programs, as well as the receipt of additional data and the performance of additional analyses with respect to the mOM clinical trial, our determination whether to continue the ICC clinical trial program or to focus on other alternative indications, and timely monitoring and treatment of patients in the global Phase 3 mOM clinical trial and the impact of the COVID-19 pandemic on the completion of our clinical trials; the impact of the presentations at major medical conferences and future clinical results consistent with the data presented; approval of Individual Funding Requests for reimbursement of the CHEMOSAT procedure; the impact, if any, of ZE reimbursement on potential CHEMOSAT product use and sales in Germany; clinical adoption, use and resulting sales, if any, for the CHEMOSAT system to deliver and filter melphalan in Europe including the key markets of Germany and the UK; the Company's ability to successfully commercialize the HEPZATO KIT/CHEMOSAT system and the potential of the HEPZATO KIT/CHEMOSAT system as a treatment for patients with primary and metastatic disease in the liver; our ability to obtain reimbursement for the CHEMOSAT system in various markets; approval of the current or future HEPZATO KIT/CHEMOSAT system for delivery and filtration of melphalan or other chemotherapeutic agents for various indications in the U.S. and/or in foreign markets; actions by the FDA or foreign regulatory agencies; the Company's ability to successfully enter into strategic partnership and distribution arrangements in foreign markets and the timing and revenue, if any, of the same; uncertainties relating to the timing and results of research and development projects; and uncertainties regarding the Company's ability to obtain financial and other resources for any research, development, clinical trials and commercialization activities. These factors, and others, are discussed from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date they are made.
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Ruling BJP and opposition Congress won two mayor seats each in Madhya Pradesh while an Independent candidate won another post in results of the second phase of local body elections announced on Wednesday.
While BJP won the mayoral polls in Dewas and Ratlam, Congress won in Morena and Rewa. Katni, the fifth seat, went to rebel BJP candidate Preeti Suri, who contested as an Independent and defeated the ruling party’s official nominee, Jyoti Dixit, by 5,287 votes.
Both phases combined, BJP has won nine of total 16 mayor posts, while Congress has won five. The other two went to AAP and Independent Suri.
In 2014-15, BJP had won in all 16 municipal bodies.
Results of polls to 214 local bodies were announced on Wednesday — besides the five mayor seats, 40 municipalities and 169 Nagar Parishads, spread across 43 districts of MP. The results of the first phase of 133 local bodies — 11 corporations, 36 municipalities and 86 councils — were announced on Sunday.
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In Dewas, BJP’s mayor candidate Geeta Aggarwal defeated Congress’s Vinodini Vyas, while BJP’s Prahlad Patel won in Ratlam, defeating Mayank Singh Jat of Congress. Congress’s Sharad Solanki defeated BJP’s Meena Jatav by 14,631 votes in the prestigious Morena seat, in Chambal region, considered a BJP stronghold and base of leaders such as Union minister Narendra Singh Tomar and state Home Minister Narottam Mishra.
This comes after BJP lost the mayoral polls in Gwalior, considered the base of Union Aviation Minister Jyotiraditya Scindia, in results declared on Sunday.
In Morena, Congress’s Sharada Solanki defeated BJP’s Meena Mukesh Jatav.
Of 16 corporations with a total 884 corporators, BJP won 491 wards and Congress 274. The remaining 109 wards went to others. Similarly, of 1,795 wards across 76 municipalities, the saffron party won 975 wards, and secured 2,000 out of 3,828 wards in 255 councils. This puts the ruling party in a comfortable position to elect chairperson and establish its majority in 11 of 16 corporations, 50 out of 76 municipalities, and 150 out of 215 councils.
Both BJP and Congress celebrated the results.
“Besides winning nine out of 16 mayoral elections, BJP got a clear majority in 185 out of 255 nagar parishads. The party is also forming its body in 46 other nagar parishads,” CM Shivraj Singh Chouhan said.
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/cities/bhopal/madhya-pradesh-bjp-wins-2-mayor-posts-loses-2-to-cong-1-to-rebel-8042273/ | 2022-07-20T21:47:01 | en | 0.961033 |
(The Hill) – Former President Trump is remembering his ex-wife Ivana Trump as he prepares to attend her funeral.
The model and businesswoman, and the mother of Trump’s three eldest children, died last week at 73 from blunt impact injuries in an accident in her New York City home, according to a medical examiner. She was reportedly found near a spiral staircase.
Cindy Adams, the New York Post’s famed gossip columnist and a longtime friend of both the ex-commander in chief and Ivana, reported Tuesday that she received a call from the 45th president.
“I’m just thinking how well you knew Ivana. You knew her very well. You knew her from the first. From the very beginning. From when I first met her,” Trump said, according to Adams.
“She was beautiful. She was special,” Trump said of his former spouse, who he was married to from 1977 until the early 1990’s, when the couple split and engaged in a highly contentious public divorce that played out in the New York tabloids.
“She was outstanding. Beautiful inside and out,” Trump said. “We began all of it, our lives together, with such a great relationship.“
Trump is planning to attend Ivana’s funeral on Wednesday at St. Vincent Ferrer Church in Manhattan, Adams said.
Remembering his ex-wife, who was born in what is now the Czech Republic, as “different,” Trump praised her, saying she “never gave up.”
“Beautiful, yes, but she was also a hard worker,” he said.
“No matter how rough things were or how badly they looked she never fell down. She went from communism to our lives together. She took nothing for granted.”
Despite their scandal-plagued divorce, the pair described their relationship in friendly terms in recent years. Ivana expressed support for her ex-husband’s political ambitions, saying in 2016, “I think he would be a great president.”
Telling Adams that the two of them should “just manage to get through this awful, painful experience,” 76-year-old Trump’s words then appeared to turn to politics, hinting at a possible 2024 White House run.
“And after this … just remember … just remember what I’m telling you … 78 is not old,” Trump said. | https://cw33.com/news/nexstar-media-wire/trump-remembers-ex-wife-ivana-ahead-of-her-funeral-beautiful-inside-and-out/ | 2022-07-20T21:47:01 | en | 0.990417 |
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DOWNERS GROVE, Ill., July 20, 2022 /PRNewswire/ – Dover Fueling Solutions ("DFS"), a part of Dover (NYSE: DOV) and a leading global provider of advanced customer-focused technologies, services and solutions in the fuel and convenience retail industries, today announced the launch of its new technologically-advanced dispenser for hydrogen and its first-ever four-nozzle Wayne Helix™ compressed natural gas ("CNG") fuel dispenser in the EMEA (Europe, the Middle East and Africa) region.
"The DFS Hydrogen and Helix CNG dispensers supplement DFS's established clean energy portfolio, which also includes the LIQAL liquid natural gas (LNG) dispenser and Tokheim Quantium™ liquid petroleum gas (LPG) dispensers. The expansion into hydrogen and CNG technology further demonstrates DFS's strategic intent to offer leading products and solutions in the clean energy sector to power the next era of mobility and heavy-duty transportation," said Soren Powell-Holse, Director of Product Marketing, DFS EMEA.
The DFS Hydrogen dispenser uses both DFS and LIQAL technology and has multiple configuration possibilities and options, allowing it to meet specific requirements for a broad range of applications, from heavy-duty vehicle refueling to fuel retailing. Leveraging decades of hydraulic innovation to make the refueling process safe and dependable, the DFS Hydrogen dispenser is designed for reliable performance with a low total cost of ownership. It is a modern and modular dispenser, which provides simultaneous filling from two nozzles in any combination of H35 and H70 dispensing pressures for optimal and continuous hydrogen dispensing. This model also benefits from IoT technology for remote monitoring and is built ready to connect to DFS's advanced ecosystem, which includes solutions for billing, customer loyalty schemes and payment.
The new four-nozzle, double-sided Wayne Helix™ 6000 II CNG fuel dispenser builds upon DFS's advanced dispenser technology and features an enhanced user interface. This product showcases DFS's ongoing commitment to support the global fuel retail industry by providing high-quality clean energy options. With the ability for both traditional passenger cars and heavy-duty vehicles to use this fuel dispenser simultaneously, the four-nozzle Helix CNG fuel dispenser facilitates flexible refueling from a single CNG island at busy forecourts. This new dispenser configuration also accommodates the increasing demand for fuel stations to diversify their clean energy offering in Europe. The Wayne Helix 6000 II will be launched across two fuel stations in France.
For more information about DFS, please visit www.doverfuelingsolutions.com.
Dover Fueling Solutions ("DFS"), part of Dover Corporation, comprises the product brands of ClearView, Fairbanks, OPW Fuel Management Systems, ProGauge, Tokheim, and Wayne Fueling Systems, and delivers advanced fuel dispensing equipment, electronic systems and payment, automatic tank gauging and wetstock management solutions to customers worldwide. Headquartered in Austin, Texas, DFS has a significant manufacturing presence around the world, including facilities in Brazil, China, India, Italy, Poland, United Kingdom and the United States. For more information about DFS, visit www.doverfuelingsolutions.com.
Dover is a diversified global manufacturer and solutions provider with annual revenue of approximately $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 65 years, our team of over 25,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.
Dover Fueling Solutions Contact:
Amy Cearley
(512) 484-4259
amy.cearley@doverfs.com
Dover Media Contact:
Adrian Sakowicz, VP, Communications
(630) 743-5039
asakowicz@dovercorp.com
Dover Investor Contact:
Jack Dickens, Senior Director, Investor Relations
(630) 743-2566
jdickens@dovercorp.com
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With delimitation of MCD wards set to start and the BJP fresh off a defeat in the recent Rajinder Nagar bypolls, the party will hold a three-day brainstorming session in Vrindavan and Mathura between July 26 and July 28, senior leaders told The Indian Express.
Delhi state president Adesh Gupta said the sessions are meant to devise the party’s future strategy and training on vision forward.
Another senior BJP leader said there would also be programmes on party ideologues such as Syama Prasad Mukherjee, Deen Dayal Upadhyay and others during the three days. BJP MPs, office bearers and Gupta would be in attendance, apart from some leaders from Uttar Pradesh and Gujarat.
“The leaders will also do darshan at temples in Mathura and Vrindavan,” said the party leader.
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The party had earlier held a similar brainstorming session last year in Haridwar, to strategise for MCD elections that were slated for early 2022 but were put off. “Though there is no clarity on when exactly the elections will take place, the party wants to be ready for all situations, particularly with the MCD delimitation exercise taking place. Senior leaders will use this as a platform to give their opinion on the recent Rajinder Nagar bypoll defeat and the way forward,” he said.
The BJP, which has been ruling the MCDs for three terms, is facing a tough challenge from the AAP this time round.
With the party losing six bypolls under the current state unit, the party is planning to re-strategise its operations and plan more innovative campaigns in Delhi, which would connect with local workers and build a parallel narrative to the Aam Aadmi Party government that can attract voters, said another party leader.
AAP candidate Durgesh Pathak had defeated BJP’s Rajesh Bhatia by over 11,000 votes in the recent bypoll. This had prompted a section of Delhi BJP leaders and
workers to train guns at the state leadership, accusing it of “failing” to connect with local workers and focusing on meetings and star campaigners instead of developing leadership at the grassroot level.
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/cities/delhi/bjp-to-hold-three-day-brainstorm-session-in-vrindavan-mathura-8042265/ | 2022-07-20T21:47:07 | en | 0.976411 |
(NewsNation) — Despite multiple baby formula shipments being flown into the United States from overseas, some parents continue to struggle to find formula on store shelves.
Some doctors say the shortage in the U.S. is not getting worse, but it’s not getting better. Hospitals are running out of samples of formula for parents, and there’s still a concern for babies with specific medical conditions.
According to data from IRI, a market research company, 28.3% of powdered baby formula products were out of stock in U.S. stores this month — up from 23.7% in May.
The Biden administration has taken steps to fix the formula shortage, launching Operation Fly Formula in May to speed up imports from overseas formula producers. The U.S. flew in millions of pounds of formula from Europe.
Yet, a big issue that remains is Abbott Nutrition’s production of baby formula. The company’s Michigan factory, which closed in February over contamination, contributed to the national shortage. Production resumed earlier this month.
Dr. Mark Corkins, nutrition chair of the American Academy of Pediatrics, said he’s not hopeful things will get better immediately.
“We’ve given out a lot of samples, and what we have is pretty much gone at this point. It’s not like we’re on the manufacturers anytime soon because they’re running out, too,” Corkins said.
He continued: “I would love to say, OK, they’re cleaning up the factory, they’re gonna get production rolling. I’d love to say four weeks but I don’t think that’s realistic. I think it’s going to be more at least eight, probably 12. We’ll have to wait and see.”
Recently, the FDA said it would help foreign manufacturers stay on the U.S. market for the long term, in an effort to diversify the formula supply here.
FDA Commissioner Robert Califf previously predicted the formula shortage could last until July. He said Tuesday that retail data show that supplies have improved with increases in both U.S. production and imports.
“What you’re going to see is a gradual climbing out of the current situation as more and more formula becomes available,” Califf said.
In the meantime, any parents continue to turn to alternatives to buying baby formula by turning to Facebook groups and ordering online.
The Associated Press contributed to this report. | https://cw33.com/news/nexstar-media-wire/why-is-baby-formula-still-so-hard-to-find/ | 2022-07-20T21:47:07 | en | 0.96243 |
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ASHBURN, Va., July 20, 2022 /PRNewswire/ - DXC Technology (NYSE: DXC) today announced that it will release financial results for the first quarter of fiscal year 2023 on Wednesday, August 3, 2022, at approximately 4:15 p.m. Eastern Daylight Time (EDT).
DXC Technology senior management will host a conference call and webcast on the same day at 5:00 p.m. EDT. The dial-in number for domestic callers is 888-330-2455. Callers who reside outside of the United States should dial +1-240-789-2717. The passcode for all participants is 4164760. The webcast audio and any presentation slides will be available through a link posted on DXC Technology's Investor Relations website.
A replay of the conference call will be available until August 10, 2022, at 800-770-2030 for domestic callers and at +1-647-362-9199 for international callers. The replay passcode is 4164760. A transcript of the conference call will be posted on DXC Technology's Investor Relations website.
DXC Technology (NYSE: DXC) helps global companies run their mission critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. The world's largest companies and public sector organizations trust DXC to deploy services across our six offerings to drive new levels of performance, competitiveness, and customer experience. Learn more about how we deliver excellence for our customers and colleagues at DXC.com.
All statements in this press release that do not directly and exclusively relate to historical facts constitute "forward-looking statements." Forward-looking statements often include words such as "anticipates," "believes," "estimates," "expects," "forecast," "goal," "intends," "objective," "plans," "projects," "strategy," "target," and "will" and words and terms of similar substance in discussions of future operating or financial performance. Forward-looking statements include, among other things, statements with respect to our future financial condition, results of operations, cash flows, business strategies, operating efficiencies or synergies, divestitures, competitive position, growth opportunities, share repurchases, dividend payments, plans and objectives of management and other matters.
These statements represent current expectations and beliefs, and no assurance can be given that the results described in such statements will be achieved. Such statements are subject to numerous assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those described in such statements, many of which are outside of our control. Furthermore, many of these risks and uncertainties are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the ongoing coronavirus disease 2019 ("COVID-19") pandemic and the impact of varying private and governmental responses that affect our customers, employees, vendors and the economies and communities where they operate. For a written description of these factors, see the section titled "Risk Factors" in DXC's Annual Report on Form 10-K for the fiscal year ended March 31, 2022, and any updating information in subsequent SEC filings, including DXC's upcoming Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022.
No assurance can be given that any goal or plan set forth in any forward-looking statement can or will be achieved, and readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events except as required by law.
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SOURCE DXC Technology Company | https://www.ktre.com/prnewswire/2022/07/20/dxc-technology-report-first-quarter-2023-results-wednesday-august-3-2022/ | 2022-07-20T21:47:09 | en | 0.939041 |
DALLAS (KDAF) — If you’re in or traveling to North Texas and are a foodie, love to eat, or simply just looking for a great meal to have with your significant other then you’re in the right spot.
Gayot has released its list of the 2022 Best Restaurants with the Best Food in Dallas/Fort Worth and we couldn’t wait to share it with you. The publication said, “When it comes to reviewing and recommending restaurants, we believe that what is on the plate is by far the most important factor. We rate the food on a 20-point scale.”
So, if you’re ready to dine with your eyes before your mouth, let’s take a trip around some top-notch spots in and around Dallas for your next foodie adventure.
- Wanting steak or seafood, Al Biernat’s is the spot for you
- Maybe you’re wanting to stay true to the roots of the south, well if southwestern Creole/American cuisine is for you, check out Bonnell’s Fine Texas Cuisine
- Settling for the sea? Cafe Pacific is the move
- If steak is king, Chamberlain’s Steak & Chop House should be the throne for you
- Dallas Fish Market will give you a taste of not just seafood, but sushi and steak as well
- Feeling like a switch-up? Go to Fearing’s for a contemporary, southwestern meal
- Knife, there’s not much else that needs to be said, grab a steak or go for breakfast, you can’t go wrong
- Want a trip to Italy and stay in Texas? Lucia has the rustic Italian cuisine ready for you to dine on
- Keeping it American? Rough Creek Lodge will keep it cozy for you
- Last but not least, one more steakhouse for you, SER Steak + Spirits, grab a drink and a steak with some great views | https://cw33.com/news/these-are-the-best-restaurants-with-the-best-food-in-dallas-fort-worth-according-to-gayot/ | 2022-07-20T21:47:13 | en | 0.930288 |
July 21, 2022 2:03:35 am
Permitting a 17-year-old girl, a victim of sexual assault, to undergo termination of a pregnancy of over 26 weeks, the Delhi High Court said her misery and suffering would stand compounded even more if she were forced to bear the “mantle of motherhood at such a tender age”.
“The court shudders to even imagine the state of despondency that would descend over her life. The mental and physical trauma that she would have to undergo if she were forced to carry the foetus and take on onerous duties of motherhood is unimaginable,” said Justice Yashwant Varma in the order released Wednesday.
The court directed the hospital to constitute a medical board that may attend to the girl and oversee the termination of pregnancy. The court further directed the hospital to preserve the terminal foetus for DNA testing, which would be required in the proceedings of the criminal case.
“…If during the procedure for termination the board and attending doctors find there arises a risk to life of petitioner, they would have the discretion to cancel (it)…,” the court said. The girl was allegedly sexually assaulted in December 2021, and an FIR stands registered in that regard.
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- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/cities/delhi/delhi-hc-allows-17-yr-old-to-terminate-pregnancy-at-26-weeks-8042272/ | 2022-07-20T21:47:13 | en | 0.98091 |
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PITTSBURGH, July 20, 2022 /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced that its board of directors declared a quarterly cash dividend of $0.15 per share, payable on September 1, 2022, to shareholders of record at the close of business on August 9, 2022. The increase of the quarterly cash dividend to $0.15 per share ($0.60 per share, annually) represents a 20 percent increase to EQT's regular quarterly cash dividend.
President and CEO Toby Z. Rice stated, "In December, EQT reinstated its base dividend. Today, we are pleased to announce we are increasing it by 20 percent to $0.60 per share on an annualized basis, which highlights our confidence in the sustainability of our business and cash generation. Consistent and reliable long-term base dividend growth is a key tenant of our shareholder return framework, and today's actions underscore our commitment to this strategy."
Investor Contact:
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.395.2555
Cameron.Horwitz@eqt.com
About EQT Corporation
EQT Corporation is a leading independent natural gas production company with operations focused in the cores of the Marcellus and Utica Shales in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do. To learn more, visit eqt.com.
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SOURCE EQT Corporation (EQT-IR) | https://www.ktre.com/prnewswire/2022/07/20/eqt-announces-20-percent-increase-quarterly-cash-dividend/ | 2022-07-20T21:47:15 | en | 0.92129 |
WASHINGTON (NEXSTAR) — The mayor of Highland Park, Illinois, where a gunman opened fire at a Fourth of July parade, testified before Congress Wednesday to call for a ban on assault weapons.
Nancy Rotering said she will “be haunted forever” by the shooting that killed seven people and injured dozens more.
“We were screaming, ‘Run! Shooter!'” she recalled. “Less than a minute is all it took for a person with an assault weapon to shoot 83 rounds into a crowd, forever changing so many lives.”
She and Sen. Tammy Duckworth, D-Ill, said a ban on assault-style weapons could help prevent future shootings. Duckworth, a veteran of the Iraq War, said assault weapons belong only on the battlefield.
“We don’t have to live this way,” Duckworth said. “We can still hunt, we can still have an armed citizenry. We can do all of that … without weapons of war.”
Republicans argue a ban would not stop killings and would instead only stop law-abiding citizens from protecting themselves “against the horrible spike in violent crime that began two years ago,” Sen. Chuck Grassley, R-Iowa, said.
He and fellow Republicans say Democrats ought to focus their attention on improving mental health.
“We can’t keep seeing shooter after shooter follow the same predictable path and nobody does anything about it,” Grassley said.
Congress recently passed gun safety legislation putting millions toward that effort, but Sen. Dick Durbin, D-Ill., said he will also keep pushing for the assault weapons ban. House Democrats are planning to vote on such a ban, but it’s unclear when or if the Senate may do the same.
“I voted for the first assault weapons ban. I’ll do it again,” Durbin said. “America must do better.” | https://cw33.com/news/washington-dc-bureau/highland-park-mayor-calls-for-assault-weapons-ban/ | 2022-07-20T21:47:19 | en | 0.954895 |
A narrow road cuts across Sarangpur village in Hisar, leading to a farm where a blue tractor is clearing the field for burial. Under a tent, villagers have gathered, offering condolences to the family of DSP Surender Singh Bishnoi, who was killed on Tuesday afternoon during a raid to check illegal mining in Nuh.
“Can you bring him back? Can any of you bring my husband back?” Kaushalya, his wife, asks of the villagers outside their house.
“I know you cannot… no one can,” she says, as she is consoled by her daughter Priyanka.
A few hours before his death, the DSP had spoken to his wife over the phone. “He didn’t mention he was going for a raid. It was a routine call, to check up on each other,” said Priyanka.
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“He was an honest person and put himself at the forefront in matters of duty. He believed in bringing a change,” said Priyanka. “He loved his job. We would often complain that he had to report for duty at odd hours, but he took it in his stride. He would say, ‘bas 3 mahine ki baat hai (It’s a matter of just 3 months). After retirement, I’ll spend time with my grandchildren, take them to school’,” said Priyanka, who works at a bank in Bengaluru
Priyanka said the family is still trying to process the loss and events that led to his death. “It is strange that such a senior officer of DSP rank went for a raid with just three junior officers from his staff. It should be investigated why more police personnel did not accompany him,” she said.
Relatives said that the police officer’s body would be buried, as is the custom in the Bishnoi community, on the family’s farm land near their house in the village on Thursday.
Om Prakash, one of the villagers who had come to offer condolences, said, “He would come here on weekends. He was a committed police officer. He has attained martyr status.”
Bishnoi’s brother, Ashok, a banker, said he learnt of the DSP’s death from a WhatsApp message. “I was initially told he had been in an accident. Later, from the police, I got to know that he had been killed. We are devastated. I had spoken to him at 9.53 am on Tuesday. I did not know it was the last time I was talking to him,” said Ashok.
Ashok said Bishnoi’s son, who is studying in Canada, had planned a surprise visit and was supposed to return to Hisar on August 7. “He is now on the way for the last rites,” he added.
On allegations of the DSP going for a raid without adequate police cover, the Nuh Superintendent of Police, Varun Singla, said, “The DSP was quite experienced and had gone on several such raids in the past. The events of the day suggest that he had received input regarding illegal mining, and he acted immediately on the tip-off as per the threat assessment.”
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/cities/delhi/nuh-dsp-killing-at-his-village-wife-asks-can-anyone-bring-my-husband-back-8042256/ | 2022-07-20T21:47:19 | en | 0.994079 |
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ATLANTA, July 20, 2022 /PRNewswire/ -- Equifax® (NYSE: EFX) today announced financial results for the quarter ended June 30, 2022.
- Strong second quarter 2022 revenue of $1.317 billion, up 7% despite the weakening mortgage market and negative impact of foreign exchange
- Workforce Solutions revenue growth of 21%; thirteen consecutive quarters of double-digit revenue growth
- Strong new product innovation leveraging new EFX Cloud with Vitality Index over 13%
- Revising Full Year Guidance reflecting expected further decline in U.S. mortgage market and negative impact of foreign exchange
"We delivered solid results with record second quarter revenue of $1.317 billion, up 7% despite the 33% decline in the U.S. mortgage market and greater than expected negative impact of foreign exchange. Our non-mortgage business, which is over 75% of Equifax, delivered very strong constant dollar revenue growth of 22% reflecting broad-based strength across our businesses. Our largest and fastest-growing business, Workforce Solutions, again powered our results, with total growth of over 21%, driven by stronger than expected non-mortgage revenue growth of over 50%. International also delivered very strong local currency revenue growth of 11.5%. USIS revenue declined 7.5%, due to the expected decline in mortgage revenue. USIS non-mortgage revenue growth was weaker than expected at 4%, despite delivering strong non-mortgage B2B online revenue growth of 9%," said Mark W. Begor, Equifax Chief Executive Officer. "Despite the strength of our First Half results, we are adjusting our full-year 2022 guidance to reflect our expectation of a larger decline in the U.S. mortgage market and a larger negative impact of FX than was expected when we provided guidance in April. Our guidance for 2022 is for revenue at a midpoint of $5.10 billion and Adjusted EPS of $7.68 per share, a reduction of $100 million in revenue and $0.47 per share from our April guidance. This adjusted guidance reflects an expectation that the U.S. mortgage market, as measured by mortgage market credit inquiries, will decline by over 46% in the second half of 2022 versus the prior year. Our expectations for 2022 non-mortgage constant dollar revenue growth are principally unchanged at a very strong 19%."
"We are confident in the future growth of the New Equifax as we make strong progress on our EFX Cloud transformation, leverage our new Cloud capabilities to accelerate new product roll-outs, and invest in new product and data and analytics capabilities to drive further growth. We continue to invest in bolt-on acquisitions and have completed ten since January 2021, as we continue to reinvest to broaden our capabilities and position Equifax for strong future growth. We are energized about the future and our ability to deliver higher margins and free cash flow in 2023 and beyond."
Financial Results Summary
The company reported revenue of $1,316.7 million in the second quarter of 2022, up 7 percent compared to the second quarter of 2021 on a reported basis and 8 percent on a local currency basis.
Net income attributable to Equifax of $200.6 million was down 7 percent in the second quarter of 2022 compared to net income attributable to Equifax of $215.1 million in the second quarter of 2021.
Diluted EPS attributable to Equifax was $1.63 for the second quarter of 2022, down 6 percent compared to $1.74 in the second quarter of 2021.
Workforce Solutions second quarter results
- Total revenue was $609.2 million in the second quarter of 2022, a 21 percent increase compared to the second quarter of 2021. Operating margin for Workforce Solutions was 46.2 percent in the second quarter of 2022 compared to 53.0 percent in the second quarter of 2021. Adjusted EBITDA margin for Workforce Solutions was 53.4 percent in the second quarter of 2022 compared to 57.5 percent in the second quarter of 2021.
- Verification Services revenue was $504.5 million, up 28 percent compared to the second quarter of 2021.
- Employer Services revenue was $104.7 million, down 3 percent compared to the second quarter of 2021.
USIS second quarter results
- Total revenue was $421.4 million in the second quarter of 2022, down 8 percent compared to $455.7 million in the second quarter of 2021. Operating margin for USIS was 26.6 percent in the second quarter of 2022 compared to 30.0 percent in the second quarter of 2021. Adjusted EBITDA margin for USIS was 38.2 percent in the second quarter of 2022 compared to 38.9 percent in the second quarter of 2021.
- Online Information Solutions revenue was $329.2 million, down 5 percent compared to the second quarter of 2021.
- Mortgage Solutions revenue was $36.8 million, down 25 percent compared to the second quarter of 2021.
- Financial Marketing Services revenue was $55.4 million, down 5 percent compared to the second quarter of 2021.
International second quarter results
- Total revenue was $286.1 million in the second quarter of 2022, up 3 percent and up 11 percent compared to the second quarter of 2021 on a reported and local currency basis, respectively. Operating margin for International was 11.3 percent in the second quarter of 2022, compared to 12.1 percent in the second quarter of 2021. Adjusted EBITDA margin for International was 24.7 percent in the second quarter of 2022, compared to 26.8 percent in the second quarter of 2021.
- Asia Pacific revenue was $90.1 million, down 2 percent and up 6 percent compared to the second quarter of 2021 on a reported and local currency basis, respectively.
- Europe revenue was $79.8 million, up 4 percent and up 16 percent compared to the second quarter of 2021 on a reported and local currency basis, respectively.
- Canada revenue was $64.0 million, down 1 percent and up 2 percent compared to the second quarter of 2021 on a reported and local currency basis, respectively.
- Latin America revenue was $52.2 million, up 18 percent and up 28 percent compared to the second quarter of 2021 on a reported and local currency basis, respectively.
Adjusted EPS and Adjusted EBITDA Margin
- Adjusted EPS attributable to Equifax was $2.09 in the second quarter of 2022, up 5 percent compared to the second quarter of 2021.
- Adjusted EBITDA margin was 35.0 percent in the second quarter of 2022 compared to 34.9 percent in the second quarter of 2021.
- These financial measures exclude adjustments as described further in the Non-GAAP Financial Measures section below.
About Equifax
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 13,000 employees worldwide, Equifax operates or has investments in 25 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.
Earnings Conference Call and Audio Webcast
In conjunction with this release, Equifax will host a conference call on July 21, 2022 at 8:30 a.m. (ET) via a live audio webcast. To access the webcast and related presentation materials, go to the Investor Relations section of our website at www.equifax.com. The discussion will be available via replay at the same site shortly after the conclusion of the webcast. This press release is also available at that website.
Non-GAAP Financial Measures
This earnings release presents adjusted EPS attributable to Equifax which is diluted EPS attributable to Equifax adjusted (to the extent noted above for different periods) for acquisition-related amortization expense, legal expenses related to the 2017 cybersecurity incident, fair value adjustment and gain on sale of equity investments, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, income tax effect of stock awards recognized upon vesting or settlement, and Argentina highly inflationary foreign currency adjustment. All adjustments are net of tax, with a reconciling item with the aggregated tax impact of the adjustments. This earnings release also presents adjusted EBITDA and adjusted EBITDA margin which is defined as consolidated net income attributable to Equifax plus net interest expense, income taxes, depreciation and amortization, and also excludes certain one-time items. These are important financial measures for Equifax but are not financial measures as defined by GAAP.
These non-GAAP financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as an alternative measure of net income or EPS as determined in accordance with GAAP.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures and related notes are presented in the Q&A. This information can also be found under "Investor Relations/Financial Information/Non-GAAP Financial Measures" on our website at www.equifax.com.
Forward-Looking Statements
This release contains forward-looking statements and forward-looking information. These statements can be identified by expressions of belief, expectation or intention, as well as statements that are not historical fact. These statements are based on certain factors and assumptions including with respect to foreign exchange rates, expected growth, results of operations, performance, business prospects and opportunities, the U.S. mortgage market, economic conditions and effective tax rates. While the Company believes these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect.
Several factors could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, but not limited to, actions taken by us, including restructuring or strategic initiatives (including our technology, data and security cloud transformation, capital investments and asset acquisitions or dispositions), as well as developments beyond our control, including, but not limited to, changes in the U.S. mortgage market environment, as well as changes more generally in U.S. and worldwide economic conditions that materially impact consumer spending, such as rising interest rates and inflation, consumer debt and employment and the demand for Equifax's products and services. Further deteriorations in economic conditions or interest rate increases, could lead to a further or prolonged decline in demand for our products and services and negatively impact our business. It may also continue to impact financial markets and corporate credit markets which could adversely impact our access to financing or the terms of any financing. We also cannot at this time predict the extent of the impact of the COVID-19 pandemic and resulting economic impact, but it could have a material adverse effect on our business, financial position, results of operations and cash flows. Other risk factors include the impact of our technology and security transformation and improvements in our information technology and data security infrastructure; changes in tax regulations; adverse or uncertain economic conditions and changes in credit and financial markets, such as rising interest rates and inflation; potential adverse developments in new and pending legal proceedings or government investigations; risks associated with our ability to comply with business practice commitments and similar obligations under settlement agreements and consent orders entered into in connection with the 2017 cybersecurity incident; economic, political and other risks associated with international sales and operations; risks relating to unauthorized access to data or breaches of confidential information due to criminal conduct, attacks by hackers, employee or insider malfeasance and/or human error; changes in, and the effects of, laws and regulations and government policies governing or affecting our business, including, without limitation, our examination and supervision by the Consumer Financial Protection Bureau, a federal agency that holds primary responsibility for the regulation of consumer protection with respect to financial products and services in the U.S., oversight by the U.K. Financial Conduct Authority and Information Commissioner's Office of our debt collections services and core credit reporting businesses in the U.K., oversight by the Office of Australian Information Commission, the Australian Competition and Consumer Commission and other regulatory entities of our credit reporting business in Australia and the impact of current privacy laws and regulations, including the European General Data Protection Regulation and the California Consumer Privacy Act, or any future privacy laws and regulations; federal or state responses to identity theft concerns; our ability to successfully develop and market new products and services, respond to pricing and other competitive pressures, complete and integrate acquisitions and other investments and achieve targeted cost efficiencies; timing and amount of capital expenditures; changes in capital markets and corresponding effects on the Company's investments and benefit plan obligations; foreign currency exchange rates and earnings repatriation limitations; and the decisions of taxing authorities which could affect our effective tax rates. A summary of additional risks and uncertainties can be found in our Annual Report on Form 10-K for the year ended December 31, 2021 including without limitation under the captions "Item 1. Business -- Governmental Regulation" and "-- Forward-Looking Statements" and "Item 1A. Risk Factors" and in our other filings with the U.S. Securities and Exchange Commission. Forward-looking statements are given only as at the date of this release and the Company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Common Questions & Answers (Unaudited)
(Dollars in millions)
1. Can you provide a further analysis of operating revenue by operating segment?
Operating revenue consists of the following components:
2. What is the estimate of the change in overall U.S. Mortgage Market transaction volume that is included in the 2022 third quarter and full year guidance provided?
Equifax estimates the change year over year in overall U.S. Mortgage Market transaction volume based on the change in total U.S. mortgage credit inquiries received by Equifax. The change year over year in total U.S. mortgage credit inquiries received by Equifax in the second quarter of 2022 was a decrease of 33%. The guidance provided on page 3 assumes a change year over year in total U.S. Mortgage Market Credit inquiries received by Equifax in the third and fourth quarters of 2022 to be declines of over 46%. For full year 2022 our guidance assumes a decline of over 37%. At the levels indicated for the second half of 2022, U.S. Mortgage Market Credit Inquiries will be approaching 30% below the average second half of year levels from the period prior to the pandemic, measured as the average credit inquiries in the second half of each year over the 2015-2019 period.
3. Why is operating cash flow for the six months ended June 30, 2022 a source of cash of $76.8 million?
In the first quarter of 2022, Equifax deposited the balance of $345.0 million into the restitution fund for the U.S. consumer class action settlement. This payment is reflected as a use of cash in the Consolidated Statement of Cash Flows within the operating cash flow section under the line titled Current and long term liabilities, excluding debt. Further changes in operating cash flow were due to increased working capital balances during the year.
Reconciliations of Non-GAAP Financial Measures to the Comparable GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share amounts)
A. Reconciliation of net income attributable to Equifax to diluted EPS attributable to Equifax, defined as net income adjusted for acquisition-related amortization expense, legal expenses related to the 2017 cybersecurity incident, fair value adjustment and gain on sale of equity investments, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, income tax effect of stock awards recognized upon vesting or settlement, Argentina highly inflationary foreign currency adjustment, and income tax adjustments:
B. Reconciliation of net income attributable to Equifax to adjusted EBITDA, defined as net income excluding income taxes, interest expense, net, depreciation and amortization expense, legal expenses related to the 2017 cybersecurity incident, fair value adjustment and gain on sale of equity investments, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, Argentina highly inflationary foreign currency adjustment and presentation of adjusted EBITDA margin:
C. Reconciliation of operating income by segment to Adjusted EBITDA, excluding depreciation and amortization expense, other income, net, noncontrolling interest, legal expenses related to the 2017 cybersecurity incident, fair value adjustment and gain on sale of equity investments, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, Argentina highly inflationary foreign currency adjustment and presentation of adjusted EBITDA margin for each of the segments:
Notes to Reconciliations of Non-GAAP Financial Measures to the Comparable GAAP Financial Measures
Diluted EPS attributable to Equifax is adjusted for the following items:
Acquisition-related amortization expense - During the second quarter of 2022 and 2021, we recorded acquisition-related amortization expense of certain acquired intangibles of $57.9 million ($47.2 million, net of tax) and $40.1 million ($33.8 million, net of tax), respectively. We calculate this financial measure by excluding the impact of acquisition-related amortization expense and including a benefit to reflect the material cash income tax savings resulting from the income tax deductibility of amortization for certain acquired intangibles. These financial measures are not prepared in conformity with GAAP. Management believes excluding the impact of amortization expense is useful because excluding acquisition-related amortization and other items that are not comparable allows investors to evaluate our performance for different periods on a more comparable basis. Certain acquired intangibles result in material cash income tax savings which are not reflected in earnings. Management believes that including a benefit to reflect the cash income tax savings is useful as it allows investors to better value Equifax. Management makes these adjustments to earnings when measuring profitability, evaluating performance trends, setting performance objectives and calculating our return on invested capital.
Legal expenses related to the 2017 cybersecurity incident - Legal expenses related to the 2017 cybersecurity incident include legal fees to respond to subsequent litigation and government investigations for both periods presented. During the second quarter of 2022 and 2021, we recorded legal expenses related to the 2017 cybersecurity incident of $0.5 million ($0.4 million, net of tax) and $1.1 million ($0.8 million, net of tax). Management believes excluding these charges is useful as it allows investors to evaluate our performance for different periods on a more comparable basis. Management makes these adjustments to net income when measuring profitability, evaluating performance trends, setting performance objectives and calculating our return on invested capital. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods. The legal expenses related to the 2017 cybersecurity incident do not include losses accrued for certain legal proceedings and government investigations related to the 2017 cybersecurity incident.
Fair market value adjustment and gain on sale of equity investments - During the second quarter of 2022, we recorded a $6.7 million ($5.7 million, net of tax) unrealized loss related to adjusting our investment in Brazil to fair value and gains related to the sale of two equity method investments. During the second quarter of 2021 we recorded a $5.6 million ($3.5 million, net of tax) unrealized loss related to adjusting our investment in Brazil to fair value. The investment in Brazil has a readily determinable fair value and is adjusted to fair value at the end of each reporting period, with unrealized gains or losses to be recorded within the Consolidated Statements of Income in Other income, net. Management believes excluding these charges from certain financial results provides meaningful supplemental information regarding our financial results for the three months ended June 30, 2022 and 2021, since the non-operating gains or losses are not comparable among the periods. This is consistent with how our management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.
Foreign currency impact of certain intercompany loans - During the second quarter of 2022 and 2021, we recorded a gain of $3.0 million and $2.7 million, respectively, related to foreign currency impact of certain intercompany loans. Management believes excluding this charge is useful as it allows investors to evaluate our performance for different periods on a more comparable basis. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.
Acquisition-related costs other than acquisition amortization - During the second quarter of 2022 and 2021, we recorded $12.0 million ($9.1 million, net of tax) and $0.9 million ($0.7 million, net of tax), respectively, for acquisition costs other than acquisition-related amortization. These costs primarily related to integration costs resulting from recent acquisitions and were recorded in operating income. Management believes excluding this charge from certain financial results provides meaningful supplemental information regarding our financial results, since a charge of such an amount is not comparable among the periods. This is consistent with how our management reviews and assesses Equifax's historical performance and is useful when planning, forecasting, and analyzing future periods.
Income tax effects of stock awards that are recognized upon vesting or settlement - During the second quarter of 2022, we recorded a tax benefit of $2.0 million related to the tax effects of deductions for stock compensation in excess of amounts recorded for compensation costs. During the second quarter of 2021, we recorded a tax benefit of $4.6 million related to the tax effects of deductions for stock compensation in excess of amounts recorded for compensation costs. Management believes excluding this tax effect from financial results provides meaningful supplemental information regarding our financial results for the three months ended June 30, 2022 and 2021 because these amounts are non-operating and relate to income tax benefits or deficiencies for stock awards recognized when tax amounts differ from recognized stock compensation cost. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.
Argentina highly inflationary foreign currency adjustment - Argentina experienced multiple periods of increasing inflation rates, devaluation of the peso, and increasing borrowing rates. As such, Argentina was deemed a highly inflationary economy by accounting policymakers. We recorded a foreign currency gain of $0.1 million and foreign currency loss of $0.1 million during the second quarter of 2022 and second quarter of 2021, respectively, as a result of remeasuring the peso denominated monetary assets and liabilities due to Argentina being highly inflationary. Management believes excluding this charge is useful as it allows investors to evaluate our performance for different periods on a more comparable basis. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.
Adjusted EBITDA and EBITDA margin - Management defines adjusted EBITDA as consolidated net income attributable to Equifax plus net interest expense, income taxes, depreciation and amortization, and also excludes certain one-time items. Management believes the use of adjusted EBITDA and adjusted EBITDA margin allows investors to evaluate our performance for different periods on a more comparable basis.
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SOURCE Equifax Inc. | https://www.ktre.com/prnewswire/2022/07/20/equifax-delivers-record-second-quarter-revenue/ | 2022-07-20T21:47:22 | en | 0.943791 |
WASHINGTON (NEXSTAR) – Almost 20 years after the Federal Assault Weapons Ban expired, a House committee has taken up the bill aiming to ban assault-style weapons, as Republicans push back against efforts to pass more gun laws.
In a hearing, Congressman David Cicilline (D-RI) played audio from the moments a gunman opened fire on students at Marjorie Stoneman Douglas High School. He also called mass shootings a uniquely American problem magnified by easy access to assault-style weapons.
“There are more guns than people in this country, more mass shootings than days in the year,” Cicilline said.
He added “these bullets don’t just pierce, they explode inside the victim’s body and decimate them. For God’s sake, parents in Uvalde had to identify their children via DNA sample because the bullets ripped their children apart.”
Democrats are pushing to renew the federal bans on assault weapons and high-capacity magazines that expired in 2004.
However, Florida Republican congressman Greg Steube said his time in the military showed him AR-15-style rifles are not weapons of war as Democrats call them.
“You are issued weapons that allow for fully automatic and three-round bursts,” Steube said. “That’s already banned.”
Republican Ohio congressman Jim Jordan argued the Second Amendment prevents Congress from banning any weapons.
“The right to keep and bear arms shall not be infringed, plain and simple. It doesn’t say the right to keep and bear muskets,” Jordan said.
Meanwhile, Democrats hope the U.S. House will soon pass the proposed ban on assault weapons.
“Perhaps sometime today our Republican friends will explain to us why their interpretation of the Second Amendment wouldn’t prohibit us from banning tanks or jet bombers,” Rep. Jerry Nadler (D-NY) said. | https://cw33.com/news/washington-dc-bureau/u-s-house-democrats-take-up-federal-assault-weapons-ban/ | 2022-07-20T21:47:25 | en | 0.961961 |
Jadavpur University (JU) Pro Vice-Chancellor Samantak Das was found dead at his residence in south Kolkata on Wednesday, police said.
He was rushed to the Bangur Hospital where doctors declared him brought dead. The police have sent the body for post-mortem examination. Das was suffering from depression for the last few days, it is learnt.
University officials said when Prof Das did not come to his office in the morning, a car was sent to pick him up regarding some work. But he did not respond to knocks on his door. Later, the neighbours broke the door open to find his body hanging from the ceiling.
An official from the Regent Park police station said, “We have sent the body for autopsy. We are also conducting necessary investigation into the matter.”
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Students and faculty members gathered on the campus to mourn the death of Das whose wife had died by suicide a few years back.
University Vice-Chancellor Suranjan Das said, “The Jadavpur University family today lost one of its most important functionaries who had been a prominent face of the institution. His death is a great loss and has created a void that cannot be filled.”
JU’s Arts Faculty Students Union said, “We are absolutely heartbroken at the untimely demise of Prof Samantak Das.”
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/cities/kolkata/jadavpur-university-pro-v-c-found-dead-at-his-kolkata-house-8042302/ | 2022-07-20T21:47:25 | en | 0.984275 |
- 2022 FFO Guidance Increased $0.04 at the Midpoint to $2.15 to $2.23 Per Share/Unit
- Occupancy of 98.4%; Cash Rental Rates Up 27.0%; Cash Same Store NOI Grew 9.4%
- Leased 100% of 1.1 Million Square-Foot First Logistics Center @ 283 in Central Pennsylvania and 208,000 Square-Foot First Bordentown Logistics Center in New Jersey
- Sold 391 Acres at Camelback 303 Joint Venture in Phoenix for $255 Million; FR's Share of Gain and Promote Before Tax of $104 Million
- Started Four Developments in the Second Quarter Totaling 875,000 Square Feet, Estimated Investment of $154 Million
- Closed $425 Million Unsecured Term Loan Which Refinanced the Prior $260 Million Term Loan
- Paid Off $68 Million Mortgage Loan at an Interest Rate of 4.03%; Portfolio Now 99.3% Unencumbered
CHICAGO, July 20, 2022 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of industrial real estate, today announced results for the second quarter of 2022. First Industrial's diluted net income available to common stockholders per share (EPS) was $0.88, compared to $0.40 a year ago and second quarter FFO was $0.56 per share/unit on a diluted basis, compared to $0.48 per share/unit a year ago.
"Our team delivered another strong performance in the second quarter reflected in our financial results and portfolio metrics, including contributions from our development program," said Peter E. Baccile, First Industrial's president and chief executive officer. "Industrial real estate fundamentals remain strong, supported by tenants requiring space to support efficiency and growth of their supply chains."
Portfolio Performance
- In service occupancy was 98.4% at the end of the second quarter of 2022, compared to 98.0% at the end of the first quarter of 2022, and 96.6% at the end of the second quarter of 2021.
- Rental rates increased 27.0% on a cash basis and increased 46.5% on a straight-line basis.
- Same property cash basis net operating income before termination fees ("SS NOI") increased 9.4% reflecting higher average occupancy, increases in rental rates on new and renewal leasing, contractual rent escalations and slightly lower free rent.
Development Leasing
During the second quarter, the Company:
- Leased 100% of the 1.1 million square-foot First Logistics Center @ 283 Building A in Central Pennsylvania. The lease is expected to commence in the third quarter.
- Leased 100% of the 208,000 square-foot First Bordentown Logistics Center in New Jersey. The lease is expected to commence upon completion in fourth quarter.
- Leased 33,000 square feet at its 200,000 square-foot First Park Miami Building 11 in South Florida. The lease is expected to commence in the third quarter.
Investment and Disposition Activities
In the second quarter, the Company:
- Commenced development of four projects totaling 875,000 square feet, with an estimated total investment of $154 million comprised of:
- Acquired three sites in the Inland Empire for $34 million.
- Acquired five buildings totaling 279,000 square feet in Northern California, Southern California, Seattle and South Florida for $65 million.
- Sold 391 acres at its Camelback 303 business park joint venture in Phoenix; First Industrial's share of the sales price was $110 million. First Industrial's share of the gain and promote before tax is $104 million.
In the third quarter, the Company:
- Acquired two buildings totaling 96,000 square feet in South Florida and Southern California and a 2-acre site in the Inland Empire for $35 million.
"Our development program continues to deliver high quality logistics real estate solutions for tenants, while creating significant value for shareholders," said Peter Schultz, First Industrial's executive vice president. "We were pleased to lease our largest current development, the 1.1 million square-foot First Logistics Center @ 283 in Pennsylvania. Our tenant is a leading international e-commerce retailer that will take occupancy in the third quarter."
Capital
On April 18, 2022, the Company:
- Closed a $425 million unsecured term loan facility, the proceeds from which were primarily used to refinance its prior $260 million unsecured term loan facility and pay off a $68 million mortgage loan. The new term loan matures on October 18, 2027 and provides for interest-only payments currently at an interest rate of SOFR plus a SOFR adjustment of 10 basis points plus a credit spread of 85 basis points based on the Company's current credit ratings and consolidated leverage ratio.
In the second quarter, the Company:
- Entered into forward starting interest rate swaps to effectively fix the interest rate on the entire $425 million unsecured term loan facility at 3.64%. The new fixed rate is effective in October 2022 once the existing swaps from the refinanced $260 million unsecured term loan facility expire.
Outlook for 2022
"We are increasing our FFO per share guidance for 2022 by four cents at the midpoint to $2.19, fueled predominantly by our development leasing ahead of pro forma, quicker lease up in the in-service portfolio and an increase in capitalized interest due to our new development starts," added Mr. Baccile.
The following assumptions were used for guidance:
- Average quarter-end in service occupancy of 98.0% to 98.75%, an increase of 37.5 basis points at the midpoint. This assumes the lease-up of the 644,000 square-foot facility in Baltimore will occur in 4Q22.
- Same store NOI growth on a cash basis before termination fees of 8.25% to 9.25% for the full year, an increase of 50 basis points at the midpoint.
- General and administrative expense of approximately $34.0 million to $35.0 million, an increase of $0.5 million at the midpoint.
- Includes the incremental costs expected in 2022 related to the Company's developments completed and under construction as of June 30, 2022. In total, the Company expects to capitalize $0.10 per share of interest in 2022, an increase of $0.01 per share.
- Other than the transactions discussed in this release, guidance does not include the impact of:
Conference Call
First Industrial will host its quarterly conference call on Thursday, July 21, 2022 at 10:00 a.m. CDT (11:00 a.m. EDT). The conference call may be accessed by dialing (888) 504-7949 and entering the passcode 352927. The conference call will also be webcast live on the Investors page of the Company's website at www.firstindustrial.com. The replay will also be available on the website.
The Company's second quarter 2022 supplemental information can be viewed at www.firstindustrial.com under the "Investors" tab.
FFO Definition
In accordance with the NAREIT definition of FFO, First Industrial calculates FFO to be equal to net income available to First Industrial Realty Trust, Inc.'s common stockholders and participating securities, plus depreciation and other amortization of real estate, plus impairment of real estate, minus gain or plus loss on sale of real estate, net of any income tax provision or benefit associated with the sale of real estate. First Industrial also excludes the same adjustments from its share of net income from unconsolidated joint ventures.
About First Industrial Realty Trust, Inc.
First Industrial Realty Trust, Inc. (NYSE: FR) is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. Across major markets in the United States, our local market experts manage, lease, buy, (re)develop, and sell bulk and regional distribution centers, light industrial, and other industrial facility types. In total, we own and have under development approximately 69.8 million square feet of industrial space as of June 30, 2022. For more information, please visit us at www.firstindustrial.com.
Forward-Looking Information
This press release and the presentation to which it refers may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors which could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically; changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) local economic conditions generally and real estate markets specifically; changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; the uncertainty and economic impact of pandemics, epidemics or other public health emergencies or fear of such events, such as the outbreak of coronavirus disease 2019 (COVID-19); our ability to qualify and maintain our status as a real estate investment trust; the availability and attractiveness of financing (including both public and private capital) and changes in interest rates; the availability and attractiveness of terms of additional debt repurchases; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; our competitive environment; changes in supply, demand and valuation of industrial properties and land in our current and potential market areas; our ability to identify, acquire, develop and/or manage properties on favorable terms; our ability to dispose of properties on favorable terms; our ability to manage the integration of properties we acquire; potential liability relating to environmental matters; defaults on or non-renewal of leases by our tenants; decreased rental rates or increased vacancy rates; higher-than-expected real estate construction costs and delays in development or lease-up schedules; potential natural disasters and other potentially catastrophic events such as acts of war and/or terrorism; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and other risks and uncertainties described under the heading "Risk Factors" and elsewhere in our annual report on Form 10-K for the year ended December 31, 2021, as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and in our other public filings with the SEC. We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this press release or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements. For further information on these and other factors that could impact us and the statements contained herein, reference should be made to our filings with the SEC.
A schedule of selected financial information is attached.
(c) Investors in, and analysts following, the real estate industry utilize funds from operations ("FFO"), net operating income ("NOI"), adjusted EBITDA and adjusted funds from operations ("AFFO"), variously defined below, as supplemental performance measures. While we believe net income available to First Industrial Realty Trust, Inc.'s common stockholders and participating securities, as defined by GAAP, is the most appropriate measure, we consider FFO, NOI, adjusted EBITDA and AFFO, given their wide use by, and relevance to investors and analysts, appropriate supplemental performance measures. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets. NOI provides a measure of rental operations, and does not factor in depreciation and amortization and non-property specific expenses such as general and administrative expenses. Adjusted EBITDA provides a tool to further evaluate the ability to incur and service debt and to fund dividends and other cash needs. AFFO provides a tool to further evaluate the ability to fund dividends. In addition, FFO, NOI, adjusted EBITDA and AFFO are commonly used in various ratios, pricing multiples/yields and returns and valuation calculations used to measure financial position, performance and value.
In accordance with the NAREIT definition of FFO, we calculate FFO to be equal to net income available to First Industrial Realty Trust, Inc.'s common stockholders and participating securities, plus depreciation and other amortization of real estate, plus impairment of real estate, minus gain or plus loss on sale of real estate, net of any income tax provision or benefit associated with the sale of real estate. We also exclude the same adjustments from our share of net income from unconsolidated joint ventures.
NOI is defined as our revenues, minus property expenses such as real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses.
Adjusted EBITDA is defined as NOI minus general and administrative expenses and the equity in FFO from our investment in joint ventures.
AFFO is defined as adjusted EBITDA minus interest expense, minus capitalized interest and overhead, (minus)/plus amortization of debt discounts and hedge costs, minus straight-line rent, amortization of above (below) market leases and lease inducements, minus provision for income taxes or plus benefit for income taxes not allocable to gain on sale of real estate, plus amortization of equity based compensation and minus non-incremental capital expenditures. Non-incremental capital expenditures refer to building improvements and leasing costs required to maintain current revenues plus tenant improvements amortized back to the tenant over the lease term. Excluded are first generation leasing costs, capital expenditures underwritten at acquisition and development/redevelopment costs.
FFO, NOI, adjusted EBITDA and AFFO do not represent cash generated from operating activities in accordance with GAAP and are not necessarily indicative of cash available to fund cash needs, including the repayment of principal on debt and payment of dividends and distributions. FFO, NOI, adjusted EBITDA and AFFO should not be considered as substitutes for net income available to common stockholders and participating securities (calculated in accordance with GAAP) as a measure of results of operations, cash flows (calculated in accordance with GAAP) or as a measure of liquidity. FFO, NOI, adjusted EBITDA and AFFO as currently calculated by us may not be comparable to similarly titled, but variously calculated, measures of other REITs.
We consider cash-basis same store NOI ("SS NOI") to be a useful supplemental measure of our operating performance. Same store properties include all properties owned prior to January 1, 2021 and held as an in service property through the end of the current reporting period (including certain income-producing land parcels), and developments and redevelopments that were placed in service prior to January 1, 2021 (the "Same Store Pool"). Properties which are at least 75% occupied at acquisition are placed in service, unless we anticipate tenant move-outs within two years of ownership would drop occupancy below 75%. Properties acquired with occupancy greater than 75% at acquisition, but with tenants that we anticipate will move out within two years of ownership, will be placed in service upon the earlier of reaching 90% occupancy or twelve months after move out. Properties acquired that are less than 75% occupied at the date of acquisition are placed in service as they reach the earlier of reaching 90% occupancy or one year subsequent to acquisition. Developments, redevelopments and acquired income-producing land parcels for which our ultimate intent is to redevelop or develop on the land parcel are placed in service as they reach the earlier of 90% occupancy or one year subsequent to development/redevelopment construction completion.
We define SS NOI as NOI, less NOI of properties not in the Same Store Pool, less the impact of straight-line rent, the amortization of above (below) market rent and the impact of lease termination fees. We exclude lease termination fees, straight-line rent and above (below) market rent in calculating SS NOI because we believe it provides a better measure of actual cash basis rental growth for a year-over-year comparison. In addition, we believe that SS NOI helps the investing public compare the operating performance of a company's real estate as compared to other companies. While SS NOI is a relevant and widely used measure of operating performance of real estate investment trusts, it does not represent cash flow from operations or net income as defined by GAAP and should not be considered as an alternative to those measures in evaluating our liquidity or operating performance. SS NOI also does not reflect general and administrative expense, interest expense, depreciation and amortization, income tax benefit and expense, gains and losses on the sale of real estate, equity in income or loss from our joint ventures, capital expenditures and leasing costs. Further, our computation of SS NOI may not be comparable to that of other real estate companies, as they may use different methodologies for calculating SS NOI.
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SOURCE First Industrial Realty Trust, Inc. | https://www.ktre.com/prnewswire/2022/07/20/first-industrial-realty-trust-reports-second-quarter-2022-results/ | 2022-07-20T21:47:28 | en | 0.942913 |
A dedicated commission report, which collated the empirical data on OBCs to fulfill the triple test specified by Supreme Court, in contrast to the interim report of the State Backward Class Commission (SBCC) prepared “in the absence of empirical study and research” was instrumental in the apex court changing its decision on political reservation for OBCs in state’s local bodies within three months.
The previous tripartite Maha Vikas Aghadi (MVA) government had appointed a dedicated commission under former Chief Secretary Jayant Banthia in March 2022 after the Supreme Court rejected the SBCC report citing several lacunae. The terms of reference set for the Banthia commission were to conduct empirical inquiry on the backwardness of the community, specify the representation of OBCs using village-level data and to ensure that total reservation does not cross the 50 per cent mark.
The court’s order accepting the Banthia commission report has not looked into its merits, on the lines of Madhya Pradesh, but has ensured that the mandated triple test has been followed.
According to OBC scholar Hari Narke, the issue of going into the merits of the report still remains to be tackled. But for the time being, the community has been given a breather, he said. “For both Madhya Pradesh and Maharashtra, the report has not been dealt on merits. It will be in the coming days. So, the battle for
OBCs is not over yet,” he said.
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The Supreme Court’s decision to accept a similar report from Madhya Pradesh to provide reservation to other backward classes (OBCs) also helped Maharashtra’s bid. Taking a cue from MP, the commission used the data from the state’s Rural Development department and Urban Development department to reach the figure of OBCs. Data from the education department was also used to calculate the number of scholarships extended to OBC students. Besides, information from various other departments as well as welfare schemes was also included in the report to stress on the backwardness of the community. The commission also travelled across the state to meet various organisations, institutions and individuals in different parts of Maharashtra to include their inputs.
On the contrary, the backward class commission’s work was initially hampered by lack of funds. The apex court had expressed displeasure over the manner in which the report was prepared and even though it did not contest the observations made in the report, it asked the authorities such as state election commission to not act on it.
Based on it, the commission report finalised the OBC population at around 37 per cent of the total population and made the recommendation that the community be given reservation in local bodies based on actual population without crossing 50 per cent mark.
After the formation of the new government led by Chief Minister Eknath Shinde and deputy Chief Minister Devendra Fadnavis, the Banthia commission submitted its report to state Chief Secretary Manu Kumar Shrivastava on last Saturday, July 9. The SC bench had heard the case on July 12 and within a week, accepted the report paving way for OBC reservation in local bodies.
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/cities/mumbai/maharashtra-obc-quota-banthia-commission-data-8042151/ | 2022-07-20T21:47:32 | en | 0.968313 |
Strong linked quarter annualized loan growth of 18% with record revenue of $336 million and 55% efficiency ratio
PITTSBURGH, July 20, 2022 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) reported earnings for the second quarter of 2022 with net income available to common stockholders of $107.1 million, or $0.30 per diluted common share. Comparatively, second quarter of 2021 net income available to common stockholders totaled $99.4 million, or $0.31 per diluted common share, and first quarter of 2022 net income available to common stockholders totaled $51.0 million, or $0.15 per diluted common share.
On an operating basis, the second quarter of 2022 earnings per diluted common share (non-GAAP) was $0.31, excluding $2.0 million (pre-tax) of significant items. On an operating basis, the second quarter of 2021 was $0.31 per share, excluding $2.6 million (pre-tax) of significant items, and the first quarter of 2022 was $0.26 per share, excluding $51.9 million (pre-tax) of significant items.
"F.N.B. Corporation produced strong second quarter operating earnings per share which increased 19% linked-quarter to $0.31," said F.N.B. Corporation Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr. "Spot loan growth was a record $1.3 billion, or 19.5% annualized, excluding PPP, and revenue for the quarter totaled a record $336 million. Operating expenses remained well-controlled declining linked-quarter, leading to positive operating leverage and an efficiency ratio of 55.2%. Our profitability improved significantly with operating pre-provision net revenue up 23% on a linked-quarter basis and return on average tangible common equity of 15.5%. Asset quality remains a key focus with proactive risk management and a conservatively underwritten balance sheet driving our solid reserve coverage and net recoveries this quarter. As inflation and interest rates continue to rise, we are prepared for a broad range of economic scenarios given our strong liquidity and capital ratios, our diversified business mix, and our well-established risk management track record."
Second Quarter 2022 Highlights
(All comparisons refer to the second quarter of 2021, except as noted)
- Period-end total loans and leases, excluding Paycheck Protection Program (PPP) loans and Howard Bancorp, Inc. (Howard) acquired loans as of the January 22, 2022 acquisition date (non-GAAP), increased $2.6 billion, or 11.2%, as commercial loans and leases increased $1.3 billion, or 8.4%, and consumer loans increased $1.3 billion, or 16.4%. PPP loans totaled $85.8 million at June 30, 2022, compared to $1.6 billion as of June 30, 2021.
- Excluding PPP, period-end loans and leases (non-GAAP) increased $1.3 billion, or 19.5% annualized, on a linked-quarter basis, including an increase of $795.0 million in consumer loans and $503.9 million in commercial loans and leases.
- Total average deposits grew $3.2 billion, or 10.5%, led by increases in average non-interest-bearing deposits of $1.7 billion, or 16.9%, and average interest-bearing demand deposits of $1.2 billion, or 8.8%, partially offset by a decrease in average time deposits of $284.4 million, or 8.7%. Average deposit growth reflected organic growth in new and existing customer relationships and inflows from the January 2022 Howard acquisition. Excluding Howard, average deposits (non-GAAP) grew $1.6 billion, or 5.1%.
- Net interest income increased $25.8 million, or 11.3%, to $253.7 million primarily due to the benefit of growth in earning assets as well as the rising interest rate environment.
- On a linked-quarter basis, the net interest margin (FTE) (non-GAAP) increased 15 basis points to 2.76%, as the earning asset yield increased 22 basis points and the cost of funds increased 8 basis points. The total impact of PPP, purchase accounting accretion and higher cash balances on net interest margin was a decrease of 12 basis points, down slightly from 13 basis points in the prior quarter.
- Non-interest income was $82.2 million, an increase of $2.4 million, or 3.0%, driven by strong contributions from capital markets fee income and higher service charges reflecting increased customer activity, partially offset by reduced contributions from mortgage banking due to lower refinance volumes given significantly higher interest rates.
- Pre-provision net revenue (non-GAAP) of $145.1 million, on an operating basis, increased $27.3 million, or 23.2%, and $17.3 million, or 13.5%, compared to the first quarter of 2022 and second quarter of 2021, respectively.
- The annualized net charge-offs/(recoveries) to total average loans ratio was (0.01)%, compared to 0.06%, with continued favorable asset quality trends across the loan portfolio.
- Common Equity Tier 1 (CET1) regulatory capital ratio was 9.7% (estimated), compared to 10.0% at March 31, 2022, and 9.9% at June 30, 2021. Tangible book value per common share (non-GAAP) decreased $0.49, or 5.7%, to $8.10 compared to December 31, 2021. Accumulated other comprehensive income/loss (AOCI) reduced the tangible book value per common share by $0.72 as of June 30, 2022, primarily due to the impact of higher interest rates on the fair value of available-for-sale (AFS) securities, compared to a $0.19 reduction as of December 31, 2021.
- During the second quarter of 2022, the Company repurchased 1.1 million shares of common stock at a weighted average share price of $11.77 for a total of $13.0 million.
- On June 1, 2022, the Company announced the signing of a definitive merger agreement to acquire Greenville, North Carolina-based UB Bancorp with total assets of $1.2 billion at March 31, 2022, including its wholly owned banking subsidiary, Union Bank, in an all-stock transaction valued at $19.56 per share, or a fully diluted market value of approximately $117 million, based upon the closing stock price of FNB as of Tuesday, May 31, 2022. This merger will further strengthen FNB's North Carolina presence while enhancing its low-cost deposit base.
Second Quarter 2022 Results – Comparison to Prior-Year Quarter
(All comparisons refer to the second quarter of 2021, except as noted)
Net interest income totaled $253.7 million, an increase of $25.8 million, or 11.3%, compared to $227.9 million, as total average earning assets increased $3.1 billion, or 9.0%, including a $1.8 billion increase in average loans and leases from organic origination activity and Howard-acquired loans, $903.3 million increase in average securities and $301.6 million increase in average cash balances largely attributed to the impact from PPP activity. In addition to the growth in average earning assets, net interest income benefited from the repricing impact of the higher interest rate environment on earning asset yields, which was partially offset by the higher cost of interest-bearing deposit accounts and reduced PPP contributions.
The net interest margin (FTE) (non-GAAP) increased 6 basis points to 2.76%, as the yield on earning assets increased 5 basis points to 3.05%, primarily reflecting the higher yields on variable-rate loans and investment securities partially offset by significant reductions in PPP contributions as the PPP loan portfolio winds down. The total cost of funds was stable at 0.30% with a 4 basis point increase in interest-bearing deposit costs. The total impact of PPP, purchase accounting accretion and higher cash balances on net interest margin was a decrease of 12 basis points, compared to 1 basis point in the year-ago quarter.
Average loans and leases totaled $27.2 billion, an increase of $1.8 billion, or 7.3%. Excluding PPP loans (non-GAAP), average total loans and leases increased $3.8 billion, or 16.5%, including growth of $2.2 billion in commercial loans and leases ($1.1 billion from Howard) and $1.7 billion in consumer loans ($0.5 billion from Howard). The increase in average commercial loans and leases, excluding PPP (non-GAAP), included $1.4 billion, or 28.3%, in commercial and industrial loans and $723.1 million, or 7.3%, in commercial real estate balances driven by a combination of organic loan origination activity and the Howard acquisition. Commercial origination activity was led by the Pittsburgh, Cleveland and North Carolina markets. The increase in average consumer loans included a $981.9 million increase in residential mortgages and a $585.5 million increase in direct home equity installment loans driven by a combination of strong organic loan origination activity and the Howard acquisition.
Average deposits totaled $33.7 billion with growth in average non-interest-bearing demand deposits of $1.7 billion, or 16.9%, and average interest-bearing demand deposits of $1.2 billion, or 8.8%, partially offset by a decline in time deposits of $284.4 million, or 8.7%. The growth in average deposits reflected organic growth in new and existing customer relationships and inflows from the Howard acquisition. The loan-to-deposit ratio was 83.8% at June 30, 2022, compared to 82.4% at June 30, 2021. Additionally, the funding mix continued to improve with non-interest-bearing deposits growing to 35% of total deposits at quarter end, compared to 33% as of June 30, 2021.
Non-interest income totaled $82.2 million, an increase of $2.4 million, or 3.0%, compared to the second quarter of 2021. Service charges increased $5.0 million, or 16.7%, driven by interchange fees, treasury management services and higher customer activity. Capital markets income totaled $8.5 million, an increase of $1.5 million, or 21.9%, with solid contributions from swap fees, international banking, and debt capital markets. Mortgage banking operations income decreased $1.3 million as secondary market revenue and mortgage held-for-sale pipelines declined from higher levels given the sharp increase in mortgage rates in 2022.
Non-interest expense totaled $192.8 million, increasing $10.3 million, or 5.6%. On an operating basis (non-GAAP), non-interest expense totaled $190.7 million, an increase of $10.9 million, or 6.1%, compared to the second quarter of 2021. Net occupancy and equipment increased $3.1 million, or 10.0%, on an operating basis (non-GAAP), primarily from technology-related investments and the acquired Howard expense base. On an operating basis (non-GAAP), salaries and benefits increased $1.8 million, or 1.8%, due primarily to annual merit increases and the acquired Howard expense base. Marketing expense increased $1.3 million, or 37.5%, on an operating basis (non-GAAP), due to increased digital advertising spend and campaigns related to our Physician's First Program. The efficiency ratio (non-GAAP) equaled 55.2%, compared to 56.8%.
The ratio of non-performing assets and 90 days past due loans to total loans and other real estate owned (OREO) decreased 18 basis points to 0.39%. Total delinquency decreased 17 basis points to 0.58%, compared to 0.75% at June 30, 2021, demonstrating positive asset quality trends across the portfolio.
The provision for credit losses was $6.4 million, compared to a net benefit of $1.1 million in the second quarter of 2021, with the increase primarily due to significant loan growth and CECL-related model impacts from lower prepayment speed assumptions in the second quarter of 2022. The second quarter of 2022 reflected net recoveries of ($0.4) million, or (0.01%) annualized of total average loans, compared to net charge-offs of $3.8 million, or 0.06% annualized, in the second quarter of 2021. The ratio of the allowance for credit losses (ACL) to total loans and leases decreased 7 basis points to 1.35%, directionally consistent with improved credit metrics and reflective of strong loan growth.
The effective tax rate was 20.1%, compared to 19.7% in the second quarter of 2021, with the slight increase due to higher pre-tax income and state income taxes.
The CET1 regulatory capital ratio was 9.7% (estimated), compared to 9.9% at June 30, 2021. Tangible book value per common share (non-GAAP) was $8.10 at June 30, 2022, a decrease of $0.10, or 1.2%, from $8.20 at June 30, 2021. AOCI reduced the current quarter tangible book value per common share by $0.72, compared to $0.14 at the end of the year-ago quarter, primarily due to the increase in unrealized losses on AFS securities resulting from the higher interest rate environment.
Second Quarter 2022 Results – Comparison to Prior Quarter
(All comparisons refer to the first quarter of 2022, except as noted)
Net interest income totaled $253.7 million, an increase of $19.6 million, or 8.4%, from the prior quarter total of $234.1 million, primarily due to growth in average earning assets and benefits from the higher interest rate environment, partially offset by the $5.8 million decreased contribution from PPP. The resulting net interest margin (FTE) (non-GAAP) increased 15 basis points to 2.76%. The total impact of PPP, purchase accounting accretion, and higher cash balances on net interest margin was a reduction of 12 basis points, compared to a reduction of 13 basis points in the prior quarter.
Total average earning assets increased $703.1 million, or 1.9%, to $37.3 billion. The total yield on earning assets increased 22 basis points to 3.05%, due to higher yields on investments and interest-bearing deposits with banks and variable-rate loans repricing. The total cost of funds increased 8 basis points to 0.30% from 0.22%, as the cost of interest-bearing deposits increased 14 basis points to 0.28%.
Average loans and leases totaled $27.2 billion, an increase of $1.0 billion, or 3.8%, as average consumer loans increased $626.6 million, or 7.0%, and average commercial loans and leases increased $379.7 million, or 2.2%, compared to the first quarter of 2022. Consumer loan growth reflected average residential mortgages increasing $351.9 million, or 8.8%, and average direct home equity installment balances increasing $173.7 million, or 7.0%. The consumer loan growth was driven by organic loan origination activity, reflecting customer preferences for adjustable-rate mortgages and the Physician's First Program. Average commercial loans and leases included growth of $293.7 million, or 4.8%, in commercial and industrial loans and $62.2 million, or 0.6%, in commercial real estate. The increases reflect commercial origination activity led by the Pittsburgh, Harrisburg and North Carolina markets.
Average deposits totaled $33.7 billion, increasing $711.9 million, or 2.2%, driven by increases in non-interest-bearing deposits of $505.3 million, or 4.5%, interest-bearing demand deposits of $93.7 million, or 0.6%, savings balances of $82.9 million, or 2.1%, and time deposits of $30.0 million, or 1.0%. The loan-to-deposit ratio was 83.8% at June 30, 2022, compared to 79.2% at March 31, 2022 due to the substantial loan growth.
Non-interest income totaled $82.2 million, a $3.8 million, or 4.9%, increase from the prior quarter. Capital markets income was $8.5 million, an increase of $1.4 million, or 19.9%, with solid contributions from swap fees, international banking, syndications, and debt capital markets. Service charges increased $3.2 million, or 10.1%, due to interchange fees, treasury management services and higher customer activity. Bank-owned life insurance increased $1.4 million, or 53.0%, driven by life insurance claims. Insurance commissions and fees decreased $1.3 million, or 16.5%, from seasonally elevated levels in the prior quarter. Mortgage banking operations income decreased $0.5 million, or 8.2%. Included in mortgage banking operations income was a $0.2 million recovery for MSR valuation, compared to a $2.3 million recovery in the first quarter of 2022.
Non-interest expense totaled $192.8 million, a decrease of $34.7 million, or 15.2%. On an operating basis (non-GAAP), non-interest expense decreased $3.9 million, or 2.0%, compared to the prior quarter, excluding merger-related expenses of $2.0 million in the second quarter of 2022 and merger-related expenses of $28.6 million and branch consolidation costs of $4.2 million in the first quarter of 2022. On an operating basis (non-GAAP), salaries and employee benefits decreased $8.3 million, or 7.4%, primarily related to seasonally higher long-term compensation expense of $6.2 million and seasonally higher employer-paid payroll taxes in the prior quarter. Marketing, on an operating basis (non-GAAP), increased $1.4 million, or 42.4%, due to increased digital advertising spend and campaigns related to our Physician's First Program. FDIC insurance increased $0.7 million, or 15.8%, primarily due to loan growth and balance sheet mix shift. The efficiency ratio (non-GAAP) equaled 55.2%, compared to 60.7%, reflecting the lower operating expense levels.
The ratio of non-performing assets and 90 days past due to total loans and OREO remained at very good levels, decreasing 5 basis points to 0.39%. Total delinquency decreased 8 basis points to 0.58%, compared to 0.66% at March 31, 2022.
The provision for credit losses was $6.4 million, compared to a net benefit of ($1.2) million when excluding $19.1 million of initial provision for non-PCD loans associated with the Howard acquisition in the prior quarter (non-GAAP). These provision levels reflected continued strong underlying portfolio credit trends with the operating-basis increase in the second quarter of 2022 driven by strong loan growth, as well as CECL-related model impacts from lower prepayment speed assumptions. The second quarter of 2022 reflected net recoveries of ($0.4) million, or (0.01)% annualized of total average loans, compared to net charge-offs of $1.9 million, or 0.03% annualized in the prior quarter. The ratio of the ACL to total loans and leases was 1.35% as of June 30, 2022, compared to 1.38% at March 31, 2022.
The effective tax rate was 20.1%, compared to 20.9% for the first quarter of 2022 with the decline primarily resulting from tax benefits from stock compensation activity.
The CET1 regulatory capital ratio was 9.7% (estimated), declining from 10.0% at March 31, 2022 with the decline primarily due to the risk-weighted assets impact from the strong loan growth in the second quarter. Tangible book value per common share (non-GAAP) was $8.10 at June 30, 2022, an increase of $0.01 per share from March 31, 2022. AOCI reduced the current quarter-end tangible book value per common share by $0.72 reflecting increased unrealized losses on AFS securities caused by the higher interest rate environment, compared to $0.57 at the end of the prior quarter. During the second quarter of 2022, the Company repurchased 1.1 million shares of common stock at a weighted average share price of $11.77 for a total of $13.0 million.
June 30, 2022 Year-To-Date Results – Comparison to Prior Year-To-Date Period
Net interest income totaled $487.8 million, increasing $37.0 million, or 8.2%, as the higher interest rate environment impacted earning asset yields. The net interest margin (FTE) (non-GAAP) contracted 3 basis points to 2.69%. The total impact of PPP, purchase accounting accretion and higher cash balances on net interest margin was a decrease of 13 basis points, compared to a benefit of 2 basis points in the prior year. The yield on earning assets decreased 10 basis points to 2.94% primarily from reduced PPP contribution, while the cost of funds improved 7 basis points to 0.26% due to actions taken to reduce the cost of interest-bearing deposits given the low interest rate environment in 2021 and strong growth in non-interest-bearing deposits.
Average loans totaled $26.7 billion, an increase of $1.3 billion, or 5.2%. Excluding PPP loans, average total loans and leases (non-GAAP) increased $3.3 billion, or 14.4%, including growth of $1.9 billion in commercial loans and leases ($1.0 billion from Howard) and $1.4 billion in consumer loans ($0.5 billion from Howard). Excluding PPP (non-GAAP), growth in total average commercial loans included $1.2 billion, or 24.5%, in commercial and industrial loans and $686.4 million, or 6.9%, in commercial real estate led by healthy origination activity in the Pittsburgh, Cleveland, and North and South Carolina markets, as well as Howard-acquired loans. Growth in total average consumer loans was due to an increase in residential mortgage loans of $819.7 million, or 24.3%, direct home equity installment loans of $527.1 million, or 25.8%, and indirect installment loans of $47.5 million, or 3.9%. Excluding PPP (non-GAAP), period-end total loans and leases increased $4.4 billion, or 18.7%, including growth of $2.5 billion in commercial loans and leases and $1.9 billion in consumer loans.
Average deposits totaled $33.4 billion, increasing $3.4 billion, or 11.4%, led by growth of $1.9 billion, or 19.4%, in non-interest-bearing deposits and $1.4 billion, or 10.2%, in interest-bearing demand deposits driven by solid organic growth in customer relationships as well as the Howard acquisition. Time deposits declined $427.5 million, or 12.6%, as customer preferences shifted to more liquid accounts, however, customers' preferences are beginning to shift back to time deposits as interest rates increase.
Non-interest income totaled $160.5 million, decreasing $2.1 million, or 1.3%. Mortgage banking operations income decreased $10.4 million, or 44.8%, as secondary market revenue and mortgage held-for-sale pipelines declined from elevated levels in 2021 due to the significant increase in interest rates. Service charges increased $8.7 million, or 15.0%, driven by interchange fees, treasury management services and higher customer activity. Wealth management revenues increased $2.1 million, or 7.0%, as trust income and securities commissions and fees increased 9.2% and 3.3%, respectively, through contributions across the geographic footprint and an increase in assets under management.
Non-interest expense totaled $420.2 million, an increase of $52.8 million, or 14.4%, from 2021. Excluding significant items totaling $34.8 million in 2022 and $2.6 million in 2021, operating non-interest expense (non-GAAP) increased $20.6 million, or 5.7%. This increase was attributable to higher salaries and employee benefits expense of $6.7 million, or 3.2%, on an operating basis (non-GAAP), related to normal merit increases, higher production-related commissions and incentives, and the acquired Howard expense base. On an operating basis, occupancy and equipment increased $4.2 million, or 6.5%, primarily from technology-related investments and the acquired Howard expense base. These increases were offset by a $1.3 million, or 3.7%, decrease in outside services, on an operating basis. The efficiency ratio (non-GAAP) equaled 57.8% on a year-to-date basis, unchanged from the 2021 period.
The provision for credit losses was $24.4 million. Excluding $19.1 million of initial provision for non-PCD loans associated with the Howard acquisition, provision for credit losses was $5.3 million, on an operating basis (non-GAAP), compared to $4.8 million in 2021. Net charge-offs totaled $1.5 million, or 0.01% of total average loans, compared to $11.0 million, or 0.09%, in 2021, with both periods well below historical levels.
The effective tax rate was 20.4% for 2022, compared to 19.3% in 2021. The increase was driven by higher state income taxes and nondeductible merger-related expenses resulting from the Howard acquisition.
Use of Non-GAAP Financial Measures and Key Performance Indicators
To supplement our Consolidated Financial Statements presented in accordance with GAAP, we use certain non-GAAP financial measures, such as operating net income available to common stockholders, operating earnings per diluted common share, return on average tangible equity, return on average tangible common equity, return on average tangible assets, tangible book value per common share, the ratio of tangible equity to tangible assets, the ratio of tangible common equity to tangible assets, provision for credit losses, excluding the initial provision for non-PCD loans associated with the Howard acquisition, average deposits, excluding Howard average deposits, loans and leases, excluding PPP loans and Howard loans as of the acquisition date, excluding PPP loans, loans and leases, excluding PPP loans and Howard loans, excluding PPP loans (average), loans and leases, excluding PPP loans, pre-provision net revenue to average tangible common equity, efficiency ratio, and net interest margin (FTE) to provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to assess their performance and trends.
These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. When non-GAAP financial measures are disclosed, the Securities and Exchange Commission's (SEC) Regulation G requires: (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. Reconciliations of non-GAAP operating measures to the most directly comparable GAAP financial measures are included later in this release under the heading "Reconciliations of Non-GAAP Financial Measures and Key Performance Indicators to GAAP."
Management believes items such as merger expenses, initial provision for non-PCD loans acquired and branch consolidation costs are not organic to run our operations and facilities. These items are considered significant items impacting earnings as they are deemed to be outside of ordinary banking activities. The merger expenses and branch consolidation costs principally represent expenses to satisfy contractual obligations of the acquired entity or closed branch without any useful ongoing benefit to us. These costs are specific to each individual transaction and may vary significantly based on the size and complexity of the transaction.
To facilitate peer comparisons of net interest margin and efficiency ratio, we use net interest income on a taxable-equivalent basis in calculating net interest margin by increasing the interest income earned on tax-exempt assets (loans and investments) to make it fully equivalent to interest income earned on taxable investments (this adjustment is not permitted under GAAP). Taxable-equivalent amounts for the 2022 and 2021 periods were calculated using a federal statutory income tax rate of 21%.
Cautionary Statement Regarding Forward-Looking Information
This document may contain statements regarding F.N.B. Corporation's outlook for earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset quality levels, financial position and other matters regarding or affecting our current or future business and operations. These statements can be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve various assumptions, risks and uncertainties which can change over time. Actual results or future events may be different from those anticipated in our forward-looking statements and may not align with historical performance and events. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance upon such statements. Forward-looking statements are typically identified by words such as "believe," "plan," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "will," "should," "project," "goal," and other similar words and expressions. We do not assume any duty to update forward-looking statements, except as required by federal securities laws.
FNB's forward-looking statements are subject to the following principal risks and uncertainties:
- Our business, financial results and balance sheet values are affected by business, economic and political circumstances, including, but not limited to: (i) developments with respect to the U.S. and global financial markets; (ii) actions by the Federal Reserve Board, Federal Deposit Insurance Corporation, U.S. Treasury Department, Office of the Comptroller of the Currency and other governmental agencies, especially those that impact money supply, market interest rates or otherwise affect business activities of the financial services industry; (iii) a slowing of the U.S. economy in general and regional and local economies within our market area; (iv) inflation concerns; (v) the impacts of tariffs or other trade policies of the U.S. or its global trading partners; and (vi) the sociopolitical environment in the United States.
- Business and operating results affected by our ability to identify and effectively manage risks inherent in our businesses, including, where appropriate, through effective use of systems and controls, third-party insurance, derivatives, and capital management techniques, and to meet evolving regulatory capital and liquidity standards.
- Competition can have an impact on customer acquisition, growth and retention, and on credit spreads, deposit gathering and product pricing, which can affect market share, loans, deposits and revenues. Our ability to anticipate, react quickly and continue to respond to technological changes and COVID-19 challenges can also impact our ability to respond to customer needs and meet competitive demands.
- Business and operating results can also be affected by widespread natural and other disasters, pandemics, including the impact of the COVID-19 pandemic crisis and post pandemic return to normalcy, global events, including the Ukraine-Russia conflict, dislocations, including shortages of labor, supply chain disruptions and shipping delays, terrorist activities, system failures, security breaches, significant political events, cyber attacks or international hostilities through impacts on the economy and financial markets generally, or on us or our counterparties specifically.
- Legal, regulatory and accounting developments could have an impact on our ability to operate and grow our businesses, financial condition, results of operations, competitive position, and reputation. Reputational impacts could affect matters such as business generation and retention, liquidity, funding, and the ability to attract and retain talent. These developments could include:
- The COVID-19 pandemic and the federal, state, and local regulatory and governmental actions implemented in response to COVID-19 have resulted in increased volatility of the financial markets and national and local economic conditions, supply chain challenges, rising inflationary pressures, increased levels of unemployment and business failures, and the potential to have a material impact on, among other things, our business, financial condition, results of operations, liquidity, or on our management, employees, customers and critical vendors and suppliers. In view of the many unknowns associated with the COVID-19 pandemic, our forward-looking statements continue to be subject to various conditions that may be substantially different in the future than what we are currently experiencing or expecting, including, but not limited to, challenging headwinds for the U.S. economy and labor market and the possible change in commercial and consumer customer fundamentals, expectations and sentiments. As a result of the COVID-19 impact, including uncertainty regarding the potential impact of continuing variant mutations of the virus, U.S. government responsive measures to manage it or provide financial relief, the uncertainty regarding its duration and the success of vaccination efforts, it is possible the pandemic may have a material adverse impact on our business, operations and financial performance.
- We grow our business, in part, through acquisitions and new strategic initiatives. Risks and uncertainties include those presented by the nature of the business acquired and strategic initiative, including in some cases those associated with our entry into new businesses or new geographic or other markets and risks resulting from our unfamiliarity with those new areas, as well as risks and various uncertainties related to the acquisition transactions themselves, regulatory issues, and the integration of the acquired businesses into FNB after closing. Such risks attendant to the pending FNB-UB Bancorp merger include, but are not limited to:
The risks identified here are not exclusive or the types of risks FNB may confront and actual results may differ materially from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, the risk factors and other uncertainties described under Item 1A Risk Factors and the Risk Management sections of our 2021 Annual Report on Form 10-K, our subsequent 2022 Quarterly Reports on Form 10-Q (including the risk factors and risk management discussions) and our other 2022 filings with the SEC, which are available on our corporate website at https://www.fnb-online.com/about-us/investor-information/reports-and-filings or the SEC's website at www.sec.gov. More specifically, our forward-looking statements may be subject to the evolving risks and uncertainties related to the COVID-19 pandemic and its macro-economic impact and the resulting governmental, business and societal responses to it. We have included our web address as an inactive textual reference only. Information on our website is not part of our SEC filings.
ADDITIONAL INFORMATION ABOUT THE MERGER AND WHERE TO FIND IT
This communication is being made in respect of the proposed merger transaction between FNB and UB Bancorp. In connection with the proposed merger, FNB will file a registration statement on Form S-4 with the SEC to register FNB's shares that will be issued to UB Bancorp's stockholders in connection with the merger. The registration statement will include a proxy statement of UB Bancorp and a prospectus of FNB as well as other relevant documents concerning the proposed transaction.
INVESTORS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
The proxy statement/prospectus, other relevant materials (when they become available) and any other documents FNB has filed with the SEC may be obtained free of charge at the SEC's website at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents FNB has filed with the SEC by contacting James Orie, Chief Legal Officer, F.N.B. Corporation, One North Shore Center, Pittsburgh, PA 15212, telephone: (724) 983-3317. The proxy statement/prospectus, when it becomes available, may also be obtained free of charge from F.N.B. Corporation at the contact set forth above, or UB Bancorp, 1011 Red Banks Road, Greenville, NC 27858, telephone: (866) 638-0552.
Participants in the Solicitation
FNB and UB Bancorp and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from UB Bancorp's stockholders in connection with the proposed merger. Information regarding FNB's directors and executive officers is contained in FNB's Proxy Statement on Schedule 14A, dated March 25, 2022, as amended, and in certain of its Current Reports on Form 8-K, which are filed with the SEC. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the Proxy Statement/Prospectus regarding the proposed merger when it becomes available. Free copies of these documents may be obtained as described in the preceding paragraph.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Conference Call
F.N.B. Corporation (NYSE: FNB) announced the financial results for the second quarter of 2022 on Wednesday, July 20, 2022. Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr., Chief Financial Officer, Vincent J. Calabrese, Jr., and Chief Credit Officer, Gary L. Guerrieri, plan to host a conference call to discuss the Company's financial results on Thursday, July 21, 2022, at 8:30 AM ET.
Participants are encouraged to pre-register for the conference call at https://dpregister.com/sreg/10168406/f374da7120. Callers who pre-register will be provided a conference passcode and unique PIN to bypass the live operator and gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.
Dial-in Access: The conference call may be accessed by dialing (844) 802-2440 (for domestic callers) or (412) 317-5133 (for international callers). Participants should ask to be joined into the F.N.B. Corporation call.
Webcast Access: The audio-only call and related presentation materials may be accessed via webcast through the "About Us" tab of the Corporation's website at www.fnbcorporation.com and clicking on "Investor Relations" then "Investor Conference Calls." Access to the live webcast will begin approximately 30 minutes prior to the start of the call.
Presentation Materials: Presentation slides and the earnings release will also be available on the Corporation's website at www.fnbcorporation.com by accessing the "About Us" tab and clicking on "Investor Relations" then "Investor Conference Calls."
A replay of the call will be available shortly after the completion of the call until midnight ET on Thursday, July 28, 2022. The replay can be accessed by dialing 877-344-7529 (for domestic callers) or 412-317-0088 (for international callers); the conference replay access code is 2893818. Following the call, a link to the webcast and the related presentation materials will be posted to the "Investor Relations" section of F.N.B. Corporation's website at www.fnbcorporation.com.
About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. FNB's market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina; and Charleston, South Carolina. The Company has total assets of $42 billion and more than 340 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia.
FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB's wealth management services include asset management, private banking and insurance.
The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB" and is included in Standard & Poor's MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com.
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SOURCE F.N.B. Corporation | https://www.ktre.com/prnewswire/2022/07/20/fnb-corporation-reports-second-quarter-2022-earnings/ | 2022-07-20T21:47:34 | en | 0.947778 |
The Income Tax department Wednesday conducted searches on the premises of Ahmedabad-based Chiripal Group of Industries for possible tax evasion and seized Rs 10 crore unaccounted cash from one of the searched locations, officials said.
The investigation wing of Income Tax department from Surat spearheaded the searches that were carried out at 45 locations in Gujarat including the premises of Chiripal House at Shivranjani in Ahmedabad which is also houses the office of Vraj Integrated Textile Park, construction company of the Group, income tax officials told The Indian Express.
Offices of the company in Bopal were also searched. Over 150 I-T officials from Surat, Vadodara and Ahmedabad participated in the searches that were spread over multiple locations across Gujarat, Mumbai and Hyderabad.
Apart from Rs 10 crore that was recovered from Ahmedabad, the I-T officials also seized gold ornaments and incriminating documents during the searches. Apart from offices and business outlets, IT officials searched the residences of the top management of the Chiripal Group.
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The Chiripal group has a manufacturing facility at Bareja in Ahmedabad and packaging units in Ahmedabad and Hyderabad. The group had begun their business with 12 power looms in Ahmedabad in 1972. Today its one of the largest denim manufacturers. Their textile and petrochemicals verticals comprises of firms like Nandan Denim (incorporated in 1994), Vishal Fabrics, Chiripal Industries, CIL Nova Petrochemicals, Nandan Terry, Chiripal Poly Films Limited.
The company is also into real-estate and infrastructure development and also owns companies like Shanti Developers, Vraj Integrated Textile Park and Dholi Integrated Spinning Park.
The searches that began early Wednesday morning is currently under progress, officials added.
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/cities/surat/i-t-officials-search-premises-of-chiripal-group-seizes-rs-10-cr-8042264/ | 2022-07-20T21:47:38 | en | 0.966542 |
NEW YORK, July 20, 2022 /PRNewswire/ -- Genpact Limited (NYSE: G), a global professional services firm focused on delivering digital transformation, today announced that its board of directors has declared a cash dividend of $0.125 per common share for the third quarter of 2022. The dividend is payable on September 23, 2022, to shareholders of record as of the close of business on September 9, 2022. The declaration of any future dividends will be at the discretion of the board of directors.
Genpact (NYSE: G) is a global professional services firm that makes business transformation real. Led by our purpose – the relentless pursuit of a world that works better for people – we drive digital-led innovation and digitally enabled intelligent operations for our clients. Guided by our experience reinventing and running thousands of processes for hundreds of clients, many of them Global Fortune 500 companies, we drive real-world transformation at scale. We think with design, dream in digital, and solve problems with data and analytics. Combining our expertise in end-to-end operations and our AI-based platform, Genpact Cora, we focus on the details – all 100,000+ of us. From New York to New Delhi, and more than 30 countries in between, we connect every dot, reimagine every process, and reinvent the ways companies work. We know that reimagining each step from start to finish creates better business outcomes. Whatever it is, we'll be there with you – accelerating digital transformation to create bold, lasting results – because transformation happens here.
Statements in this press release regarding Genpact's intention to pay dividends on its common shares from time to time are forward-looking statements. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements. These include, among others, Genpact's cash flows from operations, general economic conditions, including the impact of the invasion of Ukraine by Russia and the related sanctions and other measures being implemented or imposed in response thereto, as well as any potential expansion or escalation of the conflict or its economic disruption beyond its current scope, wage increases in locations in which we have operations, our ability to attract and retain skilled professionals, general inflationary pressures and our ability to share increased costs with our clients, our ability to effectively price our services and maintain pricing and employee utilization rates, the impact of the COVID-19 pandemic on our business and financial condition, and other factors identified in our most recent Annual Report on Form 10-K and other reports filed with the SEC. Genpact undertakes no obligation to update any forward-looking statements that may be made from time to time by or on behalf of Genpact.
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SOURCE Genpact | https://www.ktre.com/prnewswire/2022/07/20/genpact-limited-board-declares-quarterly-cash-dividend/ | 2022-07-20T21:47:41 | en | 0.948037 |
A 19-year-old youth allegedly died by suicide in Valsad Tuesday, two days after taking National Eligibility-cum-Entrance Test (NEET) examinations as “he could not perform well” in the test, police said.
According to police, the deceased was identified as Ojas Prajapati, a resident of RM Dreams apartment, who hanged himself inside his room Tuesday night.
The incident came into light late on Tuesday night when his father Dharmendra Prajapati, a professor with Valsad Polytechnic college, woke up from his sleep and found his son’s bedroom door open and found Ojas hanging.
Police found a purported suicide note on the study table in the bedroom. In the note, Ojas mentioned that this was his second attempt at NEET and it did not go well, police said. “Ojas was depressed as he could not performed well in the exams. We have recovered a suicide note in which he had mentioned that nobody should be blamed for his act,” Valsad town police sub-inspector G I Parmar said.
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- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/cities/surat/student-dies-by-suicide-as-neet-exam-didnt-go-well-8042260/ | 2022-07-20T21:47:44 | en | 0.98989 |
PITTSBURGH, July 20, 2022 /PRNewswire/ -- The United Steelworkers (USW) today announced the publication of a new groundbreaking guide from its Health, Safety, and Environment Department. The book, "Bargaining for Stop Work Authority to Prevent Injuries and Save Lives," is the first and most comprehensive publication designed to help workers develop programs that allow them to stop unsafe or unhealthy operations and processes until hazards are resolved.
"The United Steelworkers is proud to issue this path-breaking guide," said USW International President Tom Conway. "OSHA does not require stop work authority, so it's up to us. This booklet will be an essential part of protecting workers' lives on the job."
The publication includes information on the importance of well-designed stop work authority programs and the pitfalls of ineffective programs that exist at many sites.
"The unfortunate reality is that flawed stop-work programs exist at many work sites, and this booklet will help to change that," Conway said. "In addition, workers often face challenges, including retaliation, in their efforts to stop unhealthy or unsafe work."
The guide provides model SWA collective bargaining language and checklists to help design the best SWA policies and procedures for industrial workplaces. Stop work authority is a mandatory subject of bargaining under the National Labor Relations Act.
Dr. David Michaels, former Assistant Secretary of Labor for Occupational Safety and Health in the Obama administration and currently a professor at the George Washington University School of Public Health, said the USW's guide can help prevent injuries, deaths and environmental devastation.
"It should be read and used by workers, safety committee members, union leaders, and safety professionals in a wide range of industries," Michaels said.
Debra Coyle, executive director of the New Jersey Work Environment Council, the nation's longest-standing state labor-environmental alliance, said that the guide can help protect workers and communities.
"By applying the guide's lessons and winning stop work authority, unions can better protect both their members and communities from chemical fires, explosions, toxic releases, and other dangers," Coyle said.
The 27-page publication can be found at www.usw.org/stopworkauthority. Users are free to print and distribute the publication for non-profit training and educational programs, providing they credit the United Steelworkers (USW).
About the authors:
Steve Sallman is the director of the United Steelworkers (USW) Health, Safety and Environment Department. Sallman, who has investigated numerous workplace injuries and fatalities, worked at the Bridgestone/Firestone plant in Des Moines, Iowa, for 13 years, where he served as the full-time union safety and health committee chairman for eight years. He also was a safety and health consultant with the Iowa Division of Labor-OSHA. Contact Sallman at ssallman@usw.org.
Rick Engler served as a member of the U.S. Chemical Safety and Hazard Investigation Board from 2015 to 2020 after being nominated by President Barack Obama and confirmed by the U.S. Senate. He was the founder of the Philadelphia Area Project on Occupational Safety and Health and the New Jersey Work Environment Council. Contact Engler at rickenglerpa@gmail.com.
The USW represents 850,000 workers employed in metals, mining, pulp and paper, rubber, chemicals, glass, auto supply and the energy-producing industries, along with a growing number of workers in health care, public sector, higher education, tech and service occupations.
Contact: Steve Sallman, (412) 562-2590, ssallman@usw.org
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SOURCE United Steelworkers (USW) | https://www.ktre.com/prnewswire/2022/07/20/groundbreaking-usw-guide-stop-work-authority-will-protect-workers/ | 2022-07-20T21:47:48 | en | 0.953799 |
Three men were arrested from Punagam area of Surat with 60 grams of Mephedrone Drug (MD) worth Rs 6 lakh that was said to be purchased from Mumbai, Surat Crime Branch officials said.
According to officials, they acted on a tip-off and intercepted a luxury car at Kangaroo Circle in Punagam area.
Police said that on questioning, the driver and two others in the car failed to give satisfactory answers.
Police then checked the vehicle and found 60 grams of MD packed in plastic pouch.
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All three persons were arrested and were identified as Azharuddin Bhayyat, a resident of Muglisara, Abdul Rehman Pathan, a resident of Variyavi Bazaar, Mohammed Harun a resident of Limbayat.
Joint police commissioner traffic and crime Sharad Singhal said, “The consignment belonged to Azharuddin who bought it from Mumbai to sell it at higher prices in Surat.”
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/cities/surat/three-held-surat-with-md-drug-worth-rs-6-lakh-8042268/ | 2022-07-20T21:47:50 | en | 0.977505 |
COLD SPRING HARBOR, N.Y., July 20, 2022 /PRNewswire/ -- Cold Spring Harbor Laboratory (CSHL) is at the forefront of using organoid technology to study and treat cancer. Organoids are tiny 3D clusters of cells that are miniature versions of patients' tumors. Now, CSHL Cancer Center Director David Tuveson and Matthew Weiss, a physician at Northwell Health, have found that pancreatic tumor organoids may help guide decisions about a patient's initial treatment before tumor-removal surgery. They piloted a rapid organoid screening test that can yield results in as early as a week.
Getting quick results is important because pancreatic cancer patients usually do best if they undergo chemotherapy to shrink their tumor prior to surgery, explains Lyudmyla Demyan, a lead author of the study. Demyan is a research fellow in Tuveson's lab and a surgeon at Northwell Health. If the first round of chemotherapy is not effective, the patient may be switched to a different regimen. But, Demyan says, "You've already lost that critical window of opportunity to treat cancer. You're kind of losing grip on it—it's spreading very quickly."
The new study is part of an effort to expand organoids' role in improving clinical care. "Organoids enable us to recreate and recapitulate each patient's tumor," explains Amber Habowski, a postdoctoral fellow in the Tuveson lab and another lead author of the study. "We then have a model system for each individual patient that we can test drugs on. The idea behind personalized medicine is that if the organoid responds really well, we can maybe predict the patient would also."
CSHL runs one of the largest cancer organoid facilities in the country, working on a wide range of cancers. Currently, it leads a clinical trial called Pancreatic Adenocarcinoma Signature Stratification for Treatment (PASS-01). It is evaluating personalized therapy based on how individual patients' organoids respond to different chemotherapy treatments. The new pilot test may further optimize personalized chemotherapy treatments. Demyan hopes she will be able to use the test one day soon to help her patients.
Founded in 1890, Cold Spring Harbor Laboratory has shaped contemporary biomedical research and education with programs in cancer, neuroscience, plant biology and quantitative biology. Home to eight Nobel Prize winners, the private, not-for-profit Laboratory employs 1,000 people including 600 scientists, students and technicians. For more information, visit www.cshl.edu
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SOURCE Cold Spring Harbor Laboratory | https://www.ktre.com/prnewswire/2022/07/20/how-organoids-can-guide-pancreatic-cancer-therapy/ | 2022-07-20T21:47:54 | en | 0.926349 |
Surat police Wednesday arrested two youths for allegedly stealing different materials from the bullet train project site near Bhatiya check post at Sachin.
According to a complaint lodged by security officer Dinesh Yadav July 10, some items were found missing from the work site.
On Wednesday morning, when Dinesh Yadav and other security guards were on night patrolling in the area they found four persons travelling on paddle rickshaw. Seeing the security guards, two people left the paddle rickshaw while two were caught. On checking the paddle rickshaw, 76 pieces support breakers, a jack and a channel worth Rs 24,000 were recovered.
Police arrested two suspects identified as Veerbahadur Hukumsinh Kevat, and Ramveer Nishad who said that two others of their friends involved the theft are identified as Subhash and Subham.
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- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/cities/surat/two-arrested-with-items-stolen-from-bullet-train-project-site-8042276/ | 2022-07-20T21:47:56 | en | 0.972969 |
DUBLIN, July 20, 2022 /PRNewswire/ -- Jazz Pharmaceuticals plc (Nasdaq: JAZZ) today announced that it will report its 2022 second quarter financial results on Wednesday, August 3, 2022, after the close of the U.S. financial markets. Company management will host a live audio webcast at 4:30 p.m. ET / 9:30 p.m. IST to discuss 2022 second quarter financial results and provide a business and financial update.
Interested parties may register for the call in advance here or via the Investors section of the Jazz Pharmaceuticals website at www.jazzpharmaceuticals.com. Please connect to the website prior to the start of the call to ensure adequate time for any software downloads that may be necessary.
A replay of the webcast will be available via the Investors section of the Jazz Pharmaceuticals website at www.jazzpharmaceuticals.com.
About Jazz Pharmaceuticals
Jazz Pharmaceuticals plc (Nasdaq: JAZZ) is a global biopharmaceutical company whose purpose is to innovate to transform the lives of patients and their families. We are dedicated to developing life-changing medicines for people with serious diseases – often with limited or no therapeutic options. We have a diverse portfolio of marketed medicines and novel product candidates, from early- to late-stage development, in neuroscience and oncology. Within these therapeutic areas, we are identifying new options for patients by actively exploring small molecules and biologics, and through innovative delivery technologies and cannabinoid science. Jazz is headquartered in Dublin, Ireland and has employees around the globe, serving patients in nearly 75 countries. For more information, please visit www.jazzpharmaceuticals.com and follow @JazzPharma on Twitter.
Investors:
Andrea N. Flynn, Ph.D.
Vice President, Head, Investor Relations
Jazz Pharmaceuticals plc
InvestorInfo@jazzpharma.com
Ireland +353 1 634 3211
U.S. +1 650 496 2717
Media Contact:
Kristin Bhavnani
Head of Global Corporate Communications
Jazz Pharmaceuticals plc
CorporateAffairsMediaInfo@jazzpharma.com
Ireland +353 1 637 2141
U.S. +1 215 867 4948
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SOURCE Jazz Pharmaceuticals plc | https://www.ktre.com/prnewswire/2022/07/20/jazz-pharmaceuticals-report-2022-second-quarter-financial-results-august-3-2022/ | 2022-07-20T21:48:01 | en | 0.883615 |
THE COMMON University Entrance Test for undergraduate courses (CUET-UG) registered 76.48 per cent attendance during the first phase of the exam held between July 15 and July 20, according to numbers shared by the National Testing Agency (NTA).
Bihar, with 84.35 per cent attendance, logged the highest turnout among registered aspirants, while Meghalaya registered the lowest with 11.28 per cent attendance. Total 1.91 lakh students out of 2.5 lakh allotted slots in the first phase took the exam, according to NTA data.
CUET-UG has so far taken place on July 15, 16, 19 and 20. In the second phase, it will be held on August 4, 5, 6, 7, 8, 10 and 20.
Apart from Meghalaya, where only 36 of the 319 candidates allotted dates in the first phase appeared in the exam, Arunachal Pradesh also registered low attendance (23.6 per cent), followed by Sikkim (41.34 per cent), and Mizoram (46.78 per cent).
Among the high attendance states were Uttar Pradesh (83.70 per cent), Delhi (82.69 per cent), Jharkhand (82.30 per cent), Haryana (80.6 per cent).
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/education/cuet-ug-first-phase-records-76-attendance-8042305/ | 2022-07-20T21:48:02 | en | 0.943734 |
LeanDNA is a leader in synchronizing priorities and execution across supply chain
AUSTIN, Texas, July 20, 2022 /PRNewswire/ -- LeanDNA, a leading cloud solution for supply chain execution, today announced the appointment of Jim Kanir as Chief Revenue Officer (CRO). Kanir's decades of experience leading sales teams and revenue strategies for enterprise software companies will support the company's mission to unlock sustainable and resilient supply chain practices that improve manufacturing output and productivity. Kanir will drive the go-to-market strategy, reporting to CEO Richard Lebovitz.
"Jim has demonstrated his value in accelerating growth for Zycus and Coupa, two leaders in enterprise software for the supply chain," said Richard Lebovitz, CEO of LeanDNA. "He is a strong leader who understands the huge market opportunity for LeanDNA to improve supply chain resilience."
Most recently, Kanir was Vice President of Sales for Zycus, the global leader in cognitive procurement software. Zycus includes an AI function that takes over tactical tasks and empowers procurement officers to focus on strategy. He was also CRO for ConnXus (acquired by Coupa), a supplier relationship management platform that simplifies the complexities of global supply chains.
"LeanDNA solves a targeted problem that is needed by every global company with a complex supply chain," said Kanir. "Supply chain leaders are under constant pressure to reduce inventory, manage shortages, and deliver to their customers. The digital transformation provided by LeanDNA empowers them to be agile enough to execute manufacturing plans amidst volatile demand and supply conditions."
About LeanDNA
LeanDNA is the leading provider in supply chain execution. This cloud-based platform synchronizes execution across the supply chain, empowering manufacturers to prioritize and collaborate to resolve critical material shortages and excesses. LeanDNA improves on-time delivery, productivity, and working capital; customers report an average 14% inventory reduction, 32% shortage reduction, and 18% improvement in on-time delivery in the first year. Learn more at leandna.com.
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SOURCE LeanDNA Inc | https://www.ktre.com/prnewswire/2022/07/20/jim-kanir-named-chief-revenue-officer-drive-growth-leandna/ | 2022-07-20T21:48:07 | en | 0.943672 |
On May 30, neighbours Wayajed Ali, 25, and Abdul Amin, 24, bade goodbye to their families in a village in Assam’s Bongaigaon district. A contractor promised the two — sons of daily wagers and school dropouts — “a job in Bengal”. But it was in neighbouring Arunachal Pradesh’s Itanagar that the duo landed up three days later. From there, they travelled another 400 km north to Damin in Kurung Kumey district that borders China, where they set up camp to work on a road construction project with 30 other men from Assam.
Ali’s father Bakkar Ali says he heard from his son all of three times after he left home – first when he reached Itanagar, then 15 days later from Damin, and finally on July 3, when he told his father he would return on July 5, in time for Eid on July 10.
But as the family waited on July 5, Bakkar says he got a call from the contractor that his son and others had “fled” the camp.
It’s a fortnight later. Apart from Ali and Amin, 17 other labourers working on the Border Roads Organisation’s (BRO) Sarli-Huri road construction project, about 90 km from the India-China border, remain “missing”. There is no mobile connectivity at Huri or Damin, leaving the families uncertain about what has happened to the 19 — among the youngest of whom is approximately 16, as per relatives.
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The Kurung Kumey district administration says that they first heard about the labourers who had “fled” on July 13, and launched a search operation immediately – to no avail.
Kurung Kumey Deputy Commissioner Nighee Bengia told The Indian Express that while a rescue team was already conducting a search operation, an SDRF team was on its way to Damin, and an IAF helicopter had been requisitioned.
“The route they took was through the jungle, there is no road there. The area is inhospitable, filled with deep gorges, steep hills, poisonous snakes and a river. That is why the rescue operation has been so difficult,” Bengia said.
The Deputy Commissioner added that it was normal for labourers to be brought from Assam and other states for big construction projects in Arunachal. Many tribes in the state do not engage in construction labour, he said.
On why the labourers decided to “escape”, Bengia said there was no clarity. “In the last few weeks, two subcontractors (who had got the labourers from Assam) went home, leaving the workers behind at the camp. There may have been a ration problem, or a financial problem… The contractor who pays money was not there for many days. Also, Eid was coming up,” the officer said. “But all this is speculation. We do not know why they left.”
Initial reports suggested that the men left after being denied leave for Eid. Some families claim the labourers were being threatened to stay. The district administration said reports on Tuesday that the body of one of the labourers had been found in a river had been found to be false.
The construction of the Sarli-Huri road began in May 2006, under Project Arunank of the BRO, and is now nearing completion.
A senior BRO official told The Indian Express that while the BRO hires labourers and carries out most of the work itself, it is routine to outsource some of the work to an external contractor to “expedite” the process. “In this case, it was the latter. The labourers who are missing do not report to the BRO. The entire operation on that stretch of the road — including the manpower, resources, machinery – was outsourced to a local contractor of Arunachal Pradesh. The BRO has no
role in this… the terms and conditions, pay, everything is between contractor and labourer,” he said.
However, the BRO officer admitted, there was no question that the sites were “difficult” to stay at. “There is no mobile or Internet connectivity, and it is common for labourers to head home in a month, no one wants to stay for long,” he said. “We do not know what transpired between the contractor and labourers in this case.”
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards. | https://indianexpress.com/article/north-east-india/assam/missing-for-15-days-assam-labourers-fled-border-road-project-kin-wait-for-answers-8042286/ | 2022-07-20T21:48:08 | en | 0.981276 |
CARMEL, Ind., July 20, 2022 /PRNewswire/ -- KAR Auction Services, Inc., d/b/a/ KAR Global (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, will release its second quarter 2022 financial results after the market closes on Tuesday, August 2, 2022.
KAR will also be hosting an earnings conference call and webcast on Wednesday, August 3, 2022, at 8:30 a.m. ET. The call will be hosted by KAR Chief Executive Officer Peter Kelly and Executive Vice President and Chief Financial Officer Eric Loughmiller. The conference call may be accessed by calling 1-877-300-8521 and entering participant passcode 10169145, while the live web cast will be available at the investor relations section of karglobal.com.
The archive of the webcast will also be available following the call and will be available at the investor relations section of karglobal.com for a limited time.
About KAR
KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR Global's unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in about 75 countries. Headquartered in Carmel, Indiana, KAR Global has employees across the United States, Canada, Europe, Mexico, Uruguay and the Philippines. For more information and the latest KAR Global news, go to www.karglobal.com and follow us on Twitter @KARspeaks.
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SOURCE KAR Auction Services | https://www.ktre.com/prnewswire/2022/07/20/kar-auction-services-inc-announce-second-quarter-2022-earnings/ | 2022-07-20T21:48:14 | en | 0.880592 |
Las Vegas Sands Reports Second Quarter 2022 Results
Published: Jul. 20, 2022 at 3:05 PM CDT|Updated: 2 hours ago
For the quarter ended June 30, 2022 (Compared to the quarter ended June 30, 2021)
– Pandemic-Related Restrictions and Reduced Visitation Continue to Impact The Company's Financial Results
– Recovery in Singapore Accelerated During the Quarter, with Marina Bay Sands Delivering Adjusted Property EBITDA of $319 Million
– Ongoing Investments in Capacity Expansion and Enhancement of Property Portfolio Position the Company for Future Growth
– Safety and Security of Team Members and Guests and Support for Local Communities Remain Fundamental to Our Efforts
LAS VEGAS, July 20, 2022 /PRNewswire/ -- Las Vegas Sands Corp. (NYSE: LVS), the world's leading developer and operator of convention-based Integrated Resorts, today reported financial results for the quarter ended June 30, 2022.
"While pandemic-related restrictions continued to impact our financial results this quarter, we were pleased to see the recovery in Singapore accelerate during the quarter, with Marina Bay Sands delivering $319 million in adjusted property EBITDA. We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to both Singapore and Macao," said Robert G. Goldstein, chairman and chief executive officer. "We also remain steadfast in our commitment to supporting our team members and to helping those in need in each of our local communities as they recover from the impact of the pandemic."
"We remain confident in the recovery of travel and tourism spending across our markets. Demand for our offerings from customers who have been able to visit remains robust, while pandemic-related travel restrictions continue to limit visitation and hinder our current financial performance."
"Our industry-leading investments in our team members, our communities, and our Integrated Resort property portfolio position us exceedingly well to deliver future growth as travel restrictions subside and the recovery comes to fruition. We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets."
Net revenue was $1.05 billion, compared to $1.17 billion in the prior year quarter. Operating loss was $147 million, compared to $139 million in the prior year quarter. Net loss from continuing operations in the second quarter of 2022 was $414 million, compared to $280 million in the second quarter of 2021.
Consolidated adjusted property EBITDA was $209 million, compared to $244 million in the prior year quarter.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased to $368 million, compared to $849 million in the second quarter of 2021. Net loss for SCL was $422 million, compared to $166 million in the second quarter of 2021.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $162 million for the second quarter of 2022, compared to $158 million in the prior year quarter. Our weighted average borrowing cost in the second quarter of 2022 was 4.3% compared to 4.4% during the second quarter of 2021, while our weighted average debt balance increased compared to the prior year quarter due to borrowings of $951 million under the SCL Credit Facility in the last year.
Our income tax expense for the second quarter of 2022 was $110 million, compared to income tax benefit of $6 million in the prior year quarter. The income tax expense for the second quarter of 2022 was primarily driven by a 17% statutory rate on the increased profits of our Singapore operations.
Balance Sheet Items
Unrestricted cash balances as of June 30, 2022 were $6.45 billion.
The company has access to $2.96 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.
As of June 30, 2022, total debt outstanding, excluding finance leases and financed purchases, was $15.35 billion.
Capital Expenditures
Capital expenditures during the second quarter totaled $198 million, including construction, development and maintenance activities of $97 million at Marina Bay Sands, $67 million in Macao, and $34 million in Corporate and Other.
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Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, July 20, 2022 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.
Sands is the world's preeminent developer and operator of world-class Integrated Resorts.
Our iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make our host regions ideal places to live, work and visit.
Sands is dedicated to being a leader in corporate responsibility, anchored by our core tenets of serving people, planet and communities. Our ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America and recognition as one of Fortune's World's Most Admired Companies. To learn more, visit www.sands.com.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to: the uncertainty of the extent, duration and effects of the COVID-19 pandemic and the response of governments and other third parties, including government-mandated property closures, vaccine mandates, regular testing requirements, other increased operational regulatory requirements or travel restrictions, on our business, results of operations, cash flows, liquidity and development prospects; risks relating to our gaming license and subconcession, including the extension of our subconcession in Macao that expires on December 31, 2022, the grant of any new concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics, or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, execute our previously announced capital expenditure programs in both Macao and Singapore, and produce future returns; new development, construction and ventures; government regulation; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; benchmark interest rate transitions for some of our debt instruments; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loans receivable; legal proceedings, judgments or settlements that may be instituted in connection with the sale of our Las Vegas real property and operations; and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such statements and information.
Within the company's second quarter 2022 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income (loss)," "adjusted earnings (loss) per diluted share," and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures along with "adjusted property EBITDA margin," "hold-normalized adjusted property EBITDA," "hold-normalized adjusted property EBITDA margin," "hold-normalized adjusted net income (loss)," and "hold-normalized adjusted earnings (loss) per diluted share." The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.
The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance. These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.
Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding certain nonrecurring corporate expenses, pre-opening expense, development expense, gain or loss on disposal or impairment of assets, loss on modification or early retirement of debt, other income or expense and income (loss) from discontinued operations, net of income tax. Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP measures are considered by many as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) from continuing operations before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their casinos on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal payments and income tax payments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.
Hold-normalized adjusted property EBITDA, a supplemental non-GAAP financial measure, that, in addition to the aforementioned reasons for the presentation of consolidated adjusted property EBITDA, is presented to adjust for the impact of certain variances in table games' win percentages, which can vary from period to period. Hold-normalized adjusted property EBITDA is based on applying a Rolling Chip win percentage of 3.30% to the Rolling Chip volume for the quarter if the actual win percentage is outside the expected range of 3.15% to 3.45% for our Macao and Singapore properties. We do not present adjustments for Non-Rolling Chip drop for our table games play or for slots at our Macao and Singapore properties. Hold-normalized adjusted property EBITDA is also adjusted for the estimated gaming taxes, commissions paid, bad debt expense, discounts and other incentives that would have been incurred when applying the win percentages noted above to the respective gaming volumes. The hold-normalized adjusted property EBITDA measure presents a consistent measure for evaluating the operating performance of our properties from period to period.
Hold-normalized adjusted net income (loss) and hold-normalized adjusted earnings (loss) per diluted share are additional supplemental non-GAAP financial measures that, in addition to the aforementioned reasons for the presentation of adjusted net income (loss) and adjusted earnings (loss) per diluted share, are presented to adjust for the impact of certain variances in table games' win percentages, which can vary from period to period.
The company may also present the above items on a constant currency basis. This information is a non-GAAP financial measure that is calculated by translating current quarter local currency amounts to U.S. dollars based on prior period exchange rates. These amounts are compared to the prior period to derive non-GAAP constant-currency growth/decline. Management considers non-GAAP constant-currency growth/decline to be a useful metric to investors and management as it allows a more direct comparison of current performance to historical performance.
The company also makes reference to adjusted property EBITDA margin and hold-normalized adjusted property EBITDA margin, which are calculated using the aforementioned non-GAAP financial measures.
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.ktre.com/prnewswire/2022/07/20/las-vegas-sands-reports-second-quarter-2022-results/ | 2022-07-20T21:48:20 | en | 0.949876 |
Company again received a top score on the Disability Equality Index
ST. LOUIS, July 20, 2022 /PRNewswire/ -- For the eighth year in a row, Ameren Corporation (NYSE: AEE) has earned a 100 score on the Disability Equality Index, recognizing its programs and policies that promote inclusion for Ameren employees, customers and suppliers with disabilities.
The Disability Equality Index is the world's most comprehensive benchmarking tool for Fortune 1000 companies to measure disability workplace inclusion. It tracks how a company promotes inclusivity for those with disabilities with regard to culture and leadership, access, benefits, recruitment, employment, education, retention and advancement, accommodations, community engagement and supplier diversity.
"We know that a culture that truly values diversity and fosters equity and inclusion is critical to our ability to fulfill our mission – to power the quality of life for our customers and in our communities," said Gwen Mizell, vice president and chief sustainability and diversity officer at Ameren. "We are intentional about providing opportunities that enable all our co-workers to grow and develop in their careers at Ameren."
Ameren has several programs in place to create a successful work environment for employees with disabilities, as well as support those with disabilities in the community:
- An employee resource group, Powering Connections for All Abilities (PCAA), to support fellow employees with disabilities and help advise the company on accommodations.
- Partnership with Starkloff Disability Institute to provide educational programming and advise on inclusivity at Ameren.
- Collaboration with Cool Down St. Louis to provide free air conditioners to community members with disabilities.
In addition, the company seeks advice from co-workers when considering updates to their facilities. This includes input from Andrew Niebrugge, supervisor, Engineering Support at Ameren Illinois, who was paralyzed in an accident when he was 16 years old.
"When I was first hired at Ameren, I felt like I instantly belonged here," said Niebrugge. "They invited me to come into the location and had me go around and point out things that may need to change for my needs, and before we got into this building, it all was done, and I was able to roam around freely. I've always felt included here at Ameren. I've always been treated like the person next to me."
In 2022, 415 corporations completed the Disability Equality Index. Each company received a score, on a scale of zero to 100, with those earning 80 and above recognized as a "Best Place to Work for Disability Inclusion." Ameren has earned this distinction for the last eight years.
"There is no single best way to practice disability inclusion, however, the companies participating in the DEI survey, share the desire to create a workplace that fosters the concept of bringing your whole self to the office," said Maria Town, president and CEO of the American Association of People with Disabilities. "We look forward to working with all of the participants to help identify meaningful ways to build upon their current practices as we continue on the disability inclusion journey together."
About the Disability Equality Index®
The Disability Equality Index (DEI) is a comprehensive benchmarking tool that helps companies build a roadmap of measurable, tangible actions that they can take to achieve disability inclusion and equality. Each company receives a score, on a scale of zero (0) to 100, with those earning 80 and above recognized as a "Best Place to Work for Disability Inclusion."
The DEI is a joint initiative of the American Association of People with Disabilities (AAPD), the nation's largest disability rights organization, and Disability:IN, the global business disability inclusion network, to collectively advance the inclusion of people with disabilities. The organizations are complementary and bring unique strengths that make the project relevant and credible to corporations and the disability community. The DEI Advisory Committee, a diverse group of business leaders, policy experts, and disability advocates, developed the Disability Equality Index. Learn more at: www.DisabilityEqualityIndex.org.
Opportunities at Ameren
Ameren is an industry-leading and innovative Fortune 500 company that is a vital part of the communities it serves, building a sustainable energy future for generations to come. Ameren currently has more than 700 open positions in Missouri and Illinois, including opportunities in IT, supply chain, human resources, skilled craft and engineering. Learn more about Ameren's job openings and comprehensive total rewards package at Ameren.com/Careers.
About Ameren Corporation
St. Louis-based Ameren Corporation powers the quality of life for 2.4 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric transmission and distribution service and natural gas distribution service. Ameren Missouri provides electric generation, transmission and distribution services, as well as natural gas distribution service. Ameren Transmission Company of Illinois operates a rate-regulated electric transmission business in the Midcontinent Independent System Operator, Inc. For more information, visit Ameren.com, or follow us on Twitter at @AmerenCorp, Facebook.com/AmerenCorp, or LinkedIn.com/company/Ameren.
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SOURCE Ameren Corporation | https://www.ktre.com/prnewswire/2022/07/20/leaders-inclusive-workplaces-recognize-ameren-disability-inclusion/ | 2022-07-20T21:48:26 | en | 0.952336 |
Award reflects company's consistent level of customer service
FRESNO, Calif., July 20, 2022 /PRNewswire/ -- Lee's Air, Plumbing, & Heating is proud to announce that it has earned the home service industry's coveted Angi Super Service Award (SSA). This award honors service professionals who have maintained high service ratings and reviews on Angi in 2021.
"These outstanding businesses have helped homeowners not only maintain their homes, but also evolve them into spaces that can handle life, work, school and entertainment under one roof," said Bryan Ellis, senior executive at Angi. "Our homeowners' consistent positive reviews make it clear: these are the top pros in our network. Congratulations to this year's Super Service Award winners."
Angi Super Service Award 2021 winners have met eligibility requirements. Pros on Angi qualify for the award by obtaining 3 or more services-performed reviews in the previous year, maintaining a current and lifetime GPA of at least 4+ stars. The SSA winners must be in good standing with Angi and have undergone our verification/screening
"Serve people: our customers, our co-workers, our community; and have fun doing it."
Lee's Air, Plumbing, & Heating has been on Angi since 2006. This is the fifth year Lee's Air, Plumbing, & Heating has received this honor.
Service company ratings are updated continually on Angi as new, verified consumer reviews are submitted. Companies are rated in multiple fields ranging from price to professionalism to punctuality.
For over two decades Angi has been a trusted name for connecting consumers to top-rated service professionals. Angi provides unique tools and support designed to improve the local service experience for both consumers and service professionals.
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Lee's Air, Plumbing, & Heating has been servicing Central and Northern California for over 40 years. Through our continuous search for talented, passionate individuals, we've grown significantly since our humble beginnings in 1981. However, although we've grown in size, we've always been committed to being service experts.
We've always tried to be a solution to your home services problems, and we've been incredibly successful in doing so. Our people are our solution. Visit www.leesair.com for more information. CL#635355
For more information please contact us at 559-384-1017
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SOURCE Lee's Air, Plumbing, & Heating | https://www.ktre.com/prnewswire/2022/07/20/lees-air-plumbing-amp-heating-earns-2021-angi-super-service-award/ | 2022-07-20T21:48:33 | en | 0.957903 |
NEW YORK, July 20, 2022 /PRNewswire/ --
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of LMP Automotive Holdings, Inc. (NASDAQ: LMPX) between June 29, 2021 and May 19, 2022, both dates inclusive (the "Class Period") of the important July 26, 2022 lead plaintiff deadline.
SO WHAT: If you purchased LMP securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the LMP class action, go to https://rosenlegal.com/submit-form/?case_id=6635 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 26, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) LMP engaged in the improper identification and elimination of intercompany transactions; (2) LMP used incorrect estimates for chargeback reserves for finance and insurance products; (3) LMP had misclassified certain items in its financial statements which impacting balance sheet and income statement financial statement captions; (4) there were material weaknesses in LMP's internal control over financial reporting; (5) as a result of the foregoing, LMP overstated its revenue; (6) as a result of the foregoing, LMP would restate certain of its previously issued financial statements and results; and (7) as a result of the foregoing, defendants' positive statements about LMP'S business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the LMP class action, go to https://rosenlegal.com/submit-form/?case_id=6635 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
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SOURCE Rosen Law Firm, P.A. | https://www.ktre.com/prnewswire/2022/07/20/lmpx-final-deadline-alert-rosen-leading-investor-rights-law-firm-encourages-lmp-automotive-holdings-inc-investors-with-losses-secure-counsel-before-important-july-26-deadline-securities-class-action-lmpx/ | 2022-07-20T21:48:39 | en | 0.919394 |
LOS ANGELES, July 20, 2022 /PRNewswire/ -- Mercury General Corporation (NYSE: MCY) reported today that after the markets close on Tuesday, August 2, 2022, the Company will issue an earnings press release reporting its results for the second quarter of 2022, and will also file its quarterly report on Form 10-Q with the Securities and Exchange Commission. The earnings press release should be read in conjunction with the Company's quarterly report on Form 10-Q.
Mercury General Corporation and its subsidiaries are a multiple line insurance organization offering predominantly personal automobile and homeowners insurance through a network of independent producers and direct-to-consumer sales in many states. For more information, visit the Company's website at http://www.mercuryinsurance.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Certain statements contained in this press release are forward-looking statements based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the Company) and are subject to change based upon various factors, including but not limited to the following risks and uncertainties: changes in the demand for the Company's insurance products, inflation and general economic conditions, including general market risks associated with the Company's investment portfolio; the accuracy and adequacy of the Company's pricing methodologies; catastrophes in the markets served by the Company; uncertainties related to estimates, assumptions and projections generally; the possibility that actual loss experience may vary adversely from the actuarial estimates made to determine the Company's loss reserves in general; the Company's ability to obtain and the timing of the approval of premium rate changes for insurance policies issued in the states where it operates; legislation adverse to the automobile insurance industry or business generally that may be enacted in the states where the Company operates; the Company's success in managing its business in non-California states; the presence of competitors with greater financial resources and the impact of competitive pricing and marketing efforts; the Company's ability to successfully manage its claims organization outside of California; the Company's ability to successfully allocate the resources used in the states with reduced or exited operations to its operations in other states; changes in driving patterns and loss trends; acts of war and terrorist activities; pandemics, epidemics, widespread health emergencies, or outbreaks of infectious diseases; court decisions and trends in litigation and health care and auto repair costs; and legal, cybersecurity, regulatory and litigation risks. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. For a more detailed discussion of some of the foregoing risks and uncertainties, see the Company's filings with the Securities and Exchange Commission.
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SOURCE Mercury General Corporation | https://www.ktre.com/prnewswire/2022/07/20/mercury-general-corporation-report-second-quarter-results-august-2-2022/ | 2022-07-20T21:48:46 | en | 0.935012 |
SAN DIEGO, July 20, 2022 /PRNewswire/ -- Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical-stage targeted oncology company, will announce financial results for the second quarter of 2022 along with recent corporate updates on August 3, 2022. During a conference call at 4:30 p.m. ET / 1:30 p.m. PT on August 3, company executives will provide company updates and review financial results.
Investors and the general public are invited to listen to a live webcast of the call at the "Investors and Media" section on Mirati.com or by dialing the U.S. toll free +1 313-209-4906 or international +1 877-502-9276, confirmation code: 1791105. A replay of the call will be available approximately 2 hours after the event has ended at the same website.
Mirati Therapeutics, Inc. is a clinical-stage biotechnology company whose mission is to discover, design and deliver breakthrough therapies to transform the lives of patients with cancer and their loved ones. The company is relentlessly focused on bringing forward therapies that address areas of high unmet medical need, including lung cancer, and advancing a pipeline of novel therapeutics targeting the genetic and immunological drivers of cancer. Unified for patients, Mirati's vision is to unlock the science behind the promise of a life beyond cancer. For more information about Mirati, visit us at Mirati.com or follow us on Twitter, LinkedIn and Facebook.
This press release contains forward-looking statements regarding the business of Mirati Therapeutics, Inc. ("Mirati"). Any statement describing Mirati's goals, expectations, financial or other projections, intentions or beliefs, development plans and the commercial potential of Mirati's drug development pipeline, including without limitation adagrasib (selective KRASG12C inhibitor), sitravatinib (TAM receptor inhibitor), MRTX1719 (MTA cooperative PRMT5 inhibitor), MRTX1133 (selective KRASG12D inhibitor), and MRTX0902 (SOS1 inhibitor), is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to risks and uncertainties, particularly those challenges inherent in the process of discovering, developing and commercialization of new drug products that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs.
Mirati's forward-looking statements also involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although Mirati's forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by Mirati. As a result, you are cautioned not to rely on these forward-looking statements. These and other risks concerning Mirati's programs are described in additional detail in Mirati's quarterly reports on Form 10-Q and annual reports on Form 10-K, which are on file with the U.S. Securities and Exchange Commission (the "SEC") available at the SEC's Internet site (www.sec.gov). Mirati assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.
Investor Relations: ir@mirati.com
Media Relations: media@mirati.com
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SOURCE Mirati Therapeutics, Inc. | https://www.ktre.com/prnewswire/2022/07/20/mirati-therapeutics-report-second-quarter-2022-financial-results-recent-corporate-updates/ | 2022-07-20T21:48:53 | en | 0.930552 |
CHAPEL HILL, N.C., July 20, 2022 /PRNewswire/ -- After careful consideration, and at the recommendation of Morgan Creek Capital Management, LLC, the investment adviser to Morgan Creek - Exos SPAC Originated ETF (the "Fund"), the Board of Trustees of Listed Funds Trust approved the closing and subsequent liquidation of the Fund pursuant to the terms of a Plan of Liquidation. Accordingly, the Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders of record on or about August 18, 2022 (the "Liquidation Date"). Shares of the Fund are listed on the NYSE Arca, Inc.
Beginning on or about July 21, 2022 and continuing through the Liquidation Date, the Fund will liquidate its portfolio assets. As a result, during this period, the Fund will increase its cash holdings and deviate from its investment objective, investment strategies, and investment policies as stated in the Fund's Prospectus and SAI.
The Fund will no longer accept orders for new creation units after the close of business on the business day prior to the Liquidation Date, and trading in shares of the Fund will be halted prior to market open on the Liquidation Date. Prior to the Liquidation Date, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for the Fund's shares during that time period. Customary brokerage charges may apply to such transactions.
If no action is taken by a Fund shareholder prior to the Liquidation Date, the Fund will distribute to such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal to the net asset value of the shareholder's Fund shares as of the close of business on the Liquidation Date. This amount will include any accrued capital gains and dividends. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. The liquidating cash distribution to shareholders will be treated as payment in exchange for their shares. The liquidation of shares may be treated as a taxable event. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation.
Shareholders can call 1-855-857-2677 for additional information.
Details are posted at www.morgancreekcap.com
Contact: ir@morgancreekcap.com
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SOURCE MORGAN CREEK CAPITAL MANAGEMENT/DUKAS PUBLIC RELATIONS | https://www.ktre.com/prnewswire/2022/07/20/morgan-creek-exos-spac-originated-etf-spxz-announces-it-will-be-winding-down-august-2022/ | 2022-07-20T21:48:59 | en | 0.936381 |
NEW ORLEANS, July 20, 2022 /PRNewswire/ -- Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF") are investigating the proposed merger of NEOGEN Corporation ("the Company") (NasdaqGS: NEOG) with 3M (NYSE: MMM) pursuant to which shareholders of NEOGEN will own only approximately 49.9% of the combined company. KSF is seeking to determine whether the merger and the process that led to it are adequate, or whether the merger undervalues the Company.
If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn (lewis.kahn@ksfcounsel.com) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nasdaqgs-neog/ to learn more.
To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
1100 Poydras St., Suite 3200
New Orleans, LA 70163
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England v Spain LIVE: Lionesses take the lead in extra-time during quarter-final show down.
Euro / Matchday 1
Amex Stadium / 20.07.2022
- E. Toone(83')
- G. Stanway(96')
- E. González(54')
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THANK YOU FOR HANGING OUT WITH US TONIGHT!
And we apologise for the technical issues. If you'd like to know what happened in the first half, you are of course most welcome to have a look at our match report.
Stanway screamer in extra-time sends England into semi-finals
FT
CONGRATULATIONS ENGLAND!
WHAT.A.GAME.
120'+4'
THAT'S THE WHISTLE!!!!!
England are through to the semi-finals of the Women's Euro 2022, and Sarina Wiegman is having a LOVELY time, right now.
England are through to the semi-finals of the Women's Euro 2022, and Sarina Wiegman is having a LOVELY time, right now.
120'+2
GREENWOOD FOULED
That was a reckless tackle as Alex Greenwood takes a boot to the face. England will make the most of it, nonetheless, as we make our way through four minutes of added time.
116'
SUBSTITUTION FOR ENGLAND
Nikita Parris is coming on now, as is Jill Scott - an absolute England legend. Keira Walsh is coming off, which isn't great as a fairly last-minute sub, herself. Lauren Hemp also makes way.
113'
COME ON ENGLAND!
We just.need.to.hang.on.in.there. for another seven minutes. Everyone looks knackered, cramps are setting in - a lot can happen in seven minutes.
106'
IS NOW THE TIME TO SAY...
I don't like the font on the back of those England shirts? Anyway, we're back under way here - the final half of extra-time.
105'
TENSE AS ANYTHING
This looks to me like the bit where people start making mistakes, but England are 2-1 up and 15 minutes away from the semi-final, as we finish the first half of extra-time.
100'
SUBSTITUTION FOR SPAIN
Caldentay off, Sarriegi on.
96'
GOOOOOAAAALLLLL! A SCREAMER FOR STANWAY!
An absolute belter there from Georgia Stanway who strikes from just outside the area and whips the ball into the net. Beautiful goal.
95'
ENGLAND LOOK LIKE THEY MEAN BUSINESS
The Lionesses are enjoying a period of pressing forward and keeping possession now, and I'm here for it. These subs have really shaken up the game - again.
ET
U OK HUN?
Not really, no.
ET
RUSSO MAKES A HUGE IMPACT
She has been very impressive in this tournament - certainly these fans think so!
'She should start' - Fans call for England to start Russo against Spain
90'+5
THERE'S THE WHISTLE!
And now to extra-time. We are 1-1 after 90 minutes, and will play another 30 here in Brighton.
90'+1
FIVE MINUTES OF ADDED TIME TO PLAY
Can England wrap it up? They seem energised now.
90'
GO ON THEN !
Here it is again.
88'
SCENES!!!
Rodriguez, the Spanish substitute goalie, just got a yellow card FROM THE BENCH for getting lairy about the lack of reprimand for a very normal challenge against Paredes.
87'
SPAIN AREN'T HAPPY
They think Paredes was fouled, ALAS, that was a pretty standard challenge.
84'
GOAL!!!!!! ELLA TOOOOOOOONE!
Ella Toone gives England a fighting chance! THE CROWD GOES WILD - ELLA TOOOOOOOOOONE!
82'
SUBSTITUTION FOR ENGLAND!
Alex Greenwood on, Rachel Daly off, now. | https://www.eurosport.com/football/uefa-women-s-championship/2022/live-england-spain_mtc1321467/live-commentary.shtml | 2022-07-20T21:49:11 | en | 0.921918 |
SUGAR LAND, Texas, July 20, 2022 /PRNewswire/ -- Noble Corporation (NYSE: NE) today announced plans to report financial results for the second quarter 2022 on Monday, August 8, 2022, after the close of trading on the New York Stock Exchange. The Company's press release will be available on the Noble website at www.noblecorp.com.
Noble will host a conference call related to its second quarter 2022 results on Tuesday, August 9, 2022, at 8:00 a.m. U.S. Central Time. Interested parties may dial +1 929-203-0901 and refer to conference ID 31391 approximately 15 minutes prior to the scheduled start time. Alternatively, a live webcast link will be available on the Investor Relations section of the Company's website. A webcast replay will be accessible for a limited time following the scheduled call.
Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. Additional information on Noble is available at www.noblecorp.com.
Investors and others should note that we may announce material information using Securities and Exchange Commission filings, press releases, public conference calls, webcasts, and the "Investor" section of our website. In the future, we will continue to use these channels to distribute material information about the company and to communicate important information about the company, key personnel, corporate initiatives, regulatory updates, and other matters. Information that we post on our website could be deemed material; therefore, we encourage investors, the media, our customers, business partners and others interested in our company to review the information we post on our website.
For additional information, visit www.noblecorp.com or email investors@noblecorp.com
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SOURCE Noble Corporation | https://www.ktre.com/prnewswire/2022/07/20/noble-corporation-announce-second-quarter-2022-results/ | 2022-07-20T21:49:12 | en | 0.910107 |
TULSA, Okla., July 20, 2022 /PRNewswire/ -- The board of directors of ONEOK, Inc. (NYSE: OKE) today declared a quarterly dividend of 93.5 cents per share, unchanged from the previous quarter, resulting in an annualized dividend of $3.74 per share.
The dividend is payable Aug. 15, 2022, to shareholders of record at the close of business Aug. 1, 2022.
ONEOK, Inc. (pronounced ONE-OAK) (NYSE: OKE) is a leading midstream service provider and owner of one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Rocky Mountain, Mid-Continent and Permian regions with key market centers and an extensive network of natural gas gathering, processing, storage and transportation assets.
ONEOK is a FORTUNE 500 company and is included in the S&P 500.
For the latest news about ONEOK, find us at www.oneok.com or on LinkedIn, Facebook, Twitter and Instagram.
Some of the statements contained and incorporated in this news release are forward-looking statements as defined under federal securities laws. The forward-looking statements relate to our anticipated financial performance (including projected levels of quarterly and annual dividends), liquidity, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under federal securities laws and other applicable laws.
Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "guidance," "intend," "may," "might," "plan," "potential," "project," "scheduled," "should," "will," "would" and other words and terms of similar meaning.
One should not place undue reliance on forward-looking statements. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, markets, products, services and prices. These and other risks are described in greater detail in Item 1A, Risk Factors, in our most recent Annual Report on Form 10-K and in the other filings that we make with the Securities and Exchange Commission (SEC), which are available on the SEC's website at www.sec.gov. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Any such forward-looking statement speaks only as of the date on which such statement is made, and, other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.
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SOURCE ONEOK, Inc. | https://www.ktre.com/prnewswire/2022/07/20/oneok-declares-quarterly-dividend/ | 2022-07-20T21:49:19 | en | 0.949322 |
Highlights:
Net Income: $10.7 million
Revenue: $23.0 million for Q2 2022
Total Assets: $1.99 billion, decreased 6.8% over December 31, 2021
Total Loans: $1.55 billion, increased 4.3% over December 31, 2021
Total Deposits: $1.61 billion, decreased 9.2% over December 31, 2021
WASHINGTON TOWNSHIP, N.J., July 20, 2022 /PRNewswire/ -- Parke Bancorp, Inc. ("Parke Bancorp" or the "Company") (NASDAQ: "PKBK"), the parent company of Parke Bank, announced its operating results for the quarter ended June 30, 2022.
Highlights for the three and six months ended June 30, 2022:
- Net income available to common shareholders was $10.7 million, or $0.90 per basic common share and $0.88 per diluted common share, for the three months ended June 30, 2022, a decrease of $19.0 thousand, or 0.2%, compared to net income available to common shareholders of $10.8 million, or $0.90 per basic common share and $0.89 per diluted common share, for the same quarter in 2021. The decrease is primarily driven by lower net interest income and increased loan loss provision, partially offset by higher non-interest income.
- Net interest income decreased 0.6% to $18.0 million for the three months ended June 30, 2022, compared to $18.1 million for the same period in 2021.
- Provision for loan losses increased $350.0 thousand for the three months ended June 30, 2022. There was no provision for loan losses recorded for the same period in 2021.
- Non-interest income increased $420.0 thousand, or 20.1%, to $2.5 million for the three months ended June 30, 2022, compared to $2.1 million for the same period in 2021.
- Net income available to common shareholders was $20.8 million, or $1.75 per basic common share and $1.71 per diluted common share, for the six months ended June 30, 2022, an increase of $643.0 thousand, or 3.2%, compared to net income available to common shareholders of $20.2 million, or $1.70 per basic common share and $1.67 per diluted common share, for the same period in 2021. The increase is primarily driven by higher non-interest income, an increase in net interest income, and reduced loan loss provision.
- Net interest income increased 0.5% to $35.1 million for the six months ended June 30, 2022, compared to $34.9 million for the same period in 2021.
- Non-interest income increased $261.0 thousand, or 6.0%, to $4.6 million for the six months ended June 30, 2022, compared to $4.3 million for the same period in 2021.
- Provision for loan losses decreased $150.0 thousand to $350.0 thousand for the six months ended June 30, 2022, compared to $500.0 thousand for the same period in 2021.
The following is a recap of the significant items that impacted the three and six months ended June 30, 2022:
Interest income decreased $861.0 thousand for the second quarter of 2022 compared to the same period in 2021, primarily due to a decrease in early loan payoff fees collected, as well as a decrease in fees earned from the Paycheck Protection Program ("PPP"), partially offset by an increase in interest earned on average deposits held at the Federal Reserve Bank ("FRB"). The increase in interest earned on average deposits was attributable to higher interest rates. For the six months ended June 30, 2022, interest income decreased $1.8 million from the same period in 2021, primarily driven by lower average loan balances, as well as a decrease in fees earned from the PPP, partially offset by higher interest rates on average deposits held in the FRB.
Interest expense decreased $752.0 thousand for the three months ended June 30, 2022, compared to the same period in 2021, primarily due to lower outstanding deposit balances. For the six months ended ended June 30, 2022, interest expense decreased $2.0 million, driven by lower outstanding deposit and borrowing balances.
The provision for loan losses increased $350.0 thousand for the three months ended June 30, 2022, compared to the same period in 2021, as a result of an increase in loan balances. For the six months ended June 30, 2022, the provision for loans losses decreased $150.0 thousand from the same period in 2021.
Non-interest income increased $420.0 thousand and $261.0 thousand for the three and six months ended June 30, 2022, respectively, compared to the same periods in 2021, primarily as a result of an increase in gain on sale of OREO assets as well as an increase in loan fees.
Income tax expense increased $56.0 thousand for the second quarter 2022 and $216.0 thousand for the six months ended June 30, 2022, respectively, compared to the same periods in 2021. The effective tax rate for the three and six months ended June 30, 2022 was 25.6% and 25.4%, respectively, compared to 25.3% and 25.3% for the same periods in 2021.
June 30, 2022 discussion of financial condition
- Total assets decreased to $1.99 billion at June 30, 2022, from $2.14 billion at December 31, 2021, a decrease of $146.1 million, or 6.8%, primarily due to a decrease in cash and cash equivalents attributed to a decrease in deposits, partially offset by an increase in loans receivable.
- Cash and cash equivalents totaled $393.2 million at June 30, 2022, as compared to $596.6 million at December 31, 2021.
- The investment securities portfolio decreased to $20.6 million at June 30, 2022, from $23.3 million at December 31, 2021, a decrease of $2.6 million, or 11.3%, primarily due to pay downs of securities as well as lower security valuations due to an increase in market interest rates.
- Gross loans increased to $1.55 billion at June 30, 2022, from $1.48 billion at December 31, 2021, an increase of $63.3 million or 4.3%.
- Nonperforming loans at June 30, 2022 decreased to $3.9 million, representing 0.25% of total loans, a decrease of $0.4 million, from $4.3 million of nonperforming loans at December 31, 2021. OREO at June 30, 2022 was zero, compared to $1.7 million at December 31, 2021. Nonperforming assets (consisting of nonperforming loans and OREO) represented 0.19% and 0.28% of total assets at June 30, 2022 and December 31, 2021, respectively. Loans past due 30 to 89 days were $14.6 million at June 30, 2022, an increase of $14.2 million from December 31, 2021, and was driven by two commercial real estate ("CRE") non-owner occupied loans.
- The allowance for loan losses was $30.4 million at June 30, 2022, as compared to $29.8 million at December 31, 2021. The ratio of the allowance for loan losses to total loans was 1.97% and 2.01% at June 30, 2022 and at December 31, 2021, respectively. The ratio of allowance for loan losses to non-performing loans was 786.6% at June 30, 2022, compared to 692.8%, at December 31, 2021.
- Total deposits were $1.61 billion at June 30, 2022, down from $1.77 billion at December 31, 2021, a decrease of $162.1 million or 9.2% compared to December 31, 2021. The decrease in deposits was attributed to a decrease in non-interest demand deposits of $100.5 million, and time deposits of $85.2 million, partially offset by increases of $21.4 million and $7.6 million in savings and money market deposits, respectively.
- Total borrowings were flat at $121.0 million at June 30, 2022 from December 31, 2021.
- Total equity increased to $249.1 million at June 30, 2022, up from $232.4 million at December 31, 2021, an increase of $16.8 million, or 7.2%, primarily due to the retention of earnings, partially offset by the distribution of $3.8 million of dividends.
CEO outlook and commentary
Vito S. Pantilione, President and Chief Executive Officer of Parke Bancorp, Inc. and Parke Bank, provided the following statement:
"Parke Bank continued to generate consistent earnings in the first half of 2022. Net Income of $20.8 million, $1.75 per basic common share, for the first six months of 2022, is $643,000 over the same period in 2021. Total Loans increased 4.3% from December 31, 2021, growing to $1.55 billion at June 30, 2022. Total Assets decreased 6.8% to $1.99 billion at June 30, 2022. The decrease was primarily due to a decrease in deposits of 9.2% from December 31, 2021, to $1.61 billion at June 30, 2022. One of the primary reasons for the decline in our deposits is the fluctuation in our cannabis deposits."
"Just when we see the Country starting to recover from the devastating COVID-19 pandemic, runaway inflation hits and the Federal Reserve Board raised interest rates 125 basis points in the past two months. There are strong indications that there will continue to be substantial interest rate increases for the balance of 2022 and most likely the beginning of 2023. Statements made acknowledge that the drastic interest rate increases, which are needed to fight a 41 year record inflation rate, may push the Country into a recession. In the opinion of some experts, the Country is already in the beginning of a recession. There are signs that the red hot real estate market is starting to cool off. If that is not enough to raise concerns, there are now reports that a new COVID strain is spreading across the world and is apparently not affected by the vaccines."
"This isn't the first challenging economy this Country has faced, and unfortunately, it most likely won't be the last. There are always opportunities where there are challenges. The key is to be well prepared and well positioned to prevail during tough times, with the financial strength to take advantage of those opportunities that arise. Most often asset quality is a casualty of a challenging economy, so Parke Bank continues to maintain a strong Allowance for Loan Loss Reserve, which is close to 2% of our total loan portfolio. Our strong earnings and capital position provide the foundation needed to face, as one expert put it, the coming hurricane."
Forward Looking Statement Disclaimer
This release may contain forward-looking statements. Such forward-looking statements are subject to risks and uncertainties which may cause actual results to differ materially from those currently anticipated due to a number of factors; our ability to maintain a strong capital base, strong earning and strict cost controls; our ability to generate strong revenues with increased interest income and net interest income;; our ability to continue the financial strength and growth of our Company and Parke Bank; our ability to continue to increase shareholders' equity, maintain strong reserves and good credit quality; our ability to ensure our Company continues to have strong loan loss reserves; our ability to ensure that our loan loss provision is well positioned for the future as the COVID-19 pandemic continues; our ability to continue to reduce our nonperforming loans and delinquencies and the expenses associated with them; our ability to realize a high recovery rate on disposition of troubled assets; our ability to continue to pay a dividend in the future; our ability to enhance shareholder value in the future; our ability to continue growing our Company, our earnings and shareholders' equity; and our ability to continue to grow our loan portfolio; the possibility of additional corrective actions or limitations on the operations of Parke Bancorp, Inc. and Parke Bank being imposed by banking regulators, therefore, readers should not place undue reliance on any forward-looking statements. Parke Bancorp, Inc. does not undertake, and specifically disclaims, any obligations to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such circumstance.
(PKBK-ER)
Financial Supplement:
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SOURCE Parke Bancorp, Inc. | https://www.ktre.com/prnewswire/2022/07/20/parke-bancorp-inc-announces-second-quarter-2022-earnings/ | 2022-07-20T21:49:46 | en | 0.968933 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/oklahoma-sooners-football/articles/40133430 | 2022-07-20T21:49:52 | en | 0.738227 |
PURCHASE, N.Y., July 20, 2022 /PRNewswire/ -- PepsiCo, Inc. (NASDAQ: PEP) PepsiCo announced the closing of a new $1.25 billion 10-year Green Bond. The Company will use an amount equivalent to the net proceeds from the offering to fund Eligible Green Projects which will focus on its pep+ (PepsiCo Positive) agenda – the Company's strategic, end-to-end transformation that places sustainability and human capital at the center of how it will create growth and value. Investments under PepsiCo's new Green Bond will focus on investments to deliver key environmental sustainability initiatives under two pillars of its pep+ agenda: Positive Agriculture and Positive Value Chain. This will help the company deliver on its aim to operate within planetary boundaries and inspire positive change for the planet and people.
The new Green Bond is PepsiCo's second since 2019, with $858 million in equivalent proceeds from the $1 billion first Green Bond already allocated to Eligible Green Projects across six continents in categories of sustainable plastics and packaging, decarbonization of our operations and supply chain, and water sustainability.
"We were one of the first food and beverage corporations to issue a Green Bond and that initial funding has played a critical role in our sustainable transformation so far," stated Jim Andrew, Chief Sustainability Officer, PepsiCo. "While tackling the climate crisis requires a collaborative effort, it is clear that the private sector must play a leadership role. Our new Green Bond will be pivotal to channeling investment into the critical areas required to build a more sustainable and resilient food system."
PepsiCo's new Green Bond Framework outlines the categories where funding can be directed, each one aligning with the UN Sustainable Development Goals (SDGs), which include:
- Regenerative agriculture: PepsiCo's business starts with agriculture, sourcing more than 25 crops and ingredients from more than 30 countries. As part of its Positive Agriculture pillar of pep+, PepsiCo is working to source key ingredient crops such as potatoes, whole corn and oats in a way that accelerates regenerative agriculture. Investments from the new Green Bond can be used to adopt regenerative agriculture practices across PepsiCo's supply chain, including towards farmer training, practices to reduce fertilizer and watershed enhancement and improvement projects.
UN SDG Alignment: SDG 2 – Zero hunger and SDG 8 – Decent work and economic growth - Decarbonization and climate resilience within our operations and value chain: By 2030, the Company aims to reduce its absolute greenhouse gas (GHG) emissions by more than 40% against a 2015 baseline, more than doubling its previous climate goal. Equivalent net proceeds from the Green Bond may be used for initiatives to further these goals including on-site sustainable energy generation such as solar installations, investments in greener buildings that receive third-party verified certifications, energy efficiency and/or reducing GHG emissions at facilities, and upgrading of vending and cooling equipment. The funding may also be used towards the expansion of cleaner transportation, such as electric vehicles.
UN SDG Alignment: SDG 7 – Affordable and Clean Energy, and SDG 11 Sustainable Cities and Communities - Circular economy and virgin plastic waste reduction: One of PepsiCo's key pep+ goals is to strive to use 50 percent recycled plastic content in its packaging by 2030. The Company is already one of the largest users of food-grade rPET (recycled PET plastic) in the world, and the new Green Bond will enable PepsiCo to continue its work to increase the use of more sustainable product packaging including recycled, compostable and reusable materials. In addition, PepsiCo's new Green Bond Framework enables the Company to direct funding to projects that strengthen recycling infrastructure and increase recycling rates in key markets.
UN SDG Alignment: SDG 9 – Industry, Innovation and Infrastructure, and SDG 12 - Responsible Consumption and Production - Pursuing net positive water impact in owned operations and throughout PepsiCo's value chain, including those projects positively contributing to communities. Water stewardship has long been one of PepsiCo's top priorities and PepsiCo has a vision to become Net Water Positive in its operations by 2030 through reducing absolute water use and replenishing back into the local watershed more than 100% of the water used. The new Green Bond equivalent proceeds may be allocated to water recycling and reuse projects, including water efficiency improvements, as well as to investments to replenish watersheds in high water-risk areas through initiatives such as tree plantings, rainwater harvesting and wetlands rehabilitation. PepsiCo is also looking to fund the scaling of drip irrigation or other water savings technologies for the farmers who supply the Company with key crops and ingredients.
UN SDG Alignment: SDG 6 - Clean Water and Sanitation, SDG 12 – Responsible Consumption and Production, and SDG 15 – Life on Land
As part of its Green Bond governance, PepsiCo plans to publish an annual update of the allocation of the proceeds, throughout the term of the Green Bond and until all proceeds have been allocated. The full framework can be viewed here and the annual update will be reported publicly on PepsiCo's website.
PepsiCo recently published its first Environmental, Social, and Governance (ESG) Summary since the launch of pep+, laying out progress against each of its key pillars. The summary can be viewed here.
For more information, please contact pepsicomediarelations@pepsico.com
About PepsiCo
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $79 billion in net revenue in 2021, driven by a complementary beverage and convenient foods portfolio that includes Lay's, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including many iconic brands that generate more than $1 billion each in estimated annual retail sales.
Guiding PepsiCo is our vision to Be the Global Leader in Beverages and Convenient Foods by Winning with PepsiCo Positive (pep+). pep+ is our strategic end-to-end transformation that puts sustainability and human capital at the center of how we will create value and growth by operating within planetary boundaries and inspiring positive change for planet and people. For more information, visit www.pepsico.com.
Cautionary Statement
This release contains statements reflecting our views about our future performance that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified through the inclusion of words such as "aim," "anticipate," "believe," "drive," "estimate," "expect," "goal," "intend," "may," "plan," "project," "strategy," "target" and "will" or similar statements or variations of such terms and other similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in such statements, including the risks associated with the deadly conflict in Ukraine; the impact of COVID-19; future demand for PepsiCo's products; damage to PepsiCo's reputation or brand image; issues or concerns with respect to product quality and safety; PepsiCo's ability to compete effectively; water scarcity; changes in the retail landscape or in sales to any key customer; disruption of PepsiCo's manufacturing operations or supply chain, including increased commodity, packaging, transportation, labor and other input costs; political or social conditions in the markets where PepsiCo's products are made, manufactured, distributed or sold; future cyber incidents and other disruptions of our information systems; failure to successfully complete or manage strategic transactions; climate change or measures to address climate change; imposition or proposed imposition of new or increased taxes aimed at PepsiCo's products; imposition of limitations on the marketing or sale of PepsiCo's products; changes in laws and regulations related to the use or disposal of plastics or other packaging materials; failure to comply with applicable laws and regulations; and potential liabilities and costs from litigation, claims, legal or regulatory proceedings, inquiries or investigations. For additional information on these and other factors that could cause PepsiCo's actual results to materially differ from those set forth herein, please see PepsiCo's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. PepsiCo undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE PepsiCo, Inc. | https://www.ktre.com/prnewswire/2022/07/20/pepsico-issues-new-125-billion-10-year-green-bond-company-accelerates-pep-transformation/ | 2022-07-20T21:49:54 | en | 0.938798 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/oklahoma-sooners-football/articles/40133502 | 2022-07-20T21:49:58 | en | 0.738227 |
CHARLES TOWN, W.V., July 20, 2022 /PRNewswire/ -- The Board of Directors of Potomac Bancshares, Inc. (the "Company") (OTC:PTBS), the one bank holding company for Bank of Charles Town (BCT), declared at their July Board meeting a quarterly dividend of $0.09 per share. The dividend is for all shareholders of record on August 4, 2022 and will be paid on August 11, 2022.
Founded in 1871, BCT - Bank of Charles Town, also known as The Community's Bank, is a wholly owned subsidiary of Potomac Bancshares, Inc. (OTC:PTBS). With approximately $719 million in assets as of March 31, 2022, the Company conducts operations through its main office, an additional eight branch offices, and two loan production offices. BCT's offices are located in Jefferson and Berkeley Counties (WV), Washington County (MD), and Loudoun and Stafford Counties (VA). The Bank provides various banking products and services including free access to over 55,000 ATMs through the Allpoint® network plus online and mobile banking for individuals, businesses, and local governments. The Bank also offers commercial lines and term loans, residential and commercial construction, commercial real estate loans and agricultural loans. The Residential Lending division offers secondary market and portfolio mortgage loans, one-time close construction to perm loans, as well as home equity loans and lines of credit. For over 65 years, BCT Wealth Advisors has provided financial management, investment, trust, and estate services to its clients. In 2019, 2020, and 2021 the Bank was named a "Best Bank To Work For" by American Banker. In 2018, Forbes named BCT a "Best In State Bank" for Maryland.
The Company's shares are quoted on the OTC Pink Sheet marketplace under the symbol "PTBS." For more information about Potomac Bancshares, Inc., and the Bank, please visit our website at www.mybct.bank.
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SOURCE Potomac Bancshares, Inc. | https://www.ktre.com/prnewswire/2022/07/20/potomac-bancshares-inc-declares-quarterly-dividend/ | 2022-07-20T21:50:00 | en | 0.96274 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/oklahoma-sooners-football/articles/40133552 | 2022-07-20T21:50:04 | en | 0.738227 |
HOUSTON, July 20, 2022 /PRNewswire/ -- Quanta Services, Inc. (NYSE: PWR) announced today that it will release second quarter 2022 financial results on Thursday, Aug. 4, 2022, before the market opens. In conjunction with the press release, Quanta has scheduled a conference call and webcast for 9:00 a.m. Eastern time on Thursday, Aug. 4, 2022. Quanta will utilize a slide presentation to accompany its prepared remarks, which will be viewable through the webcast and available on the Investor Relations section of the Quanta website prior to the conference call (http://investors.quantaservices.com).
For those who cannot participate live, an archive of the webcast will be available shortly after the call on the Investor Relations section of Quanta's website (http://investors.quantaservices.com) and dial-in information for a replay of the call will be available in the upcoming earnings release. For more information, please contact Kip Rupp at Quanta Services at (713) 341-7260.
About Quanta Services
Quanta is a leading specialized contracting services company, delivering comprehensive infrastructure solutions for the utility, renewable energy, communications, pipeline and energy industries. Quanta's comprehensive services include designing, installing, repairing and maintaining energy and communications infrastructure. With operations throughout the United States, Canada, Australia and select other international markets, Quanta has the manpower, resources and expertise to safely complete projects that are local, regional, national or international in scope. For more information, visit www.quantaservices.com.
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SOURCE Quanta Services, Inc. | https://www.ktre.com/prnewswire/2022/07/20/quanta-services-announces-second-quarter-2022-earnings-release-amp-conference-call-schedule/ | 2022-07-20T21:50:07 | en | 0.884386 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/oklahoma-sooners-football/articles/40133756 | 2022-07-20T21:50:10 | en | 0.738227 |
RICHMOND, Va., July 20, 2022 /PRNewswire/ -- The board of directors of Dominion Energy, Inc. (NYSE: D), has elected Kristin G. Lovejoy to serve as a director, effective Aug. 1, 2022. Lovejoy is a respected technology and cybersecurity executive currently serving as Global Security and Resilience Practice Leader for Kyndryl Inc., an IT infrastructure provider.
Robert M. Blue, Dominion Energy's Chair, President and Chief Executive Officer, said:
"Dominion Energy plays a critical role in society. Our customers depend on us to be there for them. Kris Lovejoy is a thoughtful, proven leader with deep expertise in security, risk management, compliance, and governance. Her skills and experiences will enhance our continuing efforts to deliver on our core mission. We look forward to her leadership on behalf of the company and our 7 million customers."
While currently in a leadership role at Kyndryl, Lovejoy has more than 25 years of professional experience. Among other things, Lovejoy served as Global Cybersecurity Leader at EY, responsible for the firm's work with clients in security and risk management.
Prior to EY, Lovejoy was founder and CEO of BluVector, an AI-powered "sense and respond" platform, and previously was president of Acuity Solutions. Before Acuity Solutions, Lovejoy held senior positions at IBM, serving as Global Chief Information Security Officer and General Manager of the company's Security Services Division, and charged with building end-to-end security programs for IBM and clients.
Throughout her career, Lovejoy made mentorship and the development of women in technology a priority. At Kyndryl, she serves as an executive sponsor of the "Women's KIN" enterprise team that works to raise the power and presence of women to drive the company's success. During her tenure at IBM, she represented the company on the U.S. Cybersecurity Policy Council, participated as a member of IBM's Growth & Transformation Team, and acted as Co-Chair of IBM's Women's Diversity Committee.
Lovejoy holds a B.A. in English from Lafayette College. Her election brings the size of Dominion Energy's board to 13.
About 7 million customers in 14 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy | https://www.ktre.com/prnewswire/2022/07/20/respected-technology-cybersecurity-leader-added-dominion-energy-board/ | 2022-07-20T21:50:14 | en | 0.960507 |
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NORTHAMPTON COUNTY, Pennsylvania (WPVI) -- A tractor-trailer fire led to a commute you could call scary in the Lehigh Valley Wednesday morning.
A big rig, carrying Halloween candy, went up in flames on Interstate 78 in Northampton County.
The incident, which happened just before 4 a.m., closed a portion of the highway for more than six hours.
Nobody was hurt.
The fire is still under investigation.
Tractor-trailer carrying Halloween candy catches fire on I-78 in Northampton County
The incident closed a portion of the highway for more than six hours
TRUCK FIRE | https://6abc.com/i-78-tractor-trailer-fire-halloween-candy-carrying/12063580/ | 2022-07-20T21:50:17 | en | 0.957461 |
Roadside stands are a sight familiar to many motorists in New Jersey all summer long. But one in Glassboro packs an educational punch. The student-run farm stand, right in front of Glassboro High School, teaches students the basics of business and supply and demand.
Barb Jones, a teacher at Glassboro High, says, "This prepares the students from the workplace with customer service skills. They're doing all the math in their head with no calculators. They have to display and source the produce themselves."
Mark Silverstein, the Superintendent of Glassboro Public Schools, says "It's a really innovative program to get kids experience before they enter the workforce."
He says even supply chain issues that are affecting the food market in the country are teaching moments for these students. "The first week they had a problem getting products. So what's happening in a macro sense in the country is happening locally and they had to adjust what they're selling. That's experience."
Weekly customer Charles Devuono from Glassboro says, "I think they're learning how to interact with people and how to use real cash money without a calculator. I think it's great for them to deal with. I try to support them when I can."
The stand runs Tuesdays, Wednesdays, and Thursdays through August 4th from 10 am to 4 pm. It's located at the front of Glassboro High School on Bowe Blvd in Glassboro, NJ.
Glassboro High students are planting the seeds to success with a student run farm stand this summer
By Tom Kretschmer | https://6abc.com/student-run-farm-stand-summer-business/12061394/ | 2022-07-20T21:50:18 | en | 0.973318 |
LOS ANGELES, July 20, 2022 /PRNewswire/ -- Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust ("REIT") focused on creating value by investing in and operating industrial properties within Southern California infill markets, today announced financial and operating results for the second quarter of 2022.
Second Quarter 2022 Financial and Operational Highlights:
- Net income attributable to common stockholders of $36.1 million, or $0.22 per diluted share, as compared to $20.6 million, or $0.15 per diluted share, for the prior year quarter.
- Company share of Core FFO of $81.7 million, an increase of 54.7% as compared to the prior year quarter.
- Company share of Core FFO per diluted share of $0.49, an increase of 25.6% as compared to the prior year quarter.
- Consolidated Portfolio Net Operating Income (NOI) of $113.6 million, an increase of 42.5% as compared to the prior year quarter.
- Same Property Portfolio NOI increased 7.0% and Same Property Portfolio Cash NOI increased 10.1% as compared to the prior year quarter.
- 99.1% Average Same Property Portfolio occupancy.
- Comparable rental rates on 1.4 million rentable square feet of new and renewal leases increased by 83.0% compared to prior rents on a GAAP basis and by 61.5% on a cash basis.
- Acquired 18 properties for an aggregate purchase price of $598.9 million.
- Issued a total of 6.0 million shares of common stock for total net proceeds of $419.4 million.
- Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 13.5%.
"Our team's performance through the first half of 2022 demonstrates the strength of our entrepreneurial business model focused on value creation within the infill Southern California industrial market, the world's fourth largest and our nation's highest-demand, lowest vacancy industrial market. Tenant demand continues to exceed supply with overall infill Southern California market vacancy estimated at 0.8%," stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. "In the second quarter we grew Core FFO by 26% on a per share basis compared to the prior year, driven by Core FFO growth of 55% and consolidated NOI growth of 43%. Our team executed 1.4 million square feet of leasing activity at record releasing spreads of 83% and 62%, on a GAAP and cash basis, respectively, and we completed the quarter with average Same Property occupancy at 99.1%. We completed $599 million of investments in the quarter plus an additional $587 million subsequent to quarter end, bringing our year-to-date total to $1.6 billion. Looking ahead, we have over $500 million of additional investments under contract or accepted offer plus a deep range of accretive internal growth initiatives under-way. We continue to maintain our investment grade, fortress-like balance sheet with a net debt-to-enterprise value ratio of 13.5%, positioning the Company to enable significant value creation for our shareholders."
Financial Results:
The Company reported net income attributable to common stockholders for the second quarter of $36.1 million, or $0.22 per diluted share, compared to $20.6 million, or $0.15 per diluted share, for the prior year quarter. The net income for the prior year quarter includes $2.8 million of gains on sale of real estate. There was no sale of real estate during the current quarter. For the six months ended June 30, 2022, net income attributable to common stockholders was $80.0 million, or $0.49 per diluted share, compared to $45.4 million, or $0.34 per diluted share for the prior year. The net income for the six months ended June 30, 2022 includes $8.5 million of gains on sale of real estate, as compared to $13.6 million for the prior year.
The Company reported Core FFO for the second quarter of $81.7 million, representing a 54.7% increase compared to $52.8 million for the prior year quarter. The Company reported Core FFO of $0.49 per diluted share, representing an increase of 25.6% compared to $0.39 per diluted share for the prior year quarter. For the six months ended June 30, 2022, Core FFO was $158.3 million, representing a 56.5% increase compared to $101.2 million for the prior year. For the six months ended June 30, 2022, the Company reported Core FFO of $0.97 per diluted share, representing an increase of 27.6% compared to $0.76 per diluted share for the prior year.
In the second quarter, the Company's consolidated portfolio NOI on a GAAP and Cash basis increased 42.5% and 38.6%, respectively, compared to the prior year quarter. For the six months ended June 30, 2022, the Company's consolidated portfolio NOI on a GAAP and Cash basis increased 41.7% and 38.1%, respectively, compared to the prior year.
In the second quarter, the Company's Same Property Portfolio NOI increased 7.0% compared to the prior year quarter, driven by an 8.0% increase in Same Property Portfolio rental income and an 11.0% increase in Same Property Portfolio expenses. Same Property Portfolio Cash NOI increased 10.1% compared to the prior year quarter. When adjusted for the impact of short-term rent deferral agreements executed in response to the COVID-19 pandemic, Same Property Portfolio Cash NOI increased 10.5% compared to the prior year quarter.
For the six months ended June 30, 2022, the Company's Same Property Portfolio NOI increased 7.5% compared to the prior year, driven by an 8.5% increase in Same Property Portfolio rental income and an 11.6% increase in Same Property Portfolio expenses. Same Property Portfolio Cash NOI increased 10.9% compared to the prior year. When adjusted for the impact of short-term rent deferral agreements executed in response to the COVID-19 pandemic, Same Property Portfolio Cash NOI increased 11.4% compared to the prior year.
Operating Results:
Second quarter 2022 leasing activity demonstrates strong tenant demand fundamentals within Rexford Industrial's target Southern California infill markets:
At June 30, 2022, the Company's Same Property Portfolio occupancy was 98.9%. Average Same Property Portfolio occupancy for the second quarter 2022 was 99.1%. At June 30, 2022, the Company's consolidated portfolio, excluding value-add repositioning assets, was 98.2% occupied and 98.3% leased, and the Company's consolidated portfolio, including value-add repositioning assets, was 95.2% occupied and 95.9% leased.
Transaction Activity:
During the second quarter of 2022, the Company completed 18 acquisitions with 1.4 million square feet of buildings on 85.5 acres of land, including 15 acres of land for near term redevelopment, for an aggregate purchase price of $598.9 million. These investments are projected to generate a weighted average unlevered initial yield of 2.5% and an estimated stabilized yield on total investment of 5.1%. Second quarter acquisitions included one UPREIT transaction, whereby the Company issued 954,000 operating partnership units representing $56.2 million of purchase price value.
Subsequent to the second quarter of 2022, the Company completed five acquisitions with 1.4 million square feet of buildings on 65.2 acres of land, for an aggregate purchase price of $587.4 million. Year to date, the Company has completed 37 acquisitions with 4.3 million square feet of buildings on 233.0 acres of land, including 28 acres of land for near term redevelopment, for an aggregate purchase price of $1.6 billion. In aggregate, these investments are projected to generate a weighted average unlevered initial yield of 2.9% and an estimated stabilized yield on total investment of 4.6%.
During the second quarter of 2022, the Company stabilized one repositioning project with 62,607 square feet and $19.5 million of total investment at a 6.9% unlevered stabilized yield. Year to date, the Company has stabilized two repositioning/redevelopment projects with 173,867 square feet and $36.9 million of total investment at a 6.8% unlevered stabilized yield.
Balance Sheet:
The Company ended the second quarter with $1.5 billion in liquidity, including $34.3 million in cash on hand, $875.0 million available under its unsecured revolving credit facility and an estimated $552.1 million of forward equity proceeds available for settlement to occur before the third quarter of 2023. As of June 30, 2022, the Company had $1.7 billion of outstanding debt, with an average interest rate of 2.7% and an average term-to-maturity of 6.8 years.
On May 26, 2022, the Company amended its senior unsecured credit agreement to increase the borrowing capacity of its unsecured revolving credit facility to $1.0 billion from $700 million and to add a $300 million unsecured term loan facility. The proceeds from the $300 million term loan were used to repay the Company's $150 million term loan due in 2025, terminate the associated swap, partially pay down outstanding borrowings under the unsecured revolving credit facility and for general corporate purposes. The maturity date of the unsecured revolving credit facility is May 26, 2026 (with two extensions options of six months each) and the maturity date of the term loan facility is May 26, 2027.
On May 27, 2022, the Company renewed its at-the-market program ("ATM program") to include $1.0 billion of capacity with the option to offer shares on a forward basis.
During the second quarter, the Company executed on its prior and renewed ATM programs, selling 12,002,480 shares of common stock subject to forward sale agreements at an average price of 62.55 per share for a gross value of $750.8 million. On June 29, 2022, the Company partially settled these forward equity sale agreements and outstanding forward equity sale agreement from the prior quarter by issuing 5,967,783 shares of common stock for net proceeds of $419.4 million.
As of June 30, 2022, the $1.0 billion ATM program had approximately $536.5 million of remaining capacity.
Subsequent to the second quarter of 2022, the Company amended its senior unsecured credit agreement to add a $400 million unsecured term loan with a maturity date of July 19, 2024 (with two extensions options of one year each). Proceeds from the $400 million term loan were used to fund acquisitions closed subsequent to quarter end, reduce outstanding borrowings under the unsecured revolving credit facility and for general corporate purposes.
Dividends:
On July 18, 2022, the Company's Board of Directors declared a dividend in the amount of $0.315 per share for the third quarter of 2022, payable in cash on October 15, 2022, to common stockholders and common unit holders of record as of September 30, 2022.
On July 18, 2022, the Company's Board of Directors declared a quarterly dividend of $0.367188 per share of its Series B Cumulative Redeemable Preferred Stock and a quarterly dividend of $0.351563 per share of its Series C Cumulative Redeemable Preferred Stock, in each case, payable in cash on September 30, 2022, to preferred stockholders of record as of September 15, 2022.
Guidance
The Company is revising its full year 2022 guidance as indicated below. The Core FFO guidance refers only to the Company's in-place portfolio as of July 20, 2022, and does not include any assumptions for other acquisitions, dispositions or related balance sheet activities that have not closed. Please refer to the Company's supplemental information package for a complete list of guidance and 2022 Guidance Rollforward.
A number of factors could impact the Company's ability to deliver results in line with its guidance, including, but not limited to, the impact of the ongoing COVID-19 pandemic, interest rates, the economy, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.
Supplemental Information and Investor Presentation:
The Company's supplemental financial reporting package as well as an updated investor presentation are available on the Company's investor relations website at www.ir.rexfordindustrial.com.
Earnings Release, Investor Conference Webcast and Conference Call:
A conference call with senior management will be held on Thursday, July 21, 2022, at 1:00 p.m. Eastern Time.
To participate in the live telephone conference call, please dial 1-877-407-0789 (for domestic callers) or 1-201-689-8562 (for international callers) at least five minutes prior to start time. A webcast of the conference call will also be available in a listen-only mode at ir.rexfordindustrial.com.
Conference call playback will be available through August 21, 2022, and can be accessed by dialing 1-844-512-2921 (for domestic callers) or 1-412-317-6671 (for international callers), using the pass code 13730258.
About Rexford Industrial:
Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand, lowest supply market in the nation. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. Rexford Industrial's high-quality, irreplaceable portfolio comprises 335 properties with approximately 40.8 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker "REXR," Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit www.rexfordindustrial.com
Forward Looking Statements:
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future 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 which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and other filings with the Securities and Exchange Commission. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
Definitions / Discussion of Non-GAAP Financial Measures:
Funds from Operations (FFO): We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (or losses) from sales of assets incidental to our business, impairment losses of depreciable operating property or assets incidental to our business, real estate related depreciation and amortization (excluding amortization of deferred financing costs and amortization of above/below-market lease intangibles) and after adjustments for unconsolidated joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization, gains and losses from property dispositions, other than temporary impairments of unconsolidated real estate entities, and impairment on our investment in real estate, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs' FFO. FFO should not be used as a measure of our liquidity and is not indicative of funds available for our cash needs, including our ability to pay dividends. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. A reconciliation of net income, the nearest GAAP equivalent, to FFO is set forth below. "Company Share of FFO" reflects FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.
Core Funds from Operations (Core FFO): We calculate Core FFO by adjusting FFO to exclude the impact of certain items that we do not consider reflective of our core revenue or expense streams. These adjustments consist of (i) acquisition expenses, (ii) loss on extinguishment of debt, (iii) the amortization of the loss on termination of interest rate swaps and (iv) other amounts as they may occur. Management believes that Core FFO is a useful supplemental measure as it provides a more meaningful and consistent comparison of operating performance and allows investors to more easily compare the Company's operating results. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs' Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. A reconciliation of FFO to Core FFO is set forth below. "Company Share of Core FFO" reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.
Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share Guidance to Company share of Core FFO per Diluted Share Guidance:
The following is a reconciliation of the Company's 2022 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.
Net Operating Income (NOI): NOI is a non-GAAP measure, which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as rental income from real estate operations less property expenses (before interest expense, depreciation and amortization). We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense and gains (or losses) from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have a real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs' NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs.
NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP. We use NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of NOI for our Same Property Portfolio, as well as a reconciliation of net income to NOI for our Same Property Portfolio, is set forth below.
Cash NOI: Cash NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI: (i) fair value lease revenue and (ii) straight-line rent adjustments. We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP. We use Cash NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of Cash NOI for our Same Property Portfolio, as well as a reconciliation of net income to Cash NOI for our Same Property Portfolio, is set forth below.
Same Property Portfolio: Our 2022 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2021 through June 30, 2022, and excludes properties that were acquired or sold during the period from January 1, 2021 through June 30, 2022, and properties acquired prior to January 1, 2021, that were classified as current or future repositioning, redevelopment or lease-up during 2021 or 2022 (unless otherwise noted), which we believe significantly affected the properties' results during the comparative periods. As of June 30, 2022, our 2022 Same Property Portfolio consists of 224 properties aggregating 28,581,635 rentable square feet.
Properties and Space Under Repositioning: Typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. A repositioning is generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy. We consider a repositioning property to be stabilized at the earlier of the following: (i) upon reaching 90% occupancy or (ii) one year from the date of completion of repositioning construction work.
Net Debt to Enterprise Value: At June 30, 2022, we had consolidated indebtedness of $1.7 billion, reflecting a net debt to enterprise value of approximately 13.5%. Our enterprise value is defined as the sum of the liquidation preference of our outstanding preferred stock and preferred units plus the market value of our common stock excluding shares of nonvested restricted stock, plus the aggregate value of common units not owned by us, plus the value of our net debt. Our net debt is defined as our consolidated indebtedness less cash and cash equivalents.
Contact:
Investor Relations:
Stephen Swett
424-256-2153 ext 401
investorrelations@rexfordindustrial.com
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SOURCE Rexford Industrial Realty, Inc. | https://www.ktre.com/prnewswire/2022/07/20/rexford-industrial-announces-second-quarter-2022-financial-results/ | 2022-07-20T21:50:21 | en | 0.946743 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/oklahoma-sooners-football/articles/40134022 | 2022-07-20T21:50:22 | en | 0.738227 |
If you've driven or walked by The Oval XP and wondered what's inside those two massive, white domes, we got a sneak peek!
Inside, there are brand new, never-before-seen, 360-degree immersive audio and visual experiences that the creator, a Temple University grad and Media, Delaware County native says will absolutely "blow your mind."
"My personal favorite is the beginning when you walk in and you are just starting to understand the scope of it," says Will Horrocks, from Our People Entertainment. "It's one thing to see it from the outside, but it's another thing to see the incredible imagery wrapping around inside. It can be a next level, out-of-this world experience. A lot of folks walk out of there saying, 'I cannot believe the visuals, the capabilities and the possibilities that can be done there. It's awe inspiring!"
The domes officially debuted Wednesday.
The smaller one offers health and wellness programming.
The larger one will have movies, musical performances, family-friendly programming and a variety of different experiences that you will be fully immersed in.
"One in particular that we did already announce is the Dome of the Dead experience, which is going to be a celebration of Jerry Garcia and the Grateful Dead."
Dead in the Dome is on tap for July 28th and 29th.
Again, it's just one of many experiences scheduled for the next few weeks.
The Domes at the Oval XP are here through August 21st.
Some of the programming is free, but other events you do have to register for. | https://6abc.com/visual-experience-temple-university-oval-xp-white-domes/12063656/ | 2022-07-20T21:50:24 | en | 0.968093 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/oklahoma-sooners-football/articles/40134172 | 2022-07-20T21:50:28 | en | 0.738227 |
DENVER, July 20, 2022 /PRNewswire/ -- RiverNorth Opportunities Fund, Inc. is pleased to announce the declaration of a preferred dividend for the third quarter of 2022, as detailed below.
RISKS
This press release is not for tax reporting purposes but is being provided to announce the amount of the Fund's distributions. In early 2023, after definitive information is available, the Fund will send shareholders a Form 1099-DIV, if applicable, specifying how the distributions paid by the Fund during the prior calendar year should be characterized for purposes of reporting the distributions on a shareholder's tax return (e.g., ordinary income, long-term capital gain or return of capital). An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.
Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment. The Fund's net asset value will vary and its distribution rate may vary and both may be affected by numerous factors, including changes in the market spread over a specified benchmark, market interest rates and performance of the broader equity markets. Fluctuations in net asset value may be magnified as a result of the Fund's use of leverage. Therefore, before investing you should carefully consider the risks that you assume when you invest in the Fund's common shares.
The Fund's investment objectives and policies are not designed to seek to return the initial investment to investors that purchase shares.
The distribution was calculated based on the preferred shares Liquidation Preference of $25.00 per share and most current quarterly distribution rate per share of $0.3750 for the Fund.
A portion of the distribution may be treated as paid from sources other than net income, including but not limited to short‐term capital gain, long‐term capital gain and return of capital. The final determination of the source of all distributions, including the percentage of qualified dividend income, is made after year‐end.
Past performance is no guarantee of future results.
An investor should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. To obtain an annual report or semi-annual report which contains this and other information, visit www.rivernorthcef.com or call 855.830.1222. Please read them carefully before investing.
NOT FDIC INSURED | May Lose Value | No Bank Guarantee
The Fund is a closed-end fund and does not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value.
ALPS Advisors, Inc. is the investment adviser to the Fund.
RiverNorth Capital Management, LLC is the investment sub-adviser to the Fund. RiverNorth Capital Management, LLC is not affiliated with ALPS Advisors, Inc. or any of its affiliates.
ALPS Portfolio Solutions Distributor, Inc. is the FINRA Member firm.
SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology. Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.
About SS&C ALPS Advisors
ALPS Advisors, Inc., a wholly-owned subsidiary of SS&C Technologies, Inc., is a leading provider of investment products for advisors and institutions. With over $18.4 billion in assets under management as of June 30, 2022, the firm is an open architecture boutique investment manager offering portfolio building blocks, active insight and an unwavering drive to guide clients to investment outcomes across sustainable income, thematic and alternative growth strategies. For more information, visit www.alpsfunds.com.
RiverNorth Capital Management, LLC
RiverNorth is an investment management firm founded in 2000 that specializes in opportunistic strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is the manager to multiple registered and private funds.
*Registered Representative of ALPS Distributors, Inc.
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SOURCE RiverNorth Opportunities Fund, Inc | https://www.ktre.com/prnewswire/2022/07/20/rivernorth-opportunities-fund-inc-announces-preferred-dividend/ | 2022-07-20T21:50:28 | en | 0.942347 |
William Heritage Winery is a family-run estate vineyard in Mullica Hill, with 40 acres of grapes in the heart of New Jersey's largest wine-growing region.
Penni Heritage and her husband Bill converted the former peach and apple orchard into a winery more than 20 years ago, making award-winning reds and whites.
You can sample in the tasting room, open seven days a week
While you sip, you can savor snacks like the uber-popular pepperoni bread or grab-and-go charcuterie boxes.
William Heritage Winery | Instagram
480 Mullica Hill Rd, Mullica Hill, NJ 08062
856-589-4474
If you're headed down the shore, stop at Sharrott Winery in Hammonton.
Everything's grown, bottled and produced at the winery. They make 20 varieties of reds, whites, and dessert wines.
You can sit on the terrace overlooking the vineyards and create your own flight for just $13.50.
The Scratch-made kitchen is outfitted with a specially crafted oven with dishes like lamb lollipops, house-made guacamole and a variety of flatbreads.
Sharrott Winery | Facebook | Instagram
370 S Egg Harbor Rd, Hammonton, NJ 08037
609-567-9463
White Horse Winery in Winslow Township is named after the iconic White Horse Pike.
Opened in 2016, the winery specializes in mostly dry, Old World style wines.
Their cab franc is currently the highest-rated wine in New Jersey, and they offer frozen grapes on hot days. Drop one in your drink to keep your wine chilled without watering down the flavor.
White Horse Winery | Facebook | Instagram
106 Hall Street, Hammonton, NJ 08037
Cape May Winery is the fifth-largest producing winery in New Jersey, run by a father/daughter team with four vineyards producing 17 varieties of reds, whites and ports.
As you explore the property, be sure to look up and notice unique details like the hand-crafted chandelier made from reclaimed wood salvaged from the oldest and largest tree in Cape May that had to be cut down.
There's a tapas kitchen creating everything from seafood sliders and Philly cheesesteak flatbread to hummus with toasted chickpeas, polenta fries and tuna poke tacos.
Cape May Winery & Vineyard | Facebook | Instagram
711 Town Bank Rd, Cape May, NJ 08204
609-884-1169
The Inn at Grace Winery sits on 35 acres in the historic Brandywine Valley.
The wines are French-inspired and there are six cottages so you can book a room, drink some wine and enjoy a prefix 3-course meal.
Inn at Grace Winery | Facebook |Instagram
50 Sweetwater Rd, Glen Mills, PA 19342
610-459-4711
Zachary Wilson started planting grapes in Southern Chester County 12 years ago. Three years later, he and his brother James opened a tasting room.
They started in their parents' garage. They now have 14,000 vines on a former dairy farm in Nottingham, Pa., and the whole Wayvine Winery operation is a family affair.
They offer handcrafted cocktails using Pennsylvania spirits, and local beers along with live entertainment.
Wayvine Winery | Facebook | Instagram
5150 Forge Road, Nottingham, Pa. 19362
610-620-5261
Summer winery tours: 6 spots to sip in Pennsylvania and New Jersey
By Wendy Daughenbaugh
Copyright © 2022 WPVI-TV. All Rights Reserved. | https://6abc.com/william-heritage-winery-sharrott-cape-may--vineyard-inn-at-grace/12051547/ | 2022-07-20T21:50:30 | en | 0.926789 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/oklahoma-sooners-football/articles/40134269 | 2022-07-20T21:50:35 | en | 0.738227 |
MEXICO CITY, July 20, 2022 /PRNewswire/ -- Grupo Rotoplas S.A.B. de C.V. (BMV: AGUA*) ("Rotoplas", "the Company"), America's leading company in water solutions, reports its unaudited second quarter 2022 results. The information has been prepared in accordance with the International Financial Reporting Standards (IFRS).
Figures are expressed in millions of Mexican pesos.
HIGHLIGHTS | 2Q22 vs 2Q21
- Rotoplas reported record quarterly net sales of Ps. 3,447 million, along with sequential and year-over-year recovery in margins.
- Net sales increased 22.7%, driven by growth across all countries.
- Gross margin increased by 510 bps, closing at 42.2%, benefiting from leading brands that allowed the implementation of a price increase strategy as well as manufacturing process efficiencies
- Operating income increased by 77.6%, even when taking into account expenses related to new businesses (e.g. Acuantia in the United States, bebbia in Mexico, and water treatement and recycling plants in Brazil), whose expenses exceed the marginal contribution for sales.
- Adjusted EBITDA1 reached Ps. 528 million with a 15.3% margin, a 40 bps expansion. EBITDA was impacted by Ps. 80 million due to the development of new businesses. This figure was Ps. 48 million higher than in 2Q21.
- Net income increased 86.6% as a result of the recovery in operating margins.
- ROIC closed at 13.0%, 61 bps above the cost of capital. This was in line with the sustainable economic value creation strategy to maintain a positive environmental and social impact.
- In May, a capital reimbursement in cash was paid to shareholders at the rate of Ps. 0.45 per outstanding share.
- In July, AGUA* was once again included in the Mexican Stock Exchange's ESG Index.
HIGHLIGHTS | Cumulative 2022 vs 2021
- Net sales reached Ps. 6,107 million, a 16.4% increase, in line with guidance given to the market. Net sales for the first half of the year were driven by growth across all regions.
- Gross margin closed at 41.3%, a 230 bps expansion driven by the strength of leading brands that allowed the implementation of a price increase policy, as well as the efficiency achieved in the manufacturing and installation of solutions.
- Adjusted EBITDA1 reached Ps. 850 million with a 13.9% margin, which was a 310 bps contraction, mainly related to investments made for the development of new businesses, which impacted adjusted EBITDA by Ps. 153 million. This figure was Ps. 90 million higher than the one reported during the first half of 2021.
- Net income reached Ps. 210 million, a 5.2% increase due to an improvement in operating results.
- Net Debt/ Adj. EBITDA leverage closed at 1.7x and the cash conversion cycle was optimized by 10 days.
- CapEx was Ps. 293 million, including technological upgrades to Mexican plants for the launch of new generation water tanks, with the objective of ensuring the long-term sustainability of the water storage category.
KEY FIGURES | FINANCIAL DATA
OPERATING FIGURES | January – June 2022
3,368
Employees
3.0%
Government Transactions
14,500
e-commerce clients
77,000
bebbia users
11,200ton
CO2 saved
(vs bottled water)
MESSAGE | CEO
Dear Investors,
The agility and operational discipline we have achieved through the Flow transformation program have been key drivers of Rotoplas' record-high sales and EBITDA. Our second quarter growth puts us in line with our earnings guidance and brings us closer to our estimated EBITDA margin. We will continue to focus on improving our margins while maintaining leadership in our traditional business and growing our new businesses.
Water scarcity in the markets we operate in has led to an ever-increasing demand for water solutions, presenting both a great challenge and a great opportunity for our business. Our financial strength, human talent, and the daily motivation provided by our purpose will be essential to successfully take advantage of this opportunity.
During the quarter, we conducted a detailed analysis to identify the Flow initiatives with the greatest impact and value generation potential, which will allow us to remain agile in the face of changes in the environment in order to adapt our spending and investment pace as needed.
We maintained a strong balance sheet and a stable cash flow generation in the traditional business, which allows us to continue developing the new businesses. In addition, during the first half of the year, we continued with the investment process for the modernization of the storage business in Mexico, we paid a dividend to shareholders in May, and maintained a sufficient level of working capital to guarantee the supply of raw materials in an environment with unstable supply chains.
Throughout the years, the water industry has proven it can stand strong in the face of economic downturns, and Rotoplas' business model along with the Flow program allow us to enhance growth and profitability through innovation. We will continue to focus on satisfying market needs through our solutions and services, while prioritizing business profitability and generating value for our stakeholders.
Carlos Rojas Aboumrad
INVITE | EARNINGS CALL
Thursday, July 21st, 10:00am Mexico City Time (11:00am, EST)
Speakers: Carlos Rojas Aboumrad (CEO) and Mario Romero Orozco (CFO)
Link: https://rotoplas.zoom.us/webinar/register/WN_Ga863MmJT2KxgSBEQgldVQ
Password: 2Q22
GUIDANCE | 2022-2025
During the 1Q22 earnings conference call, the Company updated its 2022 guidance. The modification of the annual earnings guidance does not affect the objectives set in the 2020-2025 Sustainable Growth Strategy.
SALES AND EBITDA | BY REGION AND SOLUTION
Adjusted EBITDA
Since the second quarter of 2020, we have been recognizing "one-time" expenses for the implementation of the Flow program; non-recurring expenses that have short- and long-term benefits in revenue, expense, working capital and organizational culture to ensure permanent change. The fourth quarter of 2021 was the last period in which these "one-time" expenses were recognized.
Mexico
Net Sales increased 15.7% vs 2Q21 driven by double-digit growth in products, which offset the weaker performance of the services platform.
Product sales benefited from double-digit growth in the storage, water flow, and improvement categories. Droughts in the northwest of the country also contributed to the increase in sales.
Services sales decreased due to lower water treatment and recycling plant sales, a business that still has delays in new industrial and commercial projects as a result of the pandemic. Additionally, the drinking fountains division continues without new revenues due to the prevailing impasse in the country's schools. bebbia maintained a good pace and recorded a double-digit sales increase, however, it does not offset the other divisions.
Adjusted EBITDA for the quarter was Ps. 369 million, an increase of 44.3% compared to 2Q21. This result includes the impact of bebbia's accelerated growth, which added 9 thousand new subscribers in the quarter, resulting in a loss of Ps. 46 million to this business. The adjusted EBITDA margin for the quarter expanded 420 bps, going from 16.8% in 2Q21 to 21.0% in 2Q22.
Cumulative net sales increased 9.7%, reaching Ps. 3,130 million driven by a product growth, which compensates fewer service sales.
On a cumulative basis, adjusted EBITDA was Ps. 588 million, a 4.4% increase, with an 18.8% margin. During the first half of the year, the increase in bebbia's expenses related to its growth negatively impacted the business, resulting in a loss of Ps. 90 million during the first half of the year. The adjusted EBITDA margin was 18.8%, a 90 bps decrease compared to 1H21.
Argentina
Net sales increased 60.0% vs 2Q21 with record growth in all three categories. The brand's leadership and strength in the region have allowed us to continue with our price and cross-selling strategies and increase the penetration of new sales channels.
Cumulative net sales increased 48.5% driven by continuous improvement in the commercial execution and in the pricing policy.
Adjusted EBITDA for the quarter reached Ps. 143 million vs Ps. 85 million in 2Q21. Adjusted EBITDA margin closed at 15.1%, an 80 bps increase compared to 2Q21, driven by an efficient cost structure.
Cumulative adjusted EBITDA reached Ps. 234 million, an increase of 51.9% compared to the same period of the previous year, driven by higher volumes and prices, which helped offset increases in raw materials costs.
NOTE: Adoption of IAS 29, Financial Reporting in Hyperinflationary Economies.
Due to Argentina experiencing inflation above 100% in the last three years, it is considered a hyperinflationary economy. In accordance with IAS 29, an adjustment for inflation has been made to the Financial Statements to consider changes in purchasing power.
International Accounting Standard (IAS) 29, Financial Information in Hyperinflationary Economies establishes that the results of operations in Argentina should be reported as if they were hyperinflationary as of January 1st, 2018. Moreover, an adjustment for inflation in the Financial Statements should be made to account for the change in the purchasing power of the local currency.
As a result of the above, in the first half of 2022, the impact of the restatement resulted in an increase of Ps. 126 million in financial expense, negatively impacting the Comprehensive Financing Result. After considering taxes, the impact on net income amounted to Ps. 118 million.
United States
Net Sales for the quarter increased 3.9% to Ps. 377 million, driven by growth in the e-commerce business. During the quarter, we added 7,400 new customers as a result of our omnichannel strategy and customer service through our call center. Likewise, the septic business continues under development, increasing the number of partners for the design, installation, and maintenance services of the solutions.
Cumulative net sales increased 14.6%, reaching Ps. 709 million driven by the e-commerce and septic businesses growth. The latter doubled sales compared to 2021.
Pre-operating expenses from the septic business and technological expenses for the expansion of the e-commerce platform led to a negative adjusted EBITDA of Ps. 29 million in the quarter and negative Ps. 48 million cumulatively.
Other countries
Net sales from other countries (Peru, Guatemala, El Salvador, Costa Rica, Honduras, Nicaragua, and Brazil) reached Ps. 362 million in the quarter, 8.1% higher than that reported in the same period of the previous year. On a cumulative basis, net sales decreased 3.3% vs 2021.
In Peru, the efficient commercial strategy and price increases offset the decline in sales volume caused by the adverse macroeconomic environment during the quarter. On a cumulative basis, sales were affected by a weak first quarter, as a result of the third COVID-19 wave and the suspension of government subsidies to the population.
In Central America, quarterly sales growth was due to the implementation of differentiated pricing strategies by customer, channel, and product.
Diversification of the water flow and improvement categories continued in order to complement sales from the traditional water storage business. This helped offset weak sales from the first quarter related to the announcement of a price increase at the end of 2021 that led distributors and customers to anticipate purchases and increase their inventories.
In Brazil, the projects pipeline benefited from the new legislation that promotes the migration from a state-owned water model to a private one. In addition, during the period, strategic alliances were formed with specialized consultants to increase the volume of contracts through a commission scheme.
Adjusted EBITDA reached Ps. 45 million in the quarter and Ps. 76 million in the first half of the year. The EBITDA margin contracted 400 bps in the quarter compared to 2Q21, reaching 12.5% and decreased 760 bps vs 1H21, reaching 11.2%. The margin contractions are related to the investment for the development of the water treatment and recycling plants in Brazil, which resulted in a loss of Ps. 13 million in that business during the quarter and Ps. 28 million during the first half of the year.
ANALYSIS | COSTS AND EXPENSES
Gross Profit
Gross profit for the period increased 39.8% in the quarter and 23.3% in the first half of the year. Likewise, the gross margin increased 510 bps to 42.2% in 2Q22 and 230 bps in the 6M21 to 41.3%. This was the result of an assertive pricing strategy during the second half of 2021 and in 2022, which has allowed us to maintain brand leadership, as well as a sequential and year-over-year margin recovery.
Operating Income
Operating income reached Ps. 429 million in the quarter, 77.6% higher than in 2Q21, with a 380 bps increase in the margin, to reach 12.4%.
This expansion was lower than the improvement in the gross margin due to the recognition of expenses related to new businesses; Acuantia in the United States, bebbia in Mexico, and water treatment and recycling plants in Brazil, whose marginal contribution was negative due to the stage they are in.
On a cumulative basis, operating income increased 19.1% to reach Ps. 651 million. Cumulative operating margin was 10.7%, 30 bps higher than in the same period of 2021.
As in the quarter, the improvement in the operating margin was lower than the improvement in gross margin, due to the accounting for expenses related to new businesses, as well as the reactivation of travel, in-person events, and some marketing strategies that were put on hold during 2021 as a result of the pandemic.
Comprehensive Financing Result
The Comprehensive Financing Result for 2Q22 was an expense of Ps. 195 million compared to Ps. 155 million in the same period of the previous year. The expense in the quarter includes Ps. 98 million for interest on debt, commissions and leases, Ps. 14 million for the valuation of financial instruments, and Ps. 83 million for the monetary position in Argentina, which was Ps. 26 million higher than 2Q21.
The cumulative Comprehensive Financing Result was an expense of Ps. 349 million vs Ps. 277 million in the first half of 2021. Financial expenses for the first half of the year comprised the payment of interest on the AGUA 17-2X sustainable bond, commissions and leasing for Ps. 194 million, Ps. 32 million for the valuation of financial instruments, and Ps. 123 million for monetary positioning in Argentina, which was Ps. 95 million higher than 2Q21.
Net Result
The net profit for the quarter was Ps. 122 million compared to Ps. 65 million in 2Q21, an 86.6% increase due to an improvement in the operating results.
Cumulative net profit was Ps. 210 million, 5.2% higher than what was reported in 2Q21. Excluding the impact of the monetary position in Argentina, a virtual non-cash item, net income would increase 66.9%.
CapEx
Capital investments represented 4.8% of sales during the first half of the year, an increase of 64.9% compared to the previous year.
Capital investments include:
- Ps. 194 million of investments in new technology to produce storage solutions and for machinery to increase production capacity for water flow category in Mexico.
- Ps. 28 million were allocated to water treatment and recycling plants in Brazil and Ps. 1 million in Mexico.
- CapEx specifically related to growth initiatives within the Flow program amounted to Ps. 163 million. This includes investments across all countries, categories, and businesses.
ANALYSIS | BALANCE SHEET
Cash Conversion Cycle (Days)
Inventory Days: Average Inventory / (3M Cost of Sales / 90)
Accounts Receivable Days: Average Accounts Receivable / (3M Sales / 90)
Accounts Payable Days: Average Suppliers / (3M Cost of Sales / 90)
During the period, the cash conversion cycle was optimized by 10 days while maintaining a strategy focused on securing the supply of raw materials in an unstable supply chain environment.
Debt
Debt Maturity Profile
Total debt amounted to Ps. 4,007 million and corresponds to the AGUA 17-2X sustainable bond.
FINANCIAL RATIOS
*Adjusted EBITDA LTM/interest payments LTM **Net income divided by 486.2 million shares, expressed in Mexican pesos.
Leverage as of the second quarter of 2022 was within the Company's debt guideline of 2.0x Net Debt/Adjusted EBITDA.
ROIC / Cost of Capital
ROIC: NOPAT L12M/Average Invested Capital t, t-1.
Invested Capital: Total Assets – Cash and Cash Equivalents – Short-Term Liabilities.
ROIC excludes Flow program execution costs from 2Q20 to 4Q21 as they are one-off.
ROIC amounted to 13.0% at the end of June, a 300 bps contraction vs the previous year. However, the ROIC remains 61 bps above the cost of capital, which increased from 11.5% in June 2021 to 12.4% in June 2022. Nevertheless, the creation of sustainable economic value is maintained in order to continue to positively impact our stakeholders.
Financial derivates
The use of derivative financial instruments is governed by the recommendations and policies issued by the Board of Directors and supervised by the Audit Committee, which provides guidelines on the management of exchange risk, interest rate risk, credit risk, the use of derivative and non-derivative financial instruments, and the investment of excess liquidity.
As of June 30th, 2022, the market value of Grupo Rotoplas' position was:
ESG | ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Updates regarding sustainability initiatives during the quarter include:
- Training was given to all administrative employees of the Group regarding diversity, inclusion, and human rights issues. The training was given in collaboration with associations and companies specializing in the subject such as Integrarse, EY Mexico, and Unidos por los Derechos Humanos.
- We began the process to work with the Science Based Targets initiative (SBTi), with the purpose of validating the Group's environmental goals and achieving carbon neutrality by 2040.
- The Corporate Government Committee completed an analysis of the operational risks for the Company and presented a roadmap with milestones and relevant activities to mitigate these risks, assigning responsible people and deadlines.
For more information on our ESG programs, visit our sustainability website:
https://rotoplas.com/sustentabilidad/home-eng/
AGUA* | PERFORMANCE AND ANALYST COVERAGE
Source: SiBolsa
Capital reimbursement:
During the quarter a capital reimbursement in cash was made to the Company's shareholders through a decrease in capital stock at a rate of Ps. 0.45 (forty-five Mexican peso cents) for each outstanding share. This implied a total disbursement of Ps. 215 million for the Company.
Treasury shares:
As of June 30th, 2022, the Company had 9.3 million shares in the treasury, equivalent to an invested amount of Ps. 320 million. To date, no treasury shares have been cancelled.
Analyst Coverage
As of June 30th, 2022, analyst coverage was provided by:
TRANSFORMATION PROGRAM | FLOW
In 2019, Rotoplas began the "Flow" transformation program to focus the business on economic value creation and sustainable growth. The strategy is based on initiatives that are divided between three pillars:
A. Profitability of the Current Portfolio
- levers for income, cost, expenditure and working capital
B. Growth Initiatives and Execution
- improve the execution of growth opportunities and capital allocation decisions
C. Organizational Culture and Health
- leadership, operational discipline, talent development, accountability, and organizational climate
Flow has evolved and is part of the culture of innovation and continuous improvement.
FINANCIAL STATEMENTS | Balance Sheet, Income Statement and Cash Flow
Income Statement
(unaudited figures in millions of Mexican pesos)
Balance Sheet (unaudited figures in millions of Mexican pesos)
Cash Flow (unaudited figures in millions of Mexican pesos)
PRESS RELEASES | 2Q22
- AGUA* is included for another year in the sample of the ESG index of the Mexican Stock Exchange (BMV) – July 8th
- Extinction of trust F/000116 – July 7th
- S&P Global Ratings maintains Grupo Rotoplas' 'mx AA-' rating with stable outlook – June 24th
- Capital reimbursement payment 2022 – May 9th
- Resolutions Adopted by the 2022 General Ordinary and Extraordinary Shareholders' Meeting – April 29th
- Rotoplas updates its Guidance for 2022 – April 21st
- Proposals to the GSM – April 6th
- Rotoplas operations status update during March – April 5th
For more information, please refer to the Relevant Events section on our website: https://rotoplas.com/investors/relevant-events/#1
CONTACT | INVESTOR RELATIONS
Forward-Looking Statements
This press release may include certain forward-looking statements relating to Grupo Rotoplas S.A.B. de C.V. It relies on considerations of the Grupo Rotoplas S.A.B. de C.V. management which are based on current and known information; however, the expectations could vary due to facts, circumstances, and events beyond the control of Grupo Rotoplas, S.A.B. de C.V.
About the Company
Grupo Rotoplas S.A.B. de C.V. is America's leading provider of water solutions, including products and services for storing, piping, improving, treating, and recycling water. With over 40 years of experience in the industry and 19 plants throughout the Americas, Rotoplas is present in 14 countries and has a portfolio that includes 27 product lines, a services platform, and an e-commerce business. Grupo Rotoplas has been listed on the Mexican Stock Exchange (BMV) under the ticker "AGUA" since December 10th, 2014.
Pedregal 24, 19th floor, Col. Molino del Rey
Miguel Hidalgo
11040, Mexico City
T. +52 (55) 5201 5000
www.rotoplas.com
Contact: Mariana Fernández, mfernandez@rotoplas.com; María Fernanda Escobar, mfescobar@rotoplas.com
1 Adjusted EBITDA considers: operating income plus depreciation and amortization, plus non-recurring expenses (donations and Flow implementation expenses). In 2Q21 it considers Ps. 75 million of Flow expense and Ps. 6 million donations. On a cumulative basis, it considers Ps. 150 million of Flow expenses and Ps. 8 million donations. During 2Q22, there were no adjustments for Flow expenses, and no donations.
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SOURCE Grupo Rotoplas S.A.B. de C.V. | https://www.ktre.com/prnewswire/2022/07/20/rotoplas-second-quarter-2022-results/ | 2022-07-20T21:50:35 | en | 0.947361 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/oklahoma-sooners-football/articles/40134653 | 2022-07-20T21:50:41 | en | 0.738227 |
NEW YORK, July 20, 2022 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, has closed on a $62.5 million ground lease to facilitate the acquisition of Soleste Grand Central, a 360-unit multifamily asset in Miami, Florida. The property was completed in 2021 and acquired by Avanti Residential.
"We are excited to expand our relationship with Avanti and pleased that our accretive ground lease capital has played a role in their impressive growth acquiring high quality multifamily assets," said Steve Wylder, Executive Vice President.
The transaction marks the sixth between Safehold and Avanti over the last two years; all 99 year ground leases created on acquisition of newer vintage multifamily properties. The acquisitions total in excess of 1,600 units in both Florida and Colorado.
Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, office, industrial, hospitality, life science and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT) and is managed by its largest shareholder, iStar Inc., seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Additional information on Safehold is available on its website at www.safeholdinc.com.
Avanti Residential is an experienced investor and owner-operator of lifestyle-forward multifamily communities in the U.S. Founded in 2005 and headquartered in Denver, Colorado, Avanti operates a vertically integrated platform led by a seasoned executive team, each with more than 25 years' experience in the acquisition and value creation of apartment properties. Operating in 5 states with 37 properties and approximately 9,000 units, the company applies skilled real estate investment acumen in a culture of personal accountability and alignment to deliver exceptional value and attractive risk-adjusted returns for its institutional venture partners and private capital investors. AvantiResidential.com
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SOURCE Safehold | https://www.ktre.com/prnewswire/2022/07/20/safehold-closes-sixth-transaction-with-avanti-residential-625-million-ground-lease-miami/ | 2022-07-20T21:50:42 | en | 0.954246 |
In February I open a credit card. The credit card company continues to state they have not received payment from me. Payments are made and returned according to the company and my cc account However, payments were made and taken but never returned. So now I have a large closed credit card bill that should be paid off with added late payments even though parents were made. I did contact the company and have talked to multiple people and received multiple fax # that don't receive my statements so I decided to mail them in. Two weeks ago the statements aka paperwork with proof, were in process and being reviewed. Last week, they hadn't received them. So, what now!!? This has been going on since March when I closed the account due to a lack of trust in the company.
-
1There's no question about finance here, only a dispute with a particular company. If you can't get resolution on your own, contact an attorney.– chepner46 mins ago
-
Yes, if a company is acting like this, do not overpay, and get a lawyer. If you have evidence you did everything right, the court should sort it out... 43 mins ago | https://money.stackexchange.com/questions/151842/now-what-credit-card-company-stealing-money | 2022-07-20T21:50:44 | en | 0.99439 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/chicago-cubs/articles/40134168 | 2022-07-20T21:50:47 | en | 0.738227 |
SEI Reports Second-Quarter 2022 Financial Results
Published: Jul. 20, 2022 at 3:01 PM CDT|Updated: 2 hours ago
OAKS, Pa., July 20, 2022 /PRNewswire/ -- SEI Investments Company (NASDAQ:SEIC) today announced financial results for the second-quarter 2022. Diluted earnings per share were $0.81 in second-quarter 2022 compared to $0.93 in second-quarter 2021.
"Our second-quarter financial results reflect our business' resilience as we navigate the state of the capital markets, inflation's continued impact, and change. While we expect these challenges to continue, we remain steadfast in our conviction that our company is moving in the right direction," said CEO Ryan Hicke.
"We've made progress as a business in three strategic areas of focus: growth, talent, and culture. Our expertise in asset management, technology, and operations is the foundation for driving short- and long-term revenue growth. We are seizing opportunities globally to provide existing and new solutions to our markets, enhance our talent, and reignite our culture. We will continue to diligently assess and allocate our investments in order to push our company forward in these areas, further position us for growth, and deliver value to our employees, clients, and shareholders."
Second-Quarter Business Highlights:
- Revenues from Information processing and software servicing fees increased from new client conversions and growth from existing SEI Wealth PlatformSM (SWP) clients. Additional revenues from our acquisition of SEI Novus during the fourth-quarter 2021 also contributed to the increase.
- Revenues from Assets under management, administration, and distribution fees were flat. Revenues from Assets under management decreased due to the significant decline in market conditions during the second quarter and client shifts into lower fee investment products. This decline was offset by increased revenues from assets under administration.
- Our average assets under management in equity and fixed income programs, excluding LSV, decreased $21.1 billion, or 11%, to $177.1 billion in the second-quarter 2022, as compared to $198.2 billion during the second-quarter 2021 (see attached Average Asset Balances schedules for further details).
- Our average assets under administration increased $39.3 billion, or 5%, to $897.5 billion in the second-quarter 2022, as compared to $858.2 billion during the second-quarter 2021 (see attached Average Asset Balances schedules for further details).
- Net sales events in the Private Banks and Investment Managers segments during second-quarter 2022 were $7.9 million and are expected to generate net annualized recurring revenues of approximately $5.6 million when contract values are completely realized.
- Net sales events in asset management-related businesses of the Investment Advisors and Institutional Investors segments and the Asset Management Distribution (AMD) business in the Private Banks segment during second-quarter 2022 were $934.0 thousand.
- The increase in operational expenses was primarily due to increased personnel costs due to business growth, competitive labor markets, and the impact of inflation on wages and services. The increase was partially offset by lower direct costs related to asset management revenues.
- In June, we initiated an enhanced voluntary separation program to long-tenured employees as part of our commitment to professional development and expanded responsibilities for current and new talent by increasing advancement opportunities. We expect this program to be finalized in July 2022. The program's total cost is currently estimated to be between $54.0 million and $58.0 million, which will be recorded as part of third-quarter 2022 results.
- Earnings from LSV decreased to $29.8 million in the second-quarter 2022 as compared to $35.1 million in the second-quarter 2021 due to negative cash flows from existing clients, market depreciation and client losses.
- We capitalized $6.1 million of software development costs in second-quarter 2022 for continued enhancements to SWP. Amortization expense related to SWP was $11.8 million in second-quarter 2022.
- Our effective tax rates were 23.1% in second-quarter 2022 and 22.3% in second-quarter 2021. The increase in the effective tax rate was primarily due to decreased tax benefits associated with a lower volume of stock option exercises.
- We repurchased 2.0 million shares of our common stock for $109.3 million during the second-quarter 2022 at an average price of $55.48 per share.
- Cash flow from operations was $70.2 million, or $0.51 per share, and free cash flow was $52.4 million during the second-quarter 2022.
Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern time on July 20, 2022. Investors may listen to the call at seic.com/ir-events. Investors may also listen to a replay by telephone at (USA) 866-207-1041; (International) 402-970-0847; Access Code: 4384485.
About SEI®
SEI (NASDAQ:SEIC) delivers technology and investment solutions that connect the financial services industry. With capabilities across investment processing, operations, and asset management, SEI works with corporations, financial institutions and professionals, and ultra-high-net-worth families to solve problems, manage change, and help protect assets—for growth today and in the future. As of June 30, 2022, SEI manages, advises, or administers approximately $1.3 trillion in assets. For more information, visit seic.com.
This release contains forward-looking statements within the meaning or the rules and regulations of the Securities and Exchange Commission. In some cases you can identify forward-looking statements by terminology, such as "may," "will," "expect," "believe" and "continue" or "appear." Our forward-looking statements include our current expectations as to:
- the extent to which current market conditions will persist,
- revenue that we believe will be generated by sales events that occurred during the quarter and the timing of the realization of such revenue, if any,
- whether we will diligently assess and allocate our investments,
- whether we positioned for growth, and to deliver value to our employees, clients, and shareholders, and
- when our enhanced voluntary separation program will close and the amount of the cost of such program.
We anticipate that we may deliver forward-looking statements during today's earnings call that include our current expectations as to the matters in this release and set forth above as well as:
- the timing and success of client migrations, implementations and conversions,
- our ability to expand our relationships and revenue opportunities with new and existing clients,
- whether our investments will create growth opportunities,
- whether we are positioned for sustainable growth and to take advantage of opportunities,
- the margins that out businesses may generate,
- the degree to which one-time and transaction-based revenues during the quarter will be repeated,
- the competition for and cost of talent and the effect of these factors on our business,
- the headwinds we will face and our strategies for how we may respond to these headwinds,
- how we will manage our expenses,
- the degree to which our reported margins will decline, increase or normalize,
- the strategic initiatives and business segments that we will pursue and those in which we will invest,
- whether we have laid the groundwork for our future growth plans,
- the degree to which we will align our talent and spending to capitalize on market opportunities for both the short and medium term,
- whether our voluntary separation program will create space for internal mobility, fresh perspectives, diversity and external experience, and the degree to which this will position us for or accelerate our growth,
- the degree to which we will reset our capital investments to sustain the growth we create,
- the success, if any, of the sales and strategic initiatives we pursue,
- whether our culture will enable us to be more nimble, while maintaining focus and attention on our clients and opportunities,
- the timing of when new clients will be on-boarded directly to new technology platforms and when our entire existing client base will be live on such platforms,
- the value of our backlog and the strength of our pipelines,
- whether we will be able to drive cross-selling opportunities,
- whether we will focus on maintaining and accelerating growth in existing businesses, expanding our focus on new growth engines, or reinvigorating our culture and talent strategies across the company,
- our growth prospects,
- the timing of and our ability to integrate any acquisition targets that we may pursue, if any,
- the potential benefits we may derive from any of our acquisitions,
- the organic and inorganic opportunities that will drive our growth,
- the investments we may make in our technologies and personnel, and
- the success and benefits of our strategic investments.
You should not place undue reliance on our forward-looking statements, as they are based on the current beliefs and expectations of our management and subject to significant risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe the assumptions upon which we base our forward-looking statements are reasonable, they could be inaccurate. Some of the risks and important factors that could cause actual results to differ from those described in our forward-looking statements can be found in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended Dec. 31, 2021, filed with the Securities and Exchange Commission.
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SOURCE SEI Investments Company
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.ktre.com/prnewswire/2022/07/20/sei-reports-second-quarter-2022-financial-results/ | 2022-07-20T21:50:48 | en | 0.951729 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/chicago-cubs/articles/40134232 | 2022-07-20T21:50:53 | en | 0.738227 |
Program will enable the delivery of war-winning capabilities
SAN DIEGO, July 20, 2022 /PRNewswire/ -- Shield AI, a fast-growing defense technology company building AI pilots for aircraft, today announced its inclusion in the first set of projects selected to receive funding for the Office of the Under Secretary of Defense for Research and Engineering's (OUSD(R&E)) pilot program to Accelerate the Procurement and Fielding of Innovative Technologies, also known as APFIT.
"This is a win-win. For the warfighter, they will not have to wait the average 4-6 years to receive new tools and products to do their jobs more effectively. For Shield AI and the V-BAT, selection by a joint-strategic office like OUSD R&E alongside its selection for SOCOM and Naval Air Warfare Center Aircraft Division's Multi-Mission Tactical UAS program last year — in addition to ongoing deployments with Marine Expeditionary Units in support of Force Design 2030 and widespread adoption with international program offices — it's further proof that our V-BAT is a very special aircraft. Everyone is choosing V-BAT," said Brandon Tseng, Shield AI's co-founder, President, and former Navy SEAL.
Shield AI's APFIT project involves the initial procurement of V-BAT unmanned aircraft systems (UASs) — semi-autonomous, long-loiter, vertical takeoff, and landing-capable UASs with modular payload capability — that can provide resilient data transport and locate and provide weapon quality targeting information as part of the Joint Sensing Grid to JADC2.
According to the DoD's official release, the purpose of the APFIT pilot program is to expeditiously transition technologies and get them in the warfighters' hands. The benefits of this pilot will be to deliver war-winning capabilities to the warfighter.
The V-BAT, with its innovative, near-zero footprint vertical take-off and landing (VTOL) and long-endurance capabilities, is unlike any UAS on the market today. Propelled by a single, ducted, thrust-vectored fan, it takes off and lands in the style of a SpaceX rocket. Its fully operational logistical footprint fits into the bed of a pickup truck or inside a Blackhawk helicopter, significantly reducing the total cost of capability. U.S. and international customers view the V-BAT as a flexible, cost-efficient platform capable of performing Group 2 UAS to Group 5 UAS missions and beyond.
"When a military service buys V-BAT, they are not just getting a winning technology, product, and capability that will radically enable warfighters. They are also getting a team of world-class engineers and professionals committed to making service members proud and a best-in-class aircraft and cutting-edge software, all while helping advance a product roadmap that will transform the battlefield and strengthen global stability and national security," Tseng added. "More and more people are understanding the value that is unlocked by our AI Pilot, Hivemind. Via Hivemind integration, operational read-and-react swarming and comms-contested, GPS-denied autonomous maneuver are rapidly coming to V-BATs."
Shield AI's Hivemind software is an AI pilot for military and commercial aircraft that enables intelligent teams of aircraft to perform missions ranging from room clearance, to penetrating air defense systems, and dogfighting F-16s. Hivemind employs state-of-the-art algorithms for planning, mapping, and state-estimation to enable aircraft to execute dynamic flight maneuvers and uses reinforcement learning for discovery, learning, and execution of winning tactics and strategies. On aircraft, Hivemind enables full autonomy and is designed to run fully on the edge, disconnected from the cloud, in high threat, GPS and communication-degraded environments.
About Shield AI
Shield AI is a venture-backed company built around a team of proven executives, warfighters with relevant national security experience, and world-class AI engineers. The company has offices in San Diego, Washington D.C., Dallas, and Abu Dhabi. Shield AI's products and people are currently in the field actively supporting operations with the U.S. Department of Defense and allies. For more information, visit www.shield.ai.
Follow Shield AI on LinkedIn, Twitter, and Instagram
Media Contact: Lily Hinz, media@shield.ai
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SOURCE Shield AI | https://www.ktre.com/prnewswire/2022/07/20/shield-ais-v-bat-selected-dods-apfit-pilot-program/ | 2022-07-20T21:50:55 | en | 0.940257 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/chicago-cubs/articles/40134274 | 2022-07-20T21:50:59 | en | 0.738227 |
Justin Bieber is set to hit the road again after stepping aside to deal with an illness that left half of his face temporarily paralyzed.
Concert promoter AEG says the Stratford, Ont., pop star will resume his Justice world tour starting July 31 with a concert in Italy.
He'll then play shows across South America, South Africa, the Middle East, Asia, Australia and New Zealand.
The announcement comes after Bieber suddenly postponed several of his North American dates in June, including two in Toronto. One of them was cancelled just hours before showtime.
Bieber later took to Instagram with a video where he explained that he was diagnosed with Ramsay Hunt syndrome, which left him unable to blink and smile on one side of his face.
AEG says new dates for the postponed North American shows will be announced soon.
This report by The Canadian Press was first published July 20, 2022. | https://www.cp24.com/entertainment-news/music-news/justin-bieber-plans-return-to-world-tour-after-ramsay-hunt-syndrome-diagnosis-1.5995668 | 2022-07-20T21:51:01 | en | 0.986158 |
FREMONT, Calif., July 20, 2022 /PRNewswire/ -- Socket Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and delivery solutions for enhanced productivity, today announced that it will release its 2022 second quarter financial results at the close of the market on Thursday, July 28, 2022. Management will also host a conference call to discuss these results that will begin at 5 p.m. Eastern Time (2 p.m. Pacific Time).
About Socket Mobile:
Socket Mobile is a leading provider of data capture and delivery solutions for enhanced productivity in workforce mobilization. Socket Mobile's revenue is primarily driven by the deployment of third-party barcode enabled mobile applications that integrate Socket Mobile's cordless barcode scanners and contactless reader/writers. Mobile Applications servicing the specialty retailer, field service, transportation, and manufacturing markets are the primary revenue drivers. Socket Mobile has a network of thousands of developers who use its software developer tools to add sophisticated data capture to their mobile applications. Socket Mobile is headquartered in Newark, Calif. and can be reached at +1-510-933-3000 or www.socketmobile.com. Follow Socket Mobile on Facebook , Twitter @socketmobile and on our sockettalk blog.
Socket is a registered trademark of Socket Mobile. All other trademarks and trade names contained herein may be those of their respective owners.
© 2022, Socket Mobile, Inc. All rights reserved.
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SOURCE Socket Mobile, Inc. | https://www.ktre.com/prnewswire/2022/07/20/socket-mobile-announces-2022-second-quarter-results-release-date-conference-call/ | 2022-07-20T21:51:02 | en | 0.902178 |
MOAB, Utah — A male hiker was found dead in Canyonlands National Park after he did not return from a hike and was reported missing Sunday night.
The man was attempting a short hike from Elephant Hill in the Needles district and when he did not return, a missing person report was filed, officials said in a press release.
A search and rescue team with Canyonlands and Mesa Verde National Park Service staff and San Juan County personnel was formed to start searching for the man.
At about 10 a.m. Tuesday, a body matching the description of the man was found near the trailhead, the National Parks Service reported.
An investigation into the incident is being conducted by the San Juan County Medical Examiner's Office.
Officials urged visitors to plan ahead and prepare for extreme heat when going out in the summer. | https://www.fox13now.com/news/local-news/missing-male-hiker-found-dead-in-canyonlands-national-park | 2022-07-20T21:51:04 | en | 0.975168 |
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