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US sending more military aid to Ukraine as war grinds on
WASHINGTON (AP) — The U.S. and allies committed more rocket systems, ammunition and other military aid to Ukraine Wednesday, as American defense leaders said they see the war to block Russian gains in the eastern Donbas region grinding on for some time.
Speaking at the close of a virtual meeting with about 50 defense leaders from around the world, U.S. Defense Secretary Lloyd Austin said it will be “hard work” to keep allies and partners all committed to the war effort as the months drag on.
“We’re pushing hard to maintain and intensify the momentum of donations,” Austin said. “This will be an area of focus for the foreseeable future, as it should be, in terms of how long our allies and partners will remain committed ... There’s no question that this will always be hard work making sure that we maintain unity.”
Officials have been reluctant to say how long the war may last, but Army Gen. Mark Milley, chairman of the Joint Chiefs of Staff, suggested it could be a long slog.
“We have a very serious grinding war of attrition going on in the Donbas. And unless there’s a breakthrough on either side — which right now the analysts don’t think is particularly likely in the near term — it will probably continue as a grinding war of attrition for a period of time until both sides see an alternative way out of this, perhaps through negotiation or something like that.”
Officials said Wednesday that the U.S. will send Ukraine four more High Mobility Artillery Rocket Systems (HIMARS) and precision-guided rockets for them, as well as additional artillery rounds. A more detailed announcement is expected later this week.
WARNING: Videos used may contain graphic content.
The aid comes as Russian forces try to solidify gains in the two provinces in Ukraine’s eastern Donbas region, Donetsk and Luhansk, while also expanding attacks into other areas. Russian Foreign Minister Sergey Lavrov told state-controlled RT television and the RIA Novosti news agency that Russia has expanded its “special military operation” from the Donbas to the Kherson and Zaporizhzhia regions and other captured territories.
Austin said Lavrov’s comments come as no surprise to allies who have known Russia has greater ambitions in capturing Ukraine.
But Ukrainian troops have been using the HIMARS to strike Russian logistics nodes and command and control centers, including behind the front lines to disrupt supply chains. And on Wednesday they struck and damaged a bridge that is key to supplying Russian troops in southern Ukraine, where Lavrov said Moscow is trying to consolidate its territorial gains.
Milley said the Ukrainian strikes are “steadily degrading the Russian ability to supply their troops, command and control their forces, and carry out their illegal war of aggression.”
He said that, due to Ukraine’s resistance, Russia has been able to gain just six to 10 miles of ground in the Donbas over the past 90 days, with “tens of thousands of artillery rounds” fired in each 24-hour period. And he said he does not believe that the Donbas region has been lost to Russia.
“It’s not lost yet. The Ukrainians are making the Russians pay for every inch of territory that they gain and advances are measured in literally hundreds of meters,” Milley said.
The issue going forward, he said, will be the amount of HIMARS rockets and other ammunition expended by the Ukraine forces. The U.S. has been sending thousands of rounds, taking them from American military stockpiles, and raising questions about how long that will last and at what point there may be a risk to U.S. military readiness.
“We are looking at all of that very, very carefully,” Milley said. “We think we’re okay right now as we project forward into the next month or two or three, we think we’re going to be okay.”
The U.S. has already provided more than $7 billion in aid to Ukraine since the war began in late February. Austin said that during the defense meeting, there was also discussion about how to ensure that Ukraine is able to maintain and repair the weapons systems into the future.
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Follow the AP’s coverage of the war at https://apnews.com/hub/russia-ukraine
Copyright 2022 The Associated Press. All rights reserved. | https://www.wlbt.com/2022/07/20/us-sending-more-military-aid-ukraine-war-grinds/ | 2022-07-20T21:57:47 | en | 0.967757 |
NEW YORK (AP) — Cotton No. 2 Futures on the IntercontinentalExchange (ICE) Wednesday:
- Texas moms 'ready to fight' Greg Abbott in new viral ad
- Astros let A's Paul Blackburn fly with them to All-Star Game
- Dusty Baker on the boos sure to come Astros' way at All-Star Game
- ESPN's Derek Jeter documentary rehashes painful Astros mistake
- Houston restaurant only makes 30 of these fancy burgers a night
- What kind of offer could the Astros make in a Juan Soto trade?
- Gov. Abbott did not attend a single Uvalde victims' funerals
- Astros' All-Stars, families were styling on pregame red carpet
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MONTERREY, Mexico, July 20, 2022 /PRNewswire/ -- ALFA, S.A.B. de C.V. (BMV: ALFAA) ("ALFA"), a company that has developed a diversified portfolio of leading businesses with global operations, announced today its unaudited results for the second quarter of 2022 ("2Q22"). All figures have been prepared in accordance with International Financial Reporting Standards ("IFRS").
"We hope you and your families are remaining safe and healthy. The second quarter was marked by exciting developments on the strategic front, including the announcement of the Axtel spin-off and Alpek´s closing on the previously announced OCTAL acquisition. We are also pleased to report strong consolidated performance with quarterly EBITDA of US $706 million and six consecutive quarters of year-over-year improvement in the net leverage ratio.
ALFA's 2Q22 revenue increased 30% year-over-year and EBITDA surged 42% driven once again by a better-than-expected performance at Alpek. The petrochemical business continued to capitalize on strong reference margins in its core products plus solid demand. In addition, Alpek's results benefitted from the integration of the OCTAL acquisition in June.
Sigma was negatively impacted by the ongoing headwinds in its European operations, primarily higher energy prices and input costs as well as lower pork exports. Noteworthy, Sigma Europe EBITDA was up 20% quarter-on-quarter as operating efficiencies and pricing actions have been implemented to mitigate inflationary pressures. Meanwhile, lower sales from the Government segment, project delays caused by the global semiconductor shortage, and lower revenues from a large wholesale customer continued to weigh on Axtel's results. It is important to note that the large wholesale customer´s "concurso mercantil" process reached a financing agreement which provides certainty going forward to its creditors and suppliers like Axtel.
ALFA is fully committed to continue transferring value to its shareholders through a balanced approach which includes dividends, share repurchases, improvement in credit metrics and the transformational efforts underway to address the conglomerate discount.
We took a decisive step forward during the quarter when we announced the plan to spin-off Axtel to the ALFA shareholders. As approved by ALFA's shareholders on July 12th, we are following virtually the same structure and process implemented when we spun off Nemak in 2020. ALFA will transfer its entire stake in Axtel to ALFA's shareholders via a new, Bolsa-listed entity named Controladora Axtel.
By spinning-off Axtel, ALFA further simplifies its corporate structure and enhances its financial position as the two remaining subsidiaries, Alpek and Sigma, have investment grade credit ratings. In addition, ALFA's shareholders gain autonomy as we advance, holding separate stakes in ALFA, Nemak and soon in Axtel. Also, as an independent business, Axtel will drive strategic initiatives to boost growth without the influence of ALFA's transformational process.
Another key value-enhancing event during the quarter was Alpek closing the OCTAL acquisition ahead of plan. For 2022, Alpek is projecting an EBITDA contribution of US $120 million from OCTAL supported by better-than-expected reference margins and overall favorable industry conditions. In turn, Alpek increased its 2022 EBITDA guidance to US $1.600 billion, up from US $1.365 billion announced in 1Q22.
ALFA has also adjusted its 2022 guidance to reflect three significant items. First, the accounting effect resulting from Axtel being presented as a discontinued operation beginning in 3Q22. Second, Alpek raising guidance driven by the integration of OCTAL plus a solid reference margin outlook. Third, lower guidance from Sigma due to subpar performance from its European operations partially offset by solid results in Mexico, U.S. and Latam. The net result is ALFA's 2022 Consolidated EBITDA Guidance adjusted slightly to US $2.280 billion, compared with US $2.283 billion announced in 1Q22.
On the ESG front, Alpek became the first ALFA subsidiary to receive approval from the Science Based Targets initiative (SBTi) for its greenhouse gas emissions reduction target. Alpek is committed to reducing scope 1 and 2 emissions by 27.5% versus a 2019 baseline by 2030, which is in line with the Paris Agreement to combat climate change. Transitioning to renewable sources of electricity, improving energy usage, and producing emission-free steam are some of the initiatives Alpek will implement to meet its targets and reach carbon neutrality by 2050.
Looking to the remainder of the year, ALFA will prioritize the successful execution of the Axtel spin-off. Sigma will continue driving growth initiatives and mitigating inflationary pressures through operating efficiencies and revenue management. Alpek will focus on effectively integrating OCTAL to capture the full potential of this transformational acquisition and continue capitalizing on favorable industry dynamics.
In closing, we would also like to extend our condolences to the family of José Calderón Rojas who recently passed away. Mr. Calderón was a member of ALFA's Board of Directors since 2005 and dear friend with a long family legacy as an ALFA shareholder. We are grateful for his many years of dedicated service and valuable insight. Our thoughts and prayers go out to his family and loved ones. ALFA will be undertaking a search for a new Board member in due course."
Keep well/Stay safe,
Álvaro Fernández
ALFA manages a diversified portfolio of leading businesses with global operations: Sigma, a leading multinational food company, focused on the production, marketing and distribution of quality foods through recognized brands in Mexico, Europe, United States and Latin America. Alpek, one of the world's leading producers of polyester (PTA, PET, rPET and fibers), and the leader in the Mexican market for polypropylene and expandable polystyrene (EPS). Axtel, a provider of Information Technology and Communication (ITC) services for the enterprise and government segments in Mexico. In 2021, ALFA reported revenues of Ps. 308,060 million (US $15.2 billion), and EBITDA of Ps. 41,050 million (US $2.0 billion). ALFA's shares are quoted on the Mexican Stock Exchange and on Latibex, the market for Latin American shares of the Madrid Stock Exchange. For more information, please visit www.alfa.com.mx
This release may contain forward-looking information based on numerous variables and assumptions that are inherently uncertain. They involve judgments with respect to, among other things, future economic, competitive and financial market conditions and future business decisions, all of which are difficult or impossible to predict accurately. These uncertainties include, but are not limited to, risks related to the impact of the COVID-19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, availability of workers and contractors due to illness and stay at home orders, supply chain disruptions and other impacts to the business, or on the Company's ability to execute business continuity plans, as a result thereof. Accordingly, results could vary from those set forth in this release. The report presents unaudited financial information. Figures are presented in Mexican Pesos or US dollars, as indicated. Where applicable, Peso amounts were translated into US dollars using the average exchange rate of the months during which the operations were recorded. Financial ratios are calculated in US dollars. Due to the rounding up of figures, small differences may occur when calculating percent changes from one period to the other.
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SOURCE ALFA, S.A.B. de C.V. | https://www.wlbt.com/prnewswire/2022/07/20/alfa-reports-2q22-ebitda-us-706-million-highest-second-quarter-result-its-history/ | 2022-07-20T21:57:57 | en | 0.956762 |
BEVERLY HILLS, Calif. (AP) _ PacWest Bancorp (PACW) on Wednesday reported second-quarter net income of $122.4 million.
The bank, based in Beverly Hills, California, said it had earnings of $1.02 per share.
The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.07 per share.
The holding company for Pacific Western Bank posted revenue of $384.9 million in the period. Its revenue net of interest expense was $358.3 million, which beat Street forecasts. Four analysts surveyed by Zacks expected $349.6 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PACW at https://www.zacks.com/ap/PACW | https://www.chron.com/business/article/PacWest-Q2-Earnings-Snapshot-17317986.php | 2022-07-20T21:58:02 | en | 0.945939 |
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NEW YORK, July 20, 2022 /PRNewswire/ -- The Alzheimer's Foundation of America (AFA) has awarded a $250,000 research grant to The City College of New York to fund new Alzheimer's research which could potentially lead to the development of new medications to treat the disease. The project aims to learn more about the role that disrupting the amyloid precursor protein (APP) plays in causing Alzheimer's.
"Scientists have been working hard and making progress, but there is still more we need to learn and discover about Alzheimer's disease," said AFA Founder and Board Chair Bert E. Brodsky. "We are pleased to support CCNY's research and are hopeful that it will lead to the breakthrough all of us are hoping and praying for."
"Every dollar invested in Alzheimer's research is an investment in hope," said AFA President & CEO Charles J. Fuschillo, Jr. "CCNY's research has the potential to unlock some of the mysteries surrounding Alzheimer's disease and hopefully facilitate new treatments, which would be a game-changer in the fight against Alzheimer's. AFA is proud to support their efforts."
The APP gene family is essential for viability in mammals, but its function is unclear. Mutations in the genes for APP and in the enzymes that interact with APP have been found in familial Alzheimer's disease (a form of Alzheimer's disease which is linked to genes and affects at least two generations of a family), suggesting that disruption of APP can lead to Alzheimer's disease.
Led by Christine Li, Principal Investigator and a professor in CCNY's Department of Biology, the project aims to identify the role that APP plays in brain health and Alzheimer's disease using the C. elegans model system. This research can then be translated into discoveries in mammals that could potentially lead to the development of new medications to treat Alzheimer's that do not interfere with APP function.
"We are immensely grateful to the Alzheimer's Foundation of America and its donors for their support of our research," said Li. "Alzheimer's is a devastating disease not only to the individual, but to the family. All different avenues of research must be pursued to identify possible therapies to alleviate symptoms and, ultimately, to find a cure."
"An estimated six million Americas are living with Alzheimer's disease and that number is estimated to almost double within the next few decades. This grant from the Alzheimer's Foundation of America will support the important research being led by Professor Li and her research team," said City College President Vincent Boudreau. "We are grateful to AFA's Board Chairman, Bert Brodsky, CCNY class of 1964, Charles Fuschillo, Jr., AFA's President and CEO and the AFA Board for their support and partnership, which we hope will further the important scientific work being done on our campus and around the world."
AFA is able to award research grants such as this through the generosity of individuals and organizations. To make a donation to support AFA's research efforts, as well as programs and services for families affected by Alzheimer's disease, click here or call AFA at 866-232-8484.
Contact: Jay Mwamba, 917.892.0374
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SOURCE City College of New York, Office of Institutional Advancement and Communications | https://www.wlbt.com/prnewswire/2022/07/20/alzheimers-foundation-america-awards-250k-grant-ccny-research/ | 2022-07-20T21:58:04 | en | 0.962888 |
WASHINGTON TOWNSHIP, N.J. (AP) _ Parke Bancorp Inc. (PKBK) on Wednesday reported net income of $10.7 million in its second quarter.
The Washington Township, New Jersey-based bank said it had earnings of 88 cents per share.
The holding company for Parke Bank posted revenue of $23 million in the period. Its revenue net of interest expense was $20.5 million, exceeding Street forecasts.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PKBK at https://www.zacks.com/ap/PKBK | https://www.chron.com/business/article/Parke-Bancorp-Q2-Earnings-Snapshot-17317928.php | 2022-07-20T21:58:08 | en | 0.933732 |
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LOS ANGELES (AP) _ Preferred Bank (PFBC) on Wednesday reported second-quarter net income of $28.1 million.
The Los Angeles-based bank said it had earnings of $1.87 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.78 per share.
The independent commercial bank posted revenue of $65.2 million in the period. Its revenue net of interest expense was $59 million, also topping Street forecasts. Four analysts surveyed by Zacks expected $56.8 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PFBC at https://www.zacks.com/ap/PFBC | https://www.chron.com/business/article/Preferred-Bank-Q2-Earnings-Snapshot-17317925.php | 2022-07-20T21:58:15 | en | 0.947791 |
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PITTSBURGH, July 20, 2022 /PRNewswire/ -- ANSYS, Inc. (NASDAQ: ANSS) announced today that it will host a virtual Investor Update on Tuesday, August 9, 2022.
Ansys' Investor Update will begin at 8:30 a.m. ET and will conclude by 10:30 a.m. ET. The event will be a virtual presentation followed by Q&A and will feature an update on long-term strategy and financial outlook from Ajei Gopal, president and chief executive officer, and Nicole Anasenes, chief financial officer and senior vice president of finance, as well as other members of the Ansys senior leadership team.
VIRTUAL EVENT INFORMATION:
What: Ansys 2022 Investor Update
When: August 9, 2022 at 8:30 a.m. Eastern Time
To register for the virtual event, go to https://investors.ansys.com/events-and-presentations/events-calendar and click on the registration link.
The virtual event will be video webcast live. The following will be available on the corporate website https://investors.ansys.com at or prior to the time of the event: a link to the live video webcast as well as a supplemental 2022 Investor Update presentation. A replay of the video webcast will be available after the event has concluded.
For those who do not have internet access, simply join on the day of the event by dialing (855) 239-2942 (US), (855) 669-9657 (toll-free Canada) or (412) 542-4124 (INT'L). Ask the operator to join you into the Ansys 2022 Investor Update.
The video webcast will be recorded with replay available within two hours after the call at https://investors.ansys.com or at (877) 344-7529 (US), (855) 669-9658 (toll-free Canada) or (412) 317-0088 (INT'L). Passcode: 3205490.
When visionary companies need to know how their world-changing ideas will perform, they close the gap between design and reality with Ansys simulation. For more than 50 years, Ansys software has enabled innovators across industries to push boundaries by using the predictive power of simulation. From sustainable transportation to advanced semiconductors, from satellite systems to life-saving medical devices, the next great leaps in human advancement will be powered by Ansys.
Take a leap of certainty … with Ansys.
Ansys and any and all ANSYS, Inc. brand, product, service and feature names, logos and slogans are registered trademarks or trademarks of ANSYS, Inc. or its subsidiaries in the United States or other countries. All other brand, product, service and feature names or trademarks are the property of their respective owners.
ANSS–F
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PROVO, Utah (AP) _ Qualtrics International Inc. (XM) on Wednesday reported a loss of $279.2 million in its second quarter.
The Provo, Utah-based company said it had a loss of 48 cents per share. Losses, adjusted for one-time gains and costs, were 4 cents per share.
The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was breakeven on a per-share basis.
The developer of application software posted revenue of $356.4 million in the period, surpassing Street forecasts. Eight analysts surveyed by Zacks expected $344.9 million.
For the current quarter ending in October, Qualtrics expects its results to range from a loss of 4 cents per share to a loss of 2 cents per share.
The company said it expects revenue in the range of $358 million to $360 million for the fiscal third quarter.
Qualtrics expects full-year results to range from a loss of 9 cents per share to a loss of 7 cents per share, with revenue ranging from $1.42 billion to $1.43 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on XM at https://www.zacks.com/ap/XM | https://www.chron.com/business/article/Qualtrics-Q2-Earnings-Snapshot-17317947.php | 2022-07-20T21:58:21 | en | 0.949756 |
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PROVIDENCE, R.I., July 20, 2022 /PRNewswire/ -- Bally's Corporation (NYSE: BALY) will release financial results for the second quarter 2022 prior to the market opening on Thursday, August 4, 2022.
Management will host a conference call on the same day at 8:00 a.m. EDT to discuss results.
To access the conference call, please dial (800) 343-4849 (U.S. toll-free) and reference conference ID BALYQ22022. An online audio webcast of the conference call will be available via the Investors section of the Company's website https://ballys.com. An online archive of the webcast will be available for 120 days.
About Bally's Corporation
Bally's Corporation is a global casino-entertainment company with a growing omni-channel presence of Online Sports Betting and iGaming offerings. It currently owns and manages 14 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 18 states. It also owns Gamesys Group, a leading, global, online gaming operator, Bally Interactive, a first-in-class sports betting platform, Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, SportCaller, a leading, global B2B free-to-play game provider, and Telescope Inc., a leading provider of real-time fan engagement solutions.
With approximately 10,000 employees, Bally's Casino operations include more than 15,800 slot machines, 500 table games and 5,300 hotel rooms. Upon closing the previously announced Tropicana Las Vegas (NV) transaction, as well as completing the construction of a land-based casino near the Nittany Mall in State College, PA, Bally's will own and manage 16 casinos across 11 states. Its shares trade on the New York Stock Exchange under the ticker symbol "BALY".
Investor Contact
Robert Lavan
Chief Financial Officer
401-475-8564
InvestorRelations@ballys.com
Media Contact
Richard Goldman
Kekst CNC
646-847-6102
BallysMediaInquiries@kekstcnc.com
BALY-INV
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PEORIA, Ill. (AP) _ RLI Corp. (RLI) on Wednesday reported a loss of $2.2 million in its second quarter.
The Peoria, Illinois-based company said it had a loss of 5 cents per share. Earnings, adjusted for investment costs, came to $1.49 per share.
The specialty insurance company posted revenue of $213.1 million in the period. Its adjusted revenue was $301.3 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RLI at https://www.zacks.com/ap/RLI | https://www.chron.com/business/article/RLI-Corp-Q2-Earnings-Snapshot-17317923.php | 2022-07-20T21:58:27 | en | 0.953544 |
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LOS ANGELES (AP) _ Rexford Industrial Realty Inc. (REXR) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Los Angeles, said it had funds from operations of $81.7 million, or 49 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 48 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $36.1 million, or 22 cents per share.
The industrial real estate investment trust, based in Los Angeles, posted revenue of $149.1 million in the period.
Rexford Industrial expects full-year funds from operations in the range of $1.87 to $1.90 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on REXR at https://www.zacks.com/ap/REXR | https://www.chron.com/business/article/Rexford-Industrial-Q2-Earnings-Snapshot-17317970.php | 2022-07-20T21:58:33 | en | 0.954646 |
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CHARLOTTE, N.C., July 20, 2022 /PRNewswire/ -- Bank of America Corporation today announced the Board of Directors declared a regular quarterly cash dividend on Bank of America common stock of $0.22 per share, up $0.01 from the prior quarter. The dividend is payable on September 30, 2022 to shareholders of record as of September 2, 2022.
The Board also declared a regular quarterly cash dividend of $1.75 per share on the 7% Cumulative Redeemable Preferred Stock, Series B. The dividend is payable on October 25, 2022 to shareholders of record as of October 11, 2022.
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for email news alerts.
Investors May Contact:
Lee McEntire, Bank of America
Phone: 1.980.388.6780
lee.mcentire@bofa.com
Jonathan G. Blum, Bank of America (Fixed Income)
Phone: 1.212.449.3112
jonathan.blum@bofa.com
Reporters May Contact:
Christopher P. Feeney, Bank of America
Phone: 1.980.386.6794
christopher.feeney@bofa.com
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SOURCE Bank of America Corporation | https://www.wlbt.com/prnewswire/2022/07/20/bank-america-increases-common-stock-dividend/ | 2022-07-20T21:58:35 | en | 0.929191 |
LAFOX, Ill. (AP) _ Richardson Electronics Ltd. (RELL) on Wednesday reported profit of $8.3 million in its fiscal fourth quarter.
On a per-share basis, the Lafox, Illinois-based company said it had net income of 59 cents. Earnings, adjusted for pretax gains, were 31 cents per share.
The electronic components and communication products company posted revenue of $61.6 million in the period.
For the year, the company reported profit of $17.9 million, or $1.31 per share. Revenue was reported as $224.6 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RELL at https://www.zacks.com/ap/RELL | https://www.chron.com/business/article/Richardson-Electronics-Fiscal-Q4-Earnings-17318036.php | 2022-07-20T21:58:39 | en | 0.952526 |
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NEWYORK, N.Y. (AP) _ SL Green Realty Corp. (SLG) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Newyork, New York-based real estate investment trust said it had funds from operations of $128.8 million, or $1.87 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.69 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $43.9 million, or 70 cents per share.
The commercial real estate investment trust, based in Newyork, New York, posted revenue of $201.4 million in the period. Its adjusted revenue was $136.5 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SLG at https://www.zacks.com/ap/SLG | https://www.chron.com/business/article/SL-Green-Q2-Earnings-Snapshot-17317959.php | 2022-07-20T21:58:45 | en | 0.956207 |
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MIAMI, July 20, 2022 /PRNewswire/ -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK), today announced that Carnival Corporation (the "Company") has commenced an underwritten public offering of $1,000,000,000 of shares of common stock of the Company. The Company intends to grant the underwriter a 30-day option to purchase up to $150,000,000 of additional shares of common stock of the Company. The Company expects to use the net proceeds from the offering for general corporate purposes, which could include addressing 2023 debt maturities.
Goldman Sachs & Co. LLC is acting as sole bookrunner and underwriter for the proposed public offering.
An effective shelf registration statement relating to these shares of common stock was filed with the U.S. Securities and Exchange Commission ("SEC") on January 26, 2021. The common stock offering is being made only by means of a prospectus supplement and an accompanying base prospectus. A preliminary prospectus supplement and accompanying base prospectus relating to the common stock offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the common stock offering may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com.
PJT Partners is serving as independent financial advisor to the Company and Carnival plc.
This press release does not constitute an offer to sell or a solicitation of an offer to buy shares of common stock and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration and qualification under the securities laws of such state or jurisdiction. This announcement contains inside information (for the purposes of applicable UK law).
Carnival Corporation & plc is one of the world's largest leisure travel companies with a portfolio of nine of the world's leading cruise lines. With operations in North America, Australia, Europe and Asia, its portfolio features Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises (UK) and Cunard.
Carnival Corporation and Carnival plc and their respective subsidiaries are referred to collectively in this press release as "Carnival Corporation & plc," "our," "us" and "we." Some of the statements, estimates or projections contained in this press release are "forward-looking statements" that involve risks, uncertainties and assumptions with respect to us, including some statements concerning the financing transactions described herein, future results, operations, outlooks, plans, goals, reputation, cash flows, liquidity and other events which have not yet occurred. These statements are intended to qualify for the safe harbors from liability provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are statements that could be deemed forward-looking. These statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and the beliefs and assumptions of our management. We have tried, whenever possible, to identify these statements by using words like "will," "may," "could," "should," "would," "believe," "depends," "expect," "goal," "aspiration," "anticipate," "forecast," "project," "future," "intend," "plan," "estimate," "target," "indicate," "outlook," and similar expressions of future intent or the negative of such terms.
Forward-looking statements include those statements that relate to our outlook and financial position including, but not limited to, statements regarding:
Because forward-looking statements involve risks and uncertainties, there are many factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by our forward-looking statements. This note contains important cautionary statements of the known factors that we consider could materially affect the accuracy of our forward-looking statements and adversely affect our business, results of operations and financial position. Additionally, many of these risks and uncertainties are currently amplified by and will continue to be amplified by, or in the future may be amplified by, COVID-19. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown. These factors include, but are not limited to, the following:
- COVID-19 has had, and is expected to continue to have, a significant impact on our financial condition and operations. The current, and uncertain future, impact of COVID-19, including its effect on the ability or desire of people to travel (including on cruises), is expected to continue to impact our results, operations, outlooks, plans, goals, reputation, litigation, cash flows, liquidity, and stock price;
- events and conditions around the world, including war and other military actions, such as the current invasion of Ukraine, heightened inflation and other general concerns impacting the ability or desire of people to travel, have led, and may in the future lead, to a decline in demand for cruises, impacting our operating costs and profitability;
- incidents concerning our ships, guests or the cruise vacation industry have in the past and may, in the future, impact the satisfaction of our guests and crew and lead to reputational damage;
- changes in and non-compliance with laws and regulations under which we operate, such as those relating to health, environment, safety and security, data privacy and protection, anti-corruption, economic sanctions, trade protection and tax have in the past and may, in the future, lead to litigation, enforcement actions, fines, penalties and reputational damage;
- factors associated with climate change, including evolving and increasing regulations, increasing global concern about climate change and the shift in climate conscious consumerism and stakeholder scrutiny, and increasing frequency and/or severity of adverse weather conditions could adversely affect our business;
- inability to meet or achieve our sustainability related goals, aspirations, initiatives, and our public statements and disclosures regarding them, may expose us to risks that may adversely impact our business;
- breaches in data security and lapses in data privacy as well as disruptions and other damages to our principal offices, information technology operations and system networks and failure to keep pace with developments in technology may adversely impact our business operations, the satisfaction of our guests and crew and may lead to reputational damage;
- the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs could have an adverse effect on our business and results of operations;
- increases in fuel prices, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled itineraries and costs;
- we rely on supply chain vendors who are integral to the operations of our businesses. These vendors and service providers are also affected by COVID-19 and may be unable to deliver on their commitments which could impact our business;
- fluctuations in foreign currency exchange rates may adversely impact our financial results;
- overcapacity and competition in the cruise and land-based vacation industry may lead to a decline in our cruise sales, pricing and destination options;
- inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests; and
- the risk factors included in Carnival Corporation's and Carnival plc's Annual Report on Form 10-K filed with the SEC on January 27, 2022 and Carnival Corporation's and Carnival plc's Quarterly Reports on Form 10-Q filed with the SEC on March 28, 2022 and June 29, 2022.
The ordering of the risk factors set forth above is not intended to reflect our indication of priority or likelihood.
Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any continuing obligations under applicable law or any relevant stock exchange rules, we expressly disclaim any obligation to disseminate, after the date of this document, any updates or revisions to any such forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such statements are based. Forward-looking and other statements in this document may also address our sustainability progress, plans, and goals (including climate change and environmental-related matters). In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.
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FORT WAYNE, Ind. (AP) _ Steel Dynamics Inc. (STLD) on Wednesday reported net income of $1.21 billion in its second quarter.
The Fort Wayne, Indiana-based company said it had profit of $6.44 per share. Earnings, adjusted for non-recurring costs, were $6.73 per share.
The steel producer and metals recycler posted revenue of $6.21 billion in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $6.07 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on STLD at https://www.zacks.com/ap/STLD | https://www.chron.com/business/article/Steel-Dynamics-Q2-Earnings-Snapshot-17318005.php | 2022-07-20T21:58:51 | en | 0.937598 |
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Top 10 builder now selling from the upper $600s at Monte Verde, with 3 models open for tour
FAIRFIELD, Calif., July 20, 2022 /PRNewswire/ -- Century Communities, Inc. (NYSE: CCS), a top 10 national homebuilder and industry leader in online sales, recently released 124 homesites for sale at Monte Verde, the company's exceptional new community in Fairfield, CA—boasting close proximity to Travis Air Force Base and destinations like Grizzly Island Wildlife Area and the San Francisco Bay National Estuarine Research Reserve.
Homebuyers will enjoy an inspired selection of modern two-story homes, featuring designer-selected finishes, versatile open-concept layouts, and the builder's Century Home Connect® smart home package. Three model homes are also available for tour.
Learn more and view available homes at www.CenturyCommunities.com/MonteVerdeCA.
More About Monte Verde:
- 4 single-family floor plans
- 4 to 5 bedrooms, 3 bathrooms, 2-bay garage
- Up to 2,471 square feet
- Located within the Travis Unified School District
- Close to parks
- Central location between San Francisco and Sacramento
Sales Center:
199 Dobe Lane
Fairfield, CA 94553
For more information or to schedule an appointment, call 925.234.9015.
DISCOVER THE FREEDOM OF ONLINE HOMEBUYING:
Century Communities is proud to feature its industry-first online homebuying experience on all available homes in California.
How it works:
- Shop homes at CenturyCommunities.com
- Click "Buy Now" on any available home
- Fill out a quick Buy Online form
- Electronically submit an initial earnest money deposit
- Electronically sign a purchase contract via DocuSign®
Learn more about the Buy Online experience at www.CenturyCommunities.com/online-homebuying.
About Century Communities
Century Communities, Inc. (NYSE: CCS) is a top 10 national homebuilder, offering new homes under the Century Communities and Century Complete brands. Century is engaged in all aspects of homebuilding — including the acquisition, entitlement and development of land, along with the construction, innovative marketing and sale of quality homes designed to appeal to a wide range of homebuyers. The Colorado-based company operates in 17 states and over 45 markets across the U.S., and also offers title, insurance and lending services in select markets through its Parkway Title, IHL Home Insurance Agency, and Inspire Home Loans subsidiaries. To learn more about Century Communities, please visit www.centurycommunities.com.
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DETROIT (AP) — Tesla's second-quarter profit fell 32% from record levels in the first quarter as supply chain issues and pandemic lockdowns in China slowed production of its electric vehicles.
But the Austin, Texas, company still surprised Wall Street with a $2.26 billion net profit for the quarter. Tesla stuck with a prediction of 50% annual vehicle sales growth over the next few years, but said that depends on the supply chain, equipment capacity and other issues.
The company made a record $3.32 billion in this year's first quarter.
Tesla's sales from April through June fell to 254,000 vehicles, their lowest quarterly level since last fall. But the company predicted record-breaking production in the second half and said that in June it had the highest production month in its history.
Industry analysts had been expecting lower earnings after the lower sales figures and tweets by CEO Elon Musk about laying off 10% of the company's work force due to fears of a recession. In an interview, Musk described new factories in Austin and Berlin as “money furnaces” that were losing billions of dollars because supply chain breakdowns were limiting the number of cars they can produce.
But Tesla exceeded Wall Street expectations from April through June with adjusted earnings of $2.27 per share. Analysts polled by FactSet expected $1.81. Revenue was $16.93 billion, beating estimates of $16.54 billion.
Wedbush analyst Dan Ives said the company's results were “better than feared” for the quarter. The reiteration of the 50% annual sales growth will make bullish investors happy, he wrote in an email.
Tesla shares rose slightly in extended trading Wednesday to $745.23.
The company said it converted 75% of its bitcoin investment to government currency during the quarter, adding $936 million in cash to its balance sheet. It spent $1.5 billion on the investment last year, but it was unclear how much it has lost. Analysts say it is in the hundreds of millions of dollars.
The price of bitcoin has fallen about 50% so far this year. | https://www.chron.com/business/article/Tesla-2Q-profit-drops-from-1Q-but-company-beats-17317995.php | 2022-07-20T21:58:57 | en | 0.973731 |
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DAMARISCOTTA, Maine (AP) _ The First Bancorp Inc. (FNLC) on Wednesday reported second-quarter net income of $10 million.
The bank, based in Damariscotta, Maine, said it had earnings of 91 cents per share.
The bank posted revenue of $25.5 million in the period. Its revenue net of interest expense was $22.8 million, topping Street forecasts.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FNLC at https://www.zacks.com/ap/FNLC | https://www.chron.com/business/article/The-First-Bancorp-Inc-Q2-Earnings-Snapshot-17318020.php | 2022-07-20T21:59:03 | en | 0.943421 |
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BOISE, Idaho, July 20, 2022 /PRNewswire/ -- Clearwater Analytics Holdings, Inc. (NYSE: CWAN), ("Clearwater Analytics" or the "Company"), a leading provider of SaaS-based investment accounting, reporting, and analytics solutions, will release financial results for the second quarter ended June 30, 2022 after the U.S. financial markets close on Wednesday, August 3, 2022.
In conjunction with this announcement, Clearwater Analytics will host a conference call on August 3, 2022 at 5:00 p.m. ET through a live webcast available on the Company's investor relations website. Participants must visit investors.clearwateranalytics.com in advance to register, download, and install any necessary audio software. A replay of the webcast will be available on the Company's investor relations website, in addition to a press release related to the financial results, related financial tables, and the call transcript.
About Clearwater Analytics
Clearwater Analytics is a global industry-leading SaaS solution for automated investment data aggregation, reconciliation, accounting, compliance, risk, performance, and reporting. Each day, the Clearwater solution reports on more than $5.9 trillion in assets for clients that include leading insurers, asset managers, corporations, pension plans, governments, and nonprofit organizations – helping them make the most of their investment portfolio data with a world-class product and client-centric servicing. Investment professionals around the globe trust Clearwater to deliver timely, validated investment data and analytics. Additional information about Clearwater can be found at clearwateranalytics.com, LinkedIn, and Twitter.
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DALLAS (AP) _ Triumph Bancorp Inc. (TBK) on Wednesday reported second-quarter earnings of $44.2 million.
The bank, based in Dallas, said it had earnings of $1.74 per share. Earnings, adjusted for investment gains and non-recurring gains, came to 87 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.
The financial holding company posted revenue of $154.5 million in the period. Its revenue net of interest expense was $125.3 million, also topping Street forecasts. Three analysts surveyed by Zacks expected $113.3 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TBK at https://www.zacks.com/ap/TBK | https://www.chron.com/business/article/Triumph-Bancorp-Q2-Earnings-Snapshot-17317978.php | 2022-07-20T21:59:10 | en | 0.950544 |
BOISE, Idaho, July 20, 2022 /PRNewswire/ -- Clearwater Analytics Holdings, Inc. (NYSE: CWAN), ("Clearwater Analytics" or the "Company"), a leading provider of SaaS-based investment accounting, reporting, and analytics solutions, today announced that members of its executive leadership team will be participating in the following investor conferences in the third quarter of 2022.
Chief Executive Officer Sandeep Sahai will join a fireside chat and participate in one-on-one meetings virtually at the Oppenheimer 25th Annual Technology, Internet & Communications Conference on Tuesday, August 9, 2022.
Chief Financial Officer Jim Cox will join a presentation and participate in one-on-one meetings at the Goldman Sachs 2022 Communacopia + Technology Conference in San Francisco on Monday, September 12, 2022.
Webcasts from the Oppenheimer and Goldman Sachs conferences will be made available on Clearwater Analytics' investor relations website at investors.clearwateranalytics.com.
Clearwater Analytics is a global industry-leading SaaS solution for automated investment data aggregation, reconciliation, accounting, compliance, risk, performance, and reporting. Each day, the Clearwater solution reports on more than $5.9 trillion in assets for clients that include leading insurers, asset managers, corporations, pension plans, governments, and nonprofit organizations – helping them make the most of their investment portfolio data with a world-class product and client-centric servicing. Investment professionals around the globe trust Clearwater to deliver timely, validated investment data and analytics. Additional information about Clearwater can be found at clearwateranalytics.com, LinkedIn, and Twitter.
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United Airlines said Wednesday that it earned $329 million in the second quarter as summer vacationers packed planes, but the results fell far short of Wall Street expectations due largely to soaring fuel prices.
United said strong revenue trends have carried over into the third quarter, with figures indicating higher average fares.
The airline also said it is trimming its schedule in the final six months of the year to avoid the delays and cancellations that have plagued the industry this spring and summer.
Shares of United Airlines Holdings Inc. fell about 7% in extended trading nearly an hour after the results were released.
The quarter marked United's first profit without federal pandemic aid in the COVID-19 age.
“It’s nice to return to profitability, but we must confront three risks that could grow over the next 6-18 months," CEO Scott Kirby said in a statement. He warned about factors causing delays and cancellations, high fuel prices, “and the increasing possibility of a global recession.”
United executives declined further comment until a call with analysts on Thursday.
The second-quarter income reversed a $434 million loss a year earlier but fell far short of the $1.05 billion profit in the second quarter of 2019.
Excluding non-repeating items, Chicago-based United said it earned $1.43 per share. Analysts expected $1.85 per share, according to a survey by FactSet.
Revenue was $12.11 billion, United's best ever in a second quarter and in line with analysts' forecasts. It was 6% higher than in 2019, even though United did nearly 15% less flying.
Revenue for each seat flown one mile, a closely watched figure among airlines, rose 24% compared with the same quarter in 2019 — the result of higher average fares.
United predicted that the per-seat figure will rise by 24% to 26% over 2019 in the third quarter. Total revenue will beat 2019 by 11%, the airline said.
Clearly many people are eager to travel after two years of pandemic lockdown, and they don't care if the planes are crowded. The average United flight was 87% full in the April-June quarter, and for trips within the United States, it was just under 90%.
United is curbing flights in an effort to avoid delays and cancellations. The airline is continuing to cut passenger-carrying capacity — by 11% in the third quarter and 10% in the fourth. Limiting seats helps drive up fares.
United's costs are also rising. Expenses other than fuel rose 17% on a per-seat basis, at the upper end of United's last forecast before the quarter ended June 30.
The airline paid an average of $4.18 per gallon for fuel, higher than the $4.02 it had predicted. Since the quarter ended, however, spot prices have dropped about 35 cents a gallon or 10%, according to Energy Department figures. | https://www.chron.com/business/article/United-Airlines-2Q-profit-of-329M-misses-Wall-17318047.php | 2022-07-20T21:59:16 | en | 0.968928 |
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.wlbt.com/prnewswire/2022/07/20/cohen-amp-steers-reports-results-second-quarter-2022/ | 2022-07-20T21:59:17 | en | 0.921107 |
For more than a decade, a little-known entity operated by Norfolk’s housing authority helped finance dozens of projects in low-income communities across the United States. It helped bring a grocery store to a food desert in a community in Louisiana, a peanut factory to a small town in Missouri and a medical center in rural Mississippi.
But the company, Hampton Roads Ventures, has not helped finance a project in Norfolk’s low-income areas since 2008.
That could change following a Norfolk City Council vote on Tuesday evening.
City Council adopted an ordinance requiring the Norfolk Redevelopment and Housing Authority and the entity, Hampton Roads Ventures, to use its “best efforts” to seek out Norfolk projects in the future. It also requires the company to distribute its future profits to either the NRHA or other “deserving Norfolk not-for-profit entities.”
“The projects that we want are now a priority for Hampton Roads Ventures,” Mayor Kenny Alexander said before the City Council meeting on Tuesday. Alexander said the company had been operating with “no accountability” to the city for years, but he said that would change following the adoption of the ordinance.
City Council began looking into the housing authority’s dealings with Hampton Roads Ventures in 2021 following recent reporting by The Virginia Mercury, a nonprofit online news organization. Several City Council members said at the time that they were unaware of the company’s existence.
Councilwoman Andria McClellan said Tuesday’s resolution is “a move in the right direction.”
“We need to get some control over (Hampton Roads Ventures). And (Hampton Roads Ventures) needs to do more in our community. There’s a lot of money that’s sitting in the bank there that could be put to good use in our community,” McClellan said.
In an interview before the meeting, McClellan cautioned that the city would need to monitor the company’s compliance.
“Actions speak louder than words, and we want to see, at a minimum, some focused marketing effort and development effort to identify projects at Norfolk,” McClellan said.
Today's Top Stories
Councilman Paul Riddick was the only council member to vote against the ordinance.
Riddick said City Council members who voted in favor of the ordinance were too focused on seizing Hampton Roads Ventures’ profits, and not focused enough on improving the living conditions for residents at the housing authority’s public housing projects.
“The thing that disappoints me more than anything is that this program has been going on for several years, and my colleagues realized that there might be a couple million dollars that they couldn’t get their hands on, so that’s why we got this ordinance here,” Riddick said.
Hampton Roads Ventures was created in 2003 as a “community development entity” owned by the city’s housing authority with the City Council’s approval.
Between 2003 and 2020, Hampton Roads Ventures received $360 million in tax credits that allowed the company to finance more than 30 projects in economically distressed communities across the country. But only four were in Norfolk, all of which were financed prior to 2009.
Hampton Roads Ventures currently bills itself on its website as a “rural community development entity committed to attracting private investment capital … primarily in severely distressed rural areas.”
Daniel Berti, daniel.berti@virginiamedia.com | https://www.pilotonline.com/government/local/vp-nw-housing-authority-company-20220720-r3feygvcljcv7o5kzdzzid7zdu-story.html | 2022-07-20T21:59:20 | en | 0.965866 |
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CHICAGO (AP) _ United Airlines Holdings Inc. (UAL) on Wednesday reported second-quarter net income of $329 million.
On a per-share basis, the Chicago-based company said it had profit of $1. Earnings, adjusted for non-recurring costs, came to $1.43 per share.
The results did not meet Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.86 per share.
The airline posted revenue of $12.11 billion in the period, which beat Street forecasts. Twelve analysts surveyed by Zacks expected $12.03 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UAL at https://www.zacks.com/ap/UAL | https://www.chron.com/business/article/United-Q2-Earnings-Snapshot-17317985.php | 2022-07-20T21:59:22 | en | 0.934498 |
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.wlbt.com/prnewswire/2022/07/20/commonwealth-hotels-appoints-jean-luc-laramie-general-manager-hyatt-place-portland-old-port/ | 2022-07-20T21:59:24 | en | 0.930814 |
THE BRIHANMUMBAI Municipal Corporation (BMC) on Wednesday said that it has completed 58 percent work of the 10.58-km Mumbai Coastal Road Project running from Princess Street at Marine Drive to Worli end of the Bandra-Worli Sea Link. The Rs 12,721-crore Coastal Road is expected to be ready by November 2023.
The project, consisting of a 2.07 km-tunnel, a road, and an interchange, aims to connect south Mumbai to the Worli end of the Worli-Bandra Sea Link through a high-speed corridor. The BMC said the tunnel from Priyadarshini Park to Netaji Subhash Marg (Marine Drive) has already been completed, while 39 percent of work on the tunnel on the other side has also been completed.
Civic authorities also said that 97 percent of the reclamation work for the Coastal Road has been completed.. The road will extend the coast up to 100 metres into the sea. The BMC plans to reclaim a 111-hectare area in the Arabian Sea. Of this area, which is 12 times the Oval Maidan at Churchgate, the civic body has completed about 107 hectares so far.
The project began around 2018-end and reclamation and construction works were initiated at six sites — near Girgaum Chowpatty, Priyadarshini park at Nepean Sea Road, Bhulabhai Desai road-Breach Candy area, Haji Ali, Worli sea face, and near the south end of Bandra Worli sea link.
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The civic body said 70 percent of work off the sea wall has been completed as well. In the budget for 2022-23, the BMC allocated Rs 3,200 crore for the Coastal Road project and municipal commissioner I S Chahal said they were determined to complete 90 percent of the project by the end of the 2022-23 financial year.
In a first for the country, monopile foundation is being used instead of multiple foundations for the construction of the bridge and interchange, said the BMC.
This means that the coastal road is being built on 175 monopiles – each being a single column erected from bottom to top instead of a group pile wherein there are four pillars each.
Of the 175 monopiles to be constructed under the bridges, 70 have been built.
- 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/58-of-coastal-road-project-complete-bmc-8042308/ | 2022-07-20T21:59:26 | en | 0.954213 |
A 19-year-old man is dead following an overnight shooting at a Virginia Beach apartment complex, police said Wednesday.
Virginia Beach Police Department responded just before 12:30 a.m. Wednesday to the 5600 block of Lone Holly Lane. Baker Woods Apartments, off of Newtown Road, is located at that address.
At the scene, officers found two men with gunshot wounds.
Jakhari Hall of Virginia Beach, was transported to a local hospital where he died.
A second victim, an 18-year-old man who has not been identified, suffered from a gunshot wound that was not considered life-threatening. He was transported to a local hospital where he is in stable condition, a spokesperson for the police department said in a news release.
Hall’s death is being investigated as a homicide.
Anyone with information about the shooting at the apartment complex can call the anonymous crime line at 1-888-LOCK-U-UP.
Caitlyn Burchett, 727-267-6059, caitlyn.burchett@virginiamedia.com | https://www.pilotonline.com/news/crime/vp-nw-virginia-beach-shooting-homicide-20220720-zef7xzystvdn3jwlqj7rjd3g2i-story.html | 2022-07-20T21:59:27 | en | 0.972854 |
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OMAHA, Neb. (AP) _ Valmont Industries Inc. (VMI) on Wednesday reported second-quarter net income of $76.1 million.
The Omaha, Nebraska-based company said it had profit of $3.53 per share. Earnings, adjusted for stock option expense and amortization costs, were $3.70 per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $3.29 per share.
The infrastructure equipment maker posted revenue of $1.14 billion in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $992.1 million.
Valmont expects full-year earnings in the range of $13.60 to $14 per share.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VMI at https://www.zacks.com/ap/VMI | https://www.chron.com/business/article/Valmont-Q2-Earnings-Snapshot-17317950.php | 2022-07-20T21:59:28 | en | 0.940483 |
Community Heritage Financial, Inc. Reports Earnings for the Second Quarter of 2022
Published: Jul. 20, 2022 at 4:14 PM CDT|Updated: 45 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.wlbt.com/prnewswire/2022/07/20/community-heritage-financial-inc-reports-earnings-second-quarter-2022/ | 2022-07-20T21:59:30 | en | 0.972022 |
The heat blanketing Hampton Roads isn’t going anywhere.
After days of highs in the 90s, temperatures will tick up higher starting Thursday, according to the National Weather Service in Wakefield.
“We are going through a little bit of a heat wave right now,” said Roman Miller, a meteorologist for the NWS in Wakefield.
Miller said the heat wave will kick off Thursday and continue through Monday. An excessive heat warning will be in effect across Hampton Roads from 11 a.m. to 8 p.m. Thursday — meaning dangerously hot conditions with heat index values around 110 degrees.
The warning comes as sweltering temperatures stretch from California to New England, according to NWS. Excessive heat warnings and advisories were in effect Wednesday throughout 28 states.
Though the Hampton Roads forecast calls for temperatures in the upper 90s, the heat index, or apparent heat, is expected to be several degrees hotter, according to NWS.
The higher heat index is due largely to high humidity in the region, Miller said. Thursday’s dew point is forecasted to be in the mid-70s — a level that means there is “lots of moisture in the air, becoming oppressive,” according to the National Weather Service.
If you’re outside looking to beat the heat, Hampton Roads cities offer public locations to cool down.
Chesapeake
Chesapeake libraries and community centers are open to people needing a cool place to rest.
Hampton
Breaking News
Libraries and community centers are available.
Newport News
People can head to all public libraries and community centers in Newport News to get cool. The Four Oaks Day Services and Training Center, located at 7401 Warwick Boulevard, is also available from 7 a.m. to 5 p.m. daily to support the homeless community.
Norfolk
Norfolk is offering cooling stations with drinking fountains at all city libraries.
Portsmouth
Portsmouth is offering cooling stations Wednesday and Thursday at the following locations:
- Portsmouth Main Library (601 Court Street) from 10 a.m. to 4 p.m.
- Churchland Library (4934 High Street West) from 10 a.m. to 4 p.m.
- Cradock Library (28 Prospect Parkway) from 10 a.m. to 4 p.m.
- Human Services Building (1701 High Street) from 8 a.m. to 5 p.m.
- Senior Station (3500 Clifford Street) from 9 a.m. to 4 p.m.
- Behavioral Healthcare Services Building (1811 King Street) from 8 a.m. to 5 p.m.
Suffolk
All public libraries and select recreational centers will be open as cooling stations. The city’s website, www.suffolkva.us, includes further information about which recreational centers will be available.
Virginia Beach
Virginia Beach doesn’t specify cooling centers but is encouraging people without access to air conditioned spaces to visit the city’s public libraries. The city also suggested public places like the Lynnhaven Mall as another cooling option.
Ali Sullivan, 757-677-1974, ali.sullivan@virginiamedia.com | https://www.pilotonline.com/weather/vp-nw-heat-wave-hampton-roads-20220720-ziqnnrfsufaxpp76aeuqa4ozdq-story.html | 2022-07-20T21:59:33 | en | 0.938093 |
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ROSEMONT, Ill. (AP) _ Wintrust Financial Corp. (WTFC) on Wednesday reported second-quarter earnings of $94.5 million.
The Rosemont, Illinois-based bank said it had earnings of $1.49 per share.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.69 per share.
The bank holding company posted revenue of $474.9 million in the period. Its revenue net of interest expense was $440.7 million, also missing Street forecasts. Six analysts surveyed by Zacks expected $446.8 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WTFC at https://www.zacks.com/ap/WTFC | https://www.chron.com/business/article/Wintrust-Q2-Earnings-Snapshot-17318046.php | 2022-07-20T21:59:34 | en | 0.9506 |
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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SOURCE Crossroads Treatment Centers | https://www.wlbt.com/prnewswire/2022/07/20/crossroads-media-advisoryodaat-40th-anniversary-event/ | 2022-07-20T21:59:37 | en | 0.883967 |
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.wlbt.com/prnewswire/2022/07/20/crown-holdings-inc-reports-second-quarter-2022-results/ | 2022-07-20T21:59:44 | en | 0.949283 |
By JESSICA DAMIANO
You started seeds in spring and watched as they sprouted, then watered, fertilized and even staked plants as they grew, while visions of summer salads, grilled vegetables and homemade pickles danced in your head.
Then one day, black blotches, yellow-spotted leaves and mushy bottoms showed up, and your dreams turned to nightmares.
Many home gardeners lovingly tend their plants only to find them ravaged by unknown forces before harvest time.
But fear not: Here are some tips for identifying and treating five of the most common ailments that threaten your crops.
ANTHRACNOSE
A fungal disease that affects beans, cucumbers, eggplants, melons, peas, peppers, tomatoes, pumpkins and spinach. Anthracnose presents as small leaf spots with yellow halos that gradually darken and spread to cover entire leaves. On cucumber plants, foliage may drop, and entire vines may die. Tomatoes and peppers exhibit dark, sunken spots that become more apparent as fruit matures. Pea pods become marred with dark lesions. Round, sunken, yellow spots appear on melons, darkening to brown and then black.
To prevent this, try rotating crops, amending soil with compost before planting and applying mulch afterward. Seek out resistant plant varieties, when available. Avoid overhead watering, which wets foliage and encourages fungal growth. And keep the soil clear of infected plant parts and fallen fruit.
Treat infected plants with a fungicide containing chlorothalonil or copper, carefully following the instructions and safety precautions on the package.
BLOSSOM END ROT
Caused by a calcium deficiency that mainly affects tomatoes, eggplant and peppers. Characterized by dark, mushy spots on fruit bottoms, the disorder typically results from inconsistent watering, improper soil pH, injured roots or excess nitrogen.
Prevention measures include testing the soil’s pH before planting. If results are lower than 6.3, incorporate dolomitic lime into beds according to label directions.
Avoid damaging the roots by installing stakes and cages around tomatoes at planting time, instead of when plants — and roots — are larger. And don’t plant a vegetable garden in or near a lawn that receives fertilizer, which can raise the nitrogen level of the surrounding soil.
Treat affected plants by drenching leaves with a calcium spray until the product drips off. Fruit produced after treatment is usually symptom-free, although sometimes a second application is necessary.
WILT DISEASES
Verticillium and fusarium wilt are soil-borne fungal diseases caused by different pathogens that result in similar symptoms.
Primarily affecting eggplants, peppers, potatoes, pumpkins and tomatoes, the diseases ravage roots, resulting in curled, yellow and wilted foliage, brown xylem tissue inside stems and overall stunting. Eventually, entire plants wilt and die.
This is one instance where a good offense is the only defense: Avoid infection by planting resistant varieties (check plant tags for V, F, VF or VFN, resistance indicators for verticillium wilt, fusarium wilt and nematodes). Rotate crops by keeping infected beds free of susceptible plant species for three or four years, essentially starving the disease of a host to clear the pathogen from the soil. And regularly clean up fallen leaves, fruit and plant debris.
SQUASH VINE BORER
Zucchini, squash, cucumber and muskmelon plants die quickly after blooming, without so much as a goodbye. But if you look closely, you’ll see the small puncture holes in the bottoms of stalks and stems caused by these pests, which start life as moths that lay eggs at the base of plants. Inch-long white caterpillars follow and bore into stalks, killing plants as they chew their way around and out. And just when you think the damage is done, they cocoon in the soil until the following year, armed and ready to repeat the carnage.
Prevent damage by monitoring susceptible plants closely. Watch for red, flat, oval eggs early in the season and pick them off by hand. Keep hunting every week.
And if you find signs of damage like punctures and frass, their sawdust-like excrement, use a razor blade to slice affected stems open near the holes and manually pick out the borers. Cover the slits with mounded soil to encourage new root growth.
If necessary, treat plants with Bacillus thuringiensis, or Bt, a bacterial insecticide (several versions are available; seek the one labeled as a control against squash vine borer).
SLUGS
Jagged holes, typically in leaf centers rather than edges, indicate slug damage. The nocturnal gastropods feast on basil, cabbage, cucumbers, lettuce, tomatoes, peppers, and ornamental plants like hostas, leaving a telltale slimy trail behind.
Get ahead of the slithering miscreants with a spring cleanup that clears leaves, plant debris and slug eggs from the soil surface, and keep mulch no deeper than 3 inches to avoid creating a haven.
Sink a small can or jar into the soil around affected plants, leaving about an inch exposed above ground, then fill it halfway with beer. Slugs will crawl in for a drink and drown. Alternately, if you aren’t squeamish, you might go into the garden at feeding time (overnight) and sprinkle a bit of salt on each of your little visitors. As their bodies attempt to dilute the irritant, slugs will dehydrate and die. But don’t be tempted to sprinkle salt around plants. Doing so would risk damaging the soil. | https://www.news-herald.com/2022/07/20/5-common-ailments-in-vegetable-gardens-and-how-to-treat-them/ | 2022-07-20T21:59:45 | en | 0.930736 |
SACRAMENTO (AP) _ The winning numbers in Wednesday afternoon's drawing of the California Lottery's "Daily 3 Midday" game were:
3-8-5
(three, eight, five)
SACRAMENTO (AP) _ The winning numbers in Wednesday afternoon's drawing of the California Lottery's "Daily 3 Midday" game were:
3-8-5
(three, eight, five) | https://www.chron.com/lottery/article/Winning-numbers-drawn-in-Daily-3-Midday-game-17317924.php | 2022-07-20T21:59:46 | en | 0.931331 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/philadelphia-phillies/articles/40133786 | 2022-07-20T21:59:47 | en | 0.738227 |
Michael Ward still recalls his first eye-opening experience as a K9 handler for the Eastlake Police Department.
“I did a track for Willoughby,” he said. “Some dude supposedly with a butcher knife ran from Lake West and we tracked him from the parking lot almost half a mile, and 90% of it was all asphalt and concrete. Normally, you can pick up odor in grass and dirt, but when we found the guy in under two minutes, it was eye opening. It was unbelievable to see what these dogs are actually capable of.”
Ward started his career in law enforcement in Fairport Harbor. After two years, he left Fairport and went to the Lake County Sheriff’s Office where he worked as a patrolman for five years.
“I got laid off in 2012 and then went out to Eastlake part time, and then full time,” Ward said. “I had three house dogs prior to getting the work dog. I’ve always enjoyed training them and being around them.”
K9 Axel, Ward’s dog, is from Slovakia and is half German shepherd, half Belgian malinois and is dual purpose. When he’s at home, Axel will follow Ward around the house and lay at his feet no matter which room he is in.
“If I get up to walk around, he’s staring into the room to see what I’m doing,” he said. “They go to work with us while our family stays at home, so we spend more time with them than anybody. The second he sees you putting your boots on and getting ready, he’s doing circles at the door and bouncing off it, wanting to get in the car, so he knows what’s going on.”
As this job is nonstop, Ward said a lot of energy is required to be a K9 handler.
“They test you every day and you’re constantly learning,” he said. “You’ll work with them at home on your own time. If the dog has an issue, you learn how to fix it and you move on to the next issue. They’ll test your patience for sure.”
Due to K9 handlers being with their dogs all day, every day, the relationship between the two is different, Ward said.
“They can tell, on your driving habits, that you’re going somewhere that’s going to potentially get them out of the car,” he said. “They start doing circles in the back and bouncing off the doors. That’s before you even hit the lights and sirens. They’ll run 35 miles an hour at a brick wall and run up it, trying to get a decoy 10 feet in the air. This is by far the best aspect of police work I’ve encountered.” | https://www.news-herald.com/2022/07/20/being-a-k9-handler-is-the-best-police-work-eastlake-officer-says/ | 2022-07-20T21:59:51 | en | 0.983794 |
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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SOURCE Delcath Systems, Inc. | https://www.wlbt.com/prnewswire/2022/07/20/delcath-systems-closes-private-placement-50-million/ | 2022-07-20T21:59:51 | en | 0.935267 |
SPRINGFIELD, Ill. (AP) _ The winning numbers in Wednesday afternoon's drawing of the Illinois Lottery's "LuckyDay Lotto Midday" game were:
13-17-18-23-28
(thirteen, seventeen, eighteen, twenty-three, twenty-eight)
Estimated jackpot: $750,000
SPRINGFIELD, Ill. (AP) _ The winning numbers in Wednesday afternoon's drawing of the Illinois Lottery's "LuckyDay Lotto Midday" game were:
13-17-18-23-28
(thirteen, seventeen, eighteen, twenty-three, twenty-eight)
Estimated jackpot: $750,000 | https://www.chron.com/lottery/article/Winning-numbers-drawn-in-LuckyDay-Lotto-Midday-17317956.php | 2022-07-20T21:59:52 | en | 0.836864 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/philadelphia-phillies/articles/40133994 | 2022-07-20T21:59:53 | en | 0.738227 |
James A. Garfield National Historic Site in Mentor has announced three more free outdoor concerts on the grounds behind President and Mrs. Garfield’s Mentor Avenue home this summer.
The remaining concerts scheduled in this series are:
July 23 at 2 p.m. — Lake Effect Concert Band
July 31 at 2 p.m. — Lakeland Community College Civic Band
Aug. 20 at 2 p.m. — Great Geauga County Fair Band.
Visitors attending concerts are invited to bring lawn chairs, drinking water, and picnic baskets, but alcoholic beverages are prohibited, according to a news release
“We’re excited to bring special events like these free concerts back to James A. Garfield National Historic Site this summer,” Site Manager Todd Arrington stated in the release. “Our grounds are a perfect place to enjoy live music, and there is historical precedent since bands played here during James A. Garfield’s 1880 ‘front porch’ presidential campaign.”
The Garfield National Historic Site is located at 8095 Mentor Ave. in Mentor. | https://www.news-herald.com/2022/07/20/garfield-national-historic-site-in-mentor-announces-more-free-outdoor-concerts/ | 2022-07-20T21:59:53 | en | 0.95021 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/philadelphia-phillies/articles/40134143 | 2022-07-20T21:59:54 | en | 0.738227 |
Geauga Soil and Water Conservation District will be hosting a Timber Marking Workshop Aug. 4 at the Mogadore Reservoir.
Participants will meet at the Boat Ramp, 683 Ticknor Road in Mogadore, for this special in-person forestry opportunity, according to a news release.
Dan Castellucci of Frontier Woodland Service and John Kehn of ODNR Division of Forestry will review and discuss tree selection, tree measurement, timber value, and overall timber marketing philosophy of marking a timber sale. This is a sale currently being marked for a property owned by the City of Akron.
An estimate of what is currently marked will be discussed and additional trees will be marked and measured with your help.
The Forestry Professionals program is 1 to 3:30 p.m. and the link to register is on eventbrite.com. The Landowners program is 6 to 7:30 p.m. and the link to register also is on eventbrite.com.
Registration is required. Visit geaugaswcd.com or call (330) 235-6815 for more information. | https://www.news-herald.com/2022/07/20/geauga-soil-and-water-conservation-district-putting-on-timber-marking-workshop/ | 2022-07-20T21:59:56 | en | 0.91825 |
Guardians president of baseball operations Chis Antonneti can be excused if he broke into a grin July 19 as he watched the American League beat the National League, 3-2, in the MLB All-Star Game at Dodger Stadium.
Three Guardians players — second baseman Andres Gimenez, third baseman Jose Ramirez and closer Emmanuel Clase — all played key roles in helping the A.L. win the Midsummer Classic for the ninth straight time.
Antonetti, as fans of Cleveland baseball have known for years, is the master at winning trades, and now anyone who paid close attention to how the Guardians contributed in the All-Star Game knows it.
Gimenez was named as a backup second baseman for the All-Star team, but he ended up starting because Jose Altuve of the Houston Astros, who would have started, was hit by a pitch in a game with the Angels on July 15. The injury forced Altuve to miss the All-Star game.
It did not take Gimenez long to show he belonged in the national spotlight.
Mookie Betts of the Dodgers was on first base in the bottom of the first inning. Manny Machado of the San Diego Padres was at the plate. Machado scalded a bouncer off the mound up the middle. It looked like it was ticketed for center field to put National League runners on first and second, but Gimenez left his feet stretching for the ball behind and to the left of second base. He backhanded it with his mitt, grabbed it lightning-quick from his glove and then flipped the ball behind his back to shortstop Tim Anderson (White Sox) to cut down Betts at second.
If you don't know that Andrés Giménez is a star, it's not our fault. We've been saying it all year, but this is the first time a lot of you get to see him play.
What a stud.#ForTheLand pic.twitter.com/Qjkn45O4ny
— Cleveland Guardians (@CleGuardians) July 20, 2022
Anderson completed the double-play by firing the ball to first baseman Vladimir Guerreo (Blue Jays) to erase Machado. Guerreo had to tag Machado because the throw pulled him off the bag.
Gimenez saluted after making the play and flashed a grin bright enough to light up Dodger Stadium in case the sun wasn’t up to the task.
Industrious fans with no rooting interest in the Guardians that might have felt compelled to do a little research would have discovered the Guardians got Gimenez, along with shortstop Amed Rosario, from the Mets for shortstop Francisco Lindor in January of 2021.
Gimenez was not unknown when the trade was made. He hit .268 with three home runs and 12 RBI in 49 games with the Mets in 2020, but he has definitely grown since the trade after hitting .218 last season in 68 games with the Indians.
Ramirez was 2-for-2 in the All-Star game with singles in the fourth and fifth inning. He scored on the two-run home run hit by Giancarlo Stanton of the Yankees to tie the score 2-2 in the top of the fourth. J-Ram, maybe the happiest baseball player on the planet, is now 4-for-7 in four All-Star games.
Honestly, we were surprised he wasn't thinking double out of the box.#ForTheLand pic.twitter.com/l85kKRBM1d
— Cleveland Guardians (@CleGuardians) July 20, 2022
Antonetti did not have to trade for Ramirez. Ramirez, from Bani in the Dominican Republic, was playing in the Dominican Prospects League when Ramon Pena, a scout for the Indians, discovered him playing second base in 2009 when Jose was 17. Ramirez signed for a $50,000 bonus and has been with the Indians/Guardians ever since. He is the face of the franchise and is the most beloved player on the team.
Then there is Clase, the 24-year-old flame thrower from the Dominican Republic. All Clase did in his first All-Star game was strike out the side on 10 pitches in the bottom of the ninth inning to preserve the 3-2 win for the American League. He got Garrett Cooper looking at a 99 mph cutter, Kyle Schwarber swinging at a 100 mph cutter and then he finished off Jake Cronenworth swinging at a 99 mph cutter to end the game. Clase pumped his fist, raw emotion showing on his face.
Our closer, who just struck out the side to earn the save at the All-Star Game, is 24 years old, by the way.#ForTheLand pic.twitter.com/GQdUUTwPpT
— Cleveland Guardians (@CleGuardians) July 20, 2022
The trade for Clase was one of Antonetti’s all-time all-timers. He acquired Clase from the Texas Rangers for two-time Cy Young Award winner Corey Kluber in December of 2019. Kluber was a fan favorite in Cleveland, but injuries started catching up to him when Antonetti shipped him out of town.
Clase had just one save in 21 games with the Rangers in 2019 but Antonetti and general manager Mike Chernoff saw talent that just needed polishing.
Clase had 24 saves with the Indians last season and already has 19 saves this year. He leads the American League with 36 games finished.
Now the baseball world knows about Clase, Gimenez and Ramirez, because on July 19 all three Guardians All-Stars sparkled on baseball’s biggest stage. | https://www.news-herald.com/2022/07/20/guardians-gimenez-ramirez-clase-shine-in-all-star-game-jeff-schudel/ | 2022-07-20T21:59:56 | en | 0.971546 |
SPRINGFIELD, Ill. (AP) _ The winning numbers in Wednesday afternoon's drawing of the "Pick Four-Midday" game were:
5-1-3-6, Fireball: 2
(five, one, three, six; Fireball: two)
SPRINGFIELD, Ill. (AP) _ The winning numbers in Wednesday afternoon's drawing of the "Pick Four-Midday" game were:
5-1-3-6, Fireball: 2
(five, one, three, six; Fireball: two) | https://www.chron.com/lottery/article/Winning-numbers-drawn-in-Pick-Four-Midday-game-17317954.php | 2022-07-20T21:59:59 | en | 0.853919 |
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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SOURCE Dover | https://www.wlbt.com/prnewswire/2022/07/20/dover-fueling-solutions-launches-new-clean-fuel-dispensers-european-market/ | 2022-07-20T21:59:58 | en | 0.902011 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/philadelphia-phillies/articles/40134376 | 2022-07-20T22:00:00 | en | 0.738227 |
SPRINGFIELD, Ill. (AP) _ The winning numbers in Wednesday afternoon's drawing of the "Pick Three-Midday" game were:
7-4-6, Fireball: 8
(seven, four, six; Fireball: eight)
SPRINGFIELD, Ill. (AP) _ The winning numbers in Wednesday afternoon's drawing of the "Pick Three-Midday" game were:
7-4-6, Fireball: 8
(seven, four, six; Fireball: eight) | https://www.chron.com/lottery/article/Winning-numbers-drawn-in-Pick-Three-Midday-game-17317955.php | 2022-07-20T22:00:05 | en | 0.841109 |
Here is a brief rundown of some coming entertainment options in Northeast Ohio. Make submissions for consideration via email to entertainment@morningjournal.com or entertainment@news-herald.com. You must include a phone number and/or web address for publication.
Art
Chagrin Arts: 88 N. Main St., Chagrin Falls, presents. Call 440 Christkindl Market, Nov. 11 and 12-247-9700 or visit ChagrinArts.org.
Cleveland Botanical Garden: 11030 East Blvd., presents “Awake in Every Sense,” Rachel Hayes’ art installation of colorful textile pieces, through Sept. 18. Call 216-721-1600, or visit cbgarden.org.
Cleveland Museum of Art: 11150 East Blvd., presents “Medieval Treasures From Munster Cathedral,” through Aug. 14; “Native North America,” through Dec. 4; “Ancient Andean Textiles,” through Dec. 4; “Arts of Africa,” through Dec. 18; “Martial Art of India,” through Aug. 24; “Cycles of Life: The Four Seasons Tapestries,” through Feb. 19; “The New Black Vanguard: Photography between Art and Fashion,” through Sept. 11; “Japan’s Floating World,” through Oct. 2; “Creating Urgency: Modern and Contemporary Korean Art,” through Oct. 23; FRONT International 2022 — “Oh, Gods of Dust and Rainbows,” through Oct. 2. Call 216-421-7340 or visit clevelandart.org.
Fairmount Center for the Arts: 8400 Road, Russell Township, presents the 46th annual Fairmount Art Exhibition, showcasing the talents of Northeast Ohio’s artists by highlighting works in a variety of media, Aug. 8 through 27 (closing reception 6:30 p.m. Aug. 27). Call 440-338-3171 or visit fairmountcenter.org.
FRONT International 2022 — Cleveland Triennial for Contemporary Art: featuring work by more than 100 artists at more than 30 sites across Cleveland, Akron and Oberlin, runs through Oct. 2. Visit frontart.org.
Lake Metroparks Farmpark: 8800 Chardon Road, Kirtland, presents. Call 440-256-2122 or 800-366-3276, or visit goto.lakemetroparks.com/farmpark.
Penitentiary Glen Reservation: 8668 Kirtland-Chardon Road, Kirtland, presents Lake Metroparks’ annual amateur photo contest and show, featuring photos taken outdoors in Lake County, through July 31. Call 440-256-1404 or visit lakemetroparks.com/parks-trails/penitentiary-glen-reservation.
Sculpture Center: 1834 E. 123rd St., Cleveland, presents “Abigail DeVille: The Dream Keeper,” through Oct. 2, Call 216-229-6527 or visit sculpturecenter.org.
Children’s entertainment
Akron Civic Theatre: 182 S. Main St., presents “Blue’s Clues & You! Live on Stage,” 2 p.m. Oct. 15 . Visit AkronCivic.com.
Comedy
Agora Theatre & Ballroom: 5000 Euclid Ave., Cleveland, presents Tim Heidecker, July 23; Comedy Bang Bang starring Scott Aukerman, Aug. 26. Visit AgoraCleveland.com.
Cleveland Improv: 1148 Main Ave., Cleveland, presents Leonard Ouzts, July 22 through 24; Bill Bellamy, July 29 through 31; JJ Williamson, Aug. 5 and 6. Call 216-696-4677 or visit ClevelandImprov.com.
Hilarities 4th Street Theatre: 2025 E. Fourth St., Cleveland, presents Ryan Hamilton, July 21 through 23; Ian Fidance, July 22 and 23; Jeff Allen, July 24; Steve Rannazzisi, July 28 through 30; Preacher Lawson, Aug. 5; Christina P., Aug. 12 and 13; Doug Stanhope, Aug. 28; Dave Attell, Sept. 2 through 4; John Caparulo, Sept. 8 through 10; Josh Wolf, Sept. 15 through 17; Matteo Lane, Sept. 23 and 24. Call 216-736-4242 or visit pickwickandfrolic.com.
Lorain Palace Theater: 617 Broadway, Lorain, presents The Edwards Twins, Sept. 25. Call 440-245-2323 or visit lorainpalace.com.
MGM Northfield Park: 10777 Northfield Road, Northfield, presents Gabriel “Fluffy” Iglesias, Aug. 12 (two shows). Call 330-908-7625 or visit mgmnorthfieldpark.mgmresorts.com.
Playhouse Square: 1501 Euclid Ave., Cleveland, presents Kurtis Conner, Sept. 8; Mike Birbiglia, Sept. 24. Call 216-241-6000 or visit PlayhouseSquare.org.
Rocket Mortgage FieldHouse: 1 Center Court, Cleveland, presents John Mulaney, Sept. 23. Call 888-894-9422 or visit rocketmortgagefieldhouse.com.
Dance
Cleveland Ballet: presents “Swans on the Lake,” Aug. 27 at Waterwood Estate in Vermilion; “Swan Lake,” Oct. 21 and 22 at Playhouse Square’s Connor Palace; “The Nutcracker,” Dec. 15 through 18 at Playhouse Square’s Connor Palace; “Serenade” and “Spring Collection,” April 21 and 22, 2023 at Playhouse Square’s Connor Palace. Visit Clevelandballet.com.
Verb Ballets Center for Dance: 3558 Lee Road, Shaker Heights, presents performances at 8:45 p.m. July 29 and 30 at Heinz Poll Summer Dance Festival, Forest Lodge Park, 260 Greenwood Ave., Akron; a performance at 7:30 p.m. Aug. 5 at Lakeside Chautauqua, 119 W. Third St., Lakeside Marblehead; a performance at 7 p.m. Aug. 13 at Arts in August, Lincoln Park, West 14th and Starkweather, Cleveland. Call 216-397-3757 or visit verballets.org.
Film
Cinema at the Square: a film series at Playhouse Square’s Connor Palace in Cleveland, presents “The Princess Bride, 7:30 p.m. Aug. 4; “Batman,” 7:30 p.m. Aug. 5; “Show White and the Seven Dwarfs,” 2 p.m. Aug. 6; “The Godfather,” 7:30 p.m. Aug. 6; “Independence Day,” 2 p.m. Aug. 7; “Goonies,” 7:30 p.m. Aug. 11; “Now, Voyager,” 7:30 p.m. Aug. 12; “Beauty and the Beast,” 2 p.m. Aug. 13; “The Bodyguard,” 7:30 p.m. Aug. 13; “The Sound of Music,” 2 p.m. Aug. 14; “Men in Black,” 7:30 p.m. Aug. 18; “Paris Blues,” 7:30 p.m. Aug. 19; “The Parent Trap,” 2 p.m. Aug. 20; “Stand By Me,” 7:30 p.m. Aug. 20; “The Sandlot,” 2 p.m. Aug. 21. Call 216-241-6000 or visit playhousesquare.org/cinema.
Cleveland Cinemas: presents a screening of “The Guide,” a film by Ukrainian director Oles Sanin, with proceeds going to Ukrainian relief efforts, 7 p.m. July 26 at Cedar Lee Theater in Cleveland Heights. Visit ClevelandCinemas.com.
Cleveland Institute of Art Cinematheque: 11610 Euclid Ave., Cleveland, presents “A Man of Integrity,” 7 p.m. July 22; “The Heroic Trio,” 9:20 p.m. July 22; “It’s a Gift,” 5 p.m. July 23 and 6:30 p.m. July 24; “Lost Illusions,” 6:30 p.m. July 23 and 3:30 p.m. July 24; “Missing,” 9:20 p.m. July 23 and 8 p.m. July 24. Call 216-421-7450 or visit CIA.edu/Cinematheque.
Cleveland International Film Festival: presents CIFF47, March 22 through April 1 at Playhouse Square and April 10 through 17 online. Call 216-623-3456 or visit clevelandfilm.org.
Lorain Palace Theater: 617 Broadway, Lorain, presents “King Fu Panda,” 2 p.m. Aug. 6; “Steel Magnolias,” 1 p.m. Aug. 7; “How to Train Your Dragon,” 2 p.m. Aug. 20. Call 440-245-2323 or visit lorainpalace.com.
Music
Agora Theatre & Ballroom: 5000 Euclid Ave., Cleveland, presents Bikini Kill, Donkey Bugs, July 22; Clairo, July 30; Dashboard Confessional, Andrew McMahon in the Wilderness, Aug. 5; Hanson, Aug. 6; Joyce Manor, Citizen, Aug. 8; Here & There Festival featuring Courtney Barnett, Lucy Dacus, Quinn Christopherson, Aug. 10; Sub:Luminal, featuring TroyBoi, 1788-L, DJ EV, Aug. 13; The Shins, Sept. 2; Idles, Sept. 9; Arlo Parks, Sept. 17; In This Moment with Nothing More, Sleep Token & Cherry Bombs, Sept. 21; Alec Benjamin, Sept. 22; Highly Suspect, Sept. 27; Denzel Curry, AG Club, redveil, Sept. 30; Giveon, Oct. 5; KennyHoopla, Oct. 6; Lost Dog Street Band, Oct. 7; Within Temptation, Oct. 8; Hippo Campus, CHAI, Oct. 11; King Princess, St. Panther, Oct. 12; Michael Schenker 50th anniversary with Eric Martin, Images of Eden, Oct. 15; Awolnation, Badflower, Oct. 19; The Dollop, Oct. 21; Marcus King, Oct. 23; Daniel Howell, Nov. 2; W.A.S.P., I Prevail, Pierce the Veil, Fit for a King, Stand Atlantic, Nov. 11; Armored Saint, Nov. 12; Mac DeMarco, Nov. 17; I Prevail, Pierce the Veil, Fit for a King, Nov. 11; Streetlight Manifesto, Nov. 20; Foals, Dec. 11. Visit AgoraCleveland.com.
Akron Civic Theatre: 182 S. Main St., presents Boney James, July 22; Home Free, Erin Kinsey, Oct. 28; The Sixties Show, Nov. 5; Straight No Chaser, Dec. 22. Visit AkronCivic.com.
Apollo’s Fire, The Cleveland Baroque Orchestra: presents Countryside Concerts: “The Road to Dublin,” 7:30 p.m. July 22 and 4 and 7:30 p.m. July 23 at Holden Arboretum in Kirtland, 2 p.m. July 24 at The Bath Church (UCC), 7:30 p.m. July 24 at Avon Lake United Church of Christ and 7:30 p.m. July 26 at Mapleside Farms in Brunswick; “Lift Ev’ry Voice: A Celebration of Brotherhood & Sisterhood,” 7:30 p.m. Aug. 5 at Arlington Church of God, Akron | 8 p.m. Aug. 6 at Avon Lake United Church of Christ | 7 p.m. Aug. 7 at Cain Park in Cleveland Heights. Call 216-320-0012 or 800-314-2535, or visit apollosfire.org.
Beachland Ballroom: 15711 Waterloo Road, Cleveland, presents GLOW 14 starring Only Native Sounds, Blackphil, Sauce God, July 23; John Moreland, The Dead Tongues, July 28; 87 Nights, The Stews, July 28; Spider Gang, July 30; Waylong Payne, July 31; The Regrettes, Aug. 3; boy pablo, Aug. 4; Wavves, YOYO, Smut, Aug. 5; California Speedbag, David Loy & the Ramrods, Aug. 5; Spaceface, Aug. 7; GA-20, Aug. 10; Carver Commodore, Aug. 11 “A Gathering of Voices,” featuring Mike Younger & the Tennessee Treehuggers, Aug. 12; Al Olender, Aug. 13; Jack Broadbent, Aug. 15; A Giant Dog, Mourning [A] BLKstar, Suitor, Aug. 16; The Aristocrats, Aug. 17; Sun Dried Vibes, Rockport, Lake Irie, Aug. 25; Buffalo Wabs & the Price Hill Hustle, Aug. 26; Waltzer, Aug. 29; Linda Gail Lewis, Aug. 30; Cass McCombs, Sept. 7; DEVOtional 2022, Sept. 16 and 17; glaive, aidn, Sept. 20; David Wax Museum (Duo), Sept. 21; Brown Eyed Women (all-female Grateful Dead tribute), Sept. 24; The Wailers, Sept. 29; SALES, Sept. 30; Miss May I, Oct. 1; The Contortionists, River of Nihil, Oct. 2; Southern Culture on the Skids, Oct. 7; The Black Angels, The Vacant Lots, Oct. 9; They Might Be Giants, Oct. 11 and 12 (sold-out); Babe Rainbow, 70s Tuberide, Oct. 16; Dead Boys, The Briefs, Suzi Moon, Oct. 18; William Elliot Whitmore, Oct. 21; KBong, Johnny Cosmic, Dubbest, Nov. 4; Chloe Moriondo, Dreamer Isioma, Nov. 17. Call 216-383-1124 or visit beachlandballroom.com.
Blossom Music Center: 1145 W. Steels Corners Road, Cuyahoga Falls, presents OneRepublic, NEEDTOBREATHE, July 28; Willie Nelson & Family, ZZ Top, Gov’t Mule, July 29; Phish, Aug. 2; Rob Zombie, Mudvayne, Static-X, Powerman 5000, Aug. 3; Incubus, Sublime, Rome, Aug. 9; Korn, Evanescence, Aug. 23; Pitbull, Iggy Azalea, Aug. 24; “Encanto: The Sing-Along Film Concert,” Aug. 25; Wiz Khalifa, Logic, 24KGoldn, Aug. 30; Wu-Tang Clan, Nas, Sept. 7. The Black Keys, Band of Horses, Early James, Sept. 9; $uicideboy$, Ski Mask the Slump God, Sept. 10; Tenacious D, Sept. 16; Nine Inch Nails, Ministry, Nitzer Ebb, Sept. 24 (sold out); Five Finger Death Punch, Megadeth, The HU, Oct. 4. Call 330-920-8040 or visit livemu.sc/2QcbKUb.
Blossom Music Festival: at Blossom Music Center, the summer home of The Cleveland Orchestra, presents Movie Night Live — “The Lord of the Rings: The Fellowship of the Ring in Concert,” featuring a concert being played along to the movie, 7 p.m. July 22 through 24; “Mendelssohn’s Violin Concerto,” also featuring music by Bacewicz and Dvorak, 7 p.m. July 30; “Broadway Legends: Webber, Sondheim, Bernstein, and More,” 7 p.m. July 31; “Grieg’s Piano Concerto,” also featuring Schmidt’s Symphony No. 4, 7 p.m. Aug. 6; “Beethoven’s Ninth,” also featuring Wagner’s Siegfried Idyll, 7 p.m. Aug. 7; “Trifonov Plays Rachmaninoff,” featuring Piano Concerto No. 2 in C minor, Opus 18, 7 p.m. Aug. 13; Movie Night Live — “Harry Potter and the Chamber of Secrets in Concert,” featuring a concert being played along to the movie, 7 p.m. Aug. 21 and 21, “Vivaldi’s Four Seasons,” a performance by the Orpheus Chamber Orchestr also featuring music Geminiani and Hailstork, 7 p.m. Aug. 27″ The Sound of Music,” featuring the Blossom Festival Orchestra, 7 p.m. Sept. 3 and 4. Call 216-231-1111 or visit clevelandorchestra.com.
Cain Park: Goodnor and Superior, Cleveland Heights, presents Jim Brickman, Aug. 20. Call 216-371-3000, or visit cainpark.com.
CityMusic Cleveland: presents City Stages concerts at Transformer Station in Ohio City — Dobet Gnahore, Aug. 3 | Cimafunk, Aug. 10. Call 216-632-3572 or visit citymusiccleveland.org.
Firelands Symphony Orchestra: presents the Firelands Symphony Orchestra Chorale, performing “Beethoven’s Mass in C major,” 4 p.m. July 24 at St. Mary’s Catholic Church in Sandusky. Call 419-621-4800 or visit FirelandsSymphony.com.
FirstEnergy Stadium — Home of the Cleveland Browns: 100 Alfred Lerner Way, Cleveland, presents Machine Gun Kelly, Trippie Redd, Avril Lavigne, Travis Barker, Willow, 44Phantom, Aug. 13. Visit FirstEnergyStadium.com.
Goodyear Theater: 1201 E. Market St., Akron, presents “Weird Al Yankovic, July 27; Foghat, Pat Travers Band, Aug. 11. Call 330-690-2307 or visit goodyeartheater.com.
Grog Shop: 2785 Euclid Heights Blvd., Cleveland Heights, presents Anberlin — a 20-year celebration, July 21 through 23; Assault, Necroprophecy, Atomic Witch, July 23; Bit Brigade — “The Legend of Zelda & Castlevania Live,” July 24; MDear Summer starring John Bruton & Friends, July 25;, July 25; The Stereotypes, Mr. Princess, Dive Bombs, July 26; Mud Whale, Pet Fox, Maneka, Jason Kaminski, July 27; Punk Rock Movie Night Double Header with “NightClubbing” and “The Final Curtain,” July 28; the cleVELand performance party series, July 28; Shamir, Creeping Charlie, July 29; IDK, July 30; The Grievance Club, Curtail, July 31; Electric Freak Show, Slow Mono, July 31; Gulfer, Runaway Brother, Mr. Princess, Aug. 2; Horsegirl, Dummy, Aug. 3; Kidd G, Aug. 4; Glam Gore: Nightgowns & Nightmares, Aug. 5; Holy F—, Aug. 6; City Morgue, SSGKobe, Aug. 7 and 8; Alexandra Kay, Aug. 9; Incantation, Goatwhore, Bewitcher, Aug. 10; The Beths, Rosie Tucker, Aug. 11; Devin the Dude, Duby Rodgers, Aug. 12; Lemur Fest 7 featuring Cousin Floyd and the Lonely Boyz, Aug. 13; nice., Teamonade, Drag Daze, Aug. 14; Master Sword, Lilieae, 88bit, Aug. 17. Call 216-321-5588 or visit grogshop.gs.
Holden Arboretum: 9550 Sperry Road, Kirtland, presents Concert in the Forest Series — Apollo’s Fire (rustic Celtic), 7:30 p.m. July 22 and 4 and 7:30 p.m. July 23 | Cleveland Wind Trio, 6:30 p.m. Aug. 10 | students from the Cleveland Institute of Music, 6:30 p.m. Aug. 24. Visit holdenarb.org.
House of Blues: 308 Euclid Ave., Cleveland, presents New Found Glory, Four Year Strong, Be Well, July 22; Laura Marano, July 23; Scarface, Live Band Formaldehyde Funkmen, July 29; The Backseat Lovers, Over Under, July 30 (sold-out); BLXST, Aug. 1; Rhymin’ N Stealin’ (Beastie Boys tribute, DJ Sparky B, Aug. 5; BLXST, Audrey Nuna, Aug. 8; Back 2 School featuring Tricky Dick & The Cover-Ups, Old Skool, DJ Sparky B, Aug. 12; Femme It Forward featuring Jade Novah, Aug. 12; MATISYAHU, Aidan Laprete, Aug. 16; Paul Cauthen, Aug. 19; Grunge Night featuring Smells Like Nirvana, Dead Original, Grunge DNA, Aug. 20; AJ & The Woods, Aug. 20; Lem Carspm. Aug. 21; Teyana Taylor, Aug. 26; Diamond Dogs (David Bowie tribute), Gimme Sugar (Rolling Stones tribute), Calum Scott, Aug. 28; Mike Campbell & The Dirty Knobs, Sept. 1; Zoso, Sept. 3; The Score, Dreamers, Sept. 6; Descendents, H2), Surfboadt, Sept. 11; Alexisonfire, Sept. 14; Gwar, Light the Norch, Nekrogoblikon, Sept. 15; Dirty Honey, Dorothy, Mac Saturn, Sept. 16; Apocalyptica, Leprous, Wheel, Sept. 18; Peach Pitt, Sept. 19; Movements, Angel Du$t, One Step Closer, Sept. 20; Old 97’s, Vandoilers, Sept. 22; Sunny Day Real Estate, Sept 27; JOHNNYSWIM, Sept. 28; Foreign Air, Oct. 2; One OK Rock, You Me at Six, Fame on Fire, Oct. 7; Toadies, Oct. 13; Durry, Hummus Vacuum, Oct. 17; Barns Courtney, Oct. 17; Judah & The Lion, Oct. 18; Aesthetic Perfection, Josie Pace, genCab, Oct. 19; The Airborne Toxic Event, TATE, Oct. 21; Chelsea Cutler, ayokay, Arden Jones, Oct. 29; Tegan and Sara, Toberlin, Nov. 4; Fun Lovin’ Criminals, Nov. 11; Max, Vincint, Dec. 2; Taylor Swift Night — Celebrating Taylor’s Birthday Party, Dec. 17; Static-X, March 26; April 5. Visit houseofblues.com/Cleveland.
Jacobs Pavilion: Nautica Entertainment Complex, West Bank of the Flats, Cleveland, presents Zach Bryan, The American Run, July 22; A Day to Remember, The Ghost Inside, Beartooth, July 29; Maze featuring Frankie Beverly & the Isley Brothers, July 30; Sad Summer Festival featuring Waterparks, Neck Deep, Mayday Parade, State Champs, Aug. 2; Malen Morris, Joy Oladokun, Aug. 5; Goo Goo Dolls, Blue October, Aug. 10; Dispatch, O.A.R., G. Love, Aug. 12, Aug. 12; LANY, Surfaces, Aug. 14 Rise Against, The Used, Senses Fail, Aug. 17; Alicia Keys, Aug. 19; Why Don’t We, The Aces, JVKE, Aug. 30; Rainbow Kitten Surprise, Sept. 4; Motionless in White, Black Veil Brides, Ice Nine Kills, Sept. 7; Kevin Gates, Sept. 20; Bleachers, Carly Rae Jepsen, Sept. 21; Koe Wetzel, Sept. 22; Conan Gray, Sept. 24; Dustin Lynch, Sept. 30. Call 216-622-6557 or visit bit.ly/axs-jacobs.
Kent Stage: 175 E. Main St., Kent, presents Jon Anderson, The Pual Green Rock Academy Live, July 22; Keillor & Company, July 28; Tinsley Ellis, July 30; The High Kings, Aug. 3; The Abrams, Aug. 4; Steep Canyon Rangers, Aug. 13; Al Stewart with The Empty Pockets, Aug. 17; The Wallflowers, Aug. 21; Hayes Carll, Sept. 3; Duane Betts, Sept. 8; The FIXX, Jill Sobule, Sept. 9; Jimmy Carter and J.C. Players, Joe Williams and Ron Pullman, Sept. 10; Al Di Meola, Sept. 11; Watkins Family Hour, Sept. 21; Steve Kimock & Friends, Sept. 23; Blues Traveler, Oct. 8; Jonah Koslen, Tommy Dobeck and Daniel Pecchio, presenting songs and stories from the first three Michael Stanley Band albums, Oct. 22; Martin Sexton, Oct. 23; Jim Messina, Oct. 25; Joe McLaughlin, Kris Allen, Oct. 27; Sophie B. Hawkins, Nov. 2; Tab Benoit, Nov. 3; Tim O’Brien with Jan Fabricius, Chris Smither, Nov. 4; John McCutcheon, Nov. 5. Call 330-677-5005 or visit kentstage.org.
Lake View Cemetery Concert Series: at Lakeview Cemetery, 2316 Euclid Ave, Cleveland, with shows beginning at 4 p.m., presents Blue Lunch (blues/swing), July 24 (make-up date); Paul Kovac’s Bog Grass Band (bluegrass/folk), Aug. 14 (rain date Aug. 21). Visit lakeviewcemetery.com.
Lakewood Alive: presents the Front Porch Concert Series, 7 p.m. on the front steps of Lakewood Public Library, 15425 Detroit Ave. — Apostle Jones, July 22 and Ray Flanagan, July 29. Visit LakewoodAlive.org.
Lakeland Community College: 7700 Clocktower Drive, presents the Lakeland Civic Band’s “Dances From Around the World,” featuring “an Italian polka and tarantella, a paso doble and tango from Latin America, a waltz from the United States, a
beguine and wedding dance,” 7 p.m. July 28 at the Wild Wood Cultural Center in Mentor and 2 p.m. at the names A. Garfield National Historic Site. Visit lakelandcc.edu/arts.
Les Delices: a group performing music from the French Baroque, presents “The Highland Lassie,” 4 and 7 p.m. at Cleveland’s Historic Dunham Tavern. Visit lesdelices.org.
Lorain Palace Theater: 617 Broadway, Lorain, presents Led Zeppelin by Baldassarre, Sept. 30; Paradise (Meat Loaf tribute), Oct. 1; Stars of the Sixties, Oct. 21; Best of Times (Styx tribute), Oct. 28; Aaron Lewis, Oct. 29; “A Motown Christmas,” a concert starring The Motortown All-Stars, a group featuring members and former members of The Miracles, The Contours and The Temptations, Nov. 18. Call 440-245-2323 or visit lorainpalace.com.
Mentor Rocks concert series: with shows at 7 p.m. at Mentor Civic Amphitheater, 8600 Munson Road, presents Red Not Chili Peppers (Red Hot Chili Peppers tribute), July 26; Fastball (national artist), Aug. 2; Livin’ on a Bad Name (Bon Jovi tribute), Aug. 9; 20 Ride (Zac Brown Band tribute), Aug. 16; ZOSO (Led Zeppelin tribute), Aug. 23; Matchbox Twenty-Too (Matchbox 20 tribute), Aug. 30. Visit mentorrocks.info.
MGM Northfield Park: 10777 Northfield Road, Northfield, presents Psychedelic Furs, X, July 22; Earth, Wind & Fire, July 30; Men at Work, Aug. 24; Boy George & Culture Club, Sept. 16; Joe Satriani, Oct. 21; Chaka Khan, Nov. 5. Call 330-908-7625 or visit mgmnorthfieldpark.mgmresorts.com.
Moon Man’s Landing: a festival featuring Kid Cudi, Playboi Carti, HAIM, Don Toliver and other performances, will be Sept. 17 on the West Bank of Cleveland’s Flats. Visit moonmanslanding.com.
Music Box Supper Club: 1148 Main Ave., Cleveland, presents Moving in Stereo (tribute to The Cars), July 22; Drag Brunch featuring Veranda L’Ni, July 24; The Razz (Raspberries hits and more), July 28; Revival (Allman Brothers tribute), July 29; Lil’ Ed & The Blues Imperials, July 29; Swamps of Jersey (Bruce Springsteen tribute), July 30; Neil Zaza, July 30; Tablao Falmenco, Aug. 4; Dueling Pianos Night with Cleveland Keys, Aug. 5; Elton John Brunch with Tommy Lee Thompson, Aug. 7; The Prince Project (Prince tribute), Aug. 12; Prime Time Drag Bingo featuring Veranda L’Ni, Aug. 12; Curtis Salgado, Aug. 18; Sinatra Night, Aug. 19; ’80s Night with The Sunrise Jones, Aug. 19; Late Nite Tropical Cleveland, Aug. 20; Jersey Beat Brunch, Aug. 21; Brass Metropolis (Chicago tribute), Aug. 27; Kathleen Edwards, Aug. 28; Brooklyn Charmers (Steely Dan tribute), Sept. 1; Kris Lager Band, Sept. 1; Beatles Brunch with Revolution Pie, Sept. 4; Donna the Buffalo, Sept. 8; Carlos Jones & The P.L.U.S. Band, Sept. 9; Rumours by Rumours Brunch (Fleetwood Mac tribute), Sept. 11; Josh Rouse, Sept. 11; Neil Diamond Brunch featuring The Diamond Project, Sept. 18; Lucinda Williams and Her Band, Sept. 20; Walter Trout, Sept. 21; Broken Arrow (Neil Young tribute), Oct. 6; Majid Bekkas Gnawa Blues Band, Oct. 6; Unicorns & Polka Dots Kickoff Event, Oct. 9; Will Hoge & Dave Hause, Nov. 16; Tyrone Wells, Oct. 18; Stephen Kellog, Oct. 19; Carbon Leaf, Oct. 20; Bruce Katz Band, Oct. 23; Slaid Cleaves, Oct. 26; Grateful Dead Brunch with Sunshine Daydream, Oct. 30; EXTC, featuring XTC’s Terry Chambers & Friends, Oct. 30; Dolly Parton Night with Rachel & The Beatnik Playboys, Nov. 4; Sean McCann of Great Big Sea, Nov. 6; OPUS 216, Nov. 18; Sinatra Night: Michael Sonata Farewell Show with The Dave Banks Big Band, Nov. 19. Call 216-242-1250 or visit musicboxcle.com.
Penitentiary Glen Reservation: 8668 Kirtland-Chardon Road, Kirtland, presents Wildlife Festival, featuring staff introducing Animal Ambassadors during keeper chats and hands-on stations to promote a look at what it would mean if waterways, land and wildlife were no longer protected, noon to 4 p.m. July 24; Concerts and More at the Glen, an outdoor concert series, 7 p.m. July 29 and Aug. 4, 12 and 26. Call 440-256-1404 or visit lakemetroparks.com/parks-trails/penitentiary-glen-reservation.
Playhouse Square: 1501 Euclid Ave., Cleveland, presents Igudesman & Joo, July 28; Straight No Chaser, Dec. 6. Call 216-241-6000 or visit PlayhouseSquare.org.
Progressive Field: 2401 Ontario St, Cleveland, presents Elton John, July 30. Call 216-420-4487 or visit mlb.com/guardians/ballpark.
Quire Cleveland: presents “Carols for Quire XII: Angels and Shepherds,” 7:30 p.m. Dec. 1 at Ourlady of Peach Chruch on Shaker Square, 8 p.m. Dec. 2 at St. John Cantius Church, in Cleveland’s Tremont neighborhood and 8 p.m. Dec. 3 at St. Paschal Baylon Church, Highland Heights; “Pater Noster: Our Father, 7:30 p.m. April 21 at Cathedral of St. John the Evangelist in downtown Cleveland, 8 p.m. April 22 at Chruch of St. Anselm in Chester Township, 4 p.m. April 23 at St. Christopher Church in Rocky River. Call 216-223-8854 or visit QuireClelveand.org.
Rescue Rock Off: an event to benefit the Lake Humane Society and featuring performances by Kevin Conaway, The Soul Men, Dan McCoy & the Standing 8’s, Superbad and Invincible, will be from 4 to 9 p.m. July 23 at Mentor Civic Amphitheater. Visit LakeHumane.org.
Rock & Roll Hall of Fame and Museum: Cleveland, presents Jimmy Eat World, Charly Bliss, Sept. 8. Call 888-588-ROCK or visit rockhall.com.
Rock Hall Live!: featuring ticketed concerts at 8 p.m. select Thursdays and Fridays at the Rock & Roll Hall of Fame’s PNC Stage, presents Adrian Belew, July 22; Free Black!, JT’s Electrik Blackout, July 28; Piano Days Show, July 29; MUNA, July 30; New Soft Shoe, Aug. 4; The Red Hands Family Freunion, Aug. 5; Elbow Room, Halie, Aug. 11; Blue Bonnets, Jane Lee Hooker, Aug. 12; Strange Notes, The Missed, Aug. 18; Guided by Voices, Aug. 19; Hello!3D, DLHR, Aug. 25. Call 888-588-ROCK or visit rockhall.com.
Rocket Mortgage FieldHouse: 1 Center Court, Cleveland, presents Rage Against the Machine, Run the Jewels, July 27; Z107.9 Summer Jam, featuring Lil Durk, Kokak Black, Blue, Aug. 26; Twenty One Pilots, Aug. 30; Post Malone, Sept. 27; Mary J. Blige, Ella Mai, Queen Jaija, Oct. 19; The Smashing Pumpkins, Jane’s Addiction, Meg Myers, Oct. 29; Bruce Springsteen and The E Street Band, April 5. Call 888-894-9422 or visit rocketmortgagefieldhouse.com.
Rockin’ on the River: at Lorain’s Black Water Landing, presents Queen Nation (Queen tribute), Invincible (Pat Benatar tribute), July 29; Shining Star (Earth, Wind & Fire tribute), Old Skool, Aug. 5; 7 Bridges (Eagles tribute), Revival ABB (Allman Brothers Band tribute), Aug. 12; 24K Magic! (Bruno Mars tribute), House Party (J Geils tribute), Aug. 19; ZOSO (Led Zeppelin tribute), The Michael Weber Show, Aug. 26; Disco Inferno, Monica Robins and The Whiskey Kings, Aug. 27; A Night of Music Royalty, featuring tributes to music icons including Michael Jackson, Beyonce and Prince, Sept. 2; Classic Stones Live (Rolling Stones tribute), Zoo Station (U2 tribute), Sept. 9; The Four Horsemen (Metallica tribute), Billy Morris & The Sunset Strip, Sept. 16. Visit rockinontheriver.com.
Tunes at the Lagoons: a concert series from the city of Mentor at the Mentor Lagoons Nature Preserve & Marina, 8365 Harbor Drive, with shows running from 7 to 9 p.m., presents Wreck’n (country), July 29; Aftermath (1960s), Aug. 12; Back & Forth (Foo Fighters tribute), Aug. 26. Visit tunesatthelagoons.com.
Wolstein Center: 2000 Prospect Ave., presents The Killers, Oct. 7. Call 877-468-4946 or visit wolsteincenter.com.
Nightlife
Ferrante Winery and Ristorante: 5585 N. River Road W., Geneva, presents Don Perry Duo, 5:30 p.m. July 22; Holly’s Uncle Solo, 1 p.m. July 23; The O’Needers, 5:30 p.m. July 23; Jay Wonders, 2 p.m. July 24; Tommy Hook, 5:30 p.m. July 29; Greg Greyson, 1 p.m. July 30; Uncharted Course, 5:30 p.m. July 30; Don Perry Duo, July 31; Uncharted Course, 5:30 p.m. Aug. 5; Tommy Hook, 1 p.m. Aug. 6; The Porch Rockers, 5:30 p.m. Aug. 6; Dennis Ford, 2 p.m. Aug. 7; Don Perry Duo, 5:30 p.m. Aug. 12; Greg Greyson, 1 p.m. Aug. 13; 4-Kings, 5:30 p.m. Aug. 13; bob Wick Music Solo, 2 p.m. Aug. 14; DeDe Daub, 5 p.m. Aug. 19; Jimmy Mrozek, 1 p.m. Aug. 20; Tommy Hook, 5:30 p.m. Aug. 20; Uncharted Course, 2 p.m. Aug. 21; Jay Wonders, 5:30 p.m. Aug. 26; Mitch Larson, 1 p.m. Aug. 27; The O’Needers, 5:30 p.m. Aug. 27; Chuck Dirtri, 2 p.m. Aug. 28. Call 440-466-8466 or visit ferrantewinery.com.
Old Firehouse Winery: 5499 Lake Road E., Geneva-on-the-Lake, presents Trevor Thompson, 6 p.m. July 22; Armand Cadieux, 2 p.m. July 23; Lyle Heath, 6 p.m. July 23; Steve Madewell, 2 p.m. July 24; Maria DiDonato, 6 p.m. July 24; Tom Todd, July 25; Jim Golen, July 26; Island Days Reggae Fest, July 30; Blues, Burgers, Brews Festival, Aug. 13; Celtic Feis 2020, Aug. 27. Call 440-466-9300 or visit OldFirehouseWinery.com.
Parks
Holden Arboretum: 9550 Sperry Road, Kirtland, presents Mission Botanica, in which you can “explore the vast biodiversity in a bilingual, family-friendly adventure maze, that will feature highlighted plants and trees from the Arboretum’s collection,” through Sept. 5. Visit holdenarb.org.
Lake Metroparks Farmpark: 8800 Chardon Road, Kirtland, presents Historical Engine Society Antique Power Exhibition, July 29; Vintage Ohio, a wine festival, Aug. 5 and 6; Sunflower Harvest Weekend, Aug. 20 and 21. Call 440-256-2122 or 800-366-3276, or visit goto.lakemetroparks.com/farmpark.
Observatory Park: 10610 Clay St., Montville Township, presents outdoor movie nights, beginning as early as 8:30 p.m. — “Jurassic Park” (PG-13), July 23 | “Raya and the Last Dragon” (PG),, Aug. 13. Call 440-286-9516 or visit geaugaparkdistrict.org.
West Woods Nature Center: 9465 Kinsman Road, Russell Township, presents the art of Brittany Selfe Paynter, through July 24
Nature & Arts Fest — held in conjunction with Chardon Square Association’s 41st annual Chardon Arts Festival on Chardon Square — 10 a.m. to 4 p.m. Aug. 7. Call 440-286-9516 or visit geaugaparkdistrict.org.
Theater
Beck Center for the Arts: 17801 Detroit Ave., Lakewood, presents “Something Rotten!,” by John O’Farrell and Karey Kirkpatrick, through Aug. 7; “Buyer & Cellar,” by Jonathan Tolins, Sept. 9 through Oct. 9 in Studio Theater; “The Curious Incident of the Dog in the Night-Time (Play),” based on the book by Mark Haddon, Sept. 23 through Oct. 16 in Senney Theater; “Elf the Musical,” Dec. 2 through 30 in Senney Theater; “Ghost the Musical,” Feb. 10 through 26, 2023; “Noises Off,” by Michael Frayn, March 24 through April 16, 2023, in Senney Theater; “Doubt: A Parable,” by John Patrick Shanley, May 26 through June 25, 2023, in Studio Theater; “Once on This Island,” with book and lyrics by Lynn Ahrens and music by Stephen Flaherty,” through Aug. 6, 2023, in Senney Theater. Call 216-521-2540, or visit beckcenter.org.
BorderLight International Theatre + Fringe Festival; featuring an eclectic mix of touring and regional productions, runs through July 24 at various Cleveland venues. Visit BorderLightCle.org.
Broadway in Akron: a series at E.J. Thomas Hall in conjunction with Playhouse Square, presents Blue Man Group, Oct. 18 and 19; “Tootsie,” Nov. 29 through 30; “My Fair Lady,” March 14 and 15; “Jesus Christ Superstar,” April 10 and 11. Call 330-253-2488 or visit broadwayinakron.com.
Cain Park: Superior Road between Lee and South Taylor roads, Cleveland Heights, presents “Sondheim on Sondheim,” Aug. 4 through 14. Call 216-371-3000 or visit CainPark.com.
Chagrin Valley Little Theatre: 40 River St., Chagrin Falls, presents Disney’s “Newsies,” July 22 through Aug. 13. Call 440-247-8955 or visit CVLT.org.
Clague Playhouse: 1371 Clague Road, Westlake, presents two one-act Red Barn Youth Theater productions, “Snow White Lite” and “High-Rise High Jinks, July 22 through 24. Call 440-331-0403 or visit ClaguePlayhouse.org.
Cleveland Play House: Performing at Playhouse Square, presents “American Mariachi,” by José Cruz González, Sept. 17 through Oct. 9 in the Allen Theatre; “The Great Leap,” by Lauren Yee, Oct. 29 through Nov. 20 in the Outcalt Theatre; “Light It Up!,” by Jason Michael Webb and Lelund Durond Thompson, Dec. 2 through 22 in the Allen Theatre;”I’m Back Now,” by Charly Evon Simpson, Feb. 4 through 26 in the Allen Theatre; Theater J’s production of “Becoming Dr. Ruth,” by Mark St. Germain, April 1 through 23 in the Outcalt Theatre; Ken Ludwig’s “Moriarty: A New Sherlock Holmes Mystery,” April 29 through May 21 in the Allen Theatre. Call 216-241-6000 or visit clevelandplayhouse.com.
Cleveland Public Theatre: 6415 Detroit Ave., Cleveland, presents Pandemonium 2022: “The Doors of Imagination,” CPT’s annual benefit and “theatrical spectacular,” Sept 10. Call 216-631-2727 or visit cptonline.org.
Cleveland Shakespeare Festival: presents “The Learned Ladies,” with performances starting at 7 p.m. — July 22, Cleveland Heights/Coventry P.E.A.C.E. Park | July 23, Lakewood/Lakewood Park | July 24, Berea/Coe Lake Park; July 29, Downtown Cleveland/Public Square | July 30, Mentor/James A. Garfield Historic Site | July 31, Lorain/Black River Landing | Aug. 5, Euclid/Sims Park | Aug. 6, Tremont/Lincoln Park | Aug. 7, Lakeside/Lakeside Chautauqua )6 p.m. start). Visit cleveshakes.org or call 440-794-ICSF.
Dobama Theatre: 2340 Lee Road, Cleveland Heights, presents “The Thin Place,” by Lucas Hanath, Oct. 7 through 30; “The Land of Oz” (world premiere), with book and music by George Brant, Dec. 2 through 31; “Stew,” by Zora Howard,” Jan. 27 through Feb. 19; “The Other Place,” by Sharr White,” March 10 through April 2; “What We Look Like,” by J.J. Tindal, April 21 through May 14. Call 216-932-3396 or visit dobama.org.
Great Lakes Theater: at the Hanna Theatre at Playhouse Square in Cleveland, presents “Little Shop of Horrors, Sept. 16 through Oct. 9; “Romeo and Juliet,” Oct. 21 through Nov. 6; “A Christmas Carol,” Nov. 25 through Dec. 23; “Sense and Sensibility,” Feb. 10 through March 5; “As You Like It,” March 24 through April 8; “Ain’t Misbehavin’,” April 28 through May 21. Call 216-241-6000 or visit greatlakestheater.org.
Lorain Community Music Theater: presents “Shrek The Musical,” 7:30 p.m. July 22 and 23 and 2 p.m. July 24 at the Lorain Performing Arts Center, 2600 Ashland Ave. Visit loraincommunitymusictheater.org.
Playhouse Square: 1501 Euclid Ave., Cleveland, presents “Ain’t Too Proud,” through July 31; “Frozen,” Aug. 11 through Sept. 11; “Les Miserables,” Oct. 7 through 29; “Cats,” Nov. 2 through 20; “Hamilton,” Dec. 6 through Jan. 15; “Beetlejuice,” Jan. 10 through 29; Hadestown,” Jan. 31 through Feb. 19; “Tina – The Tina Turner Musical,” April 25 through May 14; “Moulin Rouge! The Musical,” through July 2, 2023; “Six the Musical,” Aug. 8 through Sept. 19, 2023. Call 216-241-6000 or visit PlayhouseSquare.org.
Porthouse Theatre: 3143 O’Neil Road, Cuyahoga Falls, presents “Godspell,” through July 23; “West Side Story,” July 29 through Aug. 14. Call 330-672-3884 or visit PorthouseTheatre.com.
Rabbit Run Theater: 5648 W. Chapel Road, Madison Township, presents “Disney’s Newsies, the Musical,” 7:30 p.m. July 22, 23, 24, 27, 28, 29, 30 and 31 and Aug. 3, 4, 5 and 6. Call 440-428-7092 or visit RabbitRun.org.
Misc.
Agora Theatre & Ballroom: 5000 Euclid Ave., Cleveland, presents Trash Taste Podcast, Sept. 28. Visit AgoraCleveland.com.
AIA Cleveland Sandfest: featuring sand sculptures and volleyball, will be 8 a.m. to 4 p.m. Aug. 6 at Edgewater Beach. Visit aiacleveland.com/sandfest.
Akron Civic Theatre: 182 S. Main St., presents “The Wheel of Fortune LIVE,” Oct. 21. Visit AkronCivic.com.
Auburn Corners Summer Festivals: a presentation of Auburn Arts District featuring vendors, food trucks, live music and more, will be 11 a.m. to 8 p.m. Sept. 9 and 10 at 17711 Ravenna Road, Chagrin Falls. Call 216-333-8803 or email events@clevelandart.com.
Cleveland Botanical Garden: 11030 East Blvd., presents Gourmets in the Garden, featuring bite-sized samples from area chefs, 6 to 7 p.m. Aug. 25 and Sept. 15. Call 216-721-1600, or visit cbgarden.org.
Cleveland Metroparks Zoo: 3900 Wildlife Way, Cleveland, presents Asian Lantern Festival (with both walk-through and drive-through experiences offered), featuring large-scale illuminated lantern displays, live acrobatic performances and culturally inspired cuisine, through Aug. 21. Call 216-661-6500 or visit clemetzoo.com.
Cleveland Museum of Natural History: 1 Wade Oval Drive, University Circle, presents “100 Years of Discovery: A Museum’s Past, Present & Future,” through July 24. Call 216-231-1177, 800-317-9155, or visit cmnh.org.
Cleveland National Air Show: featuring the U.S. Navy Blue Angels, will be Sept. 3 through 5 at Burke Lakefront Airport. Call 216-781-0747 or visit ClevelandAirShow.com.
Fairport Harbor Lighthouse & Museum: 129 Second St., featuring navigational instruments, marine charts, handmade ship models and more, is open through Sept. 25. Call 440-354-4825, fairportharborlighthouse.org or email us at keeper@ fairportharborlighthouse.org.
The Fest: presented by the Catholic Diocese of Cleveland and featuring Christian musical acts and more, will be Aug. 7 at Center for Pastoral Leadership, 28700 Euclid Ave., Wickliffe. Visit TheFest.us.
Great Harvest Bread Co.: 9440 Mentor Ave, Mentor, presents its Christmas in July fundraiser, featuring holiday breads and goodies, July 25 through 30. Call 440-205.8199 or visit GreatHarvestMentor.com.
Great Lakes Science Center: 601 Erieside Ave., Cleveland, presents “Science of Rock N’ Roll,” through Sept. 5. Call 216-694-2000 or visit greatscience.com.
Lakewood Alive: presents Spooky Pooch Parade,12:30 to 3:30 p.m. Oct. 15 at Madison Park in Lakewood’s Birdtown neighborhood’13th annual Lakewood Chocolate Walk, Oct. 27. Visit LakewoodAlive.org.
Main Street Vermilion: presents All Washed Up, Vermilion’s driftwood art contest, with Lorain County Woodcarvers demonstrating their skills and exhibiting their carvings, 10 a.m. to 3 p.m. July 23 in Exchange Park. Call 440-963-0772 or visit mainstreetvermilion.org.
Maltz Museum of Jewish Heritage: 2929 Richmond Road, Beachwood, presents “Chagall for Children,” which explores the work of one of “the best-known and most-loved artists of the twentieth century, Marc Chagall,” through Aug. 28. Call 216-593-0575 or visit MaltzJewishMuseum.org.
Mentor: presents CityFest Parade, 10 a.m. Aug. 20, beginning at Shore Middle School, 5730 Hopkins Road, heading south on Hopkins Road to Center Street, east on Civic Center Boulevard and concluding at Mentor Civic Center Park, 8500 Munson Road. Visit CityofMentor.com.
MGM Northfield Park: 10777 Northfield Road, Northfield, presents psychic medium Matt Fraser, Oct. 27; Shangela, Oct. 28. Call 330-908-7625 or visit mgmnorthfieldpark.mgmresorts.com.
Music Box Supper Club: 1148 Main Ave., Cleveland, presents Murder Mystery Dinner Party — “Revenge at the Reunion,” a high school whodunnit by Murderous Mayhem,” July 22; a Cleveland Stories Dinner Parties event, David Spero: A Life in the Wings – My 60 Year Love Affair with Rock and Roll, July 28; Science Cafe Cleveland– Beer, Wine, and Bourbon: Adventures in Flatland and Why Interfacial Science Matters, Aug. 10; Murder Mystery Dinner Party — “Five Card DRAW!! The Smell of Gunsmoke,” presented by Get away with Murder Inc., Aug. 20; Robert Fripp and David Singleton, Oct. 5. Call 216-242-1250 or visit musicboxcle.com.
North Coast Harbor: a district in downtown Cleveland on the lakefront, presents eighth annual Kids Fish Free, July 26. Visit NorthCoastHarbor.org.
Rock & Roll Hall of Fame and Museum: Cleveland, presents “The Beatles: Get Back to Let It Be,” curated by the Rock Hall and meant as an immersive complement to Peter Jackson’s docuseries “The Beatles Get Back,” through March 2023. Call 888-588-ROCK or visit rockhall.com.
Rocket Mortgage FieldHouse: 1 Center Court, Cleveland, presents Jurassic World Live Tour, Oct. 7 through 9. Call 888-894-9422 or visit rocketmortgagefieldhouse.com.
Steele Mansion Inn & Gathering Hub: 348 Mentor Ave. Painesville, presents Public Guided Tours, Sept. 22, and Oct. 25; Spooky Stories by The Haunted Housewifes, Oct. 26. Call 440-639-7948 or visit SteeleMansion.com. | https://www.news-herald.com/2022/07/20/happenings-whats-coming-up-in-northeast-ohio-starting-july-22/ | 2022-07-20T22:00:05 | en | 0.786898 |
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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ALFA reports 2Q22 EBITDA of US $706 million, highest second quarter result in its history
MONTERREY, Mexico, July 20, 2022 /PRNewswire/ -- ALFA, S.A.B. de C.V. (BMV: ALFAA) ("ALFA"), a company that has developed a diversified portfolio of leading businesses with global operations, announced today its unaudited results for the second quarter of 2022 ("2Q22"). All figures have been prepared in accordance with International Financial Reporting Standards ("IFRS").
"We hope you and your families are remaining safe and healthy. The second quarter was marked by exciting developments on the strategic front, including the announcement of the Axtel spin-off and Alpek´s closing on the previously announced OCTAL acquisition. We are also pleased to report strong consolidated performance with quarterly EBITDA of US $706 million and six consecutive quarters of year-over-year improvement in the net leverage ratio.
ALFA's 2Q22 revenue increased 30% year-over-year and EBITDA surged 42% driven once again by a better-than-expected performance at Alpek. The petrochemical business continued to capitalize on strong reference margins in its core products plus solid demand. In addition, Alpek's results benefitted from the integration of the OCTAL acquisition in June.
Sigma was negatively impacted by the ongoing headwinds in its European operations, primarily higher energy prices and input costs as well as lower pork exports. Noteworthy, Sigma Europe EBITDA was up 20% quarter-on-quarter as operating efficiencies and pricing actions have been implemented to mitigate inflationary pressures. Meanwhile, lower sales from the Government segment, project delays caused by the global semiconductor shortage, and lower revenues from a large wholesale customer continued to weigh on Axtel's results. It is important to note that the large wholesale customer´s "concurso mercantil" process reached a financing agreement which provides certainty going forward to its creditors and suppliers like Axtel.
ALFA is fully committed to continue transferring value to its shareholders through a balanced approach which includes dividends, share repurchases, improvement in credit metrics and the transformational efforts underway to address the conglomerate discount.
We took a decisive step forward during the quarter when we announced the plan to spin-off Axtel to the ALFA shareholders. As approved by ALFA's shareholders on July 12th, we are following virtually the same structure and process implemented when we spun off Nemak in 2020. ALFA will transfer its entire stake in Axtel to ALFA's shareholders via a new, Bolsa-listed entity named Controladora Axtel.
By spinning-off Axtel, ALFA further simplifies its corporate structure and enhances its financial position as the two remaining subsidiaries, Alpek and Sigma, have investment grade credit ratings. In addition, ALFA's shareholders gain autonomy as we advance, holding separate stakes in ALFA, Nemak and soon in Axtel. Also, as an independent business, Axtel will drive strategic initiatives to boost growth without the influence of ALFA's transformational process.
Another key value-enhancing event during the quarter was Alpek closing the OCTAL acquisition ahead of plan. For 2022, Alpek is projecting an EBITDA contribution of US $120 million from OCTAL supported by better-than-expected reference margins and overall favorable industry conditions. In turn, Alpek increased its 2022 EBITDA guidance to US $1.600 billion, up from US $1.365 billion announced in 1Q22.
ALFA has also adjusted its 2022 guidance to reflect three significant items. First, the accounting effect resulting from Axtel being presented as a discontinued operation beginning in 3Q22. Second, Alpek raising guidance driven by the integration of OCTAL plus a solid reference margin outlook. Third, lower guidance from Sigma due to subpar performance from its European operations partially offset by solid results in Mexico, U.S. and Latam. The net result is ALFA's 2022 Consolidated EBITDA Guidance adjusted slightly to US $2.280 billion, compared with US $2.283 billion announced in 1Q22.
On the ESG front, Alpek became the first ALFA subsidiary to receive approval from the Science Based Targets initiative (SBTi) for its greenhouse gas emissions reduction target. Alpek is committed to reducing scope 1 and 2 emissions by 27.5% versus a 2019 baseline by 2030, which is in line with the Paris Agreement to combat climate change. Transitioning to renewable sources of electricity, improving energy usage, and producing emission-free steam are some of the initiatives Alpek will implement to meet its targets and reach carbon neutrality by 2050.
Looking to the remainder of the year, ALFA will prioritize the successful execution of the Axtel spin-off. Sigma will continue driving growth initiatives and mitigating inflationary pressures through operating efficiencies and revenue management. Alpek will focus on effectively integrating OCTAL to capture the full potential of this transformational acquisition and continue capitalizing on favorable industry dynamics.
In closing, we would also like to extend our condolences to the family of José Calderón Rojas who recently passed away. Mr. Calderón was a member of ALFA's Board of Directors since 2005 and dear friend with a long family legacy as an ALFA shareholder. We are grateful for his many years of dedicated service and valuable insight. Our thoughts and prayers go out to his family and loved ones. ALFA will be undertaking a search for a new Board member in due course."
Keep well/Stay safe,
Álvaro Fernández
ALFA manages a diversified portfolio of leading businesses with global operations: Sigma, a leading multinational food company, focused on the production, marketing and distribution of quality foods through recognized brands in Mexico, Europe, United States and Latin America. Alpek, one of the world's leading producers of polyester (PTA, PET, rPET and fibers), and the leader in the Mexican market for polypropylene and expandable polystyrene (EPS). Axtel, a provider of Information Technology and Communication (ITC) services for the enterprise and government segments in Mexico. In 2021, ALFA reported revenues of Ps. 308,060 million (US $15.2 billion), and EBITDA of Ps. 41,050 million (US $2.0 billion). ALFA's shares are quoted on the Mexican Stock Exchange and on Latibex, the market for Latin American shares of the Madrid Stock Exchange. For more information, please visit www.alfa.com.mx
This release may contain forward-looking information based on numerous variables and assumptions that are inherently uncertain. They involve judgments with respect to, among other things, future economic, competitive and financial market conditions and future business decisions, all of which are difficult or impossible to predict accurately. These uncertainties include, but are not limited to, risks related to the impact of the COVID-19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, availability of workers and contractors due to illness and stay at home orders, supply chain disruptions and other impacts to the business, or on the Company's ability to execute business continuity plans, as a result thereof. Accordingly, results could vary from those set forth in this release. The report presents unaudited financial information. Figures are presented in Mexican Pesos or US dollars, as indicated. Where applicable, Peso amounts were translated into US dollars using the average exchange rate of the months during which the operations were recorded. Financial ratios are calculated in US dollars. Due to the rounding up of figures, small differences may occur when calculating percent changes from one period to the other.
SOURCE ALFA, S.A.B. de C.V. | https://www.prnewswire.com/news-releases/alfa-reports-2q22-ebitda-of-us-706-million-highest-second-quarter-result-in-its-history-301590533.html | 2022-07-20T22:00:08 | en | 0.956685 |
LINCOLN, Neb. (AP) — A 42-year-old Lincoln man died when someone walked onto his boat at Branched Oak Lake and shot him, prompting four other people to dive in to the water to escape, authorities said.
Benjamin Case died in an apparently targeted shooting Tuesday night, Lancaster County Sheriff Terry Wagner said. The four other people on the boat were not injured, he said.
Case and his friends were inside the boat’s cabin when the man walked onto the boat's deck. Wagner said. Case opened the cabin door and was immediately shot twice with a handgun.
The suspect — who did not fire toward the others — left the lake area in a vehicle, the Lincoln Journal Star reported.
Wagner said it did not appear the suspect took anything from the boat or the victim’s vehicle, which was parked at the lake. | https://www.chron.com/news/article/1-dead-others-dive-into-water-during-shooting-in-17317942.php | 2022-07-20T22:00:11 | en | 0.98783 |
Seventeen students from Painesville’s Thomas W. Harvey High School recently competed at the Future Business Leaders of America’s National Leadership Conference, with four students named as finalists in their respective categories.
Graduating seniors Elizabeth Keller and Ana Garcia Pacheco placed eighth in the business ethics category, while rising seniors Jesus Flores Morales and Isabella Brozic were among the top 15 in the data analysis category, noted Pat Brown, a member of the Painesville City School Board who is involved with the team.
She added that the 17 Harvey students were among a total of 12,000 students who competed in Chicago from June 29 to July 2, and that FBLA is “the largest national organization for students who are interested in a business-related career.”
According to Keller, the business ethics prompt asked students to address the way social media algorithms flag and remove posts deemed to contain inappropriate content. In the fictional scenario, a high school student named Esmeralda posted beach pictures wearing the same swimsuit as her friends, but only her post was removed from social media.
“Because she had a larger body…Instagram’s inappropriate content algorithm flagged her body as inappropriate because she was showing more skin than everyone else, just because she was larger in size,” Keller added.
Garcia Pacheco noted that the team members proposed that Instagram’s content moderation algorithms use “a variation of 3D models that represent accurate exposure for all body types” so that “the algorithm would have more to work with in considering whether something is inappropriate or not.”
Keller said that they also proposed that the platform explain to users why their posts were removed and have people review posts flagged by Instagram’s content algorithms.
According to Nell Rapport, a Harvey business teacher who is the chapter’s adviser, Brozic and Flores Morales analyzed data related to home ownership in the United States.
Keller, who has served as the chapter’s vice-president and president, said that while she doesn’t plan to go into business, she believes the skills she learned in FBLA will help her in her plans to enter the medical field.
“I think that doing things like working with people, leading my chapter, working on my public speaking is really going to help me, well it has already made me more confident as a person, and I think that’ll definitely help me in my career and, like, whatever I decide to do outside of that,” she said.
Garcia Pacheco said that FBLA helped her grow more comfortable with public speaking, which she said “has helped me obtain jobs and be selected in certain classes.”
Rapport helped found Harvey’s FBLA chapter in 1995, and she said that they have made nationals just about every year since. She noted that Harvey’s team usually finishes strongly at the state competition in Columbus, which has representatives from around 25 to 40 schools.
She said that Harvey had 21 students in its FBLA chapter this year. Usually it has closer to 30, but she explained that the program had a large number of graduating students last year in addition to lower recruitment due to the COVID-19 pandemic. She expects to be closer to 30 next year.
Brown noted that since 2010, Harvey’s FBLA chapter has partnered with Avery Dennison. In addition to serving as a board member, Brown also works in investor relations for Avery Dennison and leads the partnership between the school and the company. As part of the partnership, Avery Dennison provides the chapter with financial support and mentorship.
“In the 12 years since we began the partnership, we’ve placed at nationals for nine out of 12 years,” she added.
Brown said, “I am very proud of the Harvey FBLA students for achieving these amazing results. It truly is a testament to their hard work and dedication. I am also incredibly grateful to Avery Dennison for their support, and to all of my colleagues who give so generously of their time and talents to make this program a success.”
In addition to business ethics and data analysis, Brown noted that Harvey students also competed in broadcast journalism, impromptu speaking, introduction to business presentation, introduction to public speaking, job interview, public speaking and sales presentation | https://www.news-herald.com/2022/07/20/harvey-high-school-students-win-national-recognition-from-future-business-leaders-of-america/ | 2022-07-20T22:00:11 | en | 0.981176 |
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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Alzheimer's Foundation of America awards $250K grant to CCNY for research
Jul 20, 2022, 16:52 ET
NEW YORK, July 20, 2022 /PRNewswire/ -- The Alzheimer's Foundation of America (AFA) has awarded a $250,000 research grant to The City College of New York to fund new Alzheimer's research which could potentially lead to the development of new medications to treat the disease. The project aims to learn more about the role that disrupting the amyloid precursor protein (APP) plays in causing Alzheimer's.
"Scientists have been working hard and making progress, but there is still more we need to learn and discover about Alzheimer's disease," said AFA Founder and Board Chair Bert E. Brodsky. "We are pleased to support CCNY's research and are hopeful that it will lead to the breakthrough all of us are hoping and praying for."
"Every dollar invested in Alzheimer's research is an investment in hope," said AFA President & CEO Charles J. Fuschillo, Jr. "CCNY's research has the potential to unlock some of the mysteries surrounding Alzheimer's disease and hopefully facilitate new treatments, which would be a game-changer in the fight against Alzheimer's. AFA is proud to support their efforts."
The APP gene family is essential for viability in mammals, but its function is unclear. Mutations in the genes for APP and in the enzymes that interact with APP have been found in familial Alzheimer's disease (a form of Alzheimer's disease which is linked to genes and affects at least two generations of a family), suggesting that disruption of APP can lead to Alzheimer's disease.
Led by Christine Li, Principal Investigator and a professor in CCNY's Department of Biology, the project aims to identify the role that APP plays in brain health and Alzheimer's disease using the C. elegans model system. This research can then be translated into discoveries in mammals that could potentially lead to the development of new medications to treat Alzheimer's that do not interfere with APP function.
"We are immensely grateful to the Alzheimer's Foundation of America and its donors for their support of our research," said Li. "Alzheimer's is a devastating disease not only to the individual, but to the family. All different avenues of research must be pursued to identify possible therapies to alleviate symptoms and, ultimately, to find a cure."
"An estimated six million Americas are living with Alzheimer's disease and that number is estimated to almost double within the next few decades. This grant from the Alzheimer's Foundation of America will support the important research being led by Professor Li and her research team," said City College President Vincent Boudreau. "We are grateful to AFA's Board Chairman, Bert Brodsky, CCNY class of 1964, Charles Fuschillo, Jr., AFA's President and CEO and the AFA Board for their support and partnership, which we hope will further the important scientific work being done on our campus and around the world."
AFA is able to award research grants such as this through the generosity of individuals and organizations. To make a donation to support AFA's research efforts, as well as programs and services for families affected by Alzheimer's disease, click here or call AFA at 866-232-8484.
Contact: Jay Mwamba, 917.892.0374
SOURCE City College of New York, Office of Institutional Advancement and Communications | https://www.prnewswire.com/news-releases/alzheimers-foundation-of-america-awards-250k-grant-to-ccny-for-research-301590505.html | 2022-07-20T22:00:14 | en | 0.962271 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/philadelphia-phillies/articles/40134609 | 2022-07-20T22:00:15 | en | 0.738227 |
PHOENIX (AP) — Planned Parenthood Arizona said in a legal filing Wednesday the courts need to “harmonize” the state's two different laws on abortion after Attorney General Mark Brnovich moved last week to reinstate an almost complete ban on the procedure dating back more than a century.
Brnovich on July 13 asked a court in Tucson to lift an order that had blocked the earlier ban. The newly conservative U.S. Supreme Court in June overturned the Roe v. Wade decision, leaving it up to states to decide how to regulate abortions.
Planned Parenthood Arizona said in its new court filing that providers must now navigate inconsistent statements from elected officials and insisted “this court has a duty to harmonize all of the Arizona Legislature’s enactments as they exist today.”
Brnovich had said the U.S. Supreme Court's decision to overturn Roe v. Wade meant that Arizona's old law banning all abortions except when the woman's life was at risk should now be enforceable.
Arizona also has a law banning abortion after 15 weeks of pregnancy that Republican Gov. Doug Ducey signed into law in March. Ducey has insisted it takes precedence over the near-total ban Brnovich wants to enforce.
Planned Parenthood Arizona's CEO Brittany Fonteno said Wednesday that Brnovich “is playing politics at the expense of Arizonans’ lives.”
“We know that Arizonans are overwhelmingly in favor of abortion access, and Planned Parenthood will continue to fight these attacks to ensure that everyone gets the health care they need and deserve," Fonteno said.
The attorney general's office did not immediately return a request Wednesday seeking a response to Planned Parenthood's latest filing. | https://www.chron.com/news/article/Abortion-rights-group-opposes-effort-to-restore-17318124.php | 2022-07-20T22:00:17 | en | 0.961693 |
Hospice of the Western Reserve is looking for volunteers and has training sessions planned for August.
There are virtual and face-to-face opportunities available at Ames Family Hospice House in Westlake, the Medina Inpatient Unit and Life’s Treasures Thrift Shop in Medina, and the David Simpson Hospice House and the Headquarters office in Cleveland, according to a news release.
Upcoming training sessions are scheduled on Aug. 16, 18, 23, and 25 from 9 a.m. to noon.
Registration for a specific series is contingent on meeting pre-registration requirements which include completing an application, criminal background check, and pre-screening interview, the release stated.
For more information or to start the application process, call 216-255-9090, email volunteering@hospicewr.org, or visit hospicewr.org/volunteer. | https://www.news-herald.com/2022/07/20/hospice-of-the-western-reserve-plans-august-sessions-to-train-volunteers/ | 2022-07-20T22:00:17 | en | 0.891879 |
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.wlbt.com/prnewswire/2022/07/20/equifax-delivers-record-second-quarter-revenue/ | 2022-07-20T22:00:18 | en | 0.943791 |
Cade Tropeano Joins Taron Egerton, Paul Hauser and Ray Liotta in Hit Series Black Bird
Available on AppleTV+, Cade Tropeano Plays a Young Larry Hall, Displaying Immense Range and Depth of Character
LOS ANGELES, July 20, 2022 /PRNewswire/ -- Every now and then a young actor comes along to usher in a new generation of unmatched talent, effectively shaking up the industry. While decades ago young actors were often overlooked, today's generation is taking their rightful place in the spotlight with fresh skills and new perspectives. The latest to wow audiences around the world is 13-year-old Cade Tropeano. Starring in Episode 4 of AppleTV+'s hit show Black Bird, Tropeano portrays a young version of Larry Hall, the infamous serial killer.
The hit drama outlines the tragic true story of the life and crime of Larry Hall, played by Paul Walter Hauser. Larry Hall shocked citizens in the 80s and 90s as he is believed to have murdered up to 40 women across dozens of states. Cade Tropeano illustrates the young life of Larry Hall, who grew up next to a cemetery and dug graves as a kid to help out his family. Cade's performance walks viewers through the troubled childhood of the killer and leads viewers down the path of some of the disturbing occurrences of his past that foreshadow the future.
Noted as one to watch in the industry, Tropeano captivates audiences in Black Bird with an astonishing performance that brilliantly displays the bevy of advanced skills, depth of character, and the wide range of the young actor. Cade's role in Black Bird is the most challenging and rewarding to date, pushing him to explore his emotional limits and ability to transport himself to dark places.
Tropeano is best known for his roles in Netflix's Raising Dion, Nickelodeon's Young Dylan, and various voice acting performances across a wide range of industries and projects. He is currently voicing a character in a Disney animated series, and can soon be seen in Paramount's George and Tammy.
"Playing the role of Young Larry Hall was emotionally exhausting but so rewarding in the growth it provided me professionally. It's not often that a young actor gets the chance to play a character with such depth and complexity and so outside of their past experience. In doing that, I was able to experience a range of emotions that I had never faced before. It was powerful." – Cade Tropeano
Through proof of concept, dedication to the craft and unwavering commitment to each and every role he undertakes, Cade Tropeano's purpose-driven vision has come to fruition in his standout performance in Black Bird. Cade's episode can be viewed on AppleTV+ on July 22.
To learn more about Cade Tropeano, please visit: https://www.cadetropeano.com/
Cade Tropeano is a 13-year-old actor who is shaking up the industry with unparalleled range and depth of character. Born in Birmingham, Alabama, Cade has shown a proficiency for entertaining at an extremely young age and captivated audiences in his first role in The Lion King at his local theater. Since then Cade has worked extensively in theater, film, voice acting, and landing roles with notable production companies including Netflix, Disney, Nickelodeon, Apple TV, and many more. Tropeano's most notable roles can be seen on Netflix's Raising Dion and Nickelodeon's Young Dylan. Cade is currently starring in AppleTV+'s Black Bird and voicing a character for a Disney animated series.
Sherry Lee
323-400-7409
https://www.cadetropeano.com/
SOURCE Cade Tropeano | https://www.prnewswire.com/news-releases/cade-tropeano-joins-taron-egerton-paul-hauser-and-ray-liotta-in-hit-series-black-bird-301590370.html | 2022-07-20T22:00:20 | en | 0.963104 |
When Brandy Baxter needed to replace her home’s entire heating and air conditioning system several years ago, she asked contractors if they offered deals at certain times of the year. She learned that if she waited until February, the slow season for such work, she could get a lower price. Baxter, a financial coach based in Dallas, says she saved around $6,000 as a result.
When it comes to saving money on big purchases, sometimes timing really is everything. Taking advantage of certain holiday weekends and seasonal discounts can lead to significant savings, which is especially helpful with inflation continuing to push prices higher. Consumers can also consider their own cash flow fluctuations and shop for big-ticket items when they can better afford them.
“There are two overarching principles: Purchase items in the offseason and purchase items during holiday weekends,” says Kimberlee Stokes of Orlando, Florida, the founder of ThePeacefulMom.com, a website aimed at moms who want to save money and get organized. “It does require some planning.”
Here’s how to time your shopping to get the most out of your budget.
Shop the biggest sales weekends
Traditionally, three weekends of the year — Memorial Day, July Fourth and Labor Day weekends — are the best for deals on appliances, furniture and mattresses, says Trae Bodge, smart-shopping expert at TrueTrae.com, which offers savings tips. For electronics, Black Friday in November is the ideal time to buy, followed closely by Amazon’s Prime Day sale, which is typically in July.
Bodge adds that some specific items have unique sales periods. Televisions typically see their lowest prices in late January and early February — right before the Super Bowl.
If you miss a specific sale, Stokes says not to worry. The key is to plan ahead and track prices so you can make purchases during price dips, such as seasonal lulls. Buy winter sports gear in summer, or outdoor furniture in fall, for example.
“If you can have some self-control and wait, you will get better deals,” she says.
It’s also worth looking out for markdowns associated with inventory buildups, as supply chain issues continue to cause hiccups. When chains like Target and Walmart have excess stock, they tend to offer big sales, sometimes at unexpected times.
Use tools to track prices and apply coupons
You don’t need to track prices manually — apps and browser extensions can take care of that work. The Honey browser extension pulls in coupons from across the web; CouponCabin alerts you to cash back and coupon opportunities; and Rakuten activates coupons and cash back from online stores at checkout. Amazon Assistant lets you know if Amazon offers a lower price when you’re shopping elsewhere.
“If you don’t have at least one extension installed on your computer, you’re leaving money on the table,” Bodge says. By tracking prices before sales weekends, you can make an informed decision about how good a deal is, she adds.
Baxter recommends saving items you’re tracking on a wish list, a service offered by many online retailers as an alternative to placing items in your cart.
“If I need retail therapy, I put it on the list, and then I can see when the price goes up or down,” Baxter says. “You can satisfy that desire for consumerism without separating yourself from your cash.” Sometimes, the retailer will alert you when the price of an item on your wish list drops.
Check for sales tax holidays
Many states offer sales tax-free holidays, which can be an ideal time to buy expensive items that aren’t otherwise on sale, Baxter suggests. Her state of Texas offers a sales tax holiday in early August, which coincides with back-to-school shopping, making it easier to pick up school supplies and other eligible items at a discount.
Consider your own cash flow
There are times of the year when you may experience increased cash flow from sources such as a tax refund, annual bonus or birthday and graduation gifts. If that’s the case, those can be ideal times to make large purchases without taking on debt, says Kevin Mahoney, the Washington, D.C.-based founder of Illumint, a financial planning firm for millennials.
Conversely, certain months tend to see more expenses for items like annual insurance payments, summer camp fees or holiday gifts. Avoiding other significant purchases during those times can help your budget absorb the many demands on it, Mahoney advises.
“It’s important to be aware of the times when costs come up and perhaps hold off on purchases until after those points have passed and you see how your budget has weathered those time periods,” he says.
Whenever possible, take your time
While sometimes you have no choice — for instance, buying a water heater replacement because yours broke — in many cases you can plan your purchases in advance. This lets you take advantage of sales periods, as well as gives you more time to research exactly what you want.
“Waiting to buy can give you more clarity,” Mahoney says — another reason to add items to a wish list before adding them to your cart.
This article was written by NerdWallet and was originally published by The Associated Press.
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Kimberly Palmer writes for NerdWallet. Email: kpalmer@nerdwallet.com. Twitter: @kimberlypalmer. | https://www.news-herald.com/2022/07/20/how-to-afford-big-ticket-items-for-the-year/ | 2022-07-20T22:00:23 | en | 0.95959 |
- 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.wlbt.com/prnewswire/2022/07/20/first-industrial-realty-trust-reports-second-quarter-2022-results/ | 2022-07-20T22:00:25 | en | 0.942913 |
TOPdesk North America is providing sysadmins an opportunity to win a PlayStation®5 Console – Horizon Forbidden West™ Bundle to help make SysAdmin Day special.
ORLANDO, Fla., July 20, 2022 /PRNewswire/ -- From ensuring your company's network is secure to confirming new hires have the equipment (and access) they need to succeed, system administrators work tirelessly to help safeguard an organization's technology needs and ensure it runs smoothly and efficiently. Celebrate these superheroes on July 29, 2022, during this year's SysAdmin Day and nominate them for a chance to win a PlayStation®5 Console – Horizon Forbidden West™ Bundle courtesy of TOPdesk North America, a leading global provider of innovative enterprise service management solutions.
"From resetting passwords to monitoring network performance, system administrators are the unsung heroes of most organizations, and SysAdmin Day is a great opportunity to show them how grateful you are for all they do to help your business run smoothly," said Ruben Franzen, president of TOPdesk US. "At TOPdesk, we know how hard system administrators work, and we are excited to host our second annual IT SysAdmin Hero Giveaway to pay tribute to these critical – but frequently overlooked – team members."
Now through July 29, 2022, TOPdesk invites individuals in the US and Canada to nominate their system administrators by sharing a personal story of appreciation for their hard work via the entry form on the TOPdesk site. For help crafting an entry, check out last year's submissions.
This year, one sysadmin professional will receive a PlayStation®5 Console – Horizon Forbidden West™ Bundle. The winner will be randomly selected (and screened for validity) on Aug. 2, 2022.
In addition to nominating a system administrator for the IT SysAdmin Hero Giveaway, TOPdesk offers the following tips to help make this year's SysAdmin Day extra special:
- Write a note to your favorite system administrator, thanking them for help with a particular issue or task. Include a gift card to their favorite coffee shop or lunch spot.
- Decorate their desk with streamers, confetti (not in the machine room, though!), and balloons, and encourage your teammates to stop by to show their appreciation throughout the day.
- Surprise your system administrator with their favorite treat(s) and a personalized note from your entire team to show how grateful you are for their help and support.
Since 1993, TOPdesk has helped organizations improve their service delivery and create an environment where their employees can thrive. It does this with user-friendly, easy-to-integrate products that encourage working together and with a highly engaged team that thrives on learning, sharing knowledge, and forming partnerships.
Today, there are more than 900 employees spread across 16 offices in 11 countries, helping a community of more than 4,500 organizations around the world deliver better services. Customers rate TOPdesk a 4.6 out of 5 on Gartner Peer Insights. TOPdesk also received a consecutive Gartner Peer Insights Customers' Choice. It also received the "Best Customer Support" and "Best Usability" awards from TrustRadius. For more information, visit https://www.topdesk.com/.
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WASHINGTON (AP) — Steven Bannon's lawyers tried on Wednesday to establish at his criminal contempt trial that the deadline for the onetime strategist for Donald Trump to appear before the House committee investigating the Capitol riot was flexible as long as the two sides were negotiating terms. But the committee's chief counsel said Bannon was uncooperative so there was no leeway.
Bannon, who was an unofficial adviser to the then-president at the time of insurrection on Jan. 6, 2021, is charged with defying a congressional subpoena that sought his records and testimony.
Bannon lawyer Evan Corcoran asked Kristin Amerling, the committee's chief counsel, whether it was common for witnesses to appear before a congressional committee several weeks after the deadline date on a subpoena. Amerling answered “yes,” but added only “when witnesses are cooperating with the committee.”
In Bannon's case, she said he could not be said to have been cooperating in any meaningful way. He was sent a subpoena on Sept. 23, 2021, that ordering him to produce requested documents by Oct. 7 and appear in person before the committee on Oct. 14.
The committee heard nothing from Bannon until after the first deadline had passed, at which point his lawyer sent a letter to the committee stating that Bannon was protected by Trump's claim of executive privilege and would not be providing documents or appearing. The committee responded that Trump's claim was invalid and that Bannon faced a hard deadline of Oct. 14 to come before the committee.
When that deadline passed, the committee chairman, Rep. Bennie Thompson, D-Miss., wrote Bannon's lawyer on Oct. 15 threatening criminal prosecution.
Bannon was indicted in November on two counts of criminal contempt of Congress, one month after the Justice Department received the referral. Each count carries a minimum of 30 days of jail and as long as a year behind bars.
The attack on the subpoena timeline and its validity is one of the few avenues of defense that U.S. District Judge Carl Nichols left Bannon's legal team after a hearing last week. Nichols ruled that major elements of Bannon’s planned defense were irrelevant and could not be introduced in court. The judge said Bannon could not claim he believed he was covered by executive privilege, which allows presidents to withhold confidential information from the courts and the legislative branch, or that the trial was politically motivated or that he was acting on the advice of his lawyers.
Amerling said the committee sought Bannon's testimony and documents because it had information about various contacts he had with Trump and other people in his orbit, including lawyer Rudy Giuliani and extremist groups such as the Proud Boys and Oath Keepers. She said Bannon ignored multiple notices that he was in danger of facing criminal prosecution by ignoring the committee's requests.
During cross-examination, Corcoran raised questions about Amerling’s ties to a prosecutor in the case and her political affiliation. Amerling acknowledged she is a lifelong Democrat and had known one of the prosecutors for years since they both worked in the office of now-retired Rep. Henry Waxman, a longtime California Democrat. The two also belong to the same book club, mostly made up of former Waxman staffers, Amerling said.
In opening statements this week, Corcoran told the jury that the charges were politically motivated and that Bannon was engaged in good-faith negotiations with the committee when he was charged.
Nichols reiterated Wednesday that Bannon's defense could not address any witnesses in a way that would point to politics as the reasons for his prosecution. Nichols did allow Bannon’s lawyers to ask witnesses about their own biases.
Bannon, 68, was one of the most prominent of the Trump-allied holdouts refusing to testify before the committee. He had argued that his testimony was protected by Trump’s claim of executive privilege, which allows presidents to withhold confidential information from the courts and the legislative branch.
___
Follow AP’s coverage of the Jan. 6 committee hearings at https://apnews.com/hub/capitol-siege | https://www.chron.com/news/article/Bannon-s-team-raises-question-about-House-17318101.php | 2022-07-20T22:00:29 | en | 0.985295 |
By JAY COHEN
CHICAGO — Aaron Judge and the New York Yankees, Mookie Betts and the Los Angeles Dodgers, Jose Altuve and the Houston Astros — they’re all just looking for more of the same. The Atlanta Braves’ title defense is rolling along, and Julio Rodríguez and the Seattle Mariners are looking to crash the playoff party.
As baseball returns from the All-Star break — all packed up and ready to go after the AL’s 3-2 victory at Dodger Stadium on July 19 — the postseason picture is quite crowded, thanks to the addition of a third wild card in each league.
The October equation can change in a hurry, too. Just ask Rodríguez and the Mariners, winners of 14 in a row. Or the contenders looking at the Aug. 2 trade deadline, with Cincinnati Reds ace Luis Castillo, Chicago Cubs catcher Willson Contreras and, yes, Washington Nationals slugger Juan Soto, all believed to be on the market to varying degrees.
Welcome back, indeed.
“We still got a long way to go,” Dodgers manager Dave Roberts said. “A lot of baseball to play.”
Roberts’ club is one of three teams with at least a nine-game lead in their respective divisions heading into the second half. Led by Betts and Freddie Freeman, Los Angeles is 10 games up on Manny Machado and the San Diego Padres in the NL West.
“Just a lot of good things happened in the first half for us,” Freeman said.
Altuve and Houston still have a nine-game lead in the AL West, even with the win streak for Seattle. The Astros and Mariners close out their season series with seven more games this month, beginning July 22 in Seattle.
“I thought the Mariners had a good team from the very beginning, and I told everybody that then at the time, they finished extremely strong last year, and you know, you have to beat them,” Houston manager Dusty Baker said. “They are not going to beat themselves.”
The AL East has been the best division in baseball — every team is .500 or better, even the 46-46 Baltimore Orioles — but that hasn’t affected New York very much at all. The Yankees begin the second half with a gaudy 64-28 record and a whopping 13-game lead over Tampa Bay.
While Giancarlo Stanton has delivered his usual power and Clay Holmes has been one of the game’s most dominant relievers, it’s Judge leading the way for the Bronx Bombers. He is batting .284 with 33 homers and 70 RBIs, joining Shohei Ohtani among the frontrunners for AL MVP.
“I think he continues to get better and better as a leader, which has always been, I think, a positive trait of his,” New York manager Aaron Boone said. “But I would just say he’s a more complete, refined, veteran player that is also in the prime of his career.”
Judge and the Yankees are trying to chase down the franchise’s first championship since 2009 and No. 28 overall. But there are all sorts of potential roadblocks — both nearby and further away.
The crosstown Mets are on top of the NL East, looking to hold off the Braves and take the franchise’s first division title since 2015. Each of baseball’s Central divisions had a mediocre first half, but Milwaukee and St. Louis have an array of stars, and Carlos Correa could power Minnesota back into the playoffs after it finished last in the AL Central in 2021.
Even the Chicago White Sox, who underperformed early on, showed some positive signs while taking three of four at the division-leading Twins in the runup to the break.
“We’ve been talking about it for a while. We’re going to turn the corner,” White Sox right-hander Michael Kopech said. “Things are going to start going our way.”
The return of switch-hitting catcher Yasmani Grandal could provide a lift for the White Sox, who are looking for their third consecutive playoff appearance. The injured list might have a more dramatic effect on the pennant races than the trade deadline.
Mets ace Jacob deGrom is coming back after he was sidelined by a stress reaction in his right scapula. Second baseman Ozzie Albies could rejoin Atlanta’s loaded lineup next month after he broke his left foot on June 14. Philadelphia slugger Bryce Harper, San Diego shortstop Fernando Tatis Jr. and Houston right-hander Lance McCullers Jr. also could return in time to help their teams down the stretch.
DeGrom, a two-time NL Cy Young Award winner, hasn’t pitched all year. He could team with Max Scherzer to give New York a dominant 1-2 punch at the top of its rotation.
“We all want Jake back,” Mets left-hander David Peterson said. “We all want him healthy, that’s the most important thing. We want him to be productive and we want him to be Jake, the Jake that we love.”
AP Baseball Writer Jake Seiner, AP Sports Writers Greg Beacham and Dave Campbell, and AP freelance reporter Jeremy Rakes contributed to this report. | https://www.news-herald.com/2022/07/20/judge-yanks-on-top-as-baseball-returns-from-all-star-break/ | 2022-07-20T22:00:30 | en | 0.958313 |
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
SOURCE Community Heritage Financial, Inc. | https://www.prnewswire.com/news-releases/community-heritage-financial-inc-reports-earnings-for-the-second-quarter-of-2022-301590529.html | 2022-07-20T22:00:32 | en | 0.973434 |
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.wlbt.com/prnewswire/2022/07/20/fnb-corporation-reports-second-quarter-2022-earnings/ | 2022-07-20T22:00:32 | en | 0.947778 |
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Lake County Auditor Christopher Galloway and Treasurer Michael Zuren will be offering a free financial literacy presentation — one course designed for elementary school students and the other course for middle school and high school students.
Elementary school students are invited to the one taking place from 3 to 4 p.m., Aug. 3, at the Lake County Administration Building, 71 N. Park Place in Painesville. Middle and high school students can take part in the course being held 6 to 7 p.m., Sept. 8, at Willowick Public Library, 263 E 305th St.
In these interactive sessions, attendees can learn how to make smart financial decisions, create a budget, develop stable saving and spending habits, link education success to career and life success and plan for the future, according to a news release.
During a previous course for middle and high school students, each student created a budget based on a set career detailing realistic expenses they will have as adults. Many students in this age group have just started their first part-time job and were surprised about the tax deductions from their earnings, the release stated.
This course will help them understand their new responsibilities and the basics needed for a successful transition into adulthood, the release stated.
The course for elementary school students will focus on basic saving and budgeting skills culminating in an interactive activity geared towards this age group.
Call Deputy Treasurer Sherri Falkenberg at 440-350-2540 to register. The financial literacy course is a partnership between Galloway and Zuren. | https://www.news-herald.com/2022/07/20/lake-county-students-invited-to-free-financial-literacy-presentation/ | 2022-07-20T22:00:36 | en | 0.957506 |
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 [email protected].
SOURCE Crossroads Treatment Centers | https://www.prnewswire.com/news-releases/crossroads-media-advisoryodaat-40th-anniversary-event-301590541.html | 2022-07-20T22:00:38 | en | 0.887347 |
MOBILE, Ala. (AP) — An environmental group took the first step Wednesday toward filing suit over plans by Alabama Power Co. to leave millions of pounds of coal ash near a riverside within the vast Mobile-Tensaw Delta, which activists say could be devastated by a spill.
The Virginia-based Southern Environmental Law Center sent the utility notice of its intent to sue on behalf of Mobile Baykeeper, an environmental advocacy organization. Baykeeper wants regulators to force the company to take additional steps to protect against a spill of ash, a waste product from burning coal, at the site of its Plant Barry near the Mobile River. Such notices are required under the law before a lawsuit can be filed.
Mobile Baykeeper contends the ash pond contains 21 million pounds (9.5 million kilograms) of coal ash that is polluting groundwater and could wipe out the lush, biologically diverse region should it be breached by heavy flooding, a hurricane or some other disaster.
The company's plan for the coal ash "jeopardizes so much of what makes coastal Alabama special,” Cade Kistler of Mobile Baykeeper said in a statement.
“The Mobile-Tensaw Delta is one of the world’s most important resources, and is vulnerable to increasing floods, severe hurricanes, and rising water levels. Leaving millions of tons of coal ash on the banks of the Mobile River is a disaster waiting to happen," said Kistler.
Alabama Power spokeswoman Beth Thomas said the utility had no comment.
Plant Barry opened in 1965 about 25 miles (40 kilometers) north of Mobile. With federal regulators imposing tougher rules on storing coal ash, the company has been working for several years to close the roughly 600-acre (243-hectare) pond by drying it out, moving material to a smaller site nearby and covering it with a liner.
The company contends moving the material farther away would pose a hazard in itself.
Environmentalists contend the plan doesn't meet regulations and could result in contamination of the sprawling delta wilderness area north of the port city. Utilities in other states are acting to prevent coal ash spills like one that happened in Tennessee in 2008 and Virginia in 2014, they said.
“Alabama is an outlier when it comes to leaving toxic coal ash in place," Barry Brock, director of Southern Environmental Law Center's Alabama office, said in a statement. “This coal ash should be safely stored in a lined facility away from the river’s edge and out of the groundwater or recycled into cement and concrete, as is being done in other Southeastern states.” | https://www.chron.com/news/article/Environmental-group-plans-suit-over-coal-ash-in-17318084.php | 2022-07-20T22:00:42 | en | 0.956154 |
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By SUSIE BLANN
KYIV, Ukraine — Ukrainian forces on Wednesday damaged a bridge that is key to supplying Russian troops in southern Ukraine, where Russia’s foreign minister said Moscow is trying to consolidate its territorial gains.
Russian Foreign Minister Sergey Lavrov told state-controlled RT television and the RIA Novosti news agency that Russia has expanded its “special military operation” from eastern Ukraine’s Donetsk and Luhansk provinces to include the Kherson and Zaporizhzhia regions and other captured territories.
Lavrov’s remarks and the Ukrainian missile attack on the strategically important Kherson region bridge indicated the nearly five-month war would broaden again after unfolding mostly in eastern Ukraine since April.
Russia’s top diplomat noted that when Russia and Ukraine in March discussed a possible deal to end the fighting, “our readiness to accept the Ukrainian proposal was based on the geography of March 2022.”
“Now it’s a different geography,” Lavrov said, repeating Moscow’s earlier claims that the United States and Britain were encouraging Ukraine to expand the hostilities.
Russia invaded Ukraine on Feb. 24 and quickly seized some territory, but withdrew from the capital region and the north at the end of March to concentrate on seizing Donetsk and Luhansk, where pro-Moscow separatists have controlled much of the territory since 2014.
As Russian forces gained control of more cities in the two eastern provinces, which together make up Ukraine’s industrial Donbas region, Ukrainian officials mentioned plans for a counter-offensive to retake Russian-occupied areas in the south.
The Ukrainian strike on the Dnipro River bridge appeared to be intended to loosen Russia’s grip on the southern Kherson region. Wednesday’s attack on the bridge was the second in as many days.
Kirill Stremousov, deputy head of the Russian-installed temporary regional administration, said the Ukrainian military struck the Antonivskyi Bridge, using U.S.-supplied HIMARS multiple rocket launchers.
The 0.9-mile bridge is the main river crossing in the Kherson region. Knocking it out would make it hard for the Russian military to keep supplying its forces in the region, the target of repeated Ukrainian attacks.
Stremousov said that because of the bridge damage, pontoon crossings would be constructed over the river, which is also known as the Dnieper.
The head of the Moscow-appointed Kherson administration, Vladimir Saldo, said in a video message that passenger vehicles could continue driving across the bridge but truck traffic was halted. He said trucks could cross the river using a dam 50 miles away.
Early in the war, Russian troops quickly overran the Kherson region just north of the Crimean Peninsula that Russia annexed in 2014. They have faced Ukrainian counterattacks, but have largely held their ground.
Kherson — site of a major ship-building industry at the confluence of the Dnipro River and the Black Sea near Russian-annexed Crimea — is one of several areas a U.S. government spokesman said Russia is trying to take over now.
White House national security council spokesman John Kirby said Tuesday that U.S. intelligence officials have amassed “ample” new evidence that Russia is looking formally to annex additional Ukraine territory and could hold a “sham” public vote as soon as September. Russia is eyeing Kherson as well as the entirety of the Luhansk and Donetsk regions.
Kirby also said the White House is expected to announce more military aid this week for Ukraine, including more HIMARS systems, a critical weapon Ukrainian forces have used with success.
Lavrov claimed that the U.S. was preventing Ukraine from engaging in talks on a possible settlement with Russia.
“They are keeping them from any constructive steps and not only pumping in weapons but forcing them to use those weapons in an increasingly risky way,” the Russian minister said.
Russian-installed authorities claimed Wednesday that Ukraine’s military had used drones to attack the Zaporizhzhia nuclear power plant, Europe’s largest.
Vladimir Rogov, a local Moscow-appointed official, said three Ukrainian attack drones had hit the plant’s territory with explosives but not its reactor area. All normal operations continued, and no release of radiation was detected, he said.
Ukrainian authorities, who have over the past months reported Russian missiles almost hitting the plant, did not immediately comment on the report.
The bulk of Russia’s forces are stuck fighting in the Donbas region, where they have made slow gains facing fierce Ukrainian resistance. The Russian military has used long-range missiles to strike targets across all parts of Ukraine, in the process killing hundreds of civilians.
Ukraine’s presidential office said at least 13 civilians were killed and a further 40 wounded by the Russian shelling across the country in a 24-hour period between Tuesday and Wednesday.
On Wednesday, at least three more people died when Russia bombarded the northeastern city of Kharkiv with Hurricane salvo rocket systems, authorities said. The victims were waiting at a bus stop and included a 69-year-old man, his wife and a 13-year-old boy. The boy’s 15-year-old sister was injured, according to the Kharkiv Regional Prosecutor’s Office.
In other developments:
— An Associated Press investigation has found that many refugees from Ukraine are forced to embark on a surreal trip into Russia, subjected along the way to human rights abuses, stripped of documents and left confused and lost about where they are.
— The European Union’s head office proposed that member states cut their gas use by 15% over the coming months to ensure that any full Russian cutoff of natural gas supplies to the bloc will not fundamentally disrupt industries next winter. While the initial cuts would be voluntary cuts, the Commission also asked for the power to impose mandatory reductions across the bloc in the event of an EU-wide alert in the event of a severe gas shortage or exceptionally high demand.
— President Recep Tayyip Erdogan said Wednesday that Turkey wants to tie down Russia and Ukraine to a written agreement this week and enable millions of tons of Ukraine’s grain to be shipped from the Black Sea and Russian grain and fertilizers to be sent to world markets. Some 22 million tons of desperately needed grain and other products have been trapped in Ukraine’s Black Sea ports due to the war.
— In a sign of the crippling economic impact of the war on Ukraine, its government said the country will ask investors to allow it to postpone foreign debt payments for two years. | https://www.news-herald.com/2022/07/20/official-russia-expanding-its-war-focus-to-southern-ukraine/ | 2022-07-20T22:00:42 | en | 0.96635 |
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.
SOURCE Crown Holdings, Inc. | https://www.prnewswire.com/news-releases/crown-holdings-inc-reports-second-quarter-2022-results-301590506.html | 2022-07-20T22:00:44 | en | 0.949443 |
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.wlbt.com/prnewswire/2022/07/20/how-organoids-can-guide-pancreatic-cancer-therapy/ | 2022-07-20T22:00:39 | en | 0.926349 |
DETROIT (AP) — Two former presidents of the United Auto Workers, each convicted of corruption at the union, were released early from prison after less than a year in custody, a newspaper reported Wednesday.
Gary Jones, who was sentenced to 28 months, was released to home confinement in June after roughly nine months in prison, The Detroit News reported. He must wear an electronic tether in Corsicana, Texas.
His predecessor at the UAW, Dennis Williams of Corona, California, was released from prison in March after nine months. He had been sentenced to nearly two years in custody.
Jones and Williams acknowledged they had used union funds for golf trips, expensive meals and stays at California villas.
The U.S. Bureau of Prisons has discretion to release some people early under a 2018 law. Separately, Jones and Williams would have trimmed their sentences with good behavior.
“Gary Jones was treated the same way as any other federal inmate who met the requirements for release to home confinement under the First Step Act," Jones attorney Bruce Maffeo said. "BOP made its decision based on a number of factors, including Jones’ age, general health, lack of any prior criminal record and his good behavior while incarcerated.”
The U.S. Attorney's Office in Detroit said it wasn't told that Jones and Williams were going to be placed on home confinement.
UAW members from across the U.S. are meeting in Detroit next week to nominate candidates for union leadership. A national election will be held in the fall, a direct result of the government's corruption investigation. | https://www.chron.com/news/article/Ex-UAW-execs-convicted-of-corruption-get-out-of-17318066.php | 2022-07-20T22:00:48 | en | 0.984806 |
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