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Legacy Academy, a nonprofit that works to provide children with free “elite training” in a variety of sports, will hold a launch party in Painesville on July 30 to introduce the community to the organization and its mission.
The open house will take place from noon to 4 p.m. at Harvey High School, 200 W. Walnut St. According to founder and CEO Amante Rode, the party will include football one-on-ones outside, as well as indoor skills challenge activities, a three-on-three tournament and a three-point contest, among other activities.
The launch party will also include face painting, bouncy houses, food trucks, T-shirts and a raffle, according to Rode and a press release from the organization.
“We provide elite sports training via sports camps, clinics and semi-private coaching sessions for free to students in the Painesville and surrounding areas,” the press release noted. “At the event we will hold sports skills training sessions for all ages and skill levels in multiple sports like basketball, football, soccer, tennis and more.”
Veronica Curry, a board member for Legacy Academy, noted that “there’s going to be something there for everybody,” encouraging children and parents from across Lake County to come.
“It shows camaraderie, it shows that a community can come together,” she said, adding “it’s about fun, it’s about exposure, it’s about positive vibes, it’s about working out, it’s about the kids learning different sports and just having a good time.”
Rode started Legacy Academy in 2020, with support from Curry and his mother, Michelle Montgomery, who is the board president. He’s credited both of them and the kids that he trains with helping him stay on track and grow the organization.
“I just kind of had a rough upbringing, and I didn’t want that to happen to any other kid,” Rode said. “I decided to put together, basically, a nonprofit organization that would allow, you know, the less fortunate…to basically just do, you know, elite training for free.”
One of his goals for the organization is to offer support to young children who are interested in athletics, citing the lack of support that he and Curry had growing up.
“It’s very interesting to see how quick they can make, you know, just transformations in one day, in one session, that the confidence just goes through the roof,” he said.
Rode, a father of seven, also wants Legacy Academy to promote stronger relationships between fathers and sons.
“If you just take, you know, 15, 20 minutes, you’ll learn something new about your kid every single day,” he said.
Additional goals include mentoring the children involved and expanding partnerships to include more area school districts. Rode wants local high school coaches to feel comfortable sending their athletes to work with Legacy Academy.
Curry also said that Rode wants to create connections between area children and college athletic programs.
According to Rode, Legacy Academy offers individual, small group and large group training sessions in sports such as football and basketball, working with kids as young as 6 years old to high school athletes at Harvey, including the Harvey girls varsity basketball team.
He said that on Thursdays, Fridays and Saturdays he will often take a group to the beach to train before getting in the water.
In total, Rode said that he will usually conduct two to four sessions a day, four to six days a week, and that he tries to avoid scheduling on Sundays. He noted that he does a lot of the training himself, as the organization has a limited number of trainers.
“There are so many athletes that I know even from my childhood that, if they would have had, you know, a personal trainer, if they would have had, you know, a player development coach, if they would have had just a little bit more, they probably could have went a little bit farther,” Rode said.
Rode and Curry said that one of the organization’s biggest challenges is the lack of a dedicated space, with Rode noting that Legacy Academy has to work around the schedules of host institutions and in public environments that may not promote intensive athletic training.
Rode also cited a need for funds, saying, “We’re a nonprofit, so we don’t have crazy funds. All the funds that we get are coming out of our pockets.”
Curry added that the organization needs community support in providing expertise, funding, mentorship for the students and mentorship for the leaders.
She noted that the organization has received support from Lake County Commissioner John Hamercheck and Lake County Health Commissioner Ron Graham, saying, “They have met with us, sat down with us, heard the concept of Legacy, and…done nothing but just shoot us resources, interns, you know, people that could help build Legacy and bring it up.”
Graham said, “Trying to help bring an opportunity that otherwise does not exist in athletics for those kids I think goes a long way to, you know, health and leadership and growth and development.” He later added, “They have a good mission and then we’re trying to help them, you know, anyway we can.”
He said that Andreja Didovic, an intern health educator for the Lake County General Health District, is serving as a district liaison to to Legacy Academy, and that the district will sponsor the T-shirts at the launch party.
Rode added that Bishop Gerard Mirbel, from Miracle Revival Ministries Assembly of God in Painesville, has also been one of the organization’s top supporters.
“Amante Rode…has been working all alone by himself, spending his own money, spending his own resources, spending his own time with the children and it’s amazing that I see how he started, and the end is going to be great,” Mirbel said. “Anything that I can do to continue to deal with them, I will do that.”
Individuals who are interested in learning more about Legacy Academy can reach out to Rode at legacyacademy20@gmail.com. He can also be found on Facebook under the name Amante Rode or on Instagram as @amante_rode.
“It’s worth it just to see the kids smile and really, you know, just tap into their super powers,” Rode said. | https://www.news-herald.com/2022/07/20/painesville-sports-nonprofit-legacy-academy-to-hold-launch-party-on-july-30/ | 2022-07-20T22:00:48 | en | 0.978725 |
Dorm Room Dream to Reality: Startup Aura Tea Serves Up Health-Conscious Boba and Coffee Inspired by Influencer Culture to the Bay Area and Beyond
SAN FRANCISCO, July 20, 2022 /PRNewswire/ -- Aura Tea is a health and wellness company making better-for-you boba tea and coffee. As a Black, Asian, and female-owned business, Aura Tea defied the odds to explode onto the Bay Area cafe scene, partnering with top local artists Dmac and Nef the Pharaoh, San Francisco 49ers wide-receiver Austin Mack, and other influencers to create a space — and boba — for everyone.
Born in the Berkeley dorm room of Haas grad Kashish Juneja, Aura's health-inspired mission was defined after Juneja gained 30lb in college drinking sugary boba and coffee daily. Wanting to enjoy boba and take back her life, Juneja partnered with MLB draftee Cinque Holliday over the pandemic to make her dream reality. Juneja raised a small seed fund from an investor at a startup she'd previously worked for to open a storefront right across Google and SF's Embarcadero. There, exhausted programmers and drained tourists alike can come together for refreshing, delicious and healthy boba.
Aura Tea offers a variety of drinks, all crafted to be sugar-free, dairy-free, keto-friendly and vegan. Our drinks are sweetened with natural sugarcane derivatives and also, from the inclusion of real herbs, ginger and hemp, contribute to functional wellness, improving autoimmune health, moods and more. We also use the innovative Teaspresso to brew all of our teas to order. Menu highlights include the lusciously blue "Karl the Fog" made with butterfly pea, the velvety "Milky Way" infused with cacao, and the taro-licious "Purple Rain" made rich with coconut milk.
Aura Tea is hosting its inaugural BOBALANDS, a weekend packed with exciting, health-conscious activities from the 22nd to the 24th of July to celebrate its first storefront opening in San Francisco at 121 Spear Street. We will have RnB duo THEMXXNLIGHT, discounted drinks, Bollywood zumba and yoga classes from local coaches, the Auraverse VR experience, a TikTok-inspired drink menu and awesome prizes like local gym memberships and bottle service at some of San Francisco's hottest clubs.
Aura Tea hopes to inspire the future of the already-brewing health and wellness movement with our original and energizing beverage brand. Look forward to our upcoming signature wellness tea series, co-signed by NBA and NFL athletes, filled with electrolytes, antioxidants, and real ingredients and future Aura stores popping up across the Bay Area and beyond.
SOURCE Aura Tea & Coffee | https://www.prnewswire.com/news-releases/dorm-room-dream-to-reality-startup-aura-tea-serves-up-health-conscious-boba-and-coffee-inspired-by-influencer-culture-to-the-bay-area-and-beyond-301590547.html | 2022-07-20T22:00:50 | en | 0.928093 |
DUBLIN, July 20, 2022 /PRNewswire/ -- Jazz Pharmaceuticals plc (Nasdaq: JAZZ) today announced that it will report its 2022 second quarter financial results on Wednesday, August 3, 2022, after the close of the U.S. financial markets. Company management will host a live audio webcast at 4:30 p.m. ET / 9:30 p.m. IST to discuss 2022 second quarter financial results and provide a business and financial update.
Interested parties may register for the call in advance here or via the Investors section of the Jazz Pharmaceuticals website at www.jazzpharmaceuticals.com. Please connect to the website prior to the start of the call to ensure adequate time for any software downloads that may be necessary.
A replay of the webcast will be available via the Investors section of the Jazz Pharmaceuticals website at www.jazzpharmaceuticals.com.
About Jazz Pharmaceuticals
Jazz Pharmaceuticals plc (Nasdaq: JAZZ) is a global biopharmaceutical company whose purpose is to innovate to transform the lives of patients and their families. We are dedicated to developing life-changing medicines for people with serious diseases – often with limited or no therapeutic options. We have a diverse portfolio of marketed medicines and novel product candidates, from early- to late-stage development, in neuroscience and oncology. Within these therapeutic areas, we are identifying new options for patients by actively exploring small molecules and biologics, and through innovative delivery technologies and cannabinoid science. Jazz is headquartered in Dublin, Ireland and has employees around the globe, serving patients in nearly 75 countries. For more information, please visit www.jazzpharmaceuticals.com and follow @JazzPharma on Twitter.
Investors:
Andrea N. Flynn, Ph.D.
Vice President, Head, Investor Relations
Jazz Pharmaceuticals plc
InvestorInfo@jazzpharma.com
Ireland +353 1 634 3211
U.S. +1 650 496 2717
Media Contact:
Kristin Bhavnani
Head of Global Corporate Communications
Jazz Pharmaceuticals plc
CorporateAffairsMediaInfo@jazzpharma.com
Ireland +353 1 637 2141
U.S. +1 215 867 4948
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SOURCE Jazz Pharmaceuticals plc | https://www.wlbt.com/prnewswire/2022/07/20/jazz-pharmaceuticals-report-2022-second-quarter-financial-results-august-3-2022/ | 2022-07-20T22:00:51 | en | 0.883615 |
NEW YORK (AP) — India's film industry is one of the most vast and varied in the world — it's really not one but many separate industries, including Bollywood, Tollywood and others — yet few of the country's roughly 2,000 annually produced movies ever make much of a dent with Western audiences.
“We have a long tradition of storytelling in India. We have probably the oldest and most colorful stories,” says director S.S. Rajamouli. “Not being able to travel across borders has been a disappointment.”
That has changed emphatically with Rajamouli's “RRR,” a three-hour Telugu-language action epic that has not only become one of India's biggest hits ever but climbed U.S. box-office charts before finding an even wider audience on Netflix. For nine straight weeks, “RRR" has ranked among the top 10 non-English language films on the streaming service. Dubbed in Hindi and subtitled in 15 different languages, “RRR” is the most popular film from India ever on Netflix, charting among the top 10 films in 62 different countries.
For many, “RRR," based on Hindu mythology and the freedom fighters that fought British colonialism, is their first encounter with Tollywood, the Telugu movie industry, or Indian films, at all. What many have seen is a movie filled to the brim with over-the-top action sequences and sprawling dance numbers, and an energy that today's Hollywood blockbusters seldom match. Motorbikes are juggled. Tigers are thrown. Suspenders prove a surprisingly pliable dancing prop.
“There is never enough for me,” Rajamouli said in a recent interview from Hyderabad in India. “The only thing too much is my producer coming in and saying, ‘We’re crossing our budget. You need to stop somewhere.’ That is the only thing that will stop me. If given a chance, I will go even bigger and wilder, no doubt about it.
"To the brink, and nothing less.”
That go-for-broke style has earned the endorsements of some of Hollywood's blockbuster filmmakers. James Gunn and Scott Derrickson, who have each helmed Marvel movies, have heaped their praise on “RRR" since it began streaming.
The “RRR” success has come while Netflix is reeling from subscriber loss and a stock decline, a downturn that has thrown its movie model into debate. But one less disputable aspect of Netflix's platform is its ability to foster non-English global hits. “RRR” comes in the wake of global series hits like the Korean “Squid Game” and France's “Lupin.” Theatrical-first movies like the South Korean best-picture-winning “Parasite” have already toppled what director Bong Joon Ho has called “the one-inch barrier” of subtitles.
“Frankly, I didn’t expect this kind of reception from the West,” says Rajamouli. “In the country and across the Indian diaspora all over the world is what we expected. But the reception from the West was a complete surprise for me. I always thought that Western sensibilities are different from my kind of films. I mostly cater to Eastern or Indian sensibilities.”
But while “RRR” has certain effects-heavy Hollywood characteristics that make it not so dissimilar from a superhero movie, it's deeply engrained in Indian myth and present-day circumstance. “RRR” stands for “Rise Roar Revolt” but it also refers to Rajamouli and his two stars, N.T. Rama Rao Jr. and Ram Charan. They're each from movie-star dynasties that have previously been more like rivals. This is Charan and Rao's first film together, which is a little like a meeting of Al Pacino and Robert De Niro, if they were also the sons of Marlon Brando and James Dean.
They play real-life Indian revolutionaries Alluri Sitarama Raju (Charan) and Komaram Bheem (Rao) who team up in 1920s British-controlled India. In returning to the origins of modern-day India, “RRR” inevitably relates to today's India, where, like in many other countries in recent years, nationalism has been on the rise. Since being elected in 2014, Prime Minister Narendra Modi has emboldened India's Hindu majority, sometimes at the expense of its Muslim minority.
Rajamouli, 48, has risen as one of the country's biggest name directors over the same time period. He launched his two-part “Baahubali" epic in 2015. Its 2017 sequel ranks as the country's biggest box-office smash. (Both are also streaming on Netflix.) But the political subtext of those films some have found troubling.
“In ‘Baahubali,’ even though it seems to have no connection with the political present, what it foregrounds is a muscular form of Hinduism, which is the worst manifestation of the right-wing nationalism,” says Rini Bhattacharya Mehta, a University of Illinois professor who has written several books on Indian cinema. “Jingoist, nationalistic Hindu machismo. In the story, it’s projected into the mythological past.”
“Baahubali” was a Telugu triumph that signaled that Tollywood in India's South had perhaps surpassed Bollywood as the country's top movie factory. In “RRR,” the most expensive Telugu film ever made with a budget of $72 million, Rajamouli is juggling both Telugu traditions and Bollywood song-and-dance aesthetics in what Mehta considers a Pan-Indian movie. Muslim characters appear, although not in primary roles.
“RRR" in this way may not be so different from American blockbusters. This summer's top film in the U.S., “Top Gun: Maverick,” also doesn't skimp on muscular jingoism. Rajamouli has heard the critics but disagrees with their interpretations.
“I understand that point of view. Sometimes, I feel they’re just being blind,” he says. “Personally, I’m an atheist. I don’t believe in god. I don’t believe in any religion. But I understand the power of spiritualism. For me, spiritualism is an emotion. And I write stories filled with emotions.”
Surely, many of the cultural references and connections in “RRR” will sail right over the heads of most Western viewers. But the sheer verve of its filmmaking isn't getting lost in translation — and that may mean more cultural-crossovers for Tollywood and India to come.
"India cinema has had a different life and cycle of its own. If we keep an open mind, we can see this as the arrival of something," says Mehta. “Only time can tell. We’ll have to see if this is actually a new trend and there will be more films like this made. Indian or Telugu cinema might keep it up, or this might be a one-shot thing.”
Rajamouli, meanwhile, is prepping his next highly anticipated film. He's now often asked about whether he'd ever want to make a Hollywood movie or a Marvel one. “RRR,” though, hints more at Western audiences coming to Indian films, than vice versa. And Rajamouli's focus is in making Indian films for India and beyond.
“Because of the success of ‘RRR’ with Western audiences, I am trying to make a film for the entire world, not just India,” says Rajamouli. “But I wouldn’t try to locate Western sensibilities and try to match up and change my story according to that. I think that would never work.”
___
Follow AP Film Writer Jake Coyle on Twitter at: http://twitter.com/jakecoyleAP | https://www.chron.com/news/article/Global-success-of-RRR-signals-breakthrough-for-17317789.php | 2022-07-20T22:00:54 | en | 0.965162 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nfl/seattle-seahawks/articles/40133506 | 2022-07-20T22:00:54 | en | 0.738227 |
The wall-to-wall coverage of progressive carping about Joe Biden has been interrupted by reruns of progressive carping about West Virginia Sen. Joe Manchin.
Last week, in the wake of horrible inflation numbers, Manchin said, in effect, “I’m out” on President Biden’s climate, energy and tax package. Because the Senate is split 50-50, that means it’s effectively dead for the foreseeable future since no Republican is likely to go along with it. Manchin didn’t say he’d never vote for it, but he wants to pass a prescription drug bill first. Since there’s no room on the legislative calendar before the midterms — which will scramble everything anyway — the package is at best on indefinite hold.
Democrats, especially the progressives, are vexed. The founder of the Center for American Progress, John Podesta, a former top aide to President Obama, declared that Manchin chose “as his legacy to be the one man who single-handedly doomed humanity.” On Sunday, Sen. Bernie Sanders told ABC’s Martha Raddatz that his Senate colleague “has sabotaged the president’s agenda.” Sanders pointedly added that he’s been warning people that the sabotage was intentional in part because Manchin’s been in the pocket of the fossil fuel industry all along.
Whatever the merits of this familiar criticism of Manchin may be, one thing is fairly obvious: The critics have his motivations wrong. I’m no mind-reader, but I’m fairly confident that the West Virginia senator doesn’t want to be remembered as the man who doomed humanity. As for wanting to sabotage the president’s agenda, that’s certainly more debatable. But Sanders’ framing obscures the fact that what he really means to say is Manchin is undermining Sanders’ agenda.
Of course, it’s not just Sanders’ agenda. But Sanders speaks for the progressives who are increasingly pushing the national Democratic Party left. And that’s the fundamental flaw in all of the criticism of not just Manchin but Biden as well.
In recent weeks, progressive complaints about Biden have been about his ineffectiveness or incompetence — not his ideology. No one would be griping about Biden’s age or poor messaging if he were getting stuff done.
A failure to follow-through on the Democrats’ agenda is what’s making them angry. As Bloomberg’s Ramesh Ponnuru writes: “Biden has always been close to the center of his party. Unsurprisingly, then, the basic political mistakes of his presidency have been party-wide ones.”
In other words, the conversation about the staggering political headwinds the Democrats are facing ignores the possibility that the party itself is the problem. Biden wasn’t bucking his party when he pulled out of Afghanistan. He wasn’t freelancing with his lavish spending proposals or his denunciations of Republicans as representing “Jim Crow 2.0” for being against his party’s proposed electoral reforms. Nor was he going rogue with his proposed revisions to clarify that Title IX guidelines extend to sexual orientation and gender identity
Hence the irony. Manchin is hugely popular with his voters because he’s bucking not merely “the president’s agenda” but the Democrats’ agenda, while support for Biden has cratered by sticking to that agenda — despite his inability to get much of it enacted because it’s not sufficiently popular.
Obviously, if he were racking up more legislative wins, Biden would be less unpopular. But one of the primary reasons he’s failing is that his agenda, and his rhetoric, caters to a progressive base that speaks for a minority of voters.
Democrats kept pushing massive spending even as inflation proved to be anything but transitory. Manchin opposed that spending because he feared its inflationary effects. Manchin won that policy argument, but Democrats like Sanders pretend Manchin is simply a party wrecker. Sure, Manchin is cozy with the fossil fuel industry, but you know what voters want? Cheaper fossil fuels.
One needn’t argue that everything Democrats want to do is unpopular, but neither is it the sole representative of the popular will — or even the collective will of rank-and-file Democratic voters. According to a recent Monmouth University poll, the top four issues for voters are all variations on the same theme: inflation (33%), gas prices (15%), the economy (9%), everyday bills (6%). After that it’s “abortion, reproductive rights” at 5% and “guns, gun ownership,” at 3% (the Jan. 6 riot, packing the Supreme Court and transgender issues don’t even make the list).
I get the sincere and principled concern over issues like climate change and abortion rights. But if you listen to progressive legislators — usually holding extremely safe seats — and to party activists like Podesta, you’d think that they’re looking at polling data from a very different electorate than the one that actually exists.
The harsh truth for progressives: Most voters just aren’t that into you.
Jonah Goldberg is editor-in-chief of The Dispatch and the host of The Remnant podcast. His Twitter handle is @JonahDispatch. | https://www.news-herald.com/2022/07/20/progressive-democrats-cant-stop-criticizing-the-joes-manchin-and-biden-jonah-goldberg/ | 2022-07-20T22:00:54 | en | 0.957597 |
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.
SOURCE DXC Technology Company | https://www.prnewswire.com/news-releases/dxc-technology-to-report-first-quarter-2023-results-on-wednesday-august-3-2022-301589994.html | 2022-07-20T22:00:56 | en | 0.940204 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nfl/seattle-seahawks/articles/40133628 | 2022-07-20T22:00:57 | en | 0.738227 |
LeanDNA is a leader in synchronizing priorities and execution across supply chain
AUSTIN, Texas, July 20, 2022 /PRNewswire/ -- LeanDNA, a leading cloud solution for supply chain execution, today announced the appointment of Jim Kanir as Chief Revenue Officer (CRO). Kanir's decades of experience leading sales teams and revenue strategies for enterprise software companies will support the company's mission to unlock sustainable and resilient supply chain practices that improve manufacturing output and productivity. Kanir will drive the go-to-market strategy, reporting to CEO Richard Lebovitz.
"Jim has demonstrated his value in accelerating growth for Zycus and Coupa, two leaders in enterprise software for the supply chain," said Richard Lebovitz, CEO of LeanDNA. "He is a strong leader who understands the huge market opportunity for LeanDNA to improve supply chain resilience."
Most recently, Kanir was Vice President of Sales for Zycus, the global leader in cognitive procurement software. Zycus includes an AI function that takes over tactical tasks and empowers procurement officers to focus on strategy. He was also CRO for ConnXus (acquired by Coupa), a supplier relationship management platform that simplifies the complexities of global supply chains.
"LeanDNA solves a targeted problem that is needed by every global company with a complex supply chain," said Kanir. "Supply chain leaders are under constant pressure to reduce inventory, manage shortages, and deliver to their customers. The digital transformation provided by LeanDNA empowers them to be agile enough to execute manufacturing plans amidst volatile demand and supply conditions."
About LeanDNA
LeanDNA is the leading provider in supply chain execution. This cloud-based platform synchronizes execution across the supply chain, empowering manufacturers to prioritize and collaborate to resolve critical material shortages and excesses. LeanDNA improves on-time delivery, productivity, and working capital; customers report an average 14% inventory reduction, 32% shortage reduction, and 18% improvement in on-time delivery in the first year. Learn more at leandna.com.
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SOURCE LeanDNA Inc | https://www.wlbt.com/prnewswire/2022/07/20/jim-kanir-named-chief-revenue-officer-drive-growth-leandna/ | 2022-07-20T22:00:58 | en | 0.943672 |
JERUSALEM (AP) — The Israeli military on Wednesday confirmed one of its worst-kept secrets, publicly acknowledging for the first time that it uses unmanned aerial vehicles to carry out attacks.
Israel is a world leader in UAV technology. But until Wednesday, the military censor barred official confirmation of the use of attack drones.
In a statement, the censor’s office said that after a lengthy review, it had concluded that acknowledging the use of the weapons was not a security risk.
“There is no prohibition on publishing the use of attack drones as part of the Israeli military’s operational activity,” it said.
Israel has used drones to attack targets in Gaza for well over a decade, with human rights groups and international media reporting on the practice. Experts say the weapons can be identified based on the explosions, which are much smaller than airstrikes carried out by warplanes, and the buzzing sound of the unmanned aircraft flying overhead. | https://www.chron.com/news/article/Israel-acknowledges-use-of-attack-drones-for-1st-17318076.php | 2022-07-20T22:01:00 | en | 0.959158 |
You almost feel guilty.
You know you should be appreciating the stop-motion filmmaking involved in making “Marcel the Shell With Shoes On,” given that you know it’s a painstakingly slow process.
And you do, of course, marvel at the family-friendly film’s blend of stop-motion and live-action.
But all of that takes a backseat to the voice — the voice given to the titular character by his co-creator and the film’s co-writer, actress-comedienne Jenny Slate.
To call it, as well as the film itself, “adorable” feels inadequate.
Slate’s vocal work as the shell with its one eye and its two namesake shoes is responsible for so much of what makes the film endearing. This is a quirky, sweet and altogether entertaining experience perhaps unlike any other.
“Marcel” is a mockumentary, with amateur filmmaker Dean — the film’s director and the character’s co-creator, Dean Fleischer Camp — discovering the shell and his grandmother, Connie (Isabella Rossellini), living in a home he’s renting through Airbnb and recording them.
Marcel, with Connie’s help, has constructed an elaborate environment that makes use of, among other things, an electric mixer and a makeshift zipline. The pair farm to survive, and Marcel sleeps in a “bread room,” on top of a couple of slices. Looks comfy.
On camera, Dean asks Marcel about their lives for a video he may post online.
“Online?” Marcel says. “You lost me.”
There used to be more shells — about 20 — in their family, but all but Marcel and Connie disappeared during an event that involved a big fight between the human couple that formerly lived in the house. Now, though, it’s just Marcel and Connie, the former watching out for his grandmother, who’s become a bit forgetful.
The pair also spend time together watching “60 Minutes.” They like the news program so much, Marcel explains, they call it simply “the show.”
After Dean posts the video, Marcel is astounded to see it has earned 84 views. Before long, though, the views are in the many millions, and Marcel is a viral celebrity.
He wonders if this network of fans can help him find his family, but Marcel — despite Dean’s best efforts — has the wrong idea about how big the larger world around him actually is.
(Dean takes Marcel for a ride to look for the car belonging to one of the former residents, and the shell, jarred by the view from the movement and the view from Dean’s automobile, repeatedly makes a little mess on the map spread atop Dean’s dashboard. Marcel then asks Dean how many times per car ride he gets sick.)
While their efforts to leverage Marcel’s online fandom are largely fruitless, the 1-inch-tall fellow does grab the interest of a certain TV news magazine, with a promised visit to include his and Connie’s favorite journalist, Lesley Stahl, if he agrees to an interview.
Despite the desire to find his family, however, Marcel worries something could happen to his grandmother were an entire production team be let into the house. She, though, insists he must be brave.
“Is Lesley afraid?” Connie asks Marcel.
“No,” he allows. “Lesley is fearless.”
Again, “adorable” isn’t quite strong enough.
Yes, part of its appeal is that “Marcel the Shell With Shoes On” has something to say to young viewers about bravery — as well about change being an unavoidable part of life.
Mostly, though, it simply envelops you with its gentle warmth, kind spirit and offbeat-but-accessible humor.
Slate and Camp created the character years ago, and Marcel already has starred in a couple of short films available online and a couple of books.
That the time has been made to make all the stop-motion magic needed for a feature-length story is a gift to both humanity and shellmanity.
‘Marcel the Shell With Shoes On’
Where: Theaters.
When: July 22.
Rated: PG for some suggestive material and thematic elements.
Runtime: 1 hour, 29 minutes.
Stars (of four): 3.5. | https://www.news-herald.com/2022/07/20/quirky-marcel-the-shell-with-shoes-on-an-absolute-joy-thanks-largely-to-jenny-slates-voice-work-movie-review/ | 2022-07-20T22:01:01 | en | 0.968516 |
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.
SOURCE Equifax Inc. | https://www.prnewswire.com/news-releases/equifax-delivers-record-second-quarter-revenue-301590507.html | 2022-07-20T22:01:02 | en | 0.943973 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nfl/seattle-seahawks/articles/40134195 | 2022-07-20T22:01:03 | en | 0.738227 |
CARMEL, Ind., July 20, 2022 /PRNewswire/ -- KAR Auction Services, Inc., d/b/a/ KAR Global (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, will release its second quarter 2022 financial results after the market closes on Tuesday, August 2, 2022.
KAR will also be hosting an earnings conference call and webcast on Wednesday, August 3, 2022, at 8:30 a.m. ET. The call will be hosted by KAR Chief Executive Officer Peter Kelly and Executive Vice President and Chief Financial Officer Eric Loughmiller. The conference call may be accessed by calling 1-877-300-8521 and entering participant passcode 10169145, while the live web cast will be available at the investor relations section of karglobal.com.
The archive of the webcast will also be available following the call and will be available at the investor relations section of karglobal.com for a limited time.
About KAR
KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR Global's unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in about 75 countries. Headquartered in Carmel, Indiana, KAR Global has employees across the United States, Canada, Europe, Mexico, Uruguay and the Philippines. For more information and the latest KAR Global news, go to www.karglobal.com and follow us on Twitter @KARspeaks.
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SOURCE KAR Auction Services | https://www.wlbt.com/prnewswire/2022/07/20/kar-auction-services-inc-announce-second-quarter-2022-earnings/ | 2022-07-20T22:01:05 | en | 0.880592 |
NEW YORK (AP) — A national jewelry retailer that allegedly tricked active-duty servicemembers into buying overpriced, poor quality jewelry at high interest rates has agreed to reimburse thousands of customers and cease operating under terms of a settlement filed Wednesday in a lawsuit by 18 states and the Federal Trade Commission.
Harris Jewelry agreed to stop collecting more than $21 million in outstanding debt from more than 13,000 servicemembers nationwide, and to refund more than $12 million to more than 46,000 servicemembers who paid for lifetime protection plans, according to New York Attorney General Letitia James, the lead plaintiff among the state attorneys general.
The company also agreed to pay a total of $1 million to the 18 states.
“Today’s action will help thousands of servicemembers get back on their feet after falling victim to Harris Jewelry’s schemes,” James said in a statement.
The retailer, based in Hauppauge, New York, operated stores on or near military bases around the country. The company allegedly used predatory lending practices and charged as much as 10 times the wholesale cost for jewelry.
At times, the company charged as much as $349 for a protection plan for the jewelry without disclosing it, according to James. Customers reported stones falling out, chains breaking and the finish on the jewelry fading.
Harris also allegedly lured customers by asserting the lending contracts would improve their credit scores, when in actuality the credit offered was based on how much time was left on a servicemember's enlistment and what type of merchandise they purchased.
In a statement Wednesday, the company noted it had neither admitted nor denied these allegations and had resolved the matter in the best interests of its stakeholders. It touted its 60-plus years of serving military personnel and their families and said it “had been an honor to enable members of the military community to recognize the important people in their lives, as well as to help them celebrate birthdays, anniversaries, engagements, and other special occasions.”
The states joining New York in the lawsuit were: California, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas, Louisiana, Maryland, Nevada, North Carolina, Pennsylvania, Virginia and Washington. | https://www.chron.com/news/article/Jeweler-who-scammed-servicemembers-settles-suit-17318161.php | 2022-07-20T22:01:06 | en | 0.970151 |
A demand for better pay for officials has potentially put the first week of the high school football season in jeopardy for area schools.
Tony Bondra, secretary for the Cleveland Football Officials Association, told The News-Herald that the association’s members are “demanding” a raise to $80 per varsity contest starting this season. Many area conferences pay $65 to $70 per official per game, though some teams and conferences pay more.
Bondra said the association surveyed its members recently and a vast majority are ready to boycott the Week 1 games if the schools do not provide the raises the association is asking for.
The story was first broken by WKYC.com late July 20.
“Right now, per the position we voted on, unless everyone in the area goes along with it, our guys still want to boycott,” Bondra said in a phone interview with The News-Herald. “Our demands are $80 this year, $90 next year and $100 the year after.”
The plateau of $100 per game would put the association on par with the rest of the nation’s football officials, Bondra said, adding that low pay and verbal abuse from fans and coaches are major reasons why the number of licensed football officials in Ohio has dwindled from 3,800 to 2,900 in the last decade.
“We could easily have demanded $100 this year, but we are negotiating in extremely good faith,” Bondra said. “We don’t want a Week 1 boycott of games to happen.”
Ryan Peters, vice president of the Chagrin Valley Conference, and Dr. Don Lewis, commissioner of the 25-team CVC, said a meeting is scheduled for next week that will bring together conference commissioners and some other representatives and athletic directors from across northeastern Ohio to discuss the situation and come up with a plan to address the matter.
But Lewis, a former multi-sport official, said he has taken exception with the CFOA over its course of action in threatening a boycott publicly.
“If money is that big of a deal, I understand,” he said. “But to the point of holding kids hostage is just not right for $10, $20 or even $30. … You don’t negotiate by saying, ‘If you don’t do this, we’re gonna do that,’ especially at this time of the year. We are less than two weeks away from practice starting.”
Bondra said a request was sent to area conferences and athletic directors in February in an effort to raise wages for the football officials, which would mandate $80 per varsity game this year and increase by $10 the following two years until the base rate was $100 per game.
When the request wasn’t addressed, Bondra said, that’s when the association made the vote to consider boycotting the Week 1 games.
“We sent our initial correspondence on Feb. 28,” Bondra said. “It wasn’t until July 11 meeting that we took the vote. There were five months between the initial letter and our vote to boycott … If you look at it — the travel time, getting there at 5:30 like the OHSAA wants us to, and the game — you’re talking six hours for $65-$70. We’re not even making what fast-food workers make.”
Peters said the initial correspondence was sent out to an outdated list of ADs and league heads. Additionally, the email was labeled as “OHSAA games assigned to the Northeast District” and led with, “Dear Fellow Officials.”
Said Peters, “Them sending an email for officials isn’t saying anything to an athletic director or a conference. … To this day, that email never hit my in-box.”
Bondra said a number of schools — he listed St. Edward, St. Ignatius, Benedictine and Gilmour — already pay the requested rate. Reports are that the Crown Conference, Sandusky Bay Conference and Senate League have also increased their pay.
In recent weeks, conferences such as the CVC, Western Reserve Conference and Crown Conference have reached out to or met with the officials association.
Doug Snyder, athletic director at Chardon, confirmed WRC commissioner George Bellios and league president Dennis Reilly of Eastlake North have already met with the officials association.
Peters said he, Lewis and Perry AD T.J. Rockwell met with members of the officials association in early June and the situation was discussed, but Peters said. “We said we’d take it to our athletic directors and voting body, but those meetings are in August and September.”
With the start of the season a few weeks away, there is a two-minute drill of sorts to get a resolution on pay before games begin – with no officials on hand.
“Yeah, I’m concerned,” Peters said. “We don’t have a voting member meeting until September. We have that meeting next week and we’ll do our best to tackle it as soon as possible. But we’re also trying to get a school year started here. There are bigger fish to fry.”
Another concern is the ripple effect in other sports. Would increases for football officials prompt officials in other sports to want a renegotiation, as well?
Beau Rugg, assistant commissioner as well as director of officiating and sport management for the OHSAA, told The News-Herald the southwest and central Ohio districts went through a similar negotiation earlier this year, but that their negotiation process and resolution is complete.
“Some other sports might not have been too happy (with the outcome), but for the most part it worked out,” Rugg said. “Especially with football. They’re good to go.”
The northeastern sector isn’t to that point yet.
“What’s happening in the northeast is the officials reached out and didn’t get much of a response,” Rugg said. “Now it’s July and they felt the need to up their rhetoric, I guess. That’s how you get to this point — when you don’t sit down and talk about it.”
Rugg said the OHSAA does not get involved with such situations, but said, “I’ll mediate when I can.”
It hasn’t gotten to that point in the northeast yet.
“You want to stay on a higher plane and not get into something that is probably more caustic,” Rugg said. “Unfortunately they’ve gotten to that point in the Northeast. That’s not a good thing.”
Rugg said he has been in contact with schools, ADs and the officials association and discussed in depth the situation. He said the association’s threat of a boycott comes with serious consequences outlined by the OHSAA.
“If you’re under contract and you break that contract, there are consequences for that,” Rugg said. “If you’re under contract (to officiate) in Week 1 and boycott, that’s a pretty important thing to consider. I talked with them about that.”
Bondra said penalties include being banned from working postseason games, among other things.
Rugg hopes it doesn’t get to that point.
“There are reasonable people on both sides,” he said. “They’ll come to a reasonable conclusion.”
By the numbers
A listing of how much each Northeastern Ohio conference pays officials to officiate a varsity football game, a listing provided to The News-Herald.
Conference pay per game
Federal League $90
Metro Athletic Conference $85
Lake Erie League $80
All-American Conference $78
Mahoning Valley Athletic Conference $78
Principals Athletic Conference $75
Suburban League $75
Chagrin Valley Conference $70
Eastern Buckeye Conference $70
Akron City Series $70
Greater Cleveland Conference $70
Lorain County League $70
Northeast 8 Conference $70
Southwestern Conference $70
Portage Trail Conference $70
Wayne County Athletic League $70
Western Reserve Conference $65
Cleveland Senate n/a
Great Lakes Conference n/a
Youngstown City Series n/a
Northeast Athletic Conference n/a | https://www.news-herald.com/2022/07/20/salary-structure-could-prompt-high-school-football-officials-to-boycott-week-1-games/ | 2022-07-20T22:01:07 | en | 0.967923 |
- 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:
- First Elm Logistics Center in the Inland Empire - 83,000 square feet; $21 million estimated investment.
- First Logistics Center @ 283 Building B in Central Pennsylvania - 699,000 square feet; $96 million estimated investment.
- First 92 in Northern California - 37,000 square feet; $20 million estimated investment.
- First Park Miami Building 13 in South Florida - 56,000 square feet; $16 million estimated investment.
- 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:
- any future debt repurchases prior to maturity or future debt issuances,
- any future investments or property sales, or
- any future equity issuances.
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.
SOURCE First Industrial Realty Trust, Inc. | https://www.prnewswire.com/news-releases/first-industrial-realty-trust-reports-second-quarter-2022-results-301590464.html | 2022-07-20T22:01:08 | en | 0.941191 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nfl/seattle-seahawks/articles/40134235 | 2022-07-20T22:01:09 | en | 0.738227 |
NASHVILLE, Tenn. (AP) — A federal magistrate judge has ordered an attorney suing a private prison firm over an inmate's death to delete certain tweets — one of which describes the company as a “death factory” — and restrict his public commentary going forward.
U.S. Magistrate Judge Jeffery Frensley issued the order last week in response to an argument from Tennessee-based CoreCivic that the public posts put the company's right to a fair trial at risk.
Attorney Daniel Horwitz, who is suing the company over the death of an inmate at Trousdale Turner Correctional Center, had argued that his posts amounted to constitutionally protected free speech. He said his clients and other inmates at CoreCivic facilities could benefit if public scrutiny leads to changes in their prisons.
The judge agreed with the company.
“Trials are meant to occur in the courtroom, not in the media,” the judge wrote. “While litigation is still pending attorneys should not actively seek out media attention that could disrupt judicial proceedings or interfere with an opposing party’s right to a fair trial.”
The judge wrote that Horwitz’s obligation is “to be an advocate, not an investigative journalist,” and said the attorney could be held in contempt of court if he continues to seek news media attention in the case.
Frensley also determined that Horwitz improperly commented on Twitter about depositions from other CoreCivic cases that he had improperly filed in court. The judge said such actions in the future could result in sanctions, but stopped short of removing them from the court file.
In some of his social media posts, Horwitz wrote that CoreCivic “juices its profit margins by deliberately understaffing facilities and skimping on healthcare” and makes it easier to get drugs in its facilities “than almost anywhere else in America.” In one court filing, the company called Horwitz's posts “extraordinarily vicious in their verbiage,” and wrote, "He is wrong" and in violation of the court rule.
Alongside screenshots of the depositions he posted on Twitter, Horwitz alleged that Trousdale staff at one point banned the Quran, failed to file prison rape reports and had hundreds of critical staffing posts left vacant or not staffed on time during the month of December 2020.
The plaintiff in Horwitz’s lawsuit is G. Marie Newby, the mother of Terry Childress, who died in February 2021 after his cellmate assaulted him, court records show. The lawsuit, blaming low staffing levels, claims correctional officers were not making timely rounds. It seeks $10 million for Newby.
The suit also asks the judge to declare that CoreCivic failed to maintain a constitutionally required level of inmate safety at Trousdale. The facility, about 50 miles (80 kilometers) northeast of Nashville, houses about 2,500 inmates, the most of any Tennessee prison. And it asks for the appointment of an independent monitor to conduct regular unannounced inspections of Trousdale. If the inspector finds that the prison hasn't fixed its “unlawful” problems, the judge should shut the facility down, the suit argues.
The prison has been flagged for problems. Audits conducted by the Tennessee comptroller's office in 2017 and 2020 found understaffing and that officials were not compiling accurate data on inmate deaths, facility lockdowns and use of force by correctional officers. State officials fined CoreCivic more than $2 million for problems at the facility.
CoreCivic has denied all of the lawsuit's allegations.
“We’ve always believed that the court of law, not the court of public opinion, is the appropriate forum to address legal matters, particularly regarding unproven allegations,” said CoreCivic spokesperson Ryan Gustin.
Horwitz said he would not comment until an appeal of the judge's ruling — which he called “unconstitutional” — is complete.
In response to CoreCivic's motion to quiet his commentary and remove old tweets, Horwitz has argued that he has “ethical duties and affirmative obligations" to his clients to speak publicly about the case. Horwitz also argued CoreCivic has a public relations team, while his deceased client has only him for an advocate.
The case is scheduled to go to trial in December 2023. Horwitz wrote that it's more likely to end in a settlement. | https://www.chron.com/news/article/Judge-limits-lawyer-s-tweets-about-prison-firm-17318110.php | 2022-07-20T22:01:12 | en | 0.976285 |
Company again received a top score on the Disability Equality Index
ST. LOUIS, July 20, 2022 /PRNewswire/ -- For the eighth year in a row, Ameren Corporation (NYSE: AEE) has earned a 100 score on the Disability Equality Index, recognizing its programs and policies that promote inclusion for Ameren employees, customers and suppliers with disabilities.
The Disability Equality Index is the world's most comprehensive benchmarking tool for Fortune 1000 companies to measure disability workplace inclusion. It tracks how a company promotes inclusivity for those with disabilities with regard to culture and leadership, access, benefits, recruitment, employment, education, retention and advancement, accommodations, community engagement and supplier diversity.
"We know that a culture that truly values diversity and fosters equity and inclusion is critical to our ability to fulfill our mission – to power the quality of life for our customers and in our communities," said Gwen Mizell, vice president and chief sustainability and diversity officer at Ameren. "We are intentional about providing opportunities that enable all our co-workers to grow and develop in their careers at Ameren."
Ameren has several programs in place to create a successful work environment for employees with disabilities, as well as support those with disabilities in the community:
- An employee resource group, Powering Connections for All Abilities (PCAA), to support fellow employees with disabilities and help advise the company on accommodations.
- Partnership with Starkloff Disability Institute to provide educational programming and advise on inclusivity at Ameren.
- Collaboration with Cool Down St. Louis to provide free air conditioners to community members with disabilities.
In addition, the company seeks advice from co-workers when considering updates to their facilities. This includes input from Andrew Niebrugge, supervisor, Engineering Support at Ameren Illinois, who was paralyzed in an accident when he was 16 years old.
"When I was first hired at Ameren, I felt like I instantly belonged here," said Niebrugge. "They invited me to come into the location and had me go around and point out things that may need to change for my needs, and before we got into this building, it all was done, and I was able to roam around freely. I've always felt included here at Ameren. I've always been treated like the person next to me."
In 2022, 415 corporations completed the Disability Equality Index. Each company received a score, on a scale of zero to 100, with those earning 80 and above recognized as a "Best Place to Work for Disability Inclusion." Ameren has earned this distinction for the last eight years.
"There is no single best way to practice disability inclusion, however, the companies participating in the DEI survey, share the desire to create a workplace that fosters the concept of bringing your whole self to the office," said Maria Town, president and CEO of the American Association of People with Disabilities. "We look forward to working with all of the participants to help identify meaningful ways to build upon their current practices as we continue on the disability inclusion journey together."
About the Disability Equality Index®
The Disability Equality Index (DEI) is a comprehensive benchmarking tool that helps companies build a roadmap of measurable, tangible actions that they can take to achieve disability inclusion and equality. Each company receives a score, on a scale of zero (0) to 100, with those earning 80 and above recognized as a "Best Place to Work for Disability Inclusion."
The DEI is a joint initiative of the American Association of People with Disabilities (AAPD), the nation's largest disability rights organization, and Disability:IN, the global business disability inclusion network, to collectively advance the inclusion of people with disabilities. The organizations are complementary and bring unique strengths that make the project relevant and credible to corporations and the disability community. The DEI Advisory Committee, a diverse group of business leaders, policy experts, and disability advocates, developed the Disability Equality Index. Learn more at: www.DisabilityEqualityIndex.org.
Opportunities at Ameren
Ameren is an industry-leading and innovative Fortune 500 company that is a vital part of the communities it serves, building a sustainable energy future for generations to come. Ameren currently has more than 700 open positions in Missouri and Illinois, including opportunities in IT, supply chain, human resources, skilled craft and engineering. Learn more about Ameren's job openings and comprehensive total rewards package at Ameren.com/Careers.
About Ameren Corporation
St. Louis-based Ameren Corporation powers the quality of life for 2.4 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric transmission and distribution service and natural gas distribution service. Ameren Missouri provides electric generation, transmission and distribution services, as well as natural gas distribution service. Ameren Transmission Company of Illinois operates a rate-regulated electric transmission business in the Midcontinent Independent System Operator, Inc. For more information, visit Ameren.com, or follow us on Twitter at @AmerenCorp, Facebook.com/AmerenCorp, or LinkedIn.com/company/Ameren.
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SOURCE Ameren Corporation | https://www.wlbt.com/prnewswire/2022/07/20/leaders-inclusive-workplaces-recognize-ameren-disability-inclusion/ | 2022-07-20T22:01:12 | en | 0.952336 |
By MIKE SCHNEIDER
Trump officials tried to add a citizenship question to the 2020 census in a move experts said would benefit Republicans despite initial doubts among some in the administration that it was legal, according to an investigative report released Wednesday by a congressional oversight committee.
The report offers a smoking gun of sorts — a secret memo the committee obtained after a two-year legal battle showing that a top Trump appointee in the Commerce Department explored apportionment as a reason to include the question.
“The Committee’s investigation has exposed how a group of political appointees sought to use the census to advance an ideological agenda and potentially exclude non-citizens from the apportionment count,” the report released by the House Committee on Oversight and Reform said.
It has long been speculated that the Trump administration wanted the citizenship question in order to exclude people in the country illegally from apportionment numbers.
The report includes several drafts showing how the memo evolved from recognizing that doing so would likely be unconstitutional to coming up with other justifications for adding the citizenship question.
The apportionment process uses state population counts gathered during the once-a-decade census to divide up the number of congressional seats each state gets.
Opponents feared a citizenship question would scare off Hispanics and immigrants from participating in the 2020 census, whether they were in the country legally or not. The citizenship question was blocked by the Supreme Court in 2019. In the high court’s decision, Chief Justice John Roberts said the reason the Commerce Department had given for the citizenship question — it was needed for the Justice Department’s enforcement of the Voting Rights Act — appeared to be contrived.
The Commerce Department oversees the Census Bureau, which conducts the count used to determine political power and the distribution of $1.5 trillion in federal funding each year. Then-Commerce Secretary Wilbur Ross testified before the oversight committee that apportionment wasn’t the reason for the citizenship question, even though the Commerce Department memo suggests otherwise, the House report said.
“I have never intentionally misled Congress or intentionally said anything incorrect under oath,” Ross said during a 2019 hearing before the oversight committee.
According to the House committee report, during planning for the citizenship question, an adviser to the Commerce Department reached out to a Republican redistricting expert who had written that using citizen voting-age population instead of the total population for the purpose of redrawing of congressional and legislative districts could be advantageous to Republicans and non-Hispanic whites.
The August 2017 memo prepared by senior Commerce Department political appointee James Uthmeier went to the heart of of interactions by the Commerce Department and the Justice Department to come up with a contrived reason for the citizenship question, the House report said.
An initial draft of the memo raised doubts that a citizenship question would be legal since it can only be added to the once-a-decade census if the Commerce Secretary concludes that gathering that information in survey sampling is not feasible. But a later draft removed that concern and added that the Commerce Secretary had the discretion to add a citizenship question for reasons other than apportionment.
An even later draft removed apportionment as an exception to the Commerce Secretary’s discretion and added “there is nothing illegal or unconstitutional about adding a citizenship question.”
An early draft of the memo also noted that using a citizenship data for apportionment was likely unconstitutional and went against 200 years of precedent, but that language also was removed in later drafts.
The House report says Uthmeier researched using Voting Rights Act enforcement as a reason for the citizenship question three months before the Justice Department requested it, and hand-delivered his memo with that suggestion to the Justice Department in order to avoid a digital fingerprint.
In an effort to prevent future attempts at politicizing the census, members of the oversight committee on Wednesday planned to debate a bill introduced by U.S. Rep. Carolyn Maloney, D-N.Y., that would require new questions for the head count to be vetted by Congress, and prohibit a Census Bureau director from being fired without cause.
The Trump administration named an unusually high number of political appointees without prior experience in the statistical agency to top positions in the Census Bureau. The legislation would limit the number of political appointees to three, with all other positions being filled by career civil service workers.
Even though many of the Trump administration’s political efforts ultimately failed, some advocates believe they did have an impact, resulting in significantly larger undercounts of most racial and ethnic minorities in the 2020 census compared to the 2010 census.
“It is clear that legislative reforms are needed to prevent any future illegal or unconstitutional efforts to interfere with the census and chip away at our democracy,” said Maloney, who chairs the oversight committee. | https://www.news-herald.com/2022/07/20/secret-memo-links-citizenship-question-to-apportionment/ | 2022-07-20T22:01:13 | en | 0.964766 |
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:
- Changes resulting from the current U.S. presidential administration, including legislative and regulatory reforms, different approaches to supervisory or enforcement priorities, changes affecting oversight of the financial services industry, regulatory obligations or restrictions, consumer protection, taxes, employee benefits, compensation practices, pension, bankruptcy and other industry aspects, and changes in accounting policies and principles.
- Changes to regulations or accounting standards governing bank capital requirements, loan loss reserves and liquidity standards.
- Changes in monetary and fiscal policies, including interest rate policies and strategies of the Federal Open Market Committee (FOMC).
- Unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or other inquiries. These matters may result in monetary judgments or settlements or other remedies, including fines, penalties, restitution or alterations in our business practices, and in additional expenses and collateral costs, and may cause reputational harm to FNB.
- Results of the regulatory examination and supervision process, including our failure to satisfy requirements imposed by the federal bank regulatory agencies or other governmental agencies.
- Business and operating results are affected by our ability to effectively identify and manage risks inherent in our businesses, including, where appropriate, through effective use of policies, processes systems and controls, third-party insurance, derivatives, and capital and liquidity management techniques.
- The impact on our financial condition, results of operations, financial disclosures and future business strategies related to the impact on the allowance for credit losses due to changes in forecasted macroeconomic conditions as a result of applying the "current expected credit loss" accounting standard, or CECL.
- A failure or disruption in or breach of our operational or security systems or infrastructure, or those of third parties, including as a result of cyber-attacks or campaigns.
- 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 possibility that the anticipated benefits of the transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy, competitive factors in the areas where FNB and UB Bancorp do business, or as a result of other unexpected factors or events;
- Completion of the transaction is dependent on the satisfaction of customary closing conditions, including approval by UB Bancorp stockholders, which cannot be assured, and the timing and completion of the transaction is dependent on various factors that cannot be predicted with precision at this point;
- The occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement;
- Completion of the transaction is subject to bank regulatory approvals and such approvals may not be obtained in a timely manner or at all or may be subject to conditions which may cause additional significant expense or delay the consummation of the merger transaction;
- Potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction;
- The outcome of any legal proceedings that may be instituted against FNB or UB Bancorp;
- Subsequent federal legislative and regulatory actions and reforms affecting the financial institutions' industry may substantially impact the economic benefits of the proposed merger;
- Unanticipated challenges or delays in the integration of UB Bancorp's business into FNB's and the conversion of UB Bancorp's technology systems and customer data may significantly increase the expense associated with the transaction; and
- Other factors that may affect future results of FNB and UB Bancorp, including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.
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.
SOURCE F.N.B. Corporation | https://www.prnewswire.com/news-releases/fnb-corporation-reports-second-quarter-of-2022-earnings-301590491.html | 2022-07-20T22:01:14 | en | 0.946716 |
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MINNEAPOLIS (AP) — A jury deliberating the case of a Chicago man accused of fatally shooting a Minnesota man in an apparent road-rage incident told a judge Wednesday they cannot reach consensus on a first-degree murder charge.
Jurors say they have reached unanimous agreement on two other counts against Jamal Smith, accused in the July 2021 death of 56-year-old Jay Boughton, of Crystal. Boughton was shot in the head as he drove his son home from a baseball game on Highway 169 in the Minneapolis suburb of Plymouth.
Judge Nicole Engisch, after consulting with attorneys, told the jurors to return to the deliberation room and find agreement on the first-degree murder count. She added that she was not trying to rush or pressure them, the Star Tribune reported.
The jury gave a note to the judge saying they “were not sure if further debate will bring us to a consensus” on first-degree murder and wondered if their agreement on second-degree murder and unlawful use of a firearm would stand if they could not break the stalemate.
Boughton's 16-year-old son, Harrison, testified during the first day of trial that Smith's car was speeding and swerving into their lane, so his dad honked and flashed his middle finger. Two other drivers reported Smith's dangerous driving that day, including a Wisconsin motorist who said Smith pulled a gun on him.
Smith, 34, denied seeing Boughton’s car and blamed the shooting on a back seat passenger. His attorneys argue that the state has not presented enough evidence to prove beyond a reasonable doubt that Smith was the shooter. | https://www.chron.com/news/article/Jurors-at-impasse-on-1-charge-in-Minnesota-17318027.php | 2022-07-20T22:01:18 | en | 0.97912 |
Award reflects company's consistent level of customer service
FRESNO, Calif., July 20, 2022 /PRNewswire/ -- Lee's Air, Plumbing, & Heating is proud to announce that it has earned the home service industry's coveted Angi Super Service Award (SSA). This award honors service professionals who have maintained high service ratings and reviews on Angi in 2021.
"These outstanding businesses have helped homeowners not only maintain their homes, but also evolve them into spaces that can handle life, work, school and entertainment under one roof," said Bryan Ellis, senior executive at Angi. "Our homeowners' consistent positive reviews make it clear: these are the top pros in our network. Congratulations to this year's Super Service Award winners."
Angi Super Service Award 2021 winners have met eligibility requirements. Pros on Angi qualify for the award by obtaining 3 or more services-performed reviews in the previous year, maintaining a current and lifetime GPA of at least 4+ stars. The SSA winners must be in good standing with Angi and have undergone our verification/screening
"Serve people: our customers, our co-workers, our community; and have fun doing it."
Lee's Air, Plumbing, & Heating has been on Angi since 2006. This is the fifth year Lee's Air, Plumbing, & Heating has received this honor.
Service company ratings are updated continually on Angi as new, verified consumer reviews are submitted. Companies are rated in multiple fields ranging from price to professionalism to punctuality.
For over two decades Angi has been a trusted name for connecting consumers to top-rated service professionals. Angi provides unique tools and support designed to improve the local service experience for both consumers and service professionals.
###
Lee's Air, Plumbing, & Heating has been servicing Central and Northern California for over 40 years. Through our continuous search for talented, passionate individuals, we've grown significantly since our humble beginnings in 1981. However, although we've grown in size, we've always been committed to being service experts.
We've always tried to be a solution to your home services problems, and we've been incredibly successful in doing so. Our people are our solution. Visit www.leesair.com for more information. CL#635355
For more information please contact us at 559-384-1017
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SOURCE Lee's Air, Plumbing, & Heating | https://www.wlbt.com/prnewswire/2022/07/20/lees-air-plumbing-amp-heating-earns-2021-angi-super-service-award/ | 2022-07-20T22:01:19 | en | 0.957903 |
If ever there was a “What If?” capital of the pro sports nation, Cleveland would have to be in the running.
Perhaps no sports town anywhere in the civilized world can play the “What If” game better.
Strat-O-Matic plans to play that game for us.
What was once strictly a popular sports board game created 61 years ago has been available on the digital platform for about 30 years. Strat-O-Matic is well-known for its simulations that provides at least some answers to those “What If?” sports questions.
John Garcia, 32, has been Strat-O-Matic’s Chief Content Officer for 11 years. He’s played Strat-O-Matic all his life.
“It’s a game I love,” said Garcia in a phone interview. “It means so much to me. It’s not just a job for us. It’s much more than that. It’s our childhood.”
Garcia loves the simulation game, and takes it seriously.
“It’s the accuracy,” he said. “It’s what we pride ourselves on — having realistic ratings.”
It’s not all about statistics — be it baseball, football, basketball or hockey. According to Garcia, a lot of hours are put in reading content from various media outlets that cover each professional team for the most accurate grade for a player and team. Research also includes talking to beat writers and team scouts for trends, analytics and other factors.
Stat-O-Matic is a game company based in Glen Head, N.Y., that is best known for its baseball game. The first Stra-O-Matic baseball board game was created in 1961 by Hal Richman, a mathematics student in college. He created a football game in 1968, then an advanced baseball game in 1972, followed by a basketball game in 1973 and a hockey version in 1978.
Each season, player and team are given grades on cards based on stat research in an attempt to replicate those abilities and giving the gamer the ability to make in-game decisions with dice and printed charts and tables.
Strat-O-Matic has a die-hard fan base. Longtime broadcaster Bob Costas said he played the baseball game regularly as a youth, and that it helped him understand the game.
With the advent of the Strat-O-Matic computer game, game and season simulations that took a long time can now be done in minutes.
So years and years of playing the “What If?” game can somewhat be answered in a short amount of time for Cleveland pro sports fans. Garcia has been provided five Cleveland pro sports “What If?” scenarios. Strat-O-Matic will then provide at least one answer for readers.
There won’t be hundreds of simulations. Each week, there will be one simulation to these “What Ifs?” (in no particular order):
• What if the Browns had beaten the Broncos in the 1986 AFC Championship game and played the Giants in the Super Bowl?
• What if Brian Sipe and the Browns rallied to beat the Raiders in 1980 during an AFC Divisional playoff game and advanced to play the Chargers in the AFC title game?
• What if the Browns had beaten the Chiefs in an AFC Divisional playoff game in 2020 and played the Bills in the AFC championship?
• What if Michael Jordan missed “The Shot” in the Cavaliers’ first-round playoff series vs. the Bulls in 1989 and Cleveland played the Knicks in the next round?
• What if the 100-44 Indians of the strike-shortened 1995 season played 162 games? Would the major-league record of 116 wins been within reach?
Each week, simulations will be recapped in our print and online editions. Some might delight. Others might frustrate. Hopefully, all will be entertained as we ponder the question of “What If?” | https://www.news-herald.com/2022/07/20/strat-o-matic-game-plays-cleveland-pro-sports-what-if-game/ | 2022-07-20T22:01:19 | en | 0.969009 |
How organoids can guide pancreatic cancer therapy
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
SOURCE Cold Spring Harbor Laboratory | https://www.prnewswire.com/news-releases/how-organoids-can-guide-pancreatic-cancer-therapy-301590524.html | 2022-07-20T22:01:21 | en | 0.926133 |
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HUNTINGTON, W.Va. (AP) — A Kentucky coal company was fined $51,000 for failing to submit court-ordered plans to clean up two polluted West Virginia mine sites.
U.S. District Judge Robert Chambers issued the order Monday against Lexington Coal Company LLC, the Charleston Gazette-Mail reported. In May, Chambers found the company in contempt for not complying with his previous order to submit a plan to address selenium discharges and other pollution at the sites in Mingo County.
Chambers issued a $1,000 daily fine for a 51-day period covering May 29 to July 18. He said the fine will rise to $1,500 per day if the company does not submit a plan by Aug. 1.
Environmental groups alleged in a 2019 lawsuit that the company was discharging pollutants illegally at its Low Gap Surface Mine No. 2 and No. 10 Mine.
Sierra Club senior attorney Peter Morgan cheered Chambers’ ruling but noted that the coal company may not meet its court-ordered obligations.
“It remains to be seen whether Lexington has the willingness or the ability to comply with the court’s order,” said Peter Morgan, an attorney for the Sierra Club. | https://www.chron.com/news/article/Kentucky-coal-firm-fined-over-West-Virginia-mine-17318001.php | 2022-07-20T22:01:24 | en | 0.958475 |
By SUSIE BLANN
KYIV, Ukraine — Ukrainian forces struck and seriously damaged a bridge Wednesday that is key for supplying Russian troops in southern Ukraine, a regional official said, as Russian shelling killed civilians including a 13-year-old boy waiting at a bus stop in the embattled country’s northeast.
Moscow, meanwhile, made it clear that it wants to consolidate territorial gains it has made in Ukraine since invading on Feb. 24.
Russian Foreign Minister Sergey Lavrov told state-controlled RT television and the RIA Novosti news agency in an interview published Wednesday that Russia has expanded the scope of its “special military operation” from the Donetsk and Luhansk regions in eastern Ukraine — where Russia-backed separatist have been fighting since 2014 — to include the Kherson and Zaporizhzhia regions and other territories.
He noted that when Russia and Ukraine in March discussed a possible deal to end the hostilities, “our readiness to accept the Ukrainian proposal was based on the geography of March 2022.”
“Now it’s a different geography,” he said, as he also repeated earlier claims by Moscow that the U.S. and Britain were expanding the ostilities.
Ukraine sought to loosen Russia’s grip on the southern Kherson region by striking a strategically important bridge.
Kirill Stremousov, deputy head of the Moscow-backed temporary administration in the region, said the Ukrainian military struck the Antonivskyi Bridge, which crosses the Dnieper River, 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 amid repeated Ukrainian attacks.
“The bridge wasn’t closed, traffic across it is still continuing, but the situation is serious,” Stremousov said, according to Interfax.
The head of the Moscow-appointed Kherson administration, Vladimir Saldo, said in a video message that passenger vehicles were allowed to continue driving across the bridge but truck traffic was halted to allow quick repairs. He noted that trucks could cross the river using a dam 50 miles away.
Wednesday’s shelling of the bridge was the second in as many days.
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 Dnieper River and the Black Sea near Russian-annexed Crimea — is one of several areas a U.S. government spokesman said Russia is trying to annex.
Following months of local rumors and announcements about a Russian referendum, 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.
“Russia is laying the groundwork to annex Ukrainian territory that it controls in direct violation of Ukraine sovereignty,” Kirby said in Washington.
Kirby also said the White House is expected to announce more military aid for Ukraine later this week. The aid is expected to include more HIMARS systems, a critical weapon Ukrainian forces have been using 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,” Lavrov said.
Meanwhile, 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.
The Ukrainian attacks on the bridge in Kherson come as the bulk of the Russian forces are stuck in the fighting in Ukraine’s eastern industrial heartland of Donbas where they have made slow gains facing fierce Ukrainian resistance.
Russia has been focusing more on aerial bombardment using long-range missiles, hitting targets across all parts of Ukraine and in the process killing hundreds of civilians.
With indications that Ukraine is planning counterattacks to try to retake occupied areas in Kherson and part of the Zaporizhzhia region, the Russian military in recent weeks has targeted the key Black Sea port of Odesa and parts of southern Ukraine.
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.
On Wednesday, at least three more people died when Russia shelled the northeastern city of Kharkiv with “Hurricane” salvo rocket systems, authorities said. The victims were a 69-year-old man and his wife and a 13-year-old boy who were waiting at a bus stop. 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.
__ Turkish President Recep Tayyip Erdogan said Wednesday 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. | https://www.news-herald.com/2022/07/20/ukrainian-forces-strike-key-bridge-in-russian-occupied-south/ | 2022-07-20T22:01:25 | en | 0.969462 |
LOS ANGELES, July 20, 2022 /PRNewswire/ -- Mercury General Corporation (NYSE: MCY) reported today that after the markets close on Tuesday, August 2, 2022, the Company will issue an earnings press release reporting its results for the second quarter of 2022, and will also file its quarterly report on Form 10-Q with the Securities and Exchange Commission. The earnings press release should be read in conjunction with the Company's quarterly report on Form 10-Q.
Mercury General Corporation and its subsidiaries are a multiple line insurance organization offering predominantly personal automobile and homeowners insurance through a network of independent producers and direct-to-consumer sales in many states. For more information, visit the Company's website at http://www.mercuryinsurance.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Certain statements contained in this press release are forward-looking statements based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the Company) and are subject to change based upon various factors, including but not limited to the following risks and uncertainties: changes in the demand for the Company's insurance products, inflation and general economic conditions, including general market risks associated with the Company's investment portfolio; the accuracy and adequacy of the Company's pricing methodologies; catastrophes in the markets served by the Company; uncertainties related to estimates, assumptions and projections generally; the possibility that actual loss experience may vary adversely from the actuarial estimates made to determine the Company's loss reserves in general; the Company's ability to obtain and the timing of the approval of premium rate changes for insurance policies issued in the states where it operates; legislation adverse to the automobile insurance industry or business generally that may be enacted in the states where the Company operates; the Company's success in managing its business in non-California states; the presence of competitors with greater financial resources and the impact of competitive pricing and marketing efforts; the Company's ability to successfully manage its claims organization outside of California; the Company's ability to successfully allocate the resources used in the states with reduced or exited operations to its operations in other states; changes in driving patterns and loss trends; acts of war and terrorist activities; pandemics, epidemics, widespread health emergencies, or outbreaks of infectious diseases; court decisions and trends in litigation and health care and auto repair costs; and legal, cybersecurity, regulatory and litigation risks. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. For a more detailed discussion of some of the foregoing risks and uncertainties, see the Company's filings with the Securities and Exchange Commission.
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SOURCE Mercury General Corporation | https://www.wlbt.com/prnewswire/2022/07/20/mercury-general-corporation-report-second-quarter-results-august-2-2022/ | 2022-07-20T22:01:25 | en | 0.935012 |
DUBLIN, July 20, 2022 /PRNewswire/ -- The 'Vertical Farming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027' report has been added to ResearchAndMarkets.com's offering.
The global vertical farming market reached a value of US$ 3.66 Billion in 2021. Looking forward, the publisher expects the market to reach a value of US$ 13.98 Billion by 2027, exhibiting a CAGR of 25.03% during 2021-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Vertical farming refers to an innovative farming technique that involves growing food and medicinal plants in vertically stacked layers. It is adopted for producing crops with artificial control of light, temperature, humidity and gases. Vertical farming utilizes a combination of methods involving hydroponics, aeroponics and aquaponics to grow crops without soil using mineral nutrient solutions, such as peat moss and coconut husk, or aquatic animals, such as snail, fish and prawns.
It is highly beneficial for crop cultivation on arid lands, mountains, unfertile lands, indoors and rooftops of the buildings. In comparison to the traditional farming practices, vertical farming is sustainable and has lower water and energy requirements.
A rapid increase in the global population, along with rising scarcity of arable land, is one of the key factors driving the growth of the market. Moreover, an escalating requirement for stabilized crop production to meet the rising food demands is providing a thrust to the market growth. In line with this, the legalization of cannabis cultivation for medical and recreational purposes is also contributing to the growth of the market.
Various technological advancements in light-emitting diode (LED) technology and the integration of the Internet of Things (IoT)-enabled sensors and monitoring devices are acting as other growth-inducing factors. These novel LED top-lighting and inter-lighting solutions aid in reducing the farming costs and increasing the overall yield. Other factors, including the rising expenditure capacities of the consumers, along with the implementation of favorable government policies, are anticipated to drive the market toward growth.
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being AeroFarms, Agrilution Systems GmbH, AmHydro, Everlight Electronics Co. Ltd., Freight Farms Inc., Gronska Stadsodling, Heliospectra AB, Jones Food Company Limited, Koninklijke Philips N.V., OSRAM GmbH (ams-OSRAM AG), Signify N.V., Urban Crop Solutions and Vertical Farm Systems Pty Ltd.
Key Questions Answered in This Report:
- How has the global vertical farming market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global vertical farming market?
- What are the key regional markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the structure?
- What is the breakup of the market based on the growth mechanism?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global vertical farming market and who are the key players?
- What is the degree of competition in the industry?
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Vertical Farming Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Component
6.1 Irrigation Component
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Lighting
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Sensors
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Climate Control
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Building Material
6.5.1 Market Trends
6.5.2 Key Segments
6.5.2.1 Glass Greenhouse
6.5.2.2 Plastic Greenhouse
6.5.3 Market Forecast
6.6 Others
6.6.1 Market Trends
6.6.2 Market Forecast
7 Market Breakup by Structure
7.1 Building-based Vertical Farms
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Container-based Vertical Farms
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Growth Mechanism
8.1 Hydroponics
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Aeroponics
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Aquaponics
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Application
9.1 Indoor
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Outdoor
9.2.1 Market Trends
9.2.2 Market Forecast
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 AeroFarms
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.2 Agrilution Systems GmbH
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.3 AmHydro
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.4 Everlight Electronics Co. Ltd.
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.4.3 Financials
15.3.5 Freight Farms Inc.
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.6 Gronska Stadsodling
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.7 Heliospectra AB
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 Financials
15.3.8 Jones Food Company Limited
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.9 Koninklijke Philips N.V.
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.9.3 Financials
15.3.9.4 SWOT Analysis
15.3.10 OSRAM GmbH (ams-OSRAM AG)
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.10.3 Financials
15.3.11 Signify N.V.
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio
15.3.11.3 Financials
15.3.12 Urban Crop Solutions
15.3.12.1 Company Overview
15.3.12.2 Product Portfolio
15.3.13 Vertical Farm Systems Pty Ltd
15.3.13.1 Company Overview
15.3.13.2 Product Portfolio
For more information about this report visit https://www.researchandmarkets.com/r/c6vz3y
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SOURCE Research and Markets | https://www.prnewswire.com/news-releases/insights-on-the-vertical-farming-global-market-to-2027---by-component-structure-growth-mechanism-application-and-region-301590062.html | 2022-07-20T22:01:27 | en | 0.812563 |
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GREENSBORO, N.C. (AP) — The Rev. T. Anthony Spearman, a civil rights advocate and former president of the North Carolina branch of the NAACP who also served as president of the N.C. Council of Churches, has been found dead, his attorney said Wednesday.
Spearman, 71, died on Tuesday, said Mark Cummings, a Greensboro attorney who was representing him in a lawsuit. He declined to provide additional details.
“In the mold of Dr. King, he truly was a drum major for justice,” Cummings said. “He saw the good in everybody in every situation, even those of his detractors, even those who would criticize him. He always found a way to see the best in them.”
Spearman's family issued a statement calling him “a man of strong conviction who loved his family with every ounce of his being.” A family member didn't respond on Wednesday to a request for additional comment.
Bishop William J. Barber, who preceded Spearman as the North Carolina NAACP president and who is now president of the national, not-for-profit organization Repairers of the Breach, said in a statement, “I have lost a true brother in the struggle.”
“We have lost a scholar, a preacher, a voting rights defender, an advocate for prison reform and for the wrongfully accused and a stalwart soldier in the cause of love and justice for all humankind,” Barber said. “This great man’s efforts and commitment should be cherished.”
As reported by The Urban News, Spearman filed a 28-page lawsuit in June against national NAACP President and CEO Derrick Johnson and chairman Leon W. Russell. The lawsuit also named state NAACP President Deborah Dicks Maxwell, Charlotte-Mecklenburg Chapter President Corrine Mack, and four other officers, according to the story.
Spearman's lawsuit accused the officials of defamation and a civil conspiracy to have him removed as the state NAACP president. Spearman alleged in the lawsuit that his support of a woman who said she was sexually harassed by a member of the state conference led to the effort to have him ousted and made him a target for retribution.
The Rev. Curtis Gatewood, who was accused of the sexual harassment, said on his Facebook page that while he and Spearman disagreed on issues involving the state NAACP, “I loved the brother.”
“I wanted the news of his demise to be untrue,” Gatewood wrote. “I forgave him.” | https://www.chron.com/news/article/Lawyer-Former-president-of-North-Carolina-NAACP-17318140.php | 2022-07-20T22:01:31 | en | 0.987415 |
By JAKE BLEIBERG
UVALDE, Texas — Facing massive public pressure, Uvalde’s top school official has recommended the firing of the school district police chief who was central to the botched law enforcement response to the shooting at an elementary school that killed two teachers and 19 students.
The city’s school board will consider firing schools police Chief Pete Arrendondo at a special meeting Saturday to consider the superintendent’s recommendation. Arrendondo has been accused by state officials of making several critical mistakes during the May 24 mass shooting at Robb Elementary School.
School officials have previously resisted calls to fire Arrendondo. The announcement comes two days after a meeting the school board members were lambasted for more than three hours by members of the public, who accused them of not implementing basic security at Robb, of not being transparent about what happened and of failing to hold Arrendondo to account for his actions.
Confronted with parents’ vociferous demands to fire Arrendondo and warnings that his job would be next, Superintendent Hal Harrell said Monday that the police chief was a contract employee who could not be fired at will. The agenda for Saturday’s meeting includes the board discussing the potential firing with its lawyer.
Arredondo, who has been on leave from the district since June 22, has faced blistering criticism since the massacre, most notably for not ordering officers to immediately breach the classroom where an 18-year-old gunman carried out the attack.
Although nearly 400 officers from various agencies were involved in the police response that took more than an hour to confront and kill the shooter, Arredondo is one of only two known to have faced discipline. His attorney did not immediately respond to requests for comment. | https://www.news-herald.com/2022/07/20/uvalde-schools-looking-to-fire-police-chief-after-shooting/ | 2022-07-20T22:01:32 | en | 0.982959 |
SAN DIEGO, July 20, 2022 /PRNewswire/ -- Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical-stage targeted oncology company, will announce financial results for the second quarter of 2022 along with recent corporate updates on August 3, 2022. During a conference call at 4:30 p.m. ET / 1:30 p.m. PT on August 3, company executives will provide company updates and review financial results.
Investors and the general public are invited to listen to a live webcast of the call at the "Investors and Media" section on Mirati.com or by dialing the U.S. toll free +1 313-209-4906 or international +1 877-502-9276, confirmation code: 1791105. A replay of the call will be available approximately 2 hours after the event has ended at the same website.
Mirati Therapeutics, Inc. is a clinical-stage biotechnology company whose mission is to discover, design and deliver breakthrough therapies to transform the lives of patients with cancer and their loved ones. The company is relentlessly focused on bringing forward therapies that address areas of high unmet medical need, including lung cancer, and advancing a pipeline of novel therapeutics targeting the genetic and immunological drivers of cancer. Unified for patients, Mirati's vision is to unlock the science behind the promise of a life beyond cancer. For more information about Mirati, visit us at Mirati.com or follow us on Twitter, LinkedIn and Facebook.
This press release contains forward-looking statements regarding the business of Mirati Therapeutics, Inc. ("Mirati"). Any statement describing Mirati's goals, expectations, financial or other projections, intentions or beliefs, development plans and the commercial potential of Mirati's drug development pipeline, including without limitation adagrasib (selective KRASG12C inhibitor), sitravatinib (TAM receptor inhibitor), MRTX1719 (MTA cooperative PRMT5 inhibitor), MRTX1133 (selective KRASG12D inhibitor), and MRTX0902 (SOS1 inhibitor), is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to risks and uncertainties, particularly those challenges inherent in the process of discovering, developing and commercialization of new drug products that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs.
Mirati's forward-looking statements also involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although Mirati's forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by Mirati. As a result, you are cautioned not to rely on these forward-looking statements. These and other risks concerning Mirati's programs are described in additional detail in Mirati's quarterly reports on Form 10-Q and annual reports on Form 10-K, which are on file with the U.S. Securities and Exchange Commission (the "SEC") available at the SEC's Internet site (www.sec.gov). Mirati assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.
Investor Relations: ir@mirati.com
Media Relations: media@mirati.com
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SOURCE Mirati Therapeutics, Inc. | https://www.wlbt.com/prnewswire/2022/07/20/mirati-therapeutics-report-second-quarter-2022-financial-results-recent-corporate-updates/ | 2022-07-20T22:01:32 | en | 0.930552 |
Jim Kanir Named Chief Revenue Officer to Drive Growth for LeanDNA
LeanDNA is a leader in synchronizing priorities and execution across supply chain
AUSTIN, Texas, July 20, 2022 /PRNewswire/ -- LeanDNA, a leading cloud solution for supply chain execution, today announced the appointment of Jim Kanir as Chief Revenue Officer (CRO). Kanir's decades of experience leading sales teams and revenue strategies for enterprise software companies will support the company's mission to unlock sustainable and resilient supply chain practices that improve manufacturing output and productivity. Kanir will drive the go-to-market strategy, reporting to CEO Richard Lebovitz.
"Jim has demonstrated his value in accelerating growth for Zycus and Coupa, two leaders in enterprise software for the supply chain," said Richard Lebovitz, CEO of LeanDNA. "He is a strong leader who understands the huge market opportunity for LeanDNA to improve supply chain resilience."
Most recently, Kanir was Vice President of Sales for Zycus, the global leader in cognitive procurement software. Zycus includes an AI function that takes over tactical tasks and empowers procurement officers to focus on strategy. He was also CRO for ConnXus (acquired by Coupa), a supplier relationship management platform that simplifies the complexities of global supply chains.
"LeanDNA solves a targeted problem that is needed by every global company with a complex supply chain," said Kanir. "Supply chain leaders are under constant pressure to reduce inventory, manage shortages, and deliver to their customers. The digital transformation provided by LeanDNA empowers them to be agile enough to execute manufacturing plans amidst volatile demand and supply conditions."
About LeanDNA
LeanDNA is the leading provider in supply chain execution. This cloud-based platform synchronizes execution across the supply chain, empowering manufacturers to prioritize and collaborate to resolve critical material shortages and excesses. LeanDNA improves on-time delivery, productivity, and working capital; customers report an average 14% inventory reduction, 32% shortage reduction, and 18% improvement in on-time delivery in the first year. Learn more at leandna.com.
SOURCE LeanDNA Inc | https://www.prnewswire.com/news-releases/jim-kanir-named-chief-revenue-officer-to-drive-growth-for-leandna-301590538.html | 2022-07-20T22:01:33 | en | 0.94327 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nfl/seattle-seahawks/articles/40134544 | 2022-07-20T22:01:36 | en | 0.738227 |
BOSTON (AP) — A national medical testing company has agreed to pay $16 million to resolve allegations that it submitted claims for payment for medically unnecessary tests to Medicare and other federal health care programs, federal prosecutors said Wednesday.
Under terms of the settlement, Inform Diagnostics Inc. acknowledged that from 2013 to 2018 it routinely conducted additional tests on biopsy specimens prior to a pathologist’s review and without a determination on whether additional tests were medically necessary, the U.S. attorney's office in Boston said.
The company submitted these tests for payment by federal health care programs, prosecutors said.
Inform Diagnostics, formerly Miraca Life Sciences Inc., is based in Irving, Texas, and has lab space in Phoenix and Needham, Massachusetts. Fulgent Genetics agreed to acquire the company in April.
The company said it provides services to about 1,300 clients who represent more than 2,700 physicians.
Inform in a statement said it changed the practices that led to to the settlement four years ago.
“Since that time, Inform has put stringent protocols in place to avoid a reoccurrence of this type of coding procedure," the company said.
The original False Claims Act allegations were brought in a lawsuit filed by a private whistleblower who, under legal provisions, can file an action on behalf of the government and share in any financial recovery — in this case, 17%.
“Laboratories that bill for medically unnecessary tests drain funds from Medicare and other federally funded health care programs,” U.S. Attorney Rachael Rollins said. “Prioritizing profit over complying with the law wastes hard-earned taxpayer dollars." | https://www.chron.com/news/article/Medical-company-to-pay-16M-to-resolve-false-17317962.php | 2022-07-20T22:01:37 | en | 0.960769 |
Willoughby is looking to enter an agreement between the International Association of Fire Fighters Local 2291 and the American Federation of Labor and Congress of Industrial Organizations.
The intent of the agreement is an effort to continue harmonious and cooperative relationships with the employees, and to ensure the orderly, uninterrupted, efficient operation of government.
“This negotiation was challenging, but we think we landed in a place that’s fair for both parties and I want to thank the firefighters for sticking with us on this, and making it to the finish line,” said Willoughby Mayor Robert Fiala.
He also credited City Council President Robert Carr and members of council as well as Law Director Mike Lucas, Finance Director Diane Bosley, Fire Chief Todd Ungar and Assistant Chief Mike Dorsey for working through the negotiations the past month.
Last week, Willoughby went into executive session to discuss finalizing the contract.
“We sent out the draft and there was some minor tinkering going on, which went on literally until the morning,” Lucas said. “We’ve got the approval from the union with the final draft and then from the legal council for purposes of the negotiation.”
In addition, the agreement is to recognize the interests of employees of the employer to participate through collective bargaining in the determination of the terms and conditions of their employment; to promote fair and reasonable working conditions; to promote individual efficient and service to the citizens of Willoughby; and to provide a basis for the adjustment of matters of mutual interest by means of amicable discussion.
With headquarters in Washington, D.C., and Ottawa, Ontario, the International Association of Fire Fighters represents more than 329,000 full-time professional fire fighters and paramedics in more than 3,500 affiliates.
The AFL-CIO is a voluntary federation of 57 national and international labor unions that represent 12.5 million working men and women. | https://www.news-herald.com/2022/07/20/willoughby-in-negotiation-with-international-association-of-fire-fighters-afl-cio/ | 2022-07-20T22:01:38 | en | 0.961408 |
Company again received a top score on the Disability Equality Index
ST. LOUIS, July 20, 2022 /PRNewswire/ -- For the eighth year in a row, Ameren Corporation (NYSE: AEE) has earned a 100 score on the Disability Equality Index, recognizing its programs and policies that promote inclusion for Ameren employees, customers and suppliers with disabilities.
The Disability Equality Index is the world's most comprehensive benchmarking tool for Fortune 1000 companies to measure disability workplace inclusion. It tracks how a company promotes inclusivity for those with disabilities with regard to culture and leadership, access, benefits, recruitment, employment, education, retention and advancement, accommodations, community engagement and supplier diversity.
"We know that a culture that truly values diversity and fosters equity and inclusion is critical to our ability to fulfill our mission – to power the quality of life for our customers and in our communities," said Gwen Mizell, vice president and chief sustainability and diversity officer at Ameren. "We are intentional about providing opportunities that enable all our co-workers to grow and develop in their careers at Ameren."
Ameren has several programs in place to create a successful work environment for employees with disabilities, as well as support those with disabilities in the community:
- An employee resource group, Powering Connections for All Abilities (PCAA), to support fellow employees with disabilities and help advise the company on accommodations.
- Partnership with Starkloff Disability Institute to provide educational programming and advise on inclusivity at Ameren.
- Collaboration with Cool Down St. Louis to provide free air conditioners to community members with disabilities.
In addition, the company seeks advice from co-workers when considering updates to their facilities. This includes input from Andrew Niebrugge, supervisor, Engineering Support at Ameren Illinois, who was paralyzed in an accident when he was 16 years old.
"When I was first hired at Ameren, I felt like I instantly belonged here," said Niebrugge. "They invited me to come into the location and had me go around and point out things that may need to change for my needs, and before we got into this building, it all was done, and I was able to roam around freely. I've always felt included here at Ameren. I've always been treated like the person next to me."
In 2022, 415 corporations completed the Disability Equality Index. Each company received a score, on a scale of zero to 100, with those earning 80 and above recognized as a "Best Place to Work for Disability Inclusion." Ameren has earned this distinction for the last eight years.
"There is no single best way to practice disability inclusion, however, the companies participating in the DEI survey, share the desire to create a workplace that fosters the concept of bringing your whole self to the office," said Maria Town, president and CEO of the American Association of People with Disabilities. "We look forward to working with all of the participants to help identify meaningful ways to build upon their current practices as we continue on the disability inclusion journey together."
About the Disability Equality Index®
The Disability Equality Index (DEI) is a comprehensive benchmarking tool that helps companies build a roadmap of measurable, tangible actions that they can take to achieve disability inclusion and equality. Each company receives a score, on a scale of zero (0) to 100, with those earning 80 and above recognized as a "Best Place to Work for Disability Inclusion."
The DEI is a joint initiative of the American Association of People with Disabilities (AAPD), the nation's largest disability rights organization, and Disability:IN, the global business disability inclusion network, to collectively advance the inclusion of people with disabilities. The organizations are complementary and bring unique strengths that make the project relevant and credible to corporations and the disability community. The DEI Advisory Committee, a diverse group of business leaders, policy experts, and disability advocates, developed the Disability Equality Index. Learn more at: www.DisabilityEqualityIndex.org.
Opportunities at Ameren
Ameren is an industry-leading and innovative Fortune 500 company that is a vital part of the communities it serves, building a sustainable energy future for generations to come. Ameren currently has more than 700 open positions in Missouri and Illinois, including opportunities in IT, supply chain, human resources, skilled craft and engineering. Learn more about Ameren's job openings and comprehensive total rewards package at Ameren.com/Careers.
About Ameren Corporation
St. Louis-based Ameren Corporation powers the quality of life for 2.4 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric transmission and distribution service and natural gas distribution service. Ameren Missouri provides electric generation, transmission and distribution services, as well as natural gas distribution service. Ameren Transmission Company of Illinois operates a rate-regulated electric transmission business in the Midcontinent Independent System Operator, Inc. For more information, visit Ameren.com, or follow us on Twitter at @AmerenCorp, Facebook.com/AmerenCorp, or LinkedIn.com/company/Ameren.
SOURCE Ameren Corporation | https://www.prnewswire.com/news-releases/leaders-in-inclusive-workplaces-recognize-ameren-for-disability-inclusion-301590440.html | 2022-07-20T22:01:39 | en | 0.953101 |
CHAPEL HILL, N.C., July 20, 2022 /PRNewswire/ -- After careful consideration, and at the recommendation of Morgan Creek Capital Management, LLC, the investment adviser to Morgan Creek - Exos SPAC Originated ETF (the "Fund"), the Board of Trustees of Listed Funds Trust approved the closing and subsequent liquidation of the Fund pursuant to the terms of a Plan of Liquidation. Accordingly, the Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders of record on or about August 18, 2022 (the "Liquidation Date"). Shares of the Fund are listed on the NYSE Arca, Inc.
Beginning on or about July 21, 2022 and continuing through the Liquidation Date, the Fund will liquidate its portfolio assets. As a result, during this period, the Fund will increase its cash holdings and deviate from its investment objective, investment strategies, and investment policies as stated in the Fund's Prospectus and SAI.
The Fund will no longer accept orders for new creation units after the close of business on the business day prior to the Liquidation Date, and trading in shares of the Fund will be halted prior to market open on the Liquidation Date. Prior to the Liquidation Date, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for the Fund's shares during that time period. Customary brokerage charges may apply to such transactions.
If no action is taken by a Fund shareholder prior to the Liquidation Date, the Fund will distribute to such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal to the net asset value of the shareholder's Fund shares as of the close of business on the Liquidation Date. This amount will include any accrued capital gains and dividends. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. The liquidating cash distribution to shareholders will be treated as payment in exchange for their shares. The liquidation of shares may be treated as a taxable event. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation.
Shareholders can call 1-855-857-2677 for additional information.
Details are posted at www.morgancreekcap.com
Contact: ir@morgancreekcap.com
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SOURCE MORGAN CREEK CAPITAL MANAGEMENT/DUKAS PUBLIC RELATIONS | https://www.wlbt.com/prnewswire/2022/07/20/morgan-creek-exos-spac-originated-etf-spxz-announces-it-will-be-winding-down-august-2022/ | 2022-07-20T22:01:39 | en | 0.936381 |
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UVALDE, Texas (AP) — When the shooting began at Robb Elementary School in Uvalde, Mario Jimenez’s son was in the classroom next door. The 10-year-old saw his teacher and a friend hit by bullets that passed through the wall. Now, Jimenez worries the boy will never again feel secure in a classroom.
“I don’t think these kids are going to feel safe going back to school no matter what they do. They’re supposedly protected by the system, and they know the system failed them,” he said.
In the aftermath of the May shooting that killed 19 children and two teachers, poor decisions by law enforcement have attracted widespread criticism, but the Uvalde school system is also taking its share of the blame for basic failures — unlocked doors, a spotty alert system and lax enforcement of rules. Now, incensed parents and politicians want concrete safety solutions as the attack becomes part of a larger conversation about how to prepare students for emergencies without potentially inflicting an emotional toll with active-shooter drills.
An investigative report released Sunday by the Texas Legislature found the district did not treat maintenance issues like broken doors and locks with urgency. For instance, the lock on the door to one of the classrooms where the shooting occurred was known to be faulty, and the House committee concluded the shooter likely entered the room through that unlocked door.
The House committee found “a regrettable culture of noncompliance by school personnel who frequently propped doors open and deliberately circumvented locks” at Robb Elementary. The report said school administrators and district police tacitly condoned the behavior, noting that the school suggested the practice “for the convenience of substitute teachers and others who lacked their own keys.”
At an Uvalde school board meeting this week, parents and families were outraged at the oversights. Jazmin Cazares, whose younger sister Jacklyn was killed, asked what the school district would do to make students feel safe returning.
“How am I supposed to come back here? I’m a senior. How am I supposed to come back to this school?” Cazares asked the school board Monday. “How are you going to make sure I don’t have to spend 77 minutes bleeding out on the school floor like my little sister did?”
At the same meeting, Rachel Martinez declared herself unwilling to send her daughter, Layla, back to school after the armed intruder snuffed out 21 lives — and any confidence she had that Layla would be safe.
“This failure falls on all of you,” Martinez told the board at the three-hour meeting. “When you go home and lock your doors tonight, remember: That shouldn’t be a luxury.”
The vast majority of U.S. school systems conduct lockdowns and active-shooter drills that, in some cases, include simulated gunfire and blood as children crouch quietly out of sight. But the drills are only one part of the equation, according to experts.
Amy Klingman, founder of the Educator’s School Safety Network, said the impulse to double-down on simulations or buy the latest gadgets is understandable, but those responses can be part of larger plans that include enforcing the basics, like locking doors and training staff. Drills can emphasize securing a classroom or quickly evacuating children in a variety of scenarios, such as a parent without legal custody attempting to take a child.
“Why does history keep repeating itself? Because we keep doing the same thing,” Klingman said. “We keep emphasizing only active-shooter response, and we don’t make daily operational safety a part of what we do.”
The Uvalde report exposed another potential flaw: Sounding the alarm too regularly can diminish vigilance and lull schools into a false sense of security.
The school's proximity to the border with Mexico meant frequent lockdowns whenever Border Patrol agents or state police troopers were in the area attempting to apprehend migrants. Between February and May, the school experienced nearly 50 lockdowns or security alerts.
“After a period of time, you would have that diminished expectation of vigilance ... 'Oh, here’s another. We're doing it again,'” said Mo Canady, executive director of the National Association of School Resource Officers. Schools with that many alerts might consider a tiered system that distinguishes between threat levels, he said.
But not all employees even received alerts because of poor Wi-Fi or phones that were turned off or in a drawer. Some employees would have had to log in to a computer to get the message, the report found. Others didn't understand how to use the system, said Ben Adams, a Uvalde coach.
"It was introduced to us in a short, 10-minute presentation before school started,” Adams said at the meeting.
Elizabeth Ruiz, the mother of three children in the Uvalde schools, said the students at Robb Elementary did “so many, so, so many” lockdowns this year but believes improving the physical safety of the building — having a single point of entry and requiring scannable identification — would do more than potentially frightening drills.
“Yes, the kids needs to have the drills, but it needs to be more than, ‘Go under a table,’” Ruiz said.
For years, some parents and teachers have warned that the drills are traumatic for students, whose mental health has become even more of a concern on the rebound from COVID-19 disruptions.
“It’s not about trying to scare people straight,” Klingman said. “It’s about doing the right things that make a difference.”
Jimenez worries that continuing to practice active-shooter drills will further traumatize his son and other children who lived through the shooting, “because in their minds they’re probably already thinking, ‘This isn’t going to protect me.’”
Jimenez isn’t impressed by the school district’s plans to fix locks and install cameras. He’d like to see the buildings change to key-card access and for the schools to “hire actual security — people who will do their job.”
He hopes teachers and administrators at schools across the country see what happened in Uvalde and improve security before tragedy strikes again.
“None of the parents here want to send their kids to school,” Jimenez said.
___
Thompson reported from Buffalo, N.Y., and Ma reported from San Francisco.
___
The Associated Press education team receives support from the Carnegie Corporation of New York. The AP is solely responsible for all content.
___
The Associated Press’ reporting around issues of race and ethnicity is supported in part by the Howard Hughes Medical Institute’s Department of Science Education. The AP is solely responsible for all content.
___
More on the school shooting in Uvalde, Texas: https://apnews.com/hub/uvalde-school-shooting. | https://www.chron.com/news/article/Outcry-after-Uvalde-focuses-on-school-failures-17318013.php | 2022-07-20T22:01:43 | en | 0.970444 |
Jordan Peele is unleashing another worthwhile piece of distinct filmmaking.
Only a few years ago known best for the comedy-sketch series “Key & Peele,” he reshaped our perception of him as an artist with the thought-provoking, genre-shaking 2017 horror film “Get Out” and another, “Us,” in 2019.
Now comes “Nope,” which — at least at first blush — is both his most impressive work from a technical standpoint and his least ambitious in terms of social commentary and thematic examination.
An entertaining blend of horror, science-fiction and even Western, “Nope” is meant to be both a slice of summer-movie spectacle and an examination “about the human addition to spectacle,” as its writer-director says in the film’s production notes.
To achieve this aim, Peele has reunited with the incredibly talented star of “Get Out,” Daniel Kaluuya — an Academy Award winner for last year’s “Judas and the Black Messiah” — and paired him with the engaging Keke Palmer (“Hustlers,” “Alice”). They play siblings OJ and Emerald Haywood, who have inherited a horse ranch from their father, Otis Haywood Sr. (Keith David, “21 Bridges”), whose mysterious death we witness in the film’s opening minutes.
The ranch raises and trains horses for film and TV production, and because Otis was an industry legend, OJ doesn’t want to sell the ranch despite financial difficulties. However, he has been selling horses to neighboring Jupiter’s Claim, a family-friendly Old West theme park and petting zoo run by former child actor Ricky “Jupe” Park (Steven Yeun, “Minari”).
This remote patch of California land sits below something mysterious in the sky, something that may be hiding in a cloud. If it is, as mounting evidence suggests, a UFO, the siblings want to capture it on camera — even if increasingly frequent nighttime power outages may make achieving that goal difficult.
OJ and Emerald enlist the help of Fry’s Electronics store employee Angel Torres (Brandon Perea, “The OA”) to install a network of cameras at the ranch. Because Angel is an avid fan of shows such as “Ancient Aliens,” they get an extra level of service in which they initially aren’t interested but on which they later come to depend.
Meanwhile, Ricky — whose disturbing backstory we are treated to in a glimpse of the highly impactful variety — wants something different from whatever may be hiding in the sky.
At the controls, Peele — with the help of cinematographer Hoyte Van Hoytema (“Dunkirk,” “Let the Right One In”) — shows us little beyond the ranch and murky views of the cloudy night sky for much of “Nope.” Instead, he leans heavily on sound designer Johnnie Burn (“The Killing of a Sacred Deer”) to provide much of the film’s intended terror. Eventually, though, visual effects supervisor Guillaume Rocheron (“1917”) gets his time to shine, unveiling several good looks at the movie’s big bad.
Although Angel lays out for OJ and Emerald — and, by extension, us — what the extra-terrestrial possibilities are, our lips are sealed.
The siblings portrayed by Kaluuya and Palmer are very different, with Emerald having a lot more to say a lot more often than OJ, who’s by far the more serious and purpose-driven of the two. Still, their love for each other comes through, and they share a few humorous moments — including when they recruit a veteran cinematographer, Antlers Holst( Michael Wincott, “Westworld”), to help them capture the money shot — “the ‘Oprah’ shot — of whatever is terrorizing them.
Still, OJ as a character feels a bit underdeveloped, as, unfortunately, does Ricky, even if we, like he, won’t soon forget his aforementioned childhood experience.
A second viewing of “Nope” could suggest more to these characters, of course. It also could reveal more of the film’s subtext.
Yes, Peele has put two Black characters — who are descendants of the person seen in the first-ever instance of a moving picture — front and center in the type of story that traditionally may have had white heroes. There’s almost surely more to it than that, though, down to the choices of OJ and Emerald for their names.
And Peele certainly is saying something about man’s relationship to animals, with the film’s creatures given their own titled chapters. Animals’ reactions to loud noises created by humans is one key element of this story.
Nonetheless, it all feels just a little lacking in meaty substance when comparing it to Peele’s earlier works.
Perhaps most importantly, though, the promised spectacle is delivered. And because it’s Peele, it doesn’t come in quite the same flavor of that provided by your “Top Gun: Maverick” or “Jurassic World Dominion,” which is more than fine.
The production notes for “Nope” refer to it as a “dark pop nightmare,” and we can’t top that descriptor. That’s perfect, even if the movie isn’t.
Skip a trip to the theater for Peele’s latest? Nope.
‘Nope’
Where: Theaters.
When: July 22.
Rated: R for language throughout and some violence/bloody images.
Runtime: 2 hours, 10 minutes.
Stars (of four): 3. | https://www.news-herald.com/2022/07/20/with-nope-jordan-peele-brings-the-scary-alien-centric-thrills-but-seemingly-has-less-to-say-than-usual-movie-review/ | 2022-07-20T22:01:44 | en | 0.954326 |
Award reflects company's consistent level of customer service
FRESNO, Calif., July 20, 2022 /PRNewswire/ -- Lee's Air, Plumbing, & Heating is proud to announce that it has earned the home service industry's coveted Angi Super Service Award (SSA). This award honors service professionals who have maintained high service ratings and reviews on Angi in 2021.
"These outstanding businesses have helped homeowners not only maintain their homes, but also evolve them into spaces that can handle life, work, school and entertainment under one roof," said Bryan Ellis, senior executive at Angi. "Our homeowners' consistent positive reviews make it clear: these are the top pros in our network. Congratulations to this year's Super Service Award winners."
Angi Super Service Award 2021 winners have met eligibility requirements. Pros on Angi qualify for the award by obtaining 3 or more services-performed reviews in the previous year, maintaining a current and lifetime GPA of at least 4+ stars. The SSA winners must be in good standing with Angi and have undergone our verification/screening
"Serve people: our customers, our co-workers, our community; and have fun doing it."
Lee's Air, Plumbing, & Heating has been on Angi since 2006. This is the fifth year Lee's Air, Plumbing, & Heating has received this honor.
Service company ratings are updated continually on Angi as new, verified consumer reviews are submitted. Companies are rated in multiple fields ranging from price to professionalism to punctuality.
For over two decades Angi has been a trusted name for connecting consumers to top-rated service professionals. Angi provides unique tools and support designed to improve the local service experience for both consumers and service professionals.
###
Lee's Air, Plumbing, & Heating has been servicing Central and Northern California for over 40 years. Through our continuous search for talented, passionate individuals, we've grown significantly since our humble beginnings in 1981. However, although we've grown in size, we've always been committed to being service experts.
We've always tried to be a solution to your home services problems, and we've been incredibly successful in doing so. Our people are our solution. Visit www.leesair.com for more information. CL#635355
For more information please contact us at 559-384-1017
SOURCE Lee's Air, Plumbing, & Heating | https://www.prnewswire.com/news-releases/lees-air-plumbing--heating-earns-2021-angi-super-service-award-301590502.html | 2022-07-20T22:01:45 | en | 0.959566 |
NEW ORLEANS, July 20, 2022 /PRNewswire/ -- Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF") are investigating the proposed merger of NEOGEN Corporation ("the Company") (NasdaqGS: NEOG) with 3M (NYSE: MMM) pursuant to which shareholders of NEOGEN will own only approximately 49.9% of the combined company. KSF is seeking to determine whether the merger and the process that led to it are adequate, or whether the merger undervalues the Company.
If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn (lewis.kahn@ksfcounsel.com) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nasdaqgs-neog/ to learn more.
To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
1100 Poydras St., Suite 3200
New Orleans, LA 70163
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SOURCE Kahn Swick & Foti, LLC | https://www.wlbt.com/prnewswire/2022/07/20/neogen-investor-alert-by-former-attorney-general-louisiana-kahn-swick-amp-foti-llc-investigates-merger-neogen-corporation-neog/ | 2022-07-20T22:01:45 | en | 0.870445 |
JEFFERSON CITY, Mo. (AP) — Gov. Mike Parson and first lady Teresa Parson will travel to Germany and the Netherlands next week for a trade mission to promote Missouri businesses and trade.
Missouri exported nearly $679 million in goods to Germany last year and more than $223 million to the Netherlands, according to the governor's office.
The trip will include stops in Frankfurt and Düsseldorf, Germany, as well as Amsterdam and the Hague, Netherlands, where the governor will meet with government officials, diplomats and business leaders to promote Missouri.
The trip is funded by the Hawthorn Foundation, a Missouri nonprofit organization. | https://www.chron.com/news/article/Parson-to-travel-to-Netherlands-Germany-to-17317975.php | 2022-07-20T22:01:49 | en | 0.949776 |
SUGAR LAND, Texas, July 20, 2022 /PRNewswire/ -- Noble Corporation (NYSE: NE) today announced plans to report financial results for the second quarter 2022 on Monday, August 8, 2022, after the close of trading on the New York Stock Exchange. The Company's press release will be available on the Noble website at www.noblecorp.com.
Noble will host a conference call related to its second quarter 2022 results on Tuesday, August 9, 2022, at 8:00 a.m. U.S. Central Time. Interested parties may dial +1 929-203-0901 and refer to conference ID 31391 approximately 15 minutes prior to the scheduled start time. Alternatively, a live webcast link will be available on the Investor Relations section of the Company's website. A webcast replay will be accessible for a limited time following the scheduled call.
Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. Additional information on Noble is available at www.noblecorp.com.
Investors and others should note that we may announce material information using Securities and Exchange Commission filings, press releases, public conference calls, webcasts, and the "Investor" section of our website. In the future, we will continue to use these channels to distribute material information about the company and to communicate important information about the company, key personnel, corporate initiatives, regulatory updates, and other matters. Information that we post on our website could be deemed material; therefore, we encourage investors, the media, our customers, business partners and others interested in our company to review the information we post on our website.
For additional information, visit www.noblecorp.com or email investors@noblecorp.com
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SOURCE Noble Corporation | https://www.wlbt.com/prnewswire/2022/07/20/noble-corporation-announce-second-quarter-2022-results/ | 2022-07-20T22:01:52 | en | 0.910107 |
WEST POINT, Miss. (AP) — A Mississippi man arrested in a nearly two-decade old cold case will have an initial court appearance Friday.
Frederick Fitzgerald Gandy, 55, of West Point, was arrested Monday afternoon and charged with attempted murder, rape, burglary, and attempted armed robbery, the Northeast Mississippi Daily Journal reported. He is being held in the Clay County Jail on a $950,000 bond.
The case stems from January 2003. The victim had urged the West Point Police Department to reopen the case. After COVID-19 further delayed the investigation, she asked again on April 5. Detective Ramirez Ivy took on the case.
Ivy discovered untested DNA evidence. It was sent to the state crime lab in Pearl. Police said testing methods not available in 2003 delivered results that implicated Gandy. Officials refused to provide the Northeast Mississippi Daily Journal with details about the evidence,
“The pretrial rules do not allow us to say much about the evidence,” Scott Colom, 16th Circuit District Attorney, told the newspaper. “I will say this is very solid evidence. I am confident we will be able to get a conviction.”
Colom specified the testing was not genetic genealogy. The DNA testing developed a profile that could be entered into the national crime data bank, CODIS, where Gandy was first identified as a suspect.
The victim said she does not blame police for the two decades she waited before an arrest was made. She applauded detective Ivy for treating her humanely, which she said is often missing in cases like hers. She now works as a victim’s advocate in Tennessee.
Gandy's attorney could not be immediately reached for comment on Wednesday. | https://www.chron.com/news/article/Police-Untested-DNA-leads-to-Mississippi-cold-17318156.php | 2022-07-20T22:01:55 | en | 0.97176 |
NEW YORK , July 20, 2022 /PRNewswire/ -- The "LiDAR Market - Competitive Analysis, Impact of COVID-19, Five Force Analysis" report has been added to Technavio's offering. The LiDAR market size is estimated to grow by USD 1.57 million, growing at a CAGR of 15.2% from 2020 to 2025. 39% of the market's growth will originate from North America during the forecast period. The US is the key market for LiDAR market in North America. Market growth in this region will be faster than the growth of the market in other regions. The increasing application areas of LiDAR will facilitate the lidar market growth in North America over the forecast period.
For more highlights on the regional segment - Request a sample now!
LiDAR Market - Market Dynamics
- Drivers: Factors such as expanding application areas of lidar technology, and increased adoption of lidar in automotive applications will be crucial in driving the growth of the market.
- Challenges: The high cost of lidar sensors will restrict the market growth.
- For detailed information on the market dynamics - Click Now!
LiDAR Market - Company Profiles
The LiDAR market is fragmented and the vendors are deploying growth strategies such as technological mergers & developing technologically enhanced LiDAR solutions at a lower cost, and geographical expansion through collaborations and acquisitions to compete in the market. Some of the companies covered in this report are FARO Technologies Inc., GeoSLAM Ltd., Hexagon AB, LeddarTech Inc., Quanergy Systems Inc., Robert Bosch GmbH, SICK AG, Teledyne Technologies Inc., Trimble Inc., and Velodyne Lidar Inc., etc.
- FARO Technologies Inc. - The company offers LiDAR solutions for construction and public safety applications.
- GeoSLAM Ltd. - The company offers ZEB Horizon which is a LiDAR solution for a range of 100 meters.
- Hexagon AB - The company offers LiDAR solutions through its subsidiary Leica Geosystems AG.
- LeddarTech Inc. - The company offers cost-effective, scalable, and versatile LiDAR development solutions to Tier-1 and 2 automotive suppliers and system integrators.
- Trimble Inc. - LiDAR solutions offered by the company include Terimble X7 scanners, Trimble TX8, Trimble TX6, Trimble SX10.
- To know about all major vendor offerings - Grab a sample now!
LiDAR Market - Segmentation Analysis
- By Product, the market is classified into airborne LiDAR and terrestrial LiDAR.
- By Application, the market is classified into corridor mapping, engineering, ADAS, driverless cars, environment, and others.
- By Geography, the market is classified as North America, Europe, APAC, MEA, South America, North America, Europe, APAC, MEA, and South America.
To know about the contribution of each segment - Request a sample!
Get ready to achieve excellent business outcomes from this exclusive LiDAR Market report by Technavio. The report will include highlights of the overall market which includes frequently asked questions such as -
- What are historical revenue figures and estimated revenue figures as well as CAGR during the forecast timeframe?
- What is the current trend taking place in the market space?
- Which are business tactics that will influence competitive scenarios along with defining the growth potential of the market?
- What are market drivers, restraints, and challenges impacting demand & growth of the market?
- Which regions & segments will garner massive revenue and emerge as market leaders in upcoming years?
The competitive scenario provided in the LiDAR Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.Don't wait, Make a strategic approach & boost your business goals with our LiDAR Market Forecast Report - Buy Now!
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Table of Content
1 Executive Summary
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 01: Parent market
- Exhibit 02: Market characteristics
- 2.2 Value chain analysis
- Exhibit 03: Value chain for electronic equipment and instruments
3 Market Sizing
- 3.1 Market definition
- Exhibit 04: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 05: Market segments
- 3.3 Market size 2020
- 3.4 Market outlook: Forecast for 2020 - 2025
- Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
- Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)
4 Five Forces Analysis
- 4.1 Five forces analysis
- Exhibit 08: Five forces analysis 2020 & 2025
- 4.2 Bargaining power of buyers
- Exhibit 09: Bargaining power of buyers
- 4.3 Bargaining power of suppliers
- Exhibit 10: Bargaining power of suppliers
- 4.4 Threat of new entrants
- Exhibit 11: Threat of new entrants
- 4.5 Threat of substitutes
- Exhibit 12: Threat of substitutes
- 4.6 Threat of rivalry
- Exhibit 13: Threat of rivalry
- 4.7 Market condition
- Exhibit 14: Market condition - Five forces 2020
5 Market Segmentation by Product
- 5.1 Market segments
- Exhibit 15: Product - Market share 2020-2025 (%)
- 5.2 Comparison by Product
- Exhibit 16: Comparison by Product
- 5.3 Airborne LiDAR - Market size and forecast 2020-2025
- Exhibit 17: Airborne LiDAR - Market size and forecast 2020-2025 ($ million)
- Exhibit 18: Airborne LiDAR - Year-over-year growth 2020-2025 (%)
- 5.4 Terrestrial LiDAR - Market size and forecast 2020-2025
- Exhibit 19: Terrestrial LiDAR - Market size and forecast 2020-2025 ($ million)
- Exhibit 20: Terrestrial LiDAR - Year-over-year growth 2020-2025 (%)
- 5.5 Market opportunity by Product
- Exhibit 21: Market opportunity by Product
6 Market Segmentation by Application
- 6.1 Market segments
- Exhibit 22: Application - Market share 2020-2025 (%)
- 6.2 Comparison by Application
- Exhibit 23: Comparison by Application
- 6.3 Corridor mapping - Market size and forecast 2020-2025
- Exhibit 24: Corridor mapping - Market size and forecast 2020-2025 ($ million)
- Exhibit 25: Corridor mapping - Year-over-year growth 2020-2025 (%)
- 6.4 Engineering - Market size and forecast 2020-2025
- Exhibit 26: Engineering - Market size and forecast 2020-2025 ($ million)
- Exhibit 27: Engineering - Year-over-year growth 2020-2025 (%)
- 6.5 ADAS and driverless cars - Market size and forecast 2020-2025
- Exhibit 28: ADAS and driverless cars - Market size and forecast 2020-2025 ($ million)
- Exhibit 29: ADAS and driverless cars - Year-over-year growth 2020-2025 (%)
- 6.6 Environment - Market size and forecast 2020-2025
- Exhibit 30: Environment - Market size and forecast 2020-2025 ($ million)
- Exhibit 31: Environment - Year-over-year growth 2020-2025 (%)
- 6.7 Others - Market size and forecast 2020-2025
- Exhibit 32: Others - Market size and forecast 2020-2025 ($ million)
- Exhibit 33: Others - Year-over-year growth 2020-2025 (%)
- 6.8 Market opportunity by Application
- Exhibit 34: Market opportunity by Application
7 Customer landscape
8 Geographic Landscape
- 8.1 Geographic segmentation
- Exhibit 36: Market share by geography 2020-2025 (%)
- 8.2 Geographic comparison
- Exhibit 37: Geographic comparison
- 8.3 North America - Market size and forecast 2020-2025
- Exhibit 38: North America - Market size and forecast 2020-2025 ($ million)
- Exhibit 39: North America - Year-over-year growth 2020-2025 (%)
- 8.4 Europe - Market size and forecast 2020-2025
- Exhibit 40: Europe - Market size and forecast 2020-2025 ($ million)
- Exhibit 41: Europe - Year-over-year growth 2020-2025 (%)
- 8.5 APAC - Market size and forecast 2020-2025
- Exhibit 42: APAC - Market size and forecast 2020-2025 ($ million)
- Exhibit 43: APAC - Year-over-year growth 2020-2025 (%)
- 8.6 MEA - Market size and forecast 2020-2025
- Exhibit 44: MEA - Market size and forecast 2020-2025 ($ million)
- Exhibit 45: MEA - Year-over-year growth 2020-2025 (%)
- 8.7 South America - Market size and forecast 2020-2025
- Exhibit 46: South America - Market size and forecast 2020-2025 ($ million)
- Exhibit 47: South America - Year-over-year growth 2020-2025 (%)
- 8.8 Key leading countries
- Exhibit 48: Key leading countries
- 8.9 Market opportunity by geography
9 Drivers, Challenges, and Trends
- 9.1 Market drivers
- 9.2 Market challenges
- Exhibit 50: Impact of drivers and challenges
- 9.3 Market trends
10 Vendor Landscape
- 10.1 Vendor landscape
- Exhibit 51: Vendor landscape
- 10.2 Landscape disruption
- Exhibit 52: Landscape disruption
- 10.3 Industry risks
- Exhibit 53: Industry risks
- 10.4 Competitive scenario
11 Vendor Analysis
- 11.1 Vendors covered
- Exhibit 54: Vendors covered
- 11.2 Market positioning of vendors
- Exhibit 55: Market positioning of vendors
- 11.3 FARO Technologies Inc.
- Exhibit 56: FARO Technologies Inc. - Overview
- Exhibit 57: FARO Technologies Inc. - Business segments
- Exhibit 58: FARO Technologies Inc. - Key news
- Exhibit 59: FARO Technologies Inc. - Key offerings
- Exhibit 60: FARO Technologies Inc. - Segment focus
- 11.4 GeoSLAM Ltd.
- Exhibit 61: GeoSLAM Ltd. - Overview
- Exhibit 62: GeoSLAM Ltd. - Product and service
- Exhibit 63: GeoSLAM Ltd. - Key offerings
- 11.5 Hexagon AB
- Exhibit 64: Hexagon AB - Overview
- Exhibit 65: Hexagon AB - Business segments
- Exhibit 66: Hexagon AB - Key news
- Exhibit 67: Hexagon AB - Key offerings
- Exhibit 68: Hexagon AB - Segment focus
- 11.6 LeddarTech Inc.
- Exhibit 69: LeddarTech Inc. - Overview
- Exhibit 70: LeddarTech Inc. - Product and service
- Exhibit 71: LeddarTech Inc. - Key news
- Exhibit 72: LeddarTech Inc. - Key offerings
- 11.7 Quanergy Systems Inc.
- Exhibit 73: Quanergy Systems Inc. - Overview
- Exhibit 74: Quanergy Systems Inc. - Product and service
- Exhibit 75: Quanergy Systems Inc. - Key offerings
- 11.8 Robert Bosch GmbH
- Exhibit 76: Robert Bosch GmbH - Overview
- Exhibit 77: Robert Bosch GmbH - Business segments
- Exhibit 78: Robert Bosch GmbH - Key news
- Exhibit 79: Robert Bosch GmbH - Key offerings
- Exhibit 80: Robert Bosch GmbH - Segment focus
- 11.9 SICK AG
- Exhibit 81: SICK AG - Overview
- Exhibit 82: SICK AG - Business segments
- Exhibit 83: SICK AG - Key news
- Exhibit 84: SICK AG - Key offerings
- Exhibit 85: SICK AG - Segment focus
- 11.10 Teledyne Technologies Inc.
- Exhibit 86: Teledyne Technologies Inc. - Overview
- Exhibit 87: Teledyne Technologies Inc. - Business segments
- Exhibit 88: Teledyne Technologies Inc. - Key news
- Exhibit 89: Teledyne Technologies Inc. - Key offerings
- Exhibit 90: Teledyne Technologies Inc. - Segment focus
- 11.11 Trimble Inc.
- Exhibit 91: Trimble Inc. - Overview
- Exhibit 92: Trimble Inc. - Business segments
- Exhibit 93: Trimble Inc. - Key news
- Exhibit 94: Trimble Inc. - Key offerings
- Exhibit 95: Trimble Inc. - Segment focus
- 11.12 Velodyne Lidar Inc.
- Exhibit 96: Velodyne Lidar Inc. - Overview
- Exhibit 97: Velodyne Lidar Inc. - Product and service
- Exhibit 98: Velodyne Lidar Inc. - Key news
- Exhibit 99: Velodyne Lidar Inc. - Key offerings
12 Appendix
- 12.1 Scope of the report
- 12.2 Currency conversion rates for US$
- Exhibit 100: Currency conversion rates for US$
- 12.3 Research methodology
- Exhibit 101: Research Methodology
- Exhibit 102: Validation techniques employed for market sizing
- Exhibit 103: Information sources
- 12.4 List of abbreviations
- Exhibit 104: List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
Jesse Maida
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio | https://www.prnewswire.com/news-releases/lidar-market-39-of-growth-to-originate-from-north-america-evolving-opportunities-with-faro-technologies-inc--geoslam-ltd---technavio-301589012.html | 2022-07-20T22:01:57 | en | 0.847438 |
TULSA, Okla., July 20, 2022 /PRNewswire/ -- The board of directors of ONEOK, Inc. (NYSE: OKE) today declared a quarterly dividend of 93.5 cents per share, unchanged from the previous quarter, resulting in an annualized dividend of $3.74 per share.
The dividend is payable Aug. 15, 2022, to shareholders of record at the close of business Aug. 1, 2022.
ONEOK, Inc. (pronounced ONE-OAK) (NYSE: OKE) is a leading midstream service provider and owner of one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Rocky Mountain, Mid-Continent and Permian regions with key market centers and an extensive network of natural gas gathering, processing, storage and transportation assets.
ONEOK is a FORTUNE 500 company and is included in the S&P 500.
For the latest news about ONEOK, find us at www.oneok.com or on LinkedIn, Facebook, Twitter and Instagram.
Some of the statements contained and incorporated in this news release are forward-looking statements as defined under federal securities laws. The forward-looking statements relate to our anticipated financial performance (including projected levels of quarterly and annual dividends), liquidity, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under federal securities laws and other applicable laws.
Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "guidance," "intend," "may," "might," "plan," "potential," "project," "scheduled," "should," "will," "would" and other words and terms of similar meaning.
One should not place undue reliance on forward-looking statements. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, markets, products, services and prices. These and other risks are described in greater detail in Item 1A, Risk Factors, in our most recent Annual Report on Form 10-K and in the other filings that we make with the Securities and Exchange Commission (SEC), which are available on the SEC's website at www.sec.gov. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Any such forward-looking statement speaks only as of the date on which such statement is made, and, other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.
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SOURCE ONEOK, Inc. | https://www.wlbt.com/prnewswire/2022/07/20/oneok-declares-quarterly-dividend/ | 2022-07-20T22:01:59 | en | 0.949322 |
PORTLAND, Ore. (AP) — The city of Portland has paid $55,000 to two independent journalists who alleged excessive force by Portland police during a 2020 Black Lives Matter demonstration.
An investigation after their lawsuit was filed determined the city risked being found liable, so the City Council opted for an emergency ordinance to avoid a jury trial, The Oregonian/OregonLive reported. The money for the settlement, which compensates the reporters for injuries, will come from the city’s Insurance and Claims Fund.
Cory Elia and Lesley McLam were contributing to Village Portland and KBOO Community Radio when they were arrested while live-streaming a protest.
After police deployed tear gas into the crowd, Elia was forced to the ground by at least four officers and McLam, who was trying to take Elias’ phone and press pass for him, was tackled by police, according to the lawsuit.
In the suit, Elia said he suffered breathing difficulty from heightened asthma symptoms because of teargas, a head injury, and other maladies.
Elia said in a statement that he filed the lawsuit “because the suppressive tactics used by the police to silence journalists is not only a violation of the First Amendment, but an attack on the public’s right to be informed of the injustices happening in their own community at the hands of those who are sworn to ‘protect and serve.’”
The lawsuit filed in July 2020 demanded $1 million from the city. It named two “John Doe” officers as defendants, as well as officers John Bartlett and Michelle Petty.
Portland paid $335,000 in 2021 to settle protest-related lawsuits involving police, according to city records. | https://www.chron.com/news/article/Portland-settles-excessive-force-suit-brought-by-17318187.php | 2022-07-20T22:02:01 | en | 0.980808 |
LOS ANGELES, July 20, 2022 /PRNewswire/ -- Mercury General Corporation (NYSE: MCY) reported today that after the markets close on Tuesday, August 2, 2022, the Company will issue an earnings press release reporting its results for the second quarter of 2022, and will also file its quarterly report on Form 10-Q with the Securities and Exchange Commission. The earnings press release should be read in conjunction with the Company's quarterly report on Form 10-Q.
Mercury General Corporation and its subsidiaries are a multiple line insurance organization offering predominantly personal automobile and homeowners insurance through a network of independent producers and direct-to-consumer sales in many states. For more information, visit the Company's website at http://www.mercuryinsurance.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Certain statements contained in this press release are forward-looking statements based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the Company) and are subject to change based upon various factors, including but not limited to the following risks and uncertainties: changes in the demand for the Company's insurance products, inflation and general economic conditions, including general market risks associated with the Company's investment portfolio; the accuracy and adequacy of the Company's pricing methodologies; catastrophes in the markets served by the Company; uncertainties related to estimates, assumptions and projections generally; the possibility that actual loss experience may vary adversely from the actuarial estimates made to determine the Company's loss reserves in general; the Company's ability to obtain and the timing of the approval of premium rate changes for insurance policies issued in the states where it operates; legislation adverse to the automobile insurance industry or business generally that may be enacted in the states where the Company operates; the Company's success in managing its business in non-California states; the presence of competitors with greater financial resources and the impact of competitive pricing and marketing efforts; the Company's ability to successfully manage its claims organization outside of California; the Company's ability to successfully allocate the resources used in the states with reduced or exited operations to its operations in other states; changes in driving patterns and loss trends; acts of war and terrorist activities; pandemics, epidemics, widespread health emergencies, or outbreaks of infectious diseases; court decisions and trends in litigation and health care and auto repair costs; and legal, cybersecurity, regulatory and litigation risks. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. For a more detailed discussion of some of the foregoing risks and uncertainties, see the Company's filings with the Securities and Exchange Commission.
SOURCE Mercury General Corporation | https://www.prnewswire.com/news-releases/mercury-general-corporation-to-report-second-quarter-results-on-august-2-2022-301590540.html | 2022-07-20T22:02:03 | en | 0.936361 |
NASHVILLE, Tenn., July 20, 2022 /PRNewswire/ -- Outsider and On3 announce an exclusive alliance for sales and sponsorship representation of On3's national media brand assets and 20+ fan site network. Under this partnership, On3 and Outsider teams will work closely to develop and establish On3's sponsorship business and direct sales channel.
This partnership marks a new chapter for On3 to develop a direct sales channel for advertisers and sponsors. The business primarily has been a premium subscription model with a robust programmatic digital media business. Outsider is building a best-in-class brand partnerships organization under the leadership of recently appointed CEO Deirdre Lester and intends to partner with select publishers aligned to the brand, who are authorities in their respective categories and deliver highly engaged communities.
"In less than a year since launching On3 and approximately a year from the changes to NCAA NIL rules, On3 has established its brand as a leader in the college sports digital media and data landscape. On3 is emerging as the clear authority in NIL news, deal information, and NIL valuation," says Deirdre Lester. "With more than 250 full-time content creators, highlighted by Ivan Maisel, Chad Simmons, Matt Zenitz, and the On3 fan site network, which is home to arguably the most rabid sports fans in America, I'm confident that this partnership will resonate with the brand marketplace."
"Deirdre has executed at the highest levels at best-in-class digital brands her entire career. She has a proven track record of building a world-class national sales organization," says On3 CEO and Founder, Shannon Terry. "On3 creates so much original content and shows from the best news breakers in college sports. Deirdre and her team have the experience and relationships to drive brand partnerships and create significant revenue for On3 while also creating an incremental revenue stream for Outsider. It is a perfect match."
Outsider will work closely with the content and product teams at On3 to develop a go-to-market strategy around sponsorship opportunities and identify business prospects.
On3 is the premier college sports digital media, data, and marketing company for fans, media, coaches, and athletes. On3 features the defacto athlete and team database in the category, and more than 250 full-time content creators focused on the key topics of college sports today – recruiting, transfer portal, NIL, coaching transaction, and the draft.
Outsider is a media and lifestyle company that celebrates American culture through the entertainment, sports, and news we cover and the authentic goods we create.
Contact:
Caroline Bynum
caroline.bynum@outsider.com
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SOURCE Outsider | https://www.wlbt.com/prnewswire/2022/07/20/outsider-partners-with-on3-strategic-alliance-exclusive-sales-representation/ | 2022-07-20T22:02:06 | en | 0.946507 |
PASCAGOULA, Miss. (AP) — A staffing agency and a military contractor have agreed to pay $350,000 to settle a sexual harassment and retaliation lawsuit over the behavior of a man who worked as a Mississippi shipyard supervisor against women who worked on a cleaning crew.
The Equal Employment Opportunity Commission announced the settlement in a news release Monday, the same day a consent decree in the case was filed in U.S. District Court in southern Mississippi.
“Employers, including staffing agencies, are obligated to protect their employees from a sexually hostile work environment and to protect them from retaliation once they report harassment," Marsha Rucker, a regional attorney for the EEOC, said in the news release.
The federal agency sued staffing agency NSC Technologies and shipbuilder Huntington Ingalls Inc. last year over incidents that occurred from September 2017 to May 2018.
The suit originally was filed in federal court in Alabama, and the case was moved early this year to Mississippi. Ingalls Shipbuilding is in Pascagoula, Mississippi.
Huntington Ingalls Industries is the largest military shipbuilding company in the nation, and NSC Technologies is a staff contracting company. Both are based in Virginia.
The lawsuit accused Huntington Ingalls Industries and NSC Technologies of ignoring pleas for help from women on a cleaning crew who said a supervisor employed by Huntington Ingalls assaulted them, coerced one of them into having sex and had “an ongoing sexual relationship” with another woman, which included demands for specific acts.
NSC had sent the cleaning crew to work at the shipyard. The Huntington Ingalls employee was a superintendent on a Coast Guard ship at the yard in Pascagoula.
The news release said the man “made sexual comments to female employees, engaged in lewd acts in front of them, threatened to terminate them if they did not acquiesce to his sexual advances and sexually assaulted two female employees.”
Two women reported the sexual harassment to their supervisors at NSC and made a complaint on a Huntington Ingalls hotline. After that, the ship superintendent “terminated one female employee who refused his advances, prompted another to quit out of fear he would assault her and threatened to kill a third female employee after she reported his assaults,” the news release said.
The consent decree requires the two companies to review their policies against discrimination and retaliation and to revise them, if necessary. The policies must contain clear definitions of sexual harassment and retaliation and a statement about the consequences of violating the policies. The companies also must train their employees against discrimination and retaliation. | https://www.chron.com/news/article/Shipbuilder-staffing-agency-settle-sex-17318017.php | 2022-07-20T22:02:08 | en | 0.970666 |
Morgan Creek - Exos SPAC Originated ETF (SPXZ) announces it will be winding down in August 2022
CHAPEL HILL, N.C., July 20, 2022 /PRNewswire/ -- After careful consideration, and at the recommendation of Morgan Creek Capital Management, LLC, the investment adviser to Morgan Creek - Exos SPAC Originated ETF (the "Fund"), the Board of Trustees of Listed Funds Trust approved the closing and subsequent liquidation of the Fund pursuant to the terms of a Plan of Liquidation. Accordingly, the Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders of record on or about August 18, 2022 (the "Liquidation Date"). Shares of the Fund are listed on the NYSE Arca, Inc.
Beginning on or about July 21, 2022 and continuing through the Liquidation Date, the Fund will liquidate its portfolio assets. As a result, during this period, the Fund will increase its cash holdings and deviate from its investment objective, investment strategies, and investment policies as stated in the Fund's Prospectus and SAI.
The Fund will no longer accept orders for new creation units after the close of business on the business day prior to the Liquidation Date, and trading in shares of the Fund will be halted prior to market open on the Liquidation Date. Prior to the Liquidation Date, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for the Fund's shares during that time period. Customary brokerage charges may apply to such transactions.
If no action is taken by a Fund shareholder prior to the Liquidation Date, the Fund will distribute to such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal to the net asset value of the shareholder's Fund shares as of the close of business on the Liquidation Date. This amount will include any accrued capital gains and dividends. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. The liquidating cash distribution to shareholders will be treated as payment in exchange for their shares. The liquidation of shares may be treated as a taxable event. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation.
Shareholders can call 1-855-857-2677 for additional information.
Details are posted at www.morgancreekcap.com
Contact: [email protected]
SOURCE MORGAN CREEK CAPITAL MANAGEMENT/DUKAS PUBLIC RELATIONS | https://www.prnewswire.com/news-releases/morgan-creek---exos-spac-originated-etf-spxz-announces-it-will-be-winding-down-in-august-2022-301590531.html | 2022-07-20T22:02:09 | en | 0.936557 |
Highlights:
Net Income: $10.7 million
Revenue: $23.0 million for Q2 2022
Total Assets: $1.99 billion, decreased 6.8% over December 31, 2021
Total Loans: $1.55 billion, increased 4.3% over December 31, 2021
Total Deposits: $1.61 billion, decreased 9.2% over December 31, 2021
WASHINGTON TOWNSHIP, N.J., July 20, 2022 /PRNewswire/ -- Parke Bancorp, Inc. ("Parke Bancorp" or the "Company") (NASDAQ: "PKBK"), the parent company of Parke Bank, announced its operating results for the quarter ended June 30, 2022.
Highlights for the three and six months ended June 30, 2022:
- Net income available to common shareholders was $10.7 million, or $0.90 per basic common share and $0.88 per diluted common share, for the three months ended June 30, 2022, a decrease of $19.0 thousand, or 0.2%, compared to net income available to common shareholders of $10.8 million, or $0.90 per basic common share and $0.89 per diluted common share, for the same quarter in 2021. The decrease is primarily driven by lower net interest income and increased loan loss provision, partially offset by higher non-interest income.
- Net interest income decreased 0.6% to $18.0 million for the three months ended June 30, 2022, compared to $18.1 million for the same period in 2021.
- Provision for loan losses increased $350.0 thousand for the three months ended June 30, 2022. There was no provision for loan losses recorded for the same period in 2021.
- Non-interest income increased $420.0 thousand, or 20.1%, to $2.5 million for the three months ended June 30, 2022, compared to $2.1 million for the same period in 2021.
- Net income available to common shareholders was $20.8 million, or $1.75 per basic common share and $1.71 per diluted common share, for the six months ended June 30, 2022, an increase of $643.0 thousand, or 3.2%, compared to net income available to common shareholders of $20.2 million, or $1.70 per basic common share and $1.67 per diluted common share, for the same period in 2021. The increase is primarily driven by higher non-interest income, an increase in net interest income, and reduced loan loss provision.
- Net interest income increased 0.5% to $35.1 million for the six months ended June 30, 2022, compared to $34.9 million for the same period in 2021.
- Non-interest income increased $261.0 thousand, or 6.0%, to $4.6 million for the six months ended June 30, 2022, compared to $4.3 million for the same period in 2021.
- Provision for loan losses decreased $150.0 thousand to $350.0 thousand for the six months ended June 30, 2022, compared to $500.0 thousand for the same period in 2021.
The following is a recap of the significant items that impacted the three and six months ended June 30, 2022:
Interest income decreased $861.0 thousand for the second quarter of 2022 compared to the same period in 2021, primarily due to a decrease in early loan payoff fees collected, as well as a decrease in fees earned from the Paycheck Protection Program ("PPP"), partially offset by an increase in interest earned on average deposits held at the Federal Reserve Bank ("FRB"). The increase in interest earned on average deposits was attributable to higher interest rates. For the six months ended June 30, 2022, interest income decreased $1.8 million from the same period in 2021, primarily driven by lower average loan balances, as well as a decrease in fees earned from the PPP, partially offset by higher interest rates on average deposits held in the FRB.
Interest expense decreased $752.0 thousand for the three months ended June 30, 2022, compared to the same period in 2021, primarily due to lower outstanding deposit balances. For the six months ended ended June 30, 2022, interest expense decreased $2.0 million, driven by lower outstanding deposit and borrowing balances.
The provision for loan losses increased $350.0 thousand for the three months ended June 30, 2022, compared to the same period in 2021, as a result of an increase in loan balances. For the six months ended June 30, 2022, the provision for loans losses decreased $150.0 thousand from the same period in 2021.
Non-interest income increased $420.0 thousand and $261.0 thousand for the three and six months ended June 30, 2022, respectively, compared to the same periods in 2021, primarily as a result of an increase in gain on sale of OREO assets as well as an increase in loan fees.
Income tax expense increased $56.0 thousand for the second quarter 2022 and $216.0 thousand for the six months ended June 30, 2022, respectively, compared to the same periods in 2021. The effective tax rate for the three and six months ended June 30, 2022 was 25.6% and 25.4%, respectively, compared to 25.3% and 25.3% for the same periods in 2021.
June 30, 2022 discussion of financial condition
- Total assets decreased to $1.99 billion at June 30, 2022, from $2.14 billion at December 31, 2021, a decrease of $146.1 million, or 6.8%, primarily due to a decrease in cash and cash equivalents attributed to a decrease in deposits, partially offset by an increase in loans receivable.
- Cash and cash equivalents totaled $393.2 million at June 30, 2022, as compared to $596.6 million at December 31, 2021.
- The investment securities portfolio decreased to $20.6 million at June 30, 2022, from $23.3 million at December 31, 2021, a decrease of $2.6 million, or 11.3%, primarily due to pay downs of securities as well as lower security valuations due to an increase in market interest rates.
- Gross loans increased to $1.55 billion at June 30, 2022, from $1.48 billion at December 31, 2021, an increase of $63.3 million or 4.3%.
- Nonperforming loans at June 30, 2022 decreased to $3.9 million, representing 0.25% of total loans, a decrease of $0.4 million, from $4.3 million of nonperforming loans at December 31, 2021. OREO at June 30, 2022 was zero, compared to $1.7 million at December 31, 2021. Nonperforming assets (consisting of nonperforming loans and OREO) represented 0.19% and 0.28% of total assets at June 30, 2022 and December 31, 2021, respectively. Loans past due 30 to 89 days were $14.6 million at June 30, 2022, an increase of $14.2 million from December 31, 2021, and was driven by two commercial real estate ("CRE") non-owner occupied loans.
- The allowance for loan losses was $30.4 million at June 30, 2022, as compared to $29.8 million at December 31, 2021. The ratio of the allowance for loan losses to total loans was 1.97% and 2.01% at June 30, 2022 and at December 31, 2021, respectively. The ratio of allowance for loan losses to non-performing loans was 786.6% at June 30, 2022, compared to 692.8%, at December 31, 2021.
- Total deposits were $1.61 billion at June 30, 2022, down from $1.77 billion at December 31, 2021, a decrease of $162.1 million or 9.2% compared to December 31, 2021. The decrease in deposits was attributed to a decrease in non-interest demand deposits of $100.5 million, and time deposits of $85.2 million, partially offset by increases of $21.4 million and $7.6 million in savings and money market deposits, respectively.
- Total borrowings were flat at $121.0 million at June 30, 2022 from December 31, 2021.
- Total equity increased to $249.1 million at June 30, 2022, up from $232.4 million at December 31, 2021, an increase of $16.8 million, or 7.2%, primarily due to the retention of earnings, partially offset by the distribution of $3.8 million of dividends.
CEO outlook and commentary
Vito S. Pantilione, President and Chief Executive Officer of Parke Bancorp, Inc. and Parke Bank, provided the following statement:
"Parke Bank continued to generate consistent earnings in the first half of 2022. Net Income of $20.8 million, $1.75 per basic common share, for the first six months of 2022, is $643,000 over the same period in 2021. Total Loans increased 4.3% from December 31, 2021, growing to $1.55 billion at June 30, 2022. Total Assets decreased 6.8% to $1.99 billion at June 30, 2022. The decrease was primarily due to a decrease in deposits of 9.2% from December 31, 2021, to $1.61 billion at June 30, 2022. One of the primary reasons for the decline in our deposits is the fluctuation in our cannabis deposits."
"Just when we see the Country starting to recover from the devastating COVID-19 pandemic, runaway inflation hits and the Federal Reserve Board raised interest rates 125 basis points in the past two months. There are strong indications that there will continue to be substantial interest rate increases for the balance of 2022 and most likely the beginning of 2023. Statements made acknowledge that the drastic interest rate increases, which are needed to fight a 41 year record inflation rate, may push the Country into a recession. In the opinion of some experts, the Country is already in the beginning of a recession. There are signs that the red hot real estate market is starting to cool off. If that is not enough to raise concerns, there are now reports that a new COVID strain is spreading across the world and is apparently not affected by the vaccines."
"This isn't the first challenging economy this Country has faced, and unfortunately, it most likely won't be the last. There are always opportunities where there are challenges. The key is to be well prepared and well positioned to prevail during tough times, with the financial strength to take advantage of those opportunities that arise. Most often asset quality is a casualty of a challenging economy, so Parke Bank continues to maintain a strong Allowance for Loan Loss Reserve, which is close to 2% of our total loan portfolio. Our strong earnings and capital position provide the foundation needed to face, as one expert put it, the coming hurricane."
Forward Looking Statement Disclaimer
This release may contain forward-looking statements. Such forward-looking statements are subject to risks and uncertainties which may cause actual results to differ materially from those currently anticipated due to a number of factors; our ability to maintain a strong capital base, strong earning and strict cost controls; our ability to generate strong revenues with increased interest income and net interest income;; our ability to continue the financial strength and growth of our Company and Parke Bank; our ability to continue to increase shareholders' equity, maintain strong reserves and good credit quality; our ability to ensure our Company continues to have strong loan loss reserves; our ability to ensure that our loan loss provision is well positioned for the future as the COVID-19 pandemic continues; our ability to continue to reduce our nonperforming loans and delinquencies and the expenses associated with them; our ability to realize a high recovery rate on disposition of troubled assets; our ability to continue to pay a dividend in the future; our ability to enhance shareholder value in the future; our ability to continue growing our Company, our earnings and shareholders' equity; and our ability to continue to grow our loan portfolio; the possibility of additional corrective actions or limitations on the operations of Parke Bancorp, Inc. and Parke Bank being imposed by banking regulators, therefore, readers should not place undue reliance on any forward-looking statements. Parke Bancorp, Inc. does not undertake, and specifically disclaims, any obligations to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such circumstance.
(PKBK-ER)
Financial Supplement:
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SOURCE Parke Bancorp, Inc. | https://www.wlbt.com/prnewswire/2022/07/20/parke-bancorp-inc-announces-second-quarter-2022-earnings/ | 2022-07-20T22:02:13 | en | 0.968933 |
ATLANTIC CITY, N.J. (AP) — Harvey Kesselman, a member of Stockton University's inaugural graduating class who went on to serve as the school's president for the past seven years, announced Wednesday that he will be stepping down next year.
Kesselman made the announcement during a Board of Trustees meeting at the university's Atlantic City campus. The fifth president in the school's history, he plans to leave that post on June 30, 2023, but will remain at Stockton as president emeritus and a tenured professor of education.
Kesselman earned a bachelor’s degree in political science from then Stockton State College in 1971, then received a master's degree in student personnel services/counseling from Rowan University and a doctorate in higher education administration from Widener University.
He served as a faculty member at Stockton before holding several mid- and senior-level administrative positions there, including provost and executive vice president. He began serving as the university's acting president in April 2015, and the board named him to the post on a permanent basis eight months later,
Raymond Ciccone, chairman of Stockton’s Board of Trustees, said the university will start a national search for Kesselman's successor in the coming months. | https://www.chron.com/news/article/Stockton-University-president-leaving-office-next-17318153.php | 2022-07-20T22:02:14 | en | 0.975039 |
Neptune Provides Sprout Organics Distribution Update
Sprout up 40% in the latest four weeks of Nielsen data - outperforming the baby food category across the board for all time periods measured
Exploring potentially expanding into new product categories beyond the Baby Food Aisle
LAVAL, QC and MONTVALE, N.J., July 20, 2022 /PRNewswire/ - Today Neptune Wellness Solutions Inc. ("Neptune" or the "Company") (NASDAQ: NEPT) (TSX: NEPT), a diversified and fully integrated health and wellness company focused on plant-based, sustainable and purpose-driven lifestyle brands, is providing a distribution update for Sprout Organics ("Sprout"), an organic plant-based baby food and toddler snack company, highlighting strong growth in the latest four weeks of Nielsen data and discussing its potential expansion into new product categories beyond the baby food aisle.
Certain information in this news release has been historically provided by Neptune in its quarterly and annual earnings calls. Due to the timing of Neptune's most recent call, the availability of such information and certain other matters in which Neptune was engaged at the time of such call, such information was not available or could not be properly or fully shared at that time. As a result, this information is being provided now to investors in Neptune in a supplemental news release to ensure that investors have such information available to them related to the business and operations of Sprout.
Distribution Gains
- Distribution: Now available in 90% of the organic baby food market, up from only 50% a year-ago
- SKU Count: 92 SKUs available vs 74 SKUs a year-ago
- Store Count: Products are now in 27,000 doors vs 18,500 doors a year-ago, a 45% increase
- Added Distribution: In the last year, Sprout has established several distribution gains with leading retailers, including Target, Walmart, major supermarket chains and the largest national pharmacy chain in the United States (in 5,000 of their 9,900 doors), and is now shipping direct-to-consumers via the Sprout Organics website
- Geographic presence: Now available in all 50 states, as well as in Canada
Market Share & Growth
- Sales Growth: Sprout grew 40%, vs 15% for the overall category, in the latest four weeks of Nielsen data for the period ending June 18, 2022, outperforming the product category in all time periods measured1
- Market Share by Category2:
- Toddler Meals: Sprout has a 19% share of the $14 million Toddler Meals category, with velocities (how quickly a product is sold) outperforming the category by 5%
- Snacks: Sprout has a 5% share of the $199 million Snacks category, with velocities slightly underperforming the category (sales of newly launched Sprout Snack Bars are not yet reflected in the data)
- Pouches: Sprout has a 5% share of the $410 million Pouch category, with velocities outperforming the category by 33%
Supply Chain Simplification
- Sprout has streamlined its supply chain to focus on fewer strategic partnerships, reducing the overall number of vendors it works with from 55 down to 22. This has allowed Sprout to improve supply chain efficiency and reduce costs, while maintaining fill rates.
Category Expansion
- According to Nielsen data, Sprout's sales in the organic toddler meal category have grown at an accelerated rate since September 2020, outpacing growth for the Organic Baby Food category as a whole.
- The prepared foods category represents a $3.6 billion market size (according to Nielsen data), which is more than double the size of the baby food market and where data shows gross margins in the 30% range.
- New Up-Age meal products - Mealz™, a Sprout line of organic heat-and-serve bowls for children, which are a convenient option for busy parents who want to ensure their children get a full serving of vegetables – should be available as early as Fall 2022.
- Sprout is also exploring further category expansion, including Cereal, an estimated $21 billion market size; Vitamins, an estimated $7 billion market size; and Beverages, an estimated $124 billion market size (in each case, according to Nielsen data).
Statement from Sprout Management:
"We believe that our expansion efforts, in parallel with our cost-management strategy, will allow our products to disrupt the organic food market at a higher level. We intend to release new products into categories where we see potential for Sprout to capture sales demand in high-growth markets. By leveraging our expertise and unique partnerships, we seek to continue to strengthen our position and brand as a leader in the organic food sector and beyond."
About Neptune Wellness Solutions Inc.
Headquartered in Laval, Quebec, Neptune is a diversified health and wellness company with a mission to redefine health and wellness. Neptune is focused on building a portfolio of high quality, affordable consumer products in response to long-term secular trends and market demand for natural, plant-based, sustainable and purpose-driven lifestyle brands. The Company utilizes a highly flexible, cost-efficient manufacturing and supply chain infrastructure that can be scaled to quickly adapt to consumer demand and bring new products to market through its mass retail partners and e-commerce channels. For additional information, please visit: https://neptunewellness.com/.
About Sprout Organics
Sprout Organics is an organic baby food brand that strives to make mealtime easy and fun for parents and babies through delicious snacks and meals made with fresh, organic ingredients. The company aims to make life less complicated, give children a head start in life, and explore new foods with excitement with three simple promises: Keep it real, keep it simple and keep it fun. Sprout uses only the best, real and organic ingredients in everything it makes which means certified organic foods in every bite straight from nature, no GMOs. To learn more, please visit www.sproutorganics.com.
Disclaimer – Safe Harbor Forward–Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates, and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance are not statements of historical fact and may be forward-looking statements. In this press release, forward-looking statements include, among other things, statements with respect to the potential growth and market opportunities for Sprout, the success of Sprout's products, the operational efficiencies achieved by Sprout and the ability of Sprout to maintain and improve upon such operational efficiencies, the development and timing of new products and product launches and the expansion of Sprout into new product categories generally. These forward-looking statements are based on assumptions and estimates of management at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties, and other factors including, principally, risks relating to supply chain disruptions and regulatory and litigation risks, as well as the other risks discussed under the heading "Risk Factors" in the Annual Report on Form 10-K for the year ended March 31, 2022 of Neptune Wellness Solutions Inc. ("Neptune") filed on July 8, 2022, as well as other factors described from time to time in Neptune's filings with the U.S. Securities and Exchange Commission. Sprout and Neptune undertake no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.
Neither NASDAQ nor the Toronto Stock Exchange accepts responsibility for the adequacy or accuracy of this release.
SOURCE Neptune Wellness Solutions Inc. | https://www.prnewswire.com/news-releases/neptune-provides-sprout-organics-distribution-update-301590550.html | 2022-07-20T22:02:15 | en | 0.937784 |
GUATEMALA CITY (AP) — The U.S. State Department has named 60 current and former officials, as well as some corporate figures, in its latest list of people suspected of corruption or undermining democracy in four Central American countries.
This year’s list especially focused on politicians, judges and others suspected of working to stack courts in Guatemala and the judges and prosecutors involved in cases against opposition political figures in Nicaragua in the runup to that country’s presidential election last year.
The list was provided to the U.S. Congress in compliance with legislation pushed two years ago by then-U.S. Rep. Eliot Engel. Those listed generally become ineligible for admission to the United States and have their visas revoked.
“The United States is committed to partnering with the people of Central America to strengthen democracy, improve rule of law, and combat corruption,” U.S. Secretary of State Antony Blinken said in a statement Wednesday. “These individuals, through their significant corruption, efforts to obstruct investigations into corruption, and undermining of democratic processes and institutions, weaken the ability of governments in the region to respond to the needs of their citizens, contributing to irregular migration and destabilizing societies.”
The new list also named former officials in previous administrations in Honduras, such as Juan Carlos “El Tigre” Bonilla Valladares, the ex-director of the National Police who was extradited to the United States in May to face drug trafficking charges.
Former and current officials in El Salvador made the list, including President Nayib Bukele’s press secretary and the president’s legal adviser, who allegedly masterminded the removal of five Supreme Court magistrates and the attorney general.
While required by Congress, the annual listing of corrupt actors or those threatening democracy align with Biden administration policies giving more weight to those issues. That shift from the Trump administration, which focused relations with those countries more narrowly on controlling immigration has led to more tense relationships in the region.
Guatemala President Alejandro Giammattei has been dismissive of U.S. officials’ criticism of his attorney general and what they see as a backsliding in Guatemala on battling corruption. The list includes the country’s new special prosecutor against impunity who is accused of obstructing corruption investigations.
A number of the Guatemalans, including two Supreme Court magistrates, were allegedly involved in a scheme to stack the Supreme and Appellate Courts with corrupt judges, according to the State Department report.
The Biden administration has also clashed with El Salvador’s Bukele, expressing concerns that his tightening grip on power is weakening the country’s democracy.
Also among those named is leader of Bukele’s party in the Legislative Assembly. Christian Reynaldo Guevara Guadron made the list for undermining “democratic processes or institutions when he introduced a Gang Prohibition Law that will punish with up to 15 years in prison the dissemination of gang messages in the media, considered by many observers to be a clear attempt to censor the media.”
Presidential press secretary José Ernesto Sanabria was accused of “using his position and wielding Bukele’s influence to inappropriately pressure officials in opposition political parties to resign on threat of being charged with criminal offenses.”
Nicaragua President Daniel Ortega arrested dozens of opposition figures in the run-up to last November’s presidential elections, including six likely challengers.
The list includes nearly two dozen Nicaraguan prosecutors and judges who participated in those cases and are now accused by the U.S. government of undermining democratic processes. | https://www.chron.com/news/article/US-publishes-list-of-alleged-bad-actors-in-17318122.php | 2022-07-20T22:02:20 | en | 0.963847 |
PURCHASE, N.Y., July 20, 2022 /PRNewswire/ -- PepsiCo, Inc. (NASDAQ: PEP) PepsiCo announced the closing of a new $1.25 billion 10-year Green Bond. The Company will use an amount equivalent to the net proceeds from the offering to fund Eligible Green Projects which will focus on its pep+ (PepsiCo Positive) agenda – the Company's strategic, end-to-end transformation that places sustainability and human capital at the center of how it will create growth and value. Investments under PepsiCo's new Green Bond will focus on investments to deliver key environmental sustainability initiatives under two pillars of its pep+ agenda: Positive Agriculture and Positive Value Chain. This will help the company deliver on its aim to operate within planetary boundaries and inspire positive change for the planet and people.
The new Green Bond is PepsiCo's second since 2019, with $858 million in equivalent proceeds from the $1 billion first Green Bond already allocated to Eligible Green Projects across six continents in categories of sustainable plastics and packaging, decarbonization of our operations and supply chain, and water sustainability.
"We were one of the first food and beverage corporations to issue a Green Bond and that initial funding has played a critical role in our sustainable transformation so far," stated Jim Andrew, Chief Sustainability Officer, PepsiCo. "While tackling the climate crisis requires a collaborative effort, it is clear that the private sector must play a leadership role. Our new Green Bond will be pivotal to channeling investment into the critical areas required to build a more sustainable and resilient food system."
PepsiCo's new Green Bond Framework outlines the categories where funding can be directed, each one aligning with the UN Sustainable Development Goals (SDGs), which include:
- Regenerative agriculture: PepsiCo's business starts with agriculture, sourcing more than 25 crops and ingredients from more than 30 countries. As part of its Positive Agriculture pillar of pep+, PepsiCo is working to source key ingredient crops such as potatoes, whole corn and oats in a way that accelerates regenerative agriculture. Investments from the new Green Bond can be used to adopt regenerative agriculture practices across PepsiCo's supply chain, including towards farmer training, practices to reduce fertilizer and watershed enhancement and improvement projects.
UN SDG Alignment: SDG 2 – Zero hunger and SDG 8 – Decent work and economic growth - Decarbonization and climate resilience within our operations and value chain: By 2030, the Company aims to reduce its absolute greenhouse gas (GHG) emissions by more than 40% against a 2015 baseline, more than doubling its previous climate goal. Equivalent net proceeds from the Green Bond may be used for initiatives to further these goals including on-site sustainable energy generation such as solar installations, investments in greener buildings that receive third-party verified certifications, energy efficiency and/or reducing GHG emissions at facilities, and upgrading of vending and cooling equipment. The funding may also be used towards the expansion of cleaner transportation, such as electric vehicles.
UN SDG Alignment: SDG 7 – Affordable and Clean Energy, and SDG 11 Sustainable Cities and Communities - Circular economy and virgin plastic waste reduction: One of PepsiCo's key pep+ goals is to strive to use 50 percent recycled plastic content in its packaging by 2030. The Company is already one of the largest users of food-grade rPET (recycled PET plastic) in the world, and the new Green Bond will enable PepsiCo to continue its work to increase the use of more sustainable product packaging including recycled, compostable and reusable materials. In addition, PepsiCo's new Green Bond Framework enables the Company to direct funding to projects that strengthen recycling infrastructure and increase recycling rates in key markets.
UN SDG Alignment: SDG 9 – Industry, Innovation and Infrastructure, and SDG 12 - Responsible Consumption and Production - Pursuing net positive water impact in owned operations and throughout PepsiCo's value chain, including those projects positively contributing to communities. Water stewardship has long been one of PepsiCo's top priorities and PepsiCo has a vision to become Net Water Positive in its operations by 2030 through reducing absolute water use and replenishing back into the local watershed more than 100% of the water used. The new Green Bond equivalent proceeds may be allocated to water recycling and reuse projects, including water efficiency improvements, as well as to investments to replenish watersheds in high water-risk areas through initiatives such as tree plantings, rainwater harvesting and wetlands rehabilitation. PepsiCo is also looking to fund the scaling of drip irrigation or other water savings technologies for the farmers who supply the Company with key crops and ingredients.
UN SDG Alignment: SDG 6 - Clean Water and Sanitation, SDG 12 – Responsible Consumption and Production, and SDG 15 – Life on Land
As part of its Green Bond governance, PepsiCo plans to publish an annual update of the allocation of the proceeds, throughout the term of the Green Bond and until all proceeds have been allocated. The full framework can be viewed here and the annual update will be reported publicly on PepsiCo's website.
PepsiCo recently published its first Environmental, Social, and Governance (ESG) Summary since the launch of pep+, laying out progress against each of its key pillars. The summary can be viewed here.
For more information, please contact pepsicomediarelations@pepsico.com
About PepsiCo
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $79 billion in net revenue in 2021, driven by a complementary beverage and convenient foods portfolio that includes Lay's, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including many iconic brands that generate more than $1 billion each in estimated annual retail sales.
Guiding PepsiCo is our vision to Be the Global Leader in Beverages and Convenient Foods by Winning with PepsiCo Positive (pep+). pep+ is our strategic end-to-end transformation that puts sustainability and human capital at the center of how we will create value and growth by operating within planetary boundaries and inspiring positive change for planet and people. For more information, visit www.pepsico.com.
Cautionary Statement
This release contains statements reflecting our views about our future performance that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified through the inclusion of words such as "aim," "anticipate," "believe," "drive," "estimate," "expect," "goal," "intend," "may," "plan," "project," "strategy," "target" and "will" or similar statements or variations of such terms and other similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in such statements, including the risks associated with the deadly conflict in Ukraine; the impact of COVID-19; future demand for PepsiCo's products; damage to PepsiCo's reputation or brand image; issues or concerns with respect to product quality and safety; PepsiCo's ability to compete effectively; water scarcity; changes in the retail landscape or in sales to any key customer; disruption of PepsiCo's manufacturing operations or supply chain, including increased commodity, packaging, transportation, labor and other input costs; political or social conditions in the markets where PepsiCo's products are made, manufactured, distributed or sold; future cyber incidents and other disruptions of our information systems; failure to successfully complete or manage strategic transactions; climate change or measures to address climate change; imposition or proposed imposition of new or increased taxes aimed at PepsiCo's products; imposition of limitations on the marketing or sale of PepsiCo's products; changes in laws and regulations related to the use or disposal of plastics or other packaging materials; failure to comply with applicable laws and regulations; and potential liabilities and costs from litigation, claims, legal or regulatory proceedings, inquiries or investigations. For additional information on these and other factors that could cause PepsiCo's actual results to materially differ from those set forth herein, please see PepsiCo's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. PepsiCo undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE PepsiCo, Inc. | https://www.wlbt.com/prnewswire/2022/07/20/pepsico-issues-new-125-billion-10-year-green-bond-company-accelerates-pep-transformation/ | 2022-07-20T22:02:20 | en | 0.938798 |
Outsider partners with On3 in a strategic alliance for exclusive sales representation
NASHVILLE, Tenn., July 20, 2022 /PRNewswire/ -- Outsider and On3 announce an exclusive alliance for sales and sponsorship representation of On3's national media brand assets and 20+ fan site network. Under this partnership, On3 and Outsider teams will work closely to develop and establish On3's sponsorship business and direct sales channel.
This partnership marks a new chapter for On3 to develop a direct sales channel for advertisers and sponsors. The business primarily has been a premium subscription model with a robust programmatic digital media business. Outsider is building a best-in-class brand partnerships organization under the leadership of recently appointed CEO Deirdre Lester and intends to partner with select publishers aligned to the brand, who are authorities in their respective categories and deliver highly engaged communities.
"In less than a year since launching On3 and approximately a year from the changes to NCAA NIL rules, On3 has established its brand as a leader in the college sports digital media and data landscape. On3 is emerging as the clear authority in NIL news, deal information, and NIL valuation," says Deirdre Lester. "With more than 250 full-time content creators, highlighted by Ivan Maisel, Chad Simmons, Matt Zenitz, and the On3 fan site network, which is home to arguably the most rabid sports fans in America, I'm confident that this partnership will resonate with the brand marketplace."
"Deirdre has executed at the highest levels at best-in-class digital brands her entire career. She has a proven track record of building a world-class national sales organization," says On3 CEO and Founder, Shannon Terry. "On3 creates so much original content and shows from the best news breakers in college sports. Deirdre and her team have the experience and relationships to drive brand partnerships and create significant revenue for On3 while also creating an incremental revenue stream for Outsider. It is a perfect match."
Outsider will work closely with the content and product teams at On3 to develop a go-to-market strategy around sponsorship opportunities and identify business prospects.
On3 is the premier college sports digital media, data, and marketing company for fans, media, coaches, and athletes. On3 features the defacto athlete and team database in the category, and more than 250 full-time content creators focused on the key topics of college sports today – recruiting, transfer portal, NIL, coaching transaction, and the draft.
Outsider is a media and lifestyle company that celebrates American culture through the entertainment, sports, and news we cover and the authentic goods we create.
Contact:
Caroline Bynum
[email protected]
SOURCE Outsider | https://www.prnewswire.com/news-releases/outsider-partners-with-on3-in-a-strategic-alliance-for-exclusive-sales-representation-301590544.html | 2022-07-20T22:02:21 | en | 0.946855 |
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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.
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.
___
Follow the AP’s coverage of the war at https://apnews.com/hub/russia-ukraine | https://www.chron.com/news/article/US-sending-more-military-aid-to-Ukraine-as-war-17318006.php | 2022-07-20T22:02:26 | en | 0.970022 |
Consulting firm commended by its millennial employees for offering a rewarding career
MENLO PARK, Calif., July 20, 2022 /PRNewswire/ -- Global consulting firm Protiviti has been named to the 2022 list of Best Workplaces for MillennialsTM by Fortune magazine and Great Place to Work. The annual list, which is based on anonymous survey responses from more than 413,000 U.S.-based millennial employees, recognizes companies that create the most consistently positive experience for millennials. Protiviti is in the large company category (1,000 or more employees) and has been recognized on this list on four previous occasions.
"Our people are empowered to advance their careers within a highly supportive and inclusive workplace," said Jessica Harrison, senior director, people and culture, Protiviti. "We offer interesting and impactful client work, extensive on- and off-the-job training, deep mentoring relationships, and numerous benefits designed to support our people at all stages of their careers with Protiviti and help them realize their full potential."
The Best Workplaces for MillennialsTM list is highly competitive. Great Place to Work selected the list using rigorous analytics and confidential employee feedback. Companies are only considered for the Best Workplaces list if they are a Great Place to Work-Certified™ organization.
"These companies value their millennial workers by showing genuine care, flexibility and purpose in ways that matter to this generation," says Michael C. Bush, CEO of Great Place to Work. "They expect company values to be lived by their leaders, which, in turn, elicits their loyalty and trust. Congratulations to the Best Workplaces for Millennials for their hard work."
Protiviti was ranked #15 on the latest Fortune 100 Best Companies to Work For® list, its eighth consecutive year on this list, and ranked #6 among large companies on the Best Workplaces in the Bay Area® 2022 list. In 2021, Protiviti was named by Fortune as a Best Workplace for Diversity™, Working Parents™, Millennials™ and Women™ and was ranked #14 on Great Place to Work's list of Best Workplaces in Consulting and Professional Services™. Protiviti was also named to the 2021 PEOPLE Companies that Care® list.
About Protiviti
Protiviti (www.protiviti.com) is a global consulting firm that delivers deep expertise, objective insights, a tailored approach and unparalleled collaboration to help leaders confidently face the future. Protiviti and its independent and locally owned Member Firms provide clients with consulting and managed solutions in finance, technology, operations, data, digital, legal, governance, risk and internal audit through its network of more than 85 offices in over 25 countries.
Named to the 2022 Fortune 100 Best Companies to Work For® list, Protiviti has served more than 80 percent of Fortune 100 and nearly 80 percent of Fortune 500 companies. The firm also works with smaller, growing companies, including those looking to go public, as well as with government agencies. Protiviti is a wholly owned subsidiary of Robert Half (NYSE: RHI). Founded in 1948, Robert Half is a member of the S&P 500 index.
Protiviti is not licensed or registered as a public accounting firm and does not issue opinions on financial statements or offer attestation services.
Editor's note: Protiviti photo available upon request.
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SOURCE Protiviti | https://www.wlbt.com/prnewswire/2022/07/20/protiviti-named-one-2022-best-workplaces-millennials-by-fortune-great-place-work/ | 2022-07-20T22:02:26 | en | 0.965858 |
OZY MEDIA CONTINUES HIRING STREAK BY TAPPING AWARD-WINNING UNIVISION JOURNALIST AS NEW DEPUTY EDITOR
MOUNTAIN VIEW, Calif., July 20, 2022 /PRNewswire/ -- OZY Media, the award-winning news and entertainment company, is announcing that Tim Rogers, a veteran journalist, and editor with 20-plus years of experience, is joining OZY as Deputy Editor.
Rogers comes to OZY from Univision, where he won an Edward R. Murrow Award for Best Hard News while serving as producer and senior correspondent for "Real America with Jorge Ramos." Prior to that, he was Senior Editor for Latin America at Fusion Media Group. Earlier in his career, Rogers spent more than a decade living in Central America, where he started and ran several news organizations and worked as a correspondent for more than half a dozen magazines and newspapers, including the BBC, Christian Science Monitor, Miami Herald, and Time. He returned full time to the U.S. for a Nieman Fellowship at Harvard University in 2014.
As a longtime editor and Latin American-based foreign correspondent, Rogers brings a passion for surfacing edgy, untold stories from underreported corners of the globe. "I'm excited to join a media company that is authentic in its desire to become a leading platform for the kind of unique stories that help us better understand this big, messy, and beautiful world of ours. OZY is not interested in chasing the news or rehashing tired stories — and neither am I. At a time when many news organizations are retreating from international coverage, I'm grateful to be part of a team that is actively seeking out stories that otherwise fly under the radar."
As Deputy Editor, Rogers will report to Managing Editor Beverly Watson and will play an integral part of building and leading a global team of correspondents who contribute to approximately 50 newsletters each month. "Tim is a star, and I am excited to have him help OZY pursue our 'new and next' mission," Ms. Watson said. "We've always been committed to introducing our curious audience to rising stars, new trends and big ideas before they are household names; and with Tim, we look forward to doing it even more boldly and more broadly."
Rogers is the tenth major team announcement from OZY Media in the last few months. He follows John Squires, IP counsel; Courtney Matthews, former Rodale executive, as Vice President of Marketing; Rebecca Louzan, Director of Client Services; David Lawrence, former Goldman Sachs business intelligence chief and federal prosecutor, who joined the OZY board as Senior Advisor; Michael Safran, former Time Inc., Gannett and Bloomberg executive, as Chief Revenue Officer; Mukul Pandya, former Founding Editor-in Chief of Wharton's online business review, as Senior Editor-at-Large; Aparna Ranganathan as Vice President of Human Resources; attorney and global impact leader Beverly Watson as Managing Editor; and Daniel Kelley as Creative Director. The company continues to add staff and interested parties can contact our HR Team at [email protected].
Launched in 2013, OZY has built a diverse and unique voice in media, including 5 newsletters, 12 TV shows, 9 podcasts and 4 festivals. In 2020, OZY won an Emmy Award for its groundbreaking television program, "Black Women OWN the Conversation."
SOURCE OZY Media | https://www.prnewswire.com/news-releases/ozy-media-continues-hiring-streak-by-tapping-award-winning-univision-journalist-as-new-deputy-editor-301590552.html | 2022-07-20T22:02:27 | en | 0.958764 |
Consulting firm commended by its millennial employees for offering a rewarding career
MENLO PARK, Calif., July 20, 2022 /PRNewswire/ -- Global consulting firm Protiviti has been named to the 2022 list of Best Workplaces for MillennialsTM by Fortune magazine and Great Place to Work. The annual list, which is based on anonymous survey responses from more than 413,000 U.S.-based millennial employees, recognizes companies that create the most consistently positive experience for millennials. Protiviti is in the large company category (1,000 or more employees) and has been recognized on this list on four previous occasions.
"Our people are empowered to advance their careers within a highly supportive and inclusive workplace," said Jessica Harrison, senior director, people and culture, Protiviti. "We offer interesting and impactful client work, extensive on- and off-the-job training, deep mentoring relationships, and numerous benefits designed to support our people at all stages of their careers with Protiviti and help them realize their full potential."
The Best Workplaces for MillennialsTM list is highly competitive. Great Place to Work selected the list using rigorous analytics and confidential employee feedback. Companies are only considered for the Best Workplaces list if they are a Great Place to Work-Certified™ organization.
"These companies value their millennial workers by showing genuine care, flexibility and purpose in ways that matter to this generation," says Michael C. Bush, CEO of Great Place to Work. "They expect company values to be lived by their leaders, which, in turn, elicits their loyalty and trust. Congratulations to the Best Workplaces for Millennials for their hard work."
Protiviti was ranked #15 on the latest Fortune 100 Best Companies to Work For® list, its eighth consecutive year on this list, and ranked #6 among large companies on the Best Workplaces in the Bay Area® 2022 list. In 2021, Protiviti was named by Fortune as a Best Workplace for Diversity™, Working Parents™, Millennials™ and Women™ and was ranked #14 on Great Place to Work's list of Best Workplaces in Consulting and Professional Services™. Protiviti was also named to the 2021 PEOPLE Companies that Care® list.
About Protiviti
Protiviti (www.protiviti.com) is a global consulting firm that delivers deep expertise, objective insights, a tailored approach and unparalleled collaboration to help leaders confidently face the future. Protiviti and its independent and locally owned Member Firms provide clients with consulting and managed solutions in finance, technology, operations, data, digital, legal, governance, risk and internal audit through its network of more than 85 offices in over 25 countries.
Named to the 2022 Fortune 100 Best Companies to Work For® list, Protiviti has served more than 80 percent of Fortune 100 and nearly 80 percent of Fortune 500 companies. The firm also works with smaller, growing companies, including those looking to go public, as well as with government agencies. Protiviti is a wholly owned subsidiary of Robert Half (NYSE: RHI). Founded in 1948, Robert Half is a member of the S&P 500 index.
Protiviti is not licensed or registered as a public accounting firm and does not issue opinions on financial statements or offer attestation services.
Editor's note: Protiviti photo available upon request.
SOURCE Protiviti | https://www.prnewswire.com/news-releases/protiviti-named-one-of-the-2022-best-workplaces-for-millennials-by-fortune-and-great-place-to-work-301590545.html | 2022-07-20T22:02:33 | en | 0.966912 |
RICHMOND, Va., July 20, 2022 /PRNewswire/ -- The board of directors of Dominion Energy, Inc. (NYSE: D), has elected Kristin G. Lovejoy to serve as a director, effective Aug. 1, 2022. Lovejoy is a respected technology and cybersecurity executive currently serving as Global Security and Resilience Practice Leader for Kyndryl Inc., an IT infrastructure provider.
Robert M. Blue, Dominion Energy's Chair, President and Chief Executive Officer, said:
"Dominion Energy plays a critical role in society. Our customers depend on us to be there for them. Kris Lovejoy is a thoughtful, proven leader with deep expertise in security, risk management, compliance, and governance. Her skills and experiences will enhance our continuing efforts to deliver on our core mission. We look forward to her leadership on behalf of the company and our 7 million customers."
While currently in a leadership role at Kyndryl, Lovejoy has more than 25 years of professional experience. Among other things, Lovejoy served as Global Cybersecurity Leader at EY, responsible for the firm's work with clients in security and risk management.
Prior to EY, Lovejoy was founder and CEO of BluVector, an AI-powered "sense and respond" platform, and previously was president of Acuity Solutions. Before Acuity Solutions, Lovejoy held senior positions at IBM, serving as Global Chief Information Security Officer and General Manager of the company's Security Services Division, and charged with building end-to-end security programs for IBM and clients.
Throughout her career, Lovejoy made mentorship and the development of women in technology a priority. At Kyndryl, she serves as an executive sponsor of the "Women's KIN" enterprise team that works to raise the power and presence of women to drive the company's success. During her tenure at IBM, she represented the company on the U.S. Cybersecurity Policy Council, participated as a member of IBM's Growth & Transformation Team, and acted as Co-Chair of IBM's Women's Diversity Committee.
Lovejoy holds a B.A. in English from Lafayette College. Her election brings the size of Dominion Energy's board to 13.
About 7 million customers in 14 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy | https://www.wlbt.com/prnewswire/2022/07/20/respected-technology-cybersecurity-leader-added-dominion-energy-board/ | 2022-07-20T22:02:33 | en | 0.960507 |
DENVER (AP) — Dozens of people walked past white crosses adorned with photos of the victims and scribbled notes from loved ones to mark the 10th anniversary of the Aurora theater shooting.
On July 20, 2012, gunman James Homes killed 12 people and injured 70 others at the midnight screening of “The Dark Knight Rises." The vigil, which started late Tuesday night at a park that includes a memorial to the victims, included their family members and survivors, KUSA-TV reported.
“I close my eyes and I’m there. What I remember from that night, I remember everything very clearly. It’s one of those things it never goes away,” said John Eisel.
The vigil came as mass shootings continue to devastate communities across the country, including a gunman’s rampage in Highland Park, Illinois, on July 4 which killed six people.
At the event, first responders drove past the crowds to cheers, while victim Alex Sullivan’s loved ones sang Happy 37th Birthday at his memorial. Sullivan was celebrating his 27th birthday at the movie theater when he was killed.
The 7/20 Memorial Foundation planned more remembrance events on Saturday, including a reflection ceremony with speeches from survivors. | https://www.chron.com/news/article/Vigil-held-for-10th-anniversary-of-Aurora-theater-17318026.php | 2022-07-20T22:02:38 | en | 0.967658 |
LOS ANGELES, July 20, 2022 /PRNewswire/ -- Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust ("REIT") focused on creating value by investing in and operating industrial properties within Southern California infill markets, today announced financial and operating results for the second quarter of 2022.
Second Quarter 2022 Financial and Operational Highlights:
- Net income attributable to common stockholders of $36.1 million, or $0.22 per diluted share, as compared to $20.6 million, or $0.15 per diluted share, for the prior year quarter.
- Company share of Core FFO of $81.7 million, an increase of 54.7% as compared to the prior year quarter.
- Company share of Core FFO per diluted share of $0.49, an increase of 25.6% as compared to the prior year quarter.
- Consolidated Portfolio Net Operating Income (NOI) of $113.6 million, an increase of 42.5% as compared to the prior year quarter.
- Same Property Portfolio NOI increased 7.0% and Same Property Portfolio Cash NOI increased 10.1% as compared to the prior year quarter.
- 99.1% Average Same Property Portfolio occupancy.
- Comparable rental rates on 1.4 million rentable square feet of new and renewal leases increased by 83.0% compared to prior rents on a GAAP basis and by 61.5% on a cash basis.
- Acquired 18 properties for an aggregate purchase price of $598.9 million.
- Issued a total of 6.0 million shares of common stock for total net proceeds of $419.4 million.
- Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 13.5%.
"Our team's performance through the first half of 2022 demonstrates the strength of our entrepreneurial business model focused on value creation within the infill Southern California industrial market, the world's fourth largest and our nation's highest-demand, lowest vacancy industrial market. Tenant demand continues to exceed supply with overall infill Southern California market vacancy estimated at 0.8%," stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. "In the second quarter we grew Core FFO by 26% on a per share basis compared to the prior year, driven by Core FFO growth of 55% and consolidated NOI growth of 43%. Our team executed 1.4 million square feet of leasing activity at record releasing spreads of 83% and 62%, on a GAAP and cash basis, respectively, and we completed the quarter with average Same Property occupancy at 99.1%. We completed $599 million of investments in the quarter plus an additional $587 million subsequent to quarter end, bringing our year-to-date total to $1.6 billion. Looking ahead, we have over $500 million of additional investments under contract or accepted offer plus a deep range of accretive internal growth initiatives under-way. We continue to maintain our investment grade, fortress-like balance sheet with a net debt-to-enterprise value ratio of 13.5%, positioning the Company to enable significant value creation for our shareholders."
Financial Results:
The Company reported net income attributable to common stockholders for the second quarter of $36.1 million, or $0.22 per diluted share, compared to $20.6 million, or $0.15 per diluted share, for the prior year quarter. The net income for the prior year quarter includes $2.8 million of gains on sale of real estate. There was no sale of real estate during the current quarter. For the six months ended June 30, 2022, net income attributable to common stockholders was $80.0 million, or $0.49 per diluted share, compared to $45.4 million, or $0.34 per diluted share for the prior year. The net income for the six months ended June 30, 2022 includes $8.5 million of gains on sale of real estate, as compared to $13.6 million for the prior year.
The Company reported Core FFO for the second quarter of $81.7 million, representing a 54.7% increase compared to $52.8 million for the prior year quarter. The Company reported Core FFO of $0.49 per diluted share, representing an increase of 25.6% compared to $0.39 per diluted share for the prior year quarter. For the six months ended June 30, 2022, Core FFO was $158.3 million, representing a 56.5% increase compared to $101.2 million for the prior year. For the six months ended June 30, 2022, the Company reported Core FFO of $0.97 per diluted share, representing an increase of 27.6% compared to $0.76 per diluted share for the prior year.
In the second quarter, the Company's consolidated portfolio NOI on a GAAP and Cash basis increased 42.5% and 38.6%, respectively, compared to the prior year quarter. For the six months ended June 30, 2022, the Company's consolidated portfolio NOI on a GAAP and Cash basis increased 41.7% and 38.1%, respectively, compared to the prior year.
In the second quarter, the Company's Same Property Portfolio NOI increased 7.0% compared to the prior year quarter, driven by an 8.0% increase in Same Property Portfolio rental income and an 11.0% increase in Same Property Portfolio expenses. Same Property Portfolio Cash NOI increased 10.1% compared to the prior year quarter. When adjusted for the impact of short-term rent deferral agreements executed in response to the COVID-19 pandemic, Same Property Portfolio Cash NOI increased 10.5% compared to the prior year quarter.
For the six months ended June 30, 2022, the Company's Same Property Portfolio NOI increased 7.5% compared to the prior year, driven by an 8.5% increase in Same Property Portfolio rental income and an 11.6% increase in Same Property Portfolio expenses. Same Property Portfolio Cash NOI increased 10.9% compared to the prior year. When adjusted for the impact of short-term rent deferral agreements executed in response to the COVID-19 pandemic, Same Property Portfolio Cash NOI increased 11.4% compared to the prior year.
Operating Results:
Second quarter 2022 leasing activity demonstrates strong tenant demand fundamentals within Rexford Industrial's target Southern California infill markets:
At June 30, 2022, the Company's Same Property Portfolio occupancy was 98.9%. Average Same Property Portfolio occupancy for the second quarter 2022 was 99.1%. At June 30, 2022, the Company's consolidated portfolio, excluding value-add repositioning assets, was 98.2% occupied and 98.3% leased, and the Company's consolidated portfolio, including value-add repositioning assets, was 95.2% occupied and 95.9% leased.
Transaction Activity:
During the second quarter of 2022, the Company completed 18 acquisitions with 1.4 million square feet of buildings on 85.5 acres of land, including 15 acres of land for near term redevelopment, for an aggregate purchase price of $598.9 million. These investments are projected to generate a weighted average unlevered initial yield of 2.5% and an estimated stabilized yield on total investment of 5.1%. Second quarter acquisitions included one UPREIT transaction, whereby the Company issued 954,000 operating partnership units representing $56.2 million of purchase price value.
Subsequent to the second quarter of 2022, the Company completed five acquisitions with 1.4 million square feet of buildings on 65.2 acres of land, for an aggregate purchase price of $587.4 million. Year to date, the Company has completed 37 acquisitions with 4.3 million square feet of buildings on 233.0 acres of land, including 28 acres of land for near term redevelopment, for an aggregate purchase price of $1.6 billion. In aggregate, these investments are projected to generate a weighted average unlevered initial yield of 2.9% and an estimated stabilized yield on total investment of 4.6%.
During the second quarter of 2022, the Company stabilized one repositioning project with 62,607 square feet and $19.5 million of total investment at a 6.9% unlevered stabilized yield. Year to date, the Company has stabilized two repositioning/redevelopment projects with 173,867 square feet and $36.9 million of total investment at a 6.8% unlevered stabilized yield.
Balance Sheet:
The Company ended the second quarter with $1.5 billion in liquidity, including $34.3 million in cash on hand, $875.0 million available under its unsecured revolving credit facility and an estimated $552.1 million of forward equity proceeds available for settlement to occur before the third quarter of 2023. As of June 30, 2022, the Company had $1.7 billion of outstanding debt, with an average interest rate of 2.7% and an average term-to-maturity of 6.8 years.
On May 26, 2022, the Company amended its senior unsecured credit agreement to increase the borrowing capacity of its unsecured revolving credit facility to $1.0 billion from $700 million and to add a $300 million unsecured term loan facility. The proceeds from the $300 million term loan were used to repay the Company's $150 million term loan due in 2025, terminate the associated swap, partially pay down outstanding borrowings under the unsecured revolving credit facility and for general corporate purposes. The maturity date of the unsecured revolving credit facility is May 26, 2026 (with two extensions options of six months each) and the maturity date of the term loan facility is May 26, 2027.
On May 27, 2022, the Company renewed its at-the-market program ("ATM program") to include $1.0 billion of capacity with the option to offer shares on a forward basis.
During the second quarter, the Company executed on its prior and renewed ATM programs, selling 12,002,480 shares of common stock subject to forward sale agreements at an average price of 62.55 per share for a gross value of $750.8 million. On June 29, 2022, the Company partially settled these forward equity sale agreements and outstanding forward equity sale agreement from the prior quarter by issuing 5,967,783 shares of common stock for net proceeds of $419.4 million.
As of June 30, 2022, the $1.0 billion ATM program had approximately $536.5 million of remaining capacity.
Subsequent to the second quarter of 2022, the Company amended its senior unsecured credit agreement to add a $400 million unsecured term loan with a maturity date of July 19, 2024 (with two extensions options of one year each). Proceeds from the $400 million term loan were used to fund acquisitions closed subsequent to quarter end, reduce outstanding borrowings under the unsecured revolving credit facility and for general corporate purposes.
Dividends:
On July 18, 2022, the Company's Board of Directors declared a dividend in the amount of $0.315 per share for the third quarter of 2022, payable in cash on October 15, 2022, to common stockholders and common unit holders of record as of September 30, 2022.
On July 18, 2022, the Company's Board of Directors declared a quarterly dividend of $0.367188 per share of its Series B Cumulative Redeemable Preferred Stock and a quarterly dividend of $0.351563 per share of its Series C Cumulative Redeemable Preferred Stock, in each case, payable in cash on September 30, 2022, to preferred stockholders of record as of September 15, 2022.
Guidance
The Company is revising its full year 2022 guidance as indicated below. The Core FFO guidance refers only to the Company's in-place portfolio as of July 20, 2022, and does not include any assumptions for other acquisitions, dispositions or related balance sheet activities that have not closed. Please refer to the Company's supplemental information package for a complete list of guidance and 2022 Guidance Rollforward.
A number of factors could impact the Company's ability to deliver results in line with its guidance, including, but not limited to, the impact of the ongoing COVID-19 pandemic, interest rates, the economy, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.
Supplemental Information and Investor Presentation:
The Company's supplemental financial reporting package as well as an updated investor presentation are available on the Company's investor relations website at www.ir.rexfordindustrial.com.
Earnings Release, Investor Conference Webcast and Conference Call:
A conference call with senior management will be held on Thursday, July 21, 2022, at 1:00 p.m. Eastern Time.
To participate in the live telephone conference call, please dial 1-877-407-0789 (for domestic callers) or 1-201-689-8562 (for international callers) at least five minutes prior to start time. A webcast of the conference call will also be available in a listen-only mode at ir.rexfordindustrial.com.
Conference call playback will be available through August 21, 2022, and can be accessed by dialing 1-844-512-2921 (for domestic callers) or 1-412-317-6671 (for international callers), using the pass code 13730258.
About Rexford Industrial:
Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand, lowest supply market in the nation. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. Rexford Industrial's high-quality, irreplaceable portfolio comprises 335 properties with approximately 40.8 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker "REXR," Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit www.rexfordindustrial.com
Forward Looking Statements:
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and other filings with the Securities and Exchange Commission. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
Definitions / Discussion of Non-GAAP Financial Measures:
Funds from Operations (FFO): We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (or losses) from sales of assets incidental to our business, impairment losses of depreciable operating property or assets incidental to our business, real estate related depreciation and amortization (excluding amortization of deferred financing costs and amortization of above/below-market lease intangibles) and after adjustments for unconsolidated joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization, gains and losses from property dispositions, other than temporary impairments of unconsolidated real estate entities, and impairment on our investment in real estate, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs' FFO. FFO should not be used as a measure of our liquidity and is not indicative of funds available for our cash needs, including our ability to pay dividends. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. A reconciliation of net income, the nearest GAAP equivalent, to FFO is set forth below. "Company Share of FFO" reflects FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.
Core Funds from Operations (Core FFO): We calculate Core FFO by adjusting FFO to exclude the impact of certain items that we do not consider reflective of our core revenue or expense streams. These adjustments consist of (i) acquisition expenses, (ii) loss on extinguishment of debt, (iii) the amortization of the loss on termination of interest rate swaps and (iv) other amounts as they may occur. Management believes that Core FFO is a useful supplemental measure as it provides a more meaningful and consistent comparison of operating performance and allows investors to more easily compare the Company's operating results. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs' Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. A reconciliation of FFO to Core FFO is set forth below. "Company Share of Core FFO" reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.
Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share Guidance to Company share of Core FFO per Diluted Share Guidance:
The following is a reconciliation of the Company's 2022 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.
Net Operating Income (NOI): NOI is a non-GAAP measure, which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as rental income from real estate operations less property expenses (before interest expense, depreciation and amortization). We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense and gains (or losses) from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have a real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs' NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs.
NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP. We use NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of NOI for our Same Property Portfolio, as well as a reconciliation of net income to NOI for our Same Property Portfolio, is set forth below.
Cash NOI: Cash NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI: (i) fair value lease revenue and (ii) straight-line rent adjustments. We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP. We use Cash NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of Cash NOI for our Same Property Portfolio, as well as a reconciliation of net income to Cash NOI for our Same Property Portfolio, is set forth below.
Same Property Portfolio: Our 2022 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2021 through June 30, 2022, and excludes properties that were acquired or sold during the period from January 1, 2021 through June 30, 2022, and properties acquired prior to January 1, 2021, that were classified as current or future repositioning, redevelopment or lease-up during 2021 or 2022 (unless otherwise noted), which we believe significantly affected the properties' results during the comparative periods. As of June 30, 2022, our 2022 Same Property Portfolio consists of 224 properties aggregating 28,581,635 rentable square feet.
Properties and Space Under Repositioning: Typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. A repositioning is generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy. We consider a repositioning property to be stabilized at the earlier of the following: (i) upon reaching 90% occupancy or (ii) one year from the date of completion of repositioning construction work.
Net Debt to Enterprise Value: At June 30, 2022, we had consolidated indebtedness of $1.7 billion, reflecting a net debt to enterprise value of approximately 13.5%. Our enterprise value is defined as the sum of the liquidation preference of our outstanding preferred stock and preferred units plus the market value of our common stock excluding shares of nonvested restricted stock, plus the aggregate value of common units not owned by us, plus the value of our net debt. Our net debt is defined as our consolidated indebtedness less cash and cash equivalents.
Contact:
Investor Relations:
Stephen Swett
424-256-2153 ext 401
investorrelations@rexfordindustrial.com
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SOURCE Rexford Industrial Realty, Inc. | https://www.wlbt.com/prnewswire/2022/07/20/rexford-industrial-announces-second-quarter-2022-financial-results/ | 2022-07-20T22:02:40 | en | 0.946743 |
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OLYMPIA, Wash. (AP) — Democrats regained hold of Washington’s secretary of state office for the first time in more than five decades when Sen. Steve Hobbs was sworn into the position last November, following an appointment by Democratic Gov. Jay Inslee to fill the seat.
Now, Hobbs faces challengers - including several Republicans and a long-serving elections official from Pierce County who is running as a non-partisan - as he attempts to hang on to the office for the remaining two years of former Republican Secretary of State Kim Wyman’s four-year term.
Wyman was the fifth consecutive GOP secretary of state in Washington dating back to 1965, but left for a key election security job in the Biden administration.
In addition to being the state’s chief elections officer, the secretary of state also serves as chief corporations officer and supervisor of the state archives and state library.
Ballots were mailed to the state’s nearly 4.8 million voters last week for the Aug. 2 primary. Under the state’s primary system, the top two vote getters advance to the general election in November, regardless of party.
Hobbs has raised the most among the candidates for the race to date, more than $403,000, followed by Pierce County auditor Julie Anderson, who has raised nearly $170,000. Among the Republicans in the race, former Sen. Mark Miloscia – who is now head of the conservative Family Policy Institute – has raised the most, more than $59,000. Tamborine Borrelli – an “America First” candidate who was fined by the state Supreme Court last month for making legally meritless claims alleging widespread voter fraud — has raised nearly $48,000 and Sen. Keith Wagoner – who has been endorsed by former Secretary of State Sam Reed – has raised about $38,000. Both skipped a recent televised forum hosted by the League of Women Voters.
During that forum, Hobbs pointed to his experience as a Washington National Guard lieutenant and the months he's already spent in the office as why he's best positioned to address issues ranging from cybersecurity concerns to election misinformation and disinformation.
“No other candidate except for me has the experience to combat these issues,” he said.
Anderson, who has been Pierce County auditor for the past 12 years, noted that she’s led Pierce County’s elections team through three presidential elections and has managed hundreds of elections.
“The hyperpolarization that’s so painful in our country right now and in Washington state is only going to get worse,” she said on why she’s running as a non-partisan. “We don’t need political parties in the secretary of state’s office calling balls and strikes at home plate.”
Miloscia said that he wants more audits of the system, saying that "the voters have lost confidence in what we’re doing.”
There has been no evidence of widespread voter fraud in Washington state, and Wyman, the former Republican secretary of state, regularly touted the safety and security of the vote-by-mail system. | https://www.chron.com/news/article/Washington-s-secretary-of-state-draws-several-17318040.php | 2022-07-20T22:02:44 | en | 0.972274 |
RICHMOND, Va., July 20, 2022 /PRNewswire/ -- The board of directors of Dominion Energy, Inc. (NYSE: D), has elected Kristin G. Lovejoy to serve as a director, effective Aug. 1, 2022. Lovejoy is a respected technology and cybersecurity executive currently serving as Global Security and Resilience Practice Leader for Kyndryl Inc., an IT infrastructure provider.
Robert M. Blue, Dominion Energy's Chair, President and Chief Executive Officer, said:
"Dominion Energy plays a critical role in society. Our customers depend on us to be there for them. Kris Lovejoy is a thoughtful, proven leader with deep expertise in security, risk management, compliance, and governance. Her skills and experiences will enhance our continuing efforts to deliver on our core mission. We look forward to her leadership on behalf of the company and our 7 million customers."
While currently in a leadership role at Kyndryl, Lovejoy has more than 25 years of professional experience. Among other things, Lovejoy served as Global Cybersecurity Leader at EY, responsible for the firm's work with clients in security and risk management.
Prior to EY, Lovejoy was founder and CEO of BluVector, an AI-powered "sense and respond" platform, and previously was president of Acuity Solutions. Before Acuity Solutions, Lovejoy held senior positions at IBM, serving as Global Chief Information Security Officer and General Manager of the company's Security Services Division, and charged with building end-to-end security programs for IBM and clients.
Throughout her career, Lovejoy made mentorship and the development of women in technology a priority. At Kyndryl, she serves as an executive sponsor of the "Women's KIN" enterprise team that works to raise the power and presence of women to drive the company's success. During her tenure at IBM, she represented the company on the U.S. Cybersecurity Policy Council, participated as a member of IBM's Growth & Transformation Team, and acted as Co-Chair of IBM's Women's Diversity Committee.
Lovejoy holds a B.A. in English from Lafayette College. Her election brings the size of Dominion Energy's board to 13.
About 7 million customers in 14 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
SOURCE Dominion Energy | https://www.prnewswire.com/news-releases/respected-technology-and-cybersecurity-leader-added-to-dominion-energy-board-301590415.html | 2022-07-20T22:02:45 | en | 0.962008 |
DENVER, July 20, 2022 /PRNewswire/ -- RiverNorth Opportunities Fund, Inc. is pleased to announce the declaration of a preferred dividend for the third quarter of 2022, as detailed below.
RISKS
This press release is not for tax reporting purposes but is being provided to announce the amount of the Fund's distributions. In early 2023, after definitive information is available, the Fund will send shareholders a Form 1099-DIV, if applicable, specifying how the distributions paid by the Fund during the prior calendar year should be characterized for purposes of reporting the distributions on a shareholder's tax return (e.g., ordinary income, long-term capital gain or return of capital). An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.
Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment. The Fund's net asset value will vary and its distribution rate may vary and both may be affected by numerous factors, including changes in the market spread over a specified benchmark, market interest rates and performance of the broader equity markets. Fluctuations in net asset value may be magnified as a result of the Fund's use of leverage. Therefore, before investing you should carefully consider the risks that you assume when you invest in the Fund's common shares.
The Fund's investment objectives and policies are not designed to seek to return the initial investment to investors that purchase shares.
The distribution was calculated based on the preferred shares Liquidation Preference of $25.00 per share and most current quarterly distribution rate per share of $0.3750 for the Fund.
A portion of the distribution may be treated as paid from sources other than net income, including but not limited to short‐term capital gain, long‐term capital gain and return of capital. The final determination of the source of all distributions, including the percentage of qualified dividend income, is made after year‐end.
Past performance is no guarantee of future results.
An investor should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. To obtain an annual report or semi-annual report which contains this and other information, visit www.rivernorthcef.com or call 855.830.1222. Please read them carefully before investing.
NOT FDIC INSURED | May Lose Value | No Bank Guarantee
The Fund is a closed-end fund and does not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value.
ALPS Advisors, Inc. is the investment adviser to the Fund.
RiverNorth Capital Management, LLC is the investment sub-adviser to the Fund. RiverNorth Capital Management, LLC is not affiliated with ALPS Advisors, Inc. or any of its affiliates.
ALPS Portfolio Solutions Distributor, Inc. is the FINRA Member firm.
SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology. Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.
About SS&C ALPS Advisors
ALPS Advisors, Inc., a wholly-owned subsidiary of SS&C Technologies, Inc., is a leading provider of investment products for advisors and institutions. With over $18.4 billion in assets under management as of June 30, 2022, the firm is an open architecture boutique investment manager offering portfolio building blocks, active insight and an unwavering drive to guide clients to investment outcomes across sustainable income, thematic and alternative growth strategies. For more information, visit www.alpsfunds.com.
RiverNorth Capital Management, LLC
RiverNorth is an investment management firm founded in 2000 that specializes in opportunistic strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is the manager to multiple registered and private funds.
*Registered Representative of ALPS Distributors, Inc.
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SOURCE RiverNorth Opportunities Fund, Inc | https://www.wlbt.com/prnewswire/2022/07/20/rivernorth-opportunities-fund-inc-announces-preferred-dividend/ | 2022-07-20T22:02:47 | en | 0.942347 |
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CHARLOTTE, N.C. (AP) — Sam Hartman walked off the field at Charlotte's Bank of America Stadium in December in despair after throwing four interceptions in Wake Forest's 45-21 loss to Pittsburgh in the 2021 ACC championship game.
The 22-year-old quarterback was so downtrodden he declined interviews after the game.
Hartman hasn't forgotten that night in which the Demon Deacons were held scoreless in their final 13 possessions and missed out on a chance to win the school's first ACC title since 2006.
“It's one of the reasons I came back. It's a legacy, right?" said Hartman, a redshirt junior who has thrown for 9,266 yards and 72 touchdowns during his four seasons. "Wake Forest invested in me and I want to invest back in Wake Forest. I felt like I owed it to them and their belief in me. ... I wanted to make it right."
Hartman was in good spirits on Wednesday, arriving at ACC Media Days wearing a “Peaky cap,” a nod to his favorite TV character Tommy Shelby from the early 1900s British crime drama “Peaky Blinders." (“I like his attitude and his mentality,” Hartman said.)
Aside from the ACC title game, Hartman had a spectacular season. He threw for 4,228 yards with 39 touchdowns and 14 interceptions, helping Wake Forest unseat national power Clemson to win the Atlantic Division championship. After the ACC loss, the Deacons bounced back to beat Rutgers 38-10 in the Gator Bowl to finish 11-3.
And while Tommy Shelby is known as a no-nonsense character who doesn’t take anything from anyone, Hartman said he's learned to “tone down” his trash talk during the game as he's matured .
“I’ve learned if you trash talk people, they hit you harder — so I've kind of shied away from that," Hartman said with a laugh. "I’m more likely to make cordial conversation.”
EXPERIENCED QUARTERBACKS
Wake Forest isn't the only Atlantic Division team returning an experienced quarterback — all seven will.
That group that includes Devin Leary with North Carolina State and DJ Uiagalelei at Clemson.
Wolfpack coach Dave Doeren said he's never seen this kind of scenario before, adding that he expects the Atlantic to be a “slugfest.”
“If you are playing a team whose quarterback is not savvy and doesn’t have experience and yours is, you have a great advantage," Doeren said. "We don’t have that in any game as far as playing against a nonstarter.”
Other returning starting QBs in the division are Florida State's Jordan Travis, Syracuse's Garrett Shrader, Boston College's Phil Jurkovec and Louisville's Mailk Cunningham.
DABO'S SUPPORT
Clemson coach Dabo Swinney said the difference between Uiagalelei and his successful predecessors Trevor Lawrence and Deshaun Watson is that Uiagalelei hasn't gotten the support from those around him.
Uiagalelei received heavy criticism last year for the Tigers' falloff in offensive production, but Swinney threw his support behind him Wednesday.
“I got a lot of confidence in DJ,” Swinney said. "He’s got some scars on him, some shrapnel — and that's going to serve him well. ... But you've got to go do it. And I believe he will do it.”
PLAYOFF EXPANSION
Commissioner Jim Phillips said the ACC is supportive of an expanded College Football Playoff, but added there “is more work to be done" before that comes to fruition.
In January, Phillips preached caution when it came to playoff expansion, citing concerns about athlete welfare, the impact on academics and the length of the season.
“The ACC took what we believe was a necessary stance regarding last fall’s CFP proposal,” Phillips said. “This was based on feeling we must all come together to address before rushing into a new model.”
But Phillips' optimism comes after what he called “great meetings” with other conference commissioners in April and June. He said he is confident that the concerns of the ACC and others will be addressed and “a new model with great access will ultimately come to pass.”
Phillips said an expansion still might take some time.
“I don’t expect us in September when we get together to line up and announce a new CFP structure,” Phillips said. “... I don’t know that there’s a separation now with those things. We’ll see, but I think the health and safety, the 365-day calendar review. I mean, we’ve talked about access, automatic qualifiers. There’s a lot of things to discuss.”
FINAL YEAR OF DIVISIONS
This will be the final season the ACC uses the two-division format.
Beginning in 2023, the league will go to one 14-team division and the teams with the top two winning percentages will advance to the annual conference championship game the first weekend of December in Charlotte.
That would seem to be an advantage to teams in the Atlantic Division that have had to compete for one spot with Clemson, which had won every ACC title since 2014 before being upended by Wake Forest last season.
“If you take the division votes every year, the Atlantic was for eliminating it, and the Coastal was for keeping it,” Wake Forest coach Dave Clawson said.
___
More AP college football: https://apnews.com/hub/college-football and https://twitter.com/AP_Top25. Sign up for the AP’s college football newsletter: https://apnews.com/cfbtop25 | https://www.chron.com/sports/article/Hartman-I-owed-it-to-Wake-Forest-to-return-17317948.php | 2022-07-20T22:02:50 | en | 0.977474 |
RIVERNORTH OPPORTUNITIES FUND, INC. Announces Preferred Dividend
DENVER, July 20, 2022 /PRNewswire/ -- RiverNorth Opportunities Fund, Inc. is pleased to announce the declaration of a preferred dividend for the third quarter of 2022, as detailed below.
RISKS
This press release is not for tax reporting purposes but is being provided to announce the amount of the Fund's distributions. In early 2023, after definitive information is available, the Fund will send shareholders a Form 1099-DIV, if applicable, specifying how the distributions paid by the Fund during the prior calendar year should be characterized for purposes of reporting the distributions on a shareholder's tax return (e.g., ordinary income, long-term capital gain or return of capital). An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.
Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment. The Fund's net asset value will vary and its distribution rate may vary and both may be affected by numerous factors, including changes in the market spread over a specified benchmark, market interest rates and performance of the broader equity markets. Fluctuations in net asset value may be magnified as a result of the Fund's use of leverage. Therefore, before investing you should carefully consider the risks that you assume when you invest in the Fund's common shares.
The Fund's investment objectives and policies are not designed to seek to return the initial investment to investors that purchase shares.
The distribution was calculated based on the preferred shares Liquidation Preference of $25.00 per share and most current quarterly distribution rate per share of $0.3750 for the Fund.
A portion of the distribution may be treated as paid from sources other than net income, including but not limited to short‐term capital gain, long‐term capital gain and return of capital. The final determination of the source of all distributions, including the percentage of qualified dividend income, is made after year‐end.
Past performance is no guarantee of future results.
An investor should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. To obtain an annual report or semi-annual report which contains this and other information, visit www.rivernorthcef.com or call 855.830.1222. Please read them carefully before investing.
NOT FDIC INSURED | May Lose Value | No Bank Guarantee
The Fund is a closed-end fund and does not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value.
ALPS Advisors, Inc. is the investment adviser to the Fund.
RiverNorth Capital Management, LLC is the investment sub-adviser to the Fund. RiverNorth Capital Management, LLC is not affiliated with ALPS Advisors, Inc. or any of its affiliates.
ALPS Portfolio Solutions Distributor, Inc. is the FINRA Member firm.
SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology. Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.
About SS&C ALPS Advisors
ALPS Advisors, Inc., a wholly-owned subsidiary of SS&C Technologies, Inc., is a leading provider of investment products for advisors and institutions. With over $18.4 billion in assets under management as of June 30, 2022, the firm is an open architecture boutique investment manager offering portfolio building blocks, active insight and an unwavering drive to guide clients to investment outcomes across sustainable income, thematic and alternative growth strategies. For more information, visit www.alpsfunds.com.
RiverNorth Capital Management, LLC
RiverNorth is an investment management firm founded in 2000 that specializes in opportunistic strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is the manager to multiple registered and private funds.
*Registered Representative of ALPS Distributors, Inc.
SOURCE RiverNorth Opportunities Fund, Inc | https://www.prnewswire.com/news-releases/rivernorth-opportunities-fund-inc-announces-preferred-dividend-301589059.html | 2022-07-20T22:02:51 | en | 0.940675 |
MEXICO CITY, July 20, 2022 /PRNewswire/ -- Grupo Rotoplas S.A.B. de C.V. (BMV: AGUA*) ("Rotoplas", "the Company"), America's leading company in water solutions, reports its unaudited second quarter 2022 results. The information has been prepared in accordance with the International Financial Reporting Standards (IFRS).
Figures are expressed in millions of Mexican pesos.
HIGHLIGHTS | 2Q22 vs 2Q21
- Rotoplas reported record quarterly net sales of Ps. 3,447 million, along with sequential and year-over-year recovery in margins.
- Net sales increased 22.7%, driven by growth across all countries.
- Gross margin increased by 510 bps, closing at 42.2%, benefiting from leading brands that allowed the implementation of a price increase strategy as well as manufacturing process efficiencies
- Operating income increased by 77.6%, even when taking into account expenses related to new businesses (e.g. Acuantia in the United States, bebbia in Mexico, and water treatement and recycling plants in Brazil), whose expenses exceed the marginal contribution for sales.
- Adjusted EBITDA1 reached Ps. 528 million with a 15.3% margin, a 40 bps expansion. EBITDA was impacted by Ps. 80 million due to the development of new businesses. This figure was Ps. 48 million higher than in 2Q21.
- Net income increased 86.6% as a result of the recovery in operating margins.
- ROIC closed at 13.0%, 61 bps above the cost of capital. This was in line with the sustainable economic value creation strategy to maintain a positive environmental and social impact.
- In May, a capital reimbursement in cash was paid to shareholders at the rate of Ps. 0.45 per outstanding share.
- In July, AGUA* was once again included in the Mexican Stock Exchange's ESG Index.
HIGHLIGHTS | Cumulative 2022 vs 2021
- Net sales reached Ps. 6,107 million, a 16.4% increase, in line with guidance given to the market. Net sales for the first half of the year were driven by growth across all regions.
- Gross margin closed at 41.3%, a 230 bps expansion driven by the strength of leading brands that allowed the implementation of a price increase policy, as well as the efficiency achieved in the manufacturing and installation of solutions.
- Adjusted EBITDA1 reached Ps. 850 million with a 13.9% margin, which was a 310 bps contraction, mainly related to investments made for the development of new businesses, which impacted adjusted EBITDA by Ps. 153 million. This figure was Ps. 90 million higher than the one reported during the first half of 2021.
- Net income reached Ps. 210 million, a 5.2% increase due to an improvement in operating results.
- Net Debt/ Adj. EBITDA leverage closed at 1.7x and the cash conversion cycle was optimized by 10 days.
- CapEx was Ps. 293 million, including technological upgrades to Mexican plants for the launch of new generation water tanks, with the objective of ensuring the long-term sustainability of the water storage category.
KEY FIGURES | FINANCIAL DATA
OPERATING FIGURES | January – June 2022
3,368
Employees
3.0%
Government Transactions
14,500
e-commerce clients
77,000
bebbia users
11,200ton
CO2 saved
(vs bottled water)
MESSAGE | CEO
Dear Investors,
The agility and operational discipline we have achieved through the Flow transformation program have been key drivers of Rotoplas' record-high sales and EBITDA. Our second quarter growth puts us in line with our earnings guidance and brings us closer to our estimated EBITDA margin. We will continue to focus on improving our margins while maintaining leadership in our traditional business and growing our new businesses.
Water scarcity in the markets we operate in has led to an ever-increasing demand for water solutions, presenting both a great challenge and a great opportunity for our business. Our financial strength, human talent, and the daily motivation provided by our purpose will be essential to successfully take advantage of this opportunity.
During the quarter, we conducted a detailed analysis to identify the Flow initiatives with the greatest impact and value generation potential, which will allow us to remain agile in the face of changes in the environment in order to adapt our spending and investment pace as needed.
We maintained a strong balance sheet and a stable cash flow generation in the traditional business, which allows us to continue developing the new businesses. In addition, during the first half of the year, we continued with the investment process for the modernization of the storage business in Mexico, we paid a dividend to shareholders in May, and maintained a sufficient level of working capital to guarantee the supply of raw materials in an environment with unstable supply chains.
Throughout the years, the water industry has proven it can stand strong in the face of economic downturns, and Rotoplas' business model along with the Flow program allow us to enhance growth and profitability through innovation. We will continue to focus on satisfying market needs through our solutions and services, while prioritizing business profitability and generating value for our stakeholders.
Carlos Rojas Aboumrad
INVITE | EARNINGS CALL
Thursday, July 21st, 10:00am Mexico City Time (11:00am, EST)
Speakers: Carlos Rojas Aboumrad (CEO) and Mario Romero Orozco (CFO)
Link: https://rotoplas.zoom.us/webinar/register/WN_Ga863MmJT2KxgSBEQgldVQ
Password: 2Q22
GUIDANCE | 2022-2025
During the 1Q22 earnings conference call, the Company updated its 2022 guidance. The modification of the annual earnings guidance does not affect the objectives set in the 2020-2025 Sustainable Growth Strategy.
SALES AND EBITDA | BY REGION AND SOLUTION
Adjusted EBITDA
Since the second quarter of 2020, we have been recognizing "one-time" expenses for the implementation of the Flow program; non-recurring expenses that have short- and long-term benefits in revenue, expense, working capital and organizational culture to ensure permanent change. The fourth quarter of 2021 was the last period in which these "one-time" expenses were recognized.
Mexico
Net Sales increased 15.7% vs 2Q21 driven by double-digit growth in products, which offset the weaker performance of the services platform.
Product sales benefited from double-digit growth in the storage, water flow, and improvement categories. Droughts in the northwest of the country also contributed to the increase in sales.
Services sales decreased due to lower water treatment and recycling plant sales, a business that still has delays in new industrial and commercial projects as a result of the pandemic. Additionally, the drinking fountains division continues without new revenues due to the prevailing impasse in the country's schools. bebbia maintained a good pace and recorded a double-digit sales increase, however, it does not offset the other divisions.
Adjusted EBITDA for the quarter was Ps. 369 million, an increase of 44.3% compared to 2Q21. This result includes the impact of bebbia's accelerated growth, which added 9 thousand new subscribers in the quarter, resulting in a loss of Ps. 46 million to this business. The adjusted EBITDA margin for the quarter expanded 420 bps, going from 16.8% in 2Q21 to 21.0% in 2Q22.
Cumulative net sales increased 9.7%, reaching Ps. 3,130 million driven by a product growth, which compensates fewer service sales.
On a cumulative basis, adjusted EBITDA was Ps. 588 million, a 4.4% increase, with an 18.8% margin. During the first half of the year, the increase in bebbia's expenses related to its growth negatively impacted the business, resulting in a loss of Ps. 90 million during the first half of the year. The adjusted EBITDA margin was 18.8%, a 90 bps decrease compared to 1H21.
Argentina
Net sales increased 60.0% vs 2Q21 with record growth in all three categories. The brand's leadership and strength in the region have allowed us to continue with our price and cross-selling strategies and increase the penetration of new sales channels.
Cumulative net sales increased 48.5% driven by continuous improvement in the commercial execution and in the pricing policy.
Adjusted EBITDA for the quarter reached Ps. 143 million vs Ps. 85 million in 2Q21. Adjusted EBITDA margin closed at 15.1%, an 80 bps increase compared to 2Q21, driven by an efficient cost structure.
Cumulative adjusted EBITDA reached Ps. 234 million, an increase of 51.9% compared to the same period of the previous year, driven by higher volumes and prices, which helped offset increases in raw materials costs.
NOTE: Adoption of IAS 29, Financial Reporting in Hyperinflationary Economies.
Due to Argentina experiencing inflation above 100% in the last three years, it is considered a hyperinflationary economy. In accordance with IAS 29, an adjustment for inflation has been made to the Financial Statements to consider changes in purchasing power.
International Accounting Standard (IAS) 29, Financial Information in Hyperinflationary Economies establishes that the results of operations in Argentina should be reported as if they were hyperinflationary as of January 1st, 2018. Moreover, an adjustment for inflation in the Financial Statements should be made to account for the change in the purchasing power of the local currency.
As a result of the above, in the first half of 2022, the impact of the restatement resulted in an increase of Ps. 126 million in financial expense, negatively impacting the Comprehensive Financing Result. After considering taxes, the impact on net income amounted to Ps. 118 million.
United States
Net Sales for the quarter increased 3.9% to Ps. 377 million, driven by growth in the e-commerce business. During the quarter, we added 7,400 new customers as a result of our omnichannel strategy and customer service through our call center. Likewise, the septic business continues under development, increasing the number of partners for the design, installation, and maintenance services of the solutions.
Cumulative net sales increased 14.6%, reaching Ps. 709 million driven by the e-commerce and septic businesses growth. The latter doubled sales compared to 2021.
Pre-operating expenses from the septic business and technological expenses for the expansion of the e-commerce platform led to a negative adjusted EBITDA of Ps. 29 million in the quarter and negative Ps. 48 million cumulatively.
Other countries
Net sales from other countries (Peru, Guatemala, El Salvador, Costa Rica, Honduras, Nicaragua, and Brazil) reached Ps. 362 million in the quarter, 8.1% higher than that reported in the same period of the previous year. On a cumulative basis, net sales decreased 3.3% vs 2021.
In Peru, the efficient commercial strategy and price increases offset the decline in sales volume caused by the adverse macroeconomic environment during the quarter. On a cumulative basis, sales were affected by a weak first quarter, as a result of the third COVID-19 wave and the suspension of government subsidies to the population.
In Central America, quarterly sales growth was due to the implementation of differentiated pricing strategies by customer, channel, and product.
Diversification of the water flow and improvement categories continued in order to complement sales from the traditional water storage business. This helped offset weak sales from the first quarter related to the announcement of a price increase at the end of 2021 that led distributors and customers to anticipate purchases and increase their inventories.
In Brazil, the projects pipeline benefited from the new legislation that promotes the migration from a state-owned water model to a private one. In addition, during the period, strategic alliances were formed with specialized consultants to increase the volume of contracts through a commission scheme.
Adjusted EBITDA reached Ps. 45 million in the quarter and Ps. 76 million in the first half of the year. The EBITDA margin contracted 400 bps in the quarter compared to 2Q21, reaching 12.5% and decreased 760 bps vs 1H21, reaching 11.2%. The margin contractions are related to the investment for the development of the water treatment and recycling plants in Brazil, which resulted in a loss of Ps. 13 million in that business during the quarter and Ps. 28 million during the first half of the year.
ANALYSIS | COSTS AND EXPENSES
Gross Profit
Gross profit for the period increased 39.8% in the quarter and 23.3% in the first half of the year. Likewise, the gross margin increased 510 bps to 42.2% in 2Q22 and 230 bps in the 6M21 to 41.3%. This was the result of an assertive pricing strategy during the second half of 2021 and in 2022, which has allowed us to maintain brand leadership, as well as a sequential and year-over-year margin recovery.
Operating Income
Operating income reached Ps. 429 million in the quarter, 77.6% higher than in 2Q21, with a 380 bps increase in the margin, to reach 12.4%.
This expansion was lower than the improvement in the gross margin due to the recognition of expenses related to new businesses; Acuantia in the United States, bebbia in Mexico, and water treatment and recycling plants in Brazil, whose marginal contribution was negative due to the stage they are in.
On a cumulative basis, operating income increased 19.1% to reach Ps. 651 million. Cumulative operating margin was 10.7%, 30 bps higher than in the same period of 2021.
As in the quarter, the improvement in the operating margin was lower than the improvement in gross margin, due to the accounting for expenses related to new businesses, as well as the reactivation of travel, in-person events, and some marketing strategies that were put on hold during 2021 as a result of the pandemic.
Comprehensive Financing Result
The Comprehensive Financing Result for 2Q22 was an expense of Ps. 195 million compared to Ps. 155 million in the same period of the previous year. The expense in the quarter includes Ps. 98 million for interest on debt, commissions and leases, Ps. 14 million for the valuation of financial instruments, and Ps. 83 million for the monetary position in Argentina, which was Ps. 26 million higher than 2Q21.
The cumulative Comprehensive Financing Result was an expense of Ps. 349 million vs Ps. 277 million in the first half of 2021. Financial expenses for the first half of the year comprised the payment of interest on the AGUA 17-2X sustainable bond, commissions and leasing for Ps. 194 million, Ps. 32 million for the valuation of financial instruments, and Ps. 123 million for monetary positioning in Argentina, which was Ps. 95 million higher than 2Q21.
Net Result
The net profit for the quarter was Ps. 122 million compared to Ps. 65 million in 2Q21, an 86.6% increase due to an improvement in the operating results.
Cumulative net profit was Ps. 210 million, 5.2% higher than what was reported in 2Q21. Excluding the impact of the monetary position in Argentina, a virtual non-cash item, net income would increase 66.9%.
CapEx
Capital investments represented 4.8% of sales during the first half of the year, an increase of 64.9% compared to the previous year.
Capital investments include:
- Ps. 194 million of investments in new technology to produce storage solutions and for machinery to increase production capacity for water flow category in Mexico.
- Ps. 28 million were allocated to water treatment and recycling plants in Brazil and Ps. 1 million in Mexico.
- CapEx specifically related to growth initiatives within the Flow program amounted to Ps. 163 million. This includes investments across all countries, categories, and businesses.
ANALYSIS | BALANCE SHEET
Cash Conversion Cycle (Days)
Inventory Days: Average Inventory / (3M Cost of Sales / 90)
Accounts Receivable Days: Average Accounts Receivable / (3M Sales / 90)
Accounts Payable Days: Average Suppliers / (3M Cost of Sales / 90)
During the period, the cash conversion cycle was optimized by 10 days while maintaining a strategy focused on securing the supply of raw materials in an unstable supply chain environment.
Debt
Debt Maturity Profile
Total debt amounted to Ps. 4,007 million and corresponds to the AGUA 17-2X sustainable bond.
FINANCIAL RATIOS
*Adjusted EBITDA LTM/interest payments LTM **Net income divided by 486.2 million shares, expressed in Mexican pesos.
Leverage as of the second quarter of 2022 was within the Company's debt guideline of 2.0x Net Debt/Adjusted EBITDA.
ROIC / Cost of Capital
ROIC: NOPAT L12M/Average Invested Capital t, t-1.
Invested Capital: Total Assets – Cash and Cash Equivalents – Short-Term Liabilities.
ROIC excludes Flow program execution costs from 2Q20 to 4Q21 as they are one-off.
ROIC amounted to 13.0% at the end of June, a 300 bps contraction vs the previous year. However, the ROIC remains 61 bps above the cost of capital, which increased from 11.5% in June 2021 to 12.4% in June 2022. Nevertheless, the creation of sustainable economic value is maintained in order to continue to positively impact our stakeholders.
Financial derivates
The use of derivative financial instruments is governed by the recommendations and policies issued by the Board of Directors and supervised by the Audit Committee, which provides guidelines on the management of exchange risk, interest rate risk, credit risk, the use of derivative and non-derivative financial instruments, and the investment of excess liquidity.
As of June 30th, 2022, the market value of Grupo Rotoplas' position was:
ESG | ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Updates regarding sustainability initiatives during the quarter include:
- Training was given to all administrative employees of the Group regarding diversity, inclusion, and human rights issues. The training was given in collaboration with associations and companies specializing in the subject such as Integrarse, EY Mexico, and Unidos por los Derechos Humanos.
- We began the process to work with the Science Based Targets initiative (SBTi), with the purpose of validating the Group's environmental goals and achieving carbon neutrality by 2040.
- The Corporate Government Committee completed an analysis of the operational risks for the Company and presented a roadmap with milestones and relevant activities to mitigate these risks, assigning responsible people and deadlines.
For more information on our ESG programs, visit our sustainability website:
https://rotoplas.com/sustentabilidad/home-eng/
AGUA* | PERFORMANCE AND ANALYST COVERAGE
Source: SiBolsa
Capital reimbursement:
During the quarter a capital reimbursement in cash was made to the Company's shareholders through a decrease in capital stock at a rate of Ps. 0.45 (forty-five Mexican peso cents) for each outstanding share. This implied a total disbursement of Ps. 215 million for the Company.
Treasury shares:
As of June 30th, 2022, the Company had 9.3 million shares in the treasury, equivalent to an invested amount of Ps. 320 million. To date, no treasury shares have been cancelled.
Analyst Coverage
As of June 30th, 2022, analyst coverage was provided by:
TRANSFORMATION PROGRAM | FLOW
In 2019, Rotoplas began the "Flow" transformation program to focus the business on economic value creation and sustainable growth. The strategy is based on initiatives that are divided between three pillars:
A. Profitability of the Current Portfolio
- levers for income, cost, expenditure and working capital
B. Growth Initiatives and Execution
- improve the execution of growth opportunities and capital allocation decisions
C. Organizational Culture and Health
- leadership, operational discipline, talent development, accountability, and organizational climate
Flow has evolved and is part of the culture of innovation and continuous improvement.
FINANCIAL STATEMENTS | Balance Sheet, Income Statement and Cash Flow
Income Statement
(unaudited figures in millions of Mexican pesos)
Balance Sheet (unaudited figures in millions of Mexican pesos)
Cash Flow (unaudited figures in millions of Mexican pesos)
PRESS RELEASES | 2Q22
- AGUA* is included for another year in the sample of the ESG index of the Mexican Stock Exchange (BMV) – July 8th
- Extinction of trust F/000116 – July 7th
- S&P Global Ratings maintains Grupo Rotoplas' 'mx AA-' rating with stable outlook – June 24th
- Capital reimbursement payment 2022 – May 9th
- Resolutions Adopted by the 2022 General Ordinary and Extraordinary Shareholders' Meeting – April 29th
- Rotoplas updates its Guidance for 2022 – April 21st
- Proposals to the GSM – April 6th
- Rotoplas operations status update during March – April 5th
For more information, please refer to the Relevant Events section on our website: https://rotoplas.com/investors/relevant-events/#1
CONTACT | INVESTOR RELATIONS
Forward-Looking Statements
This press release may include certain forward-looking statements relating to Grupo Rotoplas S.A.B. de C.V. It relies on considerations of the Grupo Rotoplas S.A.B. de C.V. management which are based on current and known information; however, the expectations could vary due to facts, circumstances, and events beyond the control of Grupo Rotoplas, S.A.B. de C.V.
About the Company
Grupo Rotoplas S.A.B. de C.V. is America's leading provider of water solutions, including products and services for storing, piping, improving, treating, and recycling water. With over 40 years of experience in the industry and 19 plants throughout the Americas, Rotoplas is present in 14 countries and has a portfolio that includes 27 product lines, a services platform, and an e-commerce business. Grupo Rotoplas has been listed on the Mexican Stock Exchange (BMV) under the ticker "AGUA" since December 10th, 2014.
Pedregal 24, 19th floor, Col. Molino del Rey
Miguel Hidalgo
11040, Mexico City
T. +52 (55) 5201 5000
www.rotoplas.com
Contact: Mariana Fernández, mfernandez@rotoplas.com; María Fernanda Escobar, mfescobar@rotoplas.com
1 Adjusted EBITDA considers: operating income plus depreciation and amortization, plus non-recurring expenses (donations and Flow implementation expenses). In 2Q21 it considers Ps. 75 million of Flow expense and Ps. 6 million donations. On a cumulative basis, it considers Ps. 150 million of Flow expenses and Ps. 8 million donations. During 2Q22, there were no adjustments for Flow expenses, and no donations.
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SOURCE Grupo Rotoplas S.A.B. de C.V. | https://www.wlbt.com/prnewswire/2022/07/20/rotoplas-second-quarter-2022-results/ | 2022-07-20T22:02:53 | en | 0.947361 |
NEW YORK, July 20, 2022 /PRNewswire/ -- The "Smart Baggage Handling Solutions Market - Competitive Analysis, Impact of COVID-19, Five Force Analysis" report has been added to Technavio's offering. The smart baggage handling solutions market value is anticipated to grow by USD 3.85 billion, progressing at a CAGR of 10.85% as per the latest market report by Technavio. 39% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for smart baggage handling solutions market in APAC. Market growth in this region will be faster than the growth of the market in other regions. Growing passenger traffic in APAC will facilitate the smart baggage handling solutions market growth in APAC over the forecast period.
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Smart Baggage Handling Solutions Market - Vendor Analysis
The smart baggage handling solutions market is fragmented and the vendors are deploying growth strategies such as strategic alliances to compete in the market. The smart baggage handling solutions market report includes information on the product launches, sustainability, and prospects of leading vendors including ALSTEF Automation SA, BEUMER Group GmbH & Co. KG, Daifuku Co. Ltd., Dimark Group Sp. zoo, Lenze SE, Lyngsoe Systems AS, MATREX SAS, Siemens AG, SITA, and Vanderlande Industries BV.
- ALSTEF Automation SA - The company offers baggage handling and screening systems that integrate new rapid standard 3 tomography machines.
- BEUMER Group GmbH & Co. - The company offers a high-speed baggage handling system that improves its baggage handling efficiency and overall service to airlines and passengers.
- Daifuku Co. Ltd. - The company offers a line of products such as Innovated CBRA Rooms, Baggage Check-in Conveyor, and In-line Baggage Screening Conveyor among others.
- Dimark Group Sp. zoo - The company offers baggage handling systems for check-in, conveyors, curve conveyors, and vertisorter among others.
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Smart Baggage Handling Solutions Market - Market Dynamics
- Drivers - Factors such as the growing need for efficient baggage operations at airports and railways, and the development of smart airport concepts will be crucial in driving the growth of the market.
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Smart Baggage Handling Solutions Market - Market Segmentation
- By Product, the market is classified into smart baggage and tracking devices and smart baggage screening devices.
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Table of Content
1 Executive Summary
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 01: Parent market
- 2.2 Market characteristics
- Exhibit 02: Market characteristics
- 2.3 Value chain analysis
- Exhibit 03: Value chain analysis – Global electrical components and equipment market
3 Market Sizing
- 3.1 Market definition
- Exhibit 04: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 05: Market segments
- 3.3 Market size 2020
- 3.4 Market outlook: Forecast for 2020 - 2025
- Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
- Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 08: Five forces analysis 2020 & 2025
- 4.2 Bargaining power of buyers
- Exhibit 09: Bargaining power of buyers
- 4.3 Bargaining power of suppliers
- Exhibit 10: Bargaining power of suppliers
- 4.4 Threat of new entrants
- Exhibit 11: Threat of new entrants
- 4.5 Threat of substitutes
- Exhibit 12: Threat of substitutes
- 4.6 Threat of rivalry
- Exhibit 13: Threat of rivalry
- 4.7 Market condition
- Exhibit 14: Market condition - Five forces 2020
5 Market Segmentation by Product
- 5.1 Market segments
- Exhibit 15: Product - Market share 2020-2025 (%)
- 5.2 Comparison by Product
- Exhibit 16: Comparison by Product
- 5.3 Smart baggage and tracking devices - Market size and forecast 2020-2025
- Exhibit 17: Smart baggage and tracking devices - Market size and forecast 2020-2025 ($ million)
- Exhibit 18: Smart baggage and tracking devices - Year-over-year growth 2020-2025 (%)
- 5.4 Smart baggage screening devices - Market size and forecast 2020-2025
- Exhibit 19: Smart baggage screening devices - Market size and forecast 2020-2025 ($ million)
- Exhibit 20: Smart baggage screening devices - Year-over-year growth 2020-2025 (%)
- 5.5 Market opportunity by Product
- Exhibit 21: Market opportunity by Product
6 Customer Landscape
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 23: Market share by geography 2020-2025 (%)
- 7.2 Geographic comparison
- Exhibit 24: Geographic comparison
- 7.3 APAC - Market size and forecast 2020-2025
- Exhibit 25: APAC - Market size and forecast 2020-2025 ($ million)
- Exhibit 26: APAC - Year-over-year growth 2020-2025 (%)
- 7.4 North America - Market size and forecast 2020-2025
- Exhibit 27: North America - Market size and forecast 2020-2025 ($ million)
- Exhibit 28: North America - Year-over-year growth 2020-2025 (%)
- 7.5 Europe - Market size and forecast 2020-2025
- Exhibit 29: Europe - Market size and forecast 2020-2025 ($ million)
- Exhibit 30: Europe - Year-over-year growth 2020-2025 (%)
- 7.6 MEA - Market size and forecast 2020-2025
- Exhibit 31: MEA - Market size and forecast 2020-2025 ($ million)
- Exhibit 32: MEA - Year-over-year growth 2020-2025 (%)
- 7.7 South America - Market size and forecast 2020-2025
- Exhibit 33: South America - Market size and forecast 2020-2025 ($ million)
- Exhibit 34: South America - Year-over-year growth 2020-2025 (%)
- 7.8 Key leading countries
- Exhibit 35: Key leading countries
- 7.9 Market opportunity by geography
- Exhibit 36: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers – Demand led growth
- 8.2 Market challenges
- Exhibit 37: Impact of drivers and challenges
- 8.3 Market trends
9 Vendor Landscape
- 9.1 Competitive scenario
- 9.2 Vendor landscape
- Exhibit 38: Vendor landscape
- 9.3 Landscape disruption
- Exhibit 39: Landscape disruption
- Exhibit 40: Industry risks
10 Vendor Analysis
- 10.1 Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 42: Market positioning of vendors
- 10.3 ALSTEF Automation SA
- Exhibit 43: ALSTEF Automation SA - Overview
- Exhibit 44: ALSTEF Automation SA - Product and service
- Exhibit 45: ALSTEF Automation SA - Key offerings
- 10.4 BEUMER Group GmbH & Co. KG
- Exhibit 46: BEUMER Group GmbH & Co. KG - Overview
- Exhibit 47: BEUMER Group GmbH & Co. KG - Product and service
- Exhibit 48: BEUMER Group GmbH & Co. KG - Key news
- Exhibit 49: BEUMER Group GmbH & Co. KG - Key offerings
- 10.5 Daifuku Co. Ltd.
- Exhibit 50: Daifuku Co. Ltd. - Overview
- Exhibit 51: Daifuku Co. Ltd. - Business segments
- Exhibit 52: Daifuku Co. Ltd. - Key news
- Exhibit 53: Daifuku Co. Ltd. - Key offerings
- Exhibit 54: Daifuku Co. Ltd. - Segment focus
- 10.6 Dimark Group Sp. zoo
- Exhibit 55: Dimark Group Sp. zoo - Overview
- Exhibit 56: Dimark Group Sp. zoo - Product and service
- Exhibit 57: Dimark Group Sp. zoo - Key offerings
- 10.7 Lenze SE
- Exhibit 58: Lenze SE - Overview
- Exhibit 59: Lenze SE - Product and service
- Exhibit 60: Lenze SE - Key offerings
- 10.8 Lyngsoe Systems AS
- Exhibit 61: Lyngsoe Systems AS - Overview
- Exhibit 62: Lyngsoe Systems AS - Product and service
- Exhibit 63: Lyngsoe Systems AS - Key offerings
- 10.9 MATREX SAS
- Exhibit 64: MATREX SAS - Overview
- Exhibit 65: MATREX SAS - Product and service
- Exhibit 66: MATREX SAS - Key offerings
- 10.10 Siemens AG
- Exhibit 67: Siemens AG - Overview
- Exhibit 68: Siemens AG - Business segments
- Exhibit 69: Siemens AG - Key news
- Exhibit 70: Siemens AG - Key offerings
- Exhibit 71: Siemens AG - Segment focus
- 10.11 SITA
- Exhibit 72: SITA - Overview
- Exhibit 73: SITA - Product and service
- Exhibit 74: SITA - Key news
- Exhibit 75: SITA - Key offerings
- 10.12 Vanderlande Industries BV
- Exhibit 76: Vanderlande Industries BV - Overview
- Exhibit 77: Vanderlande Industries BV - Product and service
- Exhibit 78: Vanderlande Industries BV - Key offerings
11 Appendix
- 11.1 Scope of the report
- 11.2 Currency conversion rates for US$
- Exhibit 79: Currency conversion rates for US$
- 11.3 Research methodology
- Exhibit 80: Research Methodology
- Exhibit 81: Validation techniques employed for market sizing
- Exhibit 82: Information sources
- 11.4 List of abbreviations
- Exhibit 83: List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio | https://www.prnewswire.com/news-releases/smart-baggage-handling-solutions-market-39-of-growth-to-originate-from-apac-evolving-opportunities-with-alstef-automation-sa--beumer-group-gmbh--co---technavio-301588977.html | 2022-07-20T22:02:58 | en | 0.848163 |
MLB Expanded Pitching Comparison
For Games of Thursday, July 21
NOTE: Only games with one or both pitchers designated are listed below
INTERLEAGUE
___
___
AMERICAN LEAGUE
___
___
___
___
___
___
___
___
NATIONAL LEAGUE
___
___
KEY
TEAM REC-Team's Record in games started by today's pitcher.
CAR-Career record versus this opponent.
VS OPP-Pitcher's record versus this opponent. | https://www.chron.com/sports/article/MLB-Expanded-Pitching-Comparison-17318141.php | 2022-07-20T22:03:02 | en | 0.891144 |
Program will enable the delivery of war-winning capabilities
SAN DIEGO, July 20, 2022 /PRNewswire/ -- Shield AI, a fast-growing defense technology company building AI pilots for aircraft, today announced its inclusion in the first set of projects selected to receive funding for the Office of the Under Secretary of Defense for Research and Engineering's (OUSD(R&E)) pilot program to Accelerate the Procurement and Fielding of Innovative Technologies, also known as APFIT.
"This is a win-win. For the warfighter, they will not have to wait the average 4-6 years to receive new tools and products to do their jobs more effectively. For Shield AI and the V-BAT, selection by a joint-strategic office like OUSD R&E alongside its selection for SOCOM and Naval Air Warfare Center Aircraft Division's Multi-Mission Tactical UAS program last year — in addition to ongoing deployments with Marine Expeditionary Units in support of Force Design 2030 and widespread adoption with international program offices — it's further proof that our V-BAT is a very special aircraft. Everyone is choosing V-BAT," said Brandon Tseng, Shield AI's co-founder, President, and former Navy SEAL.
Shield AI's APFIT project involves the initial procurement of V-BAT unmanned aircraft systems (UASs) — semi-autonomous, long-loiter, vertical takeoff, and landing-capable UASs with modular payload capability — that can provide resilient data transport and locate and provide weapon quality targeting information as part of the Joint Sensing Grid to JADC2.
According to the DoD's official release, the purpose of the APFIT pilot program is to expeditiously transition technologies and get them in the warfighters' hands. The benefits of this pilot will be to deliver war-winning capabilities to the warfighter.
The V-BAT, with its innovative, near-zero footprint vertical take-off and landing (VTOL) and long-endurance capabilities, is unlike any UAS on the market today. Propelled by a single, ducted, thrust-vectored fan, it takes off and lands in the style of a SpaceX rocket. Its fully operational logistical footprint fits into the bed of a pickup truck or inside a Blackhawk helicopter, significantly reducing the total cost of capability. U.S. and international customers view the V-BAT as a flexible, cost-efficient platform capable of performing Group 2 UAS to Group 5 UAS missions and beyond.
"When a military service buys V-BAT, they are not just getting a winning technology, product, and capability that will radically enable warfighters. They are also getting a team of world-class engineers and professionals committed to making service members proud and a best-in-class aircraft and cutting-edge software, all while helping advance a product roadmap that will transform the battlefield and strengthen global stability and national security," Tseng added. "More and more people are understanding the value that is unlocked by our AI Pilot, Hivemind. Via Hivemind integration, operational read-and-react swarming and comms-contested, GPS-denied autonomous maneuver are rapidly coming to V-BATs."
Shield AI's Hivemind software is an AI pilot for military and commercial aircraft that enables intelligent teams of aircraft to perform missions ranging from room clearance, to penetrating air defense systems, and dogfighting F-16s. Hivemind employs state-of-the-art algorithms for planning, mapping, and state-estimation to enable aircraft to execute dynamic flight maneuvers and uses reinforcement learning for discovery, learning, and execution of winning tactics and strategies. On aircraft, Hivemind enables full autonomy and is designed to run fully on the edge, disconnected from the cloud, in high threat, GPS and communication-degraded environments.
About Shield AI
Shield AI is a venture-backed company built around a team of proven executives, warfighters with relevant national security experience, and world-class AI engineers. The company has offices in San Diego, Washington D.C., Dallas, and Abu Dhabi. Shield AI's products and people are currently in the field actively supporting operations with the U.S. Department of Defense and allies. For more information, visit www.shield.ai.
Follow Shield AI on LinkedIn, Twitter, and Instagram
Media Contact: Lily Hinz, media@shield.ai
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SOURCE Shield AI | https://www.wlbt.com/prnewswire/2022/07/20/shield-ais-v-bat-selected-dods-apfit-pilot-program/ | 2022-07-20T22:03:01 | en | 0.940257 |
Steel Dynamics Reports Record Second Quarter 2022 Results
FORT WAYNE, Ind., July 20, 2022 /PRNewswire/ --
Second Quarter 2022 Performance Highlights:
- Record steel shipments of 3.1 million tons
- Record net sales of $6.2 billion
- Record operating income of $1.6 billion and net income of $1.2 billion
- Record steel fabrication operating income of $599 million and record shipments of 218,000 tons
- Record cash flow from operations of $1.0 billion and record adjusted EBITDA of $1.7 billion
- Repurchased $517 million of the company's common stock, representing 3.5 percent of its outstanding shares
Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced second quarter 2022 financial results. The company reported record second quarter 2022 net sales of $6.2 billion and record net income of $1.2 billion, or $6.44 per diluted share. Excluding the impact from the following item, the company's second quarter 2022 adjusted net income was $1.3 billion, or $6.73 per diluted share:
- Costs of approximately $77 million, or $0.29 per diluted share, associated with the continued startup of the company's Sinton Texas Flat Roll Steel Mill growth investment.
Comparatively, the company's sequential first quarter 2022 earnings were $5.71 per diluted share, and adjusted earnings were $6.02 per diluted share excluding costs of $0.31 per diluted share (net of capitalized interest), associated with construction and startup of the company's Sinton Texas Flat Roll Steel Mill. Prior year second quarter earnings were $3.32 per diluted share and adjusted earnings were $3.40 per diluted share, excluding costs of $0.08 per diluted share (net of capitalized interest), associated with construction of the company's Texas Flat Roll Steel Mill.
"The team delivered another strong performance, achieving record quarterly operating and financial performance, including record sales, operating income, cash flow from operations, and adjusted EBITDA," said Mark D. Millett, Chairman, President, and Chief Executive Officer. "Our second quarter 2022 operating income was $1.6 billion, with adjusted EBITDA of $1.7 billion. This tremendous accomplishment displays the power of our highly diversified, value-added, circular manufacturing model — as the strength in our steel fabrication operations more than offset lower earnings in our flat roll steel business, as realized flat roll steel selling values declined during the quarter. Despite softening hot roll coil steel pricing, we achieved record quarterly steel shipments of 3.1 million tons based on solid steel demand, led by the automotive, construction, and industrial sectors, with energy continuing to improve.
"The teams achieved strong operating and financial results across all of our operating platforms," continued Millett. "Second quarter operating income from our steel and metals recycling operations remained very strong at $1.1 billion and $58 million, respectively. Our steel fabrication operations again achieved record results, with earnings of $599 million, based on significantly higher realized selling values and a continued strong construction demand environment. Steel joist and deck pricing and order activity continues to be robust, supporting our continued near-record order backlog with higher forward pricing."
Second quarter 2022 operating income for the company's steel operations remained historically strong at $1.1 billion. The incremental decline in earnings resulted from metal spread compression within the company's flat roll steel operations, as lower average flat roll steel pricing more than offset higher flat roll steel shipments. Demand for the company's long product steel also continues to be strong, supporting increased average realized pricing and shipments. The second quarter 2022 average external product selling price for the company's steel operations decreased $22 sequentially to $1,539 per ton. The average ferrous scrap cost per ton melted at the company's steel mills increased $64 sequentially to $538 per ton.
Second quarter operating income from the company's metals recycling operations increased to $58 million, above first quarter sequential results of $48 million, based on strong demand supporting increased pricing and related metal spread. Solid demand for ferrous scrap resulted in a 7 percent increase in second quarter 2022 shipments, compared to first quarter sequential results.
The company's steel fabrication operations reported another record operating income of $599 million in the second quarter 2022, substantially above sequential first quarter results, as significantly higher selling values and strong shipments more than offset marginally higher steel input costs. The non-residential construction sector remains strong, resulting in a near-record order backlog and higher forward-pricing for the company's steel fabrication platform. The company anticipates this momentum to continue into 2023 based on these dynamics.
Based on the company's differentiated business model and highly variable cost structure, the company generated record cash flow from operations of $1.0 billion during the quarter. The company also invested $164 million in capital investments, paid cash dividends of $64 million, and repurchased $517 million of its outstanding common stock representing 3.5 percent of its outstanding stock, while maintaining strong liquidity of $2.5 billion as of June 30, 2022.
For the six months ended June 30, 2022, net income was $2.3 billion, or $12.14 per diluted share, with net sales of $11.8 billion, as compared to net income of $1.1 billion, or $5.35 per diluted share, with net sales of $8.0 billion for the same period in 2021. Excluding the impact from the following item, the company's first half 2022 adjusted net income was $2.4 billion, or $12.74 per diluted share:
- Costs of approximately $161 million, or $0.60 per diluted share (net of capitalized interest), associated with construction and startup of the company's Sinton Texas Flat Roll Steel Mill growth investment.
Similarly, adjusting for the company's Texas steel mill construction costs, first half 2021 net income was $1.2 billion, or $5.50 per diluted share.
First half 2022 net sales increased 47 percent and operating income doubled to $3.1 billion, when compared to the same period in 2021. Higher earnings were driven by metal spread expansion within the company's steel fabrication business and steel operations, as increased product pricing outpaced higher raw material costs. The steel fabrication platform achieved record first half 2022 operating income of $1.1 billion, materially higher than the $38 million recorded in the first half 2021. First half 2022 operating income for the company's steel operations was $2.3 billion, an increase of $615 million compared to prior year results. The average first half 2022 external selling price for the company's steel operations increased $380 to $1,549 per ton compared prior year's same period, and the average ferrous scrap cost per ton melted at the company's steel mills increased $101 to $507 per ton.
Based on the company's differentiated business model and highly, variable cost structure, the company achieved cash flow from operations of $1.8 billion in the first half 2022, representing a record first half performance. The company also invested $323 million in capital investments, paid cash dividends of $115 million, and repurchased $906 million of its common stock, while maintaining strong liquidity.
"Customer order entry activity continues to be healthy across all of our businesses, conflicting with the more pessimistic emotion in the marketplace," said Millett. "Despite softening flat roll steel pricing, our steel order activity remains solid from the automotive, construction, and industrial sectors, with energy continuing to improve. Our steel fabrication operations order backlog remains at near-record volumes and forward pricing levels. This combined with continued healthy order activity and broad customer optimism, supports strong overall demand dynamics for the construction industry.
"Operations continue to ramp up at our Sinton Flat Roll Steel Mill, and the team has already achieved run rates of 80 percent through the hot side. However, they have been challenged with unexpected power and equipment issues that have impacted their operating time in July. The team expects to realize meaningful improvement for the remainder of the year. We are investing approximately $500 million to build four additional value-added flat roll steel coating lines comprised of two paint lines and two galvanizing lines with Galvalume® coating capability, a set of which will be located onsite at our new Texas steel mill, providing Sinton with the same diversification and higher-margin product capabilities as our two existing flat roll steel divisions. The other two lines will be placed at our Heartland Flat Roll Division located in Terre Haute, Indiana to support growing coated flat roll steel demand in the region and to further increase the diversification and cash generation capacity of our existing Midwest operations. Based on current plans, we believe these four lines will begin operating in the second half of 2023.
"We are excited about our recent partnership with Aymium," said Millett. "We believe this strategic joint venture will cost-effectively reduce our greenhouse gas emissions, which are already materially lower than our global steel competitors. We also believe Aymium's process can provide a renewable carbon alternative to fossil fuel for Iron Dynamics, our proprietary ironmaking operations. We have successfully trialed Aymium's biocarbon product in our steel operations, and conservatively estimate this first facility will reduce our Scope 1 steelmaking greenhouse gas emission intensity between 20 and 25 percent, with potential upside through the use of the facility's biogas. Our commitment to all aspects of sustainability is embedded in our founding principles. This investment represents a significant step forward on our path to carbon neutrality, and our continued commitment to reduce our environmental footprint."
"We believe there are strong drivers for our continued growth and remain in a position of strength. Our recently announced planned investment in a new state-of-the-art low-carbon aluminum flat rolled mill continues our strategic growth, is aligned with our core steelmaking and recycling platforms, benefits many of our existing customers, and provides for future value creation. Our customers and our people are incredibly excited for this growth opportunity. Our commitment is to the health and safety of our teams, families, and communities, while meeting the growing needs of our customers. Our culture and business model continue to positively differentiate our performance from the industry. We are well-positioned for sustainable long-term growth and value creation," concluded Millett.
Steel Dynamics, Inc. will hold a conference call to discuss second quarter 2022 operating and financial results on Thursday, July 21, 2022, at 9:00 a.m. Eastern Daylight Time. You may access the call and find dial-in information on the Investors section of the company's website at www.steeldynamics.com. A replay of the call will be available on our website until 11:59 p.m. Eastern Daylight Time on July 27, 2022.
Steel Dynamics is one of the largest domestic steel producers and metals recyclers in the United States, based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States, and in Mexico. Steel Dynamics produces steel products, including hot roll, cold roll, and coated sheet steel, structural steel beams and shapes, rail, engineered special-bar-quality steel, cold finished steel, merchant bar products, specialty steel sections and steel joists and deck. In addition, the company produces liquid pig iron and processes and sells ferrous and nonferrous scrap.
The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that Adjusted Net Income, Adjusted Diluted Earnings Per Share, EBITDA and Adjusted EBITDA, non-GAAP financial measures, provide additional meaningful information regarding the company's performance and financial strength. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company's reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, Adjusted Net Income, Adjusted Diluted Earnings Per Share, EBITDA and Adjusted EBITDA included in this release may not be comparable to similarly titled measures of other companies.
This press release contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel and recycled metals marketplaces, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking," subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not a guarantee of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) pandemics, epidemics, widespread illness or other health issues, such as the COVID-19 pandemic; (4) the cyclical nature of the steel industry and the industries we serve; (5) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes, and our potential inability to pass higher costs on to our customers; (6) cost and availability of electricity, natural gas, oil, or other energy resources are subject to volatile market conditions; (7) increased environmental, greenhouse gas emissions and sustainability considerations or regulations; (8) compliance with and changes in environmental and remediation requirements; (9) significant price and other forms of competition from other steel producers, scrap processors and alternative materials; (10) availability of an adequate source of supply of scrap for our metals recycling operations; (11) cybersecurity threats and risks to the security of our sensitive data and information technology; (12) the implementation of our growth strategy; (13) litigation and legal compliance, (14) unexpected equipment downtime or shutdowns; (15) governmental agencies may refuse to grant or renew some of our licenses and permits required to operate our businesses; (16) our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (17) the impact of impairment charges.
More specifically, refer to Steel Dynamics' more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our quarterly reports on Form 10-Q, or in other reports which we file with the Securities and Exchange Commission. These are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on the Steel Dynamics website, www.steeldynamics.com under "Investors — SEC Filings".
SOURCE Steel Dynamics, Inc. | https://www.prnewswire.com/news-releases/steel-dynamics-reports-record-second-quarter-2022-results-301590460.html | 2022-07-20T22:03:04 | en | 0.944324 |
For Games of Thursday, July 21
NOTE: Only games with one or both pitchers designated are listed below
INTERLEAGUE
___
AMERICAN LEAGUE
___
___
___
___
NATIONAL LEAGUE
___
KEY
TEAM REC-Team's Record in games started by today's pitcher.
VS OPP-Pitcher's record versus this opponent. | https://www.chron.com/sports/article/MLB-Pitching-Comparison-17318142.php | 2022-07-20T22:03:08 | en | 0.915061 |
FREMONT, Calif., July 20, 2022 /PRNewswire/ -- Socket Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and delivery solutions for enhanced productivity, today announced that it will release its 2022 second quarter financial results at the close of the market on Thursday, July 28, 2022. Management will also host a conference call to discuss these results that will begin at 5 p.m. Eastern Time (2 p.m. Pacific Time).
About Socket Mobile:
Socket Mobile is a leading provider of data capture and delivery solutions for enhanced productivity in workforce mobilization. Socket Mobile's revenue is primarily driven by the deployment of third-party barcode enabled mobile applications that integrate Socket Mobile's cordless barcode scanners and contactless reader/writers. Mobile Applications servicing the specialty retailer, field service, transportation, and manufacturing markets are the primary revenue drivers. Socket Mobile has a network of thousands of developers who use its software developer tools to add sophisticated data capture to their mobile applications. Socket Mobile is headquartered in Newark, Calif. and can be reached at +1-510-933-3000 or www.socketmobile.com. Follow Socket Mobile on Facebook , Twitter @socketmobile and on our sockettalk blog.
Socket is a registered trademark of Socket Mobile. All other trademarks and trade names contained herein may be those of their respective owners.
© 2022, Socket Mobile, Inc. All rights reserved.
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SOURCE Socket Mobile, Inc. | https://www.wlbt.com/prnewswire/2022/07/20/socket-mobile-announces-2022-second-quarter-results-release-date-conference-call/ | 2022-07-20T22:03:09 | en | 0.902178 |
Texas State Railroad's Great Guest Reviews Land It A Place Among Travelers' Favorites
PALESTINE, Texas, July 20, 2022 /PRNewswire/ -- Texas State Railroad (TSR) today announced it has been recognized by Tripadvisor as a 2022 Travelers' Choice award winner. The award celebrates businesses that have received great traveler reviews from visitors from around the country on Tripadvisor over the last 12 months. As challenging as the past year was, TSR stood out by consistently delivering positive experiences to their guests.
"We are honored to be recognized as a 2022 Tripadvisor Travelers' Choice Winner," said Amy Parady, Director of Business Development for the TSR. "Our guests are our number one priority! Many guests come to experience a vintage train ride as it is a unique outing; however, we strongly believe they will return because of our customer service. Our team is firmly committed to providing the best experience possible."
"Congratulations to the 2022 Tripadvisor Travelers' Choice Winners," said Kanika Soni, Chief Commercial Officer at Tripadvisor. "The Travelers' Choice Awards recognize the best in tourism and hospitality, according to those who matter most: your guests. Ranking among the Travelers' Choice winners is always tough — but never more so than this year as we emerge from the pandemic. Whether it's using new technology, implementing safety measures, or hiring outstanding staff, I'm impressed by the steps you've taken to meet travelers' new demands. You've adapted brilliantly in the face of adversity."
To see visitor reviews, excursions and event trains of TSR, visit https://www.tripadvisor.com/Attraction_Review-g56414-d11887226-Reviews-Texas_State_Railroad-Palestine_Texas.html
TSR is a tourist railroad offering round trip steam and diesel excursions through the scenic Piney Woods of East Texas. In 2003, the Texas state legislature designated the Texas State Railroad as the official railroad of Texas! Our excursion trains operate between Palestine and Rusk TX. The Texas State Railroad is a subsidiary of Jaguar Transport Holdings out of Joplin, MO.
Tripadvisor, the world's largest travel guidance platform*, helps hundreds of millions of people each month** become better travelers, from planning to booking to taking a trip. Travelers across the globe use the Tripadvisor site and app to discover where to stay, what to do and where to eat based on guidance from those who have been there before. With more than 988 million reviews and opinions of nearly 8 million businesses, travelers turn to Tripadvisor to find deals on accommodations, book experiences, reserve tables at delicious restaurants and discover great places nearby. As a travel guidance company available in 43 markets and 22 languages, Tripadvisor makes planning easy no matter the trip type.
The subsidiaries of Tripadvisor, Inc., own and operate a portfolio of travel media brands and businesses, operating under various websites and apps, including the following websites:
www.bokun.io, www.cruisecritic.com, www.flipkey.com, www.thefork.com, www.helloreco.com, www.holidaylettings.co.uk, www.housetrip.com, www.jetsetter.com, www.niumba.com, www.seatguru.com, www.singleplatform.com, www.vacationhomerentals.com, and www.viator.com.
* Source: SimilarWeb, unique users de-duplicated monthly, September 2021
** Source: Tripadvisor internal log files
SOURCE Texas State Railroad | https://www.prnewswire.com/news-releases/texas-state-railroad-wins-2022-tripadvisor-travelers-choice-award-301590536.html | 2022-07-20T22:03:10 | en | 0.934462 |
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HENDERSON, Nev. (AP) — Las Vegas Raiders owner Mark Davis, new President Sandra Douglass Morgan and star tight end Darren Waller all attended a WNBA game between the hometown Aces and the Atlanta Dream and they were all about the energy.
As electric as the arena was, though, the trio couldn't help but talk about the energy flowing roughly 10 miles away at the Raiders' facility.
“We’re undefeated right now and hopefully we’ll keep it that way,” Davis said. “This offseason has been a real building moment for us.”
The Raiders, who open their preseason slate on Aug. 4 in the Hall of Fame Game against the Jacksonville Jaguars, have all new leadership, something Davis said he’s elated about.
From the enthusiasm he’s seen during Morgan’s first two weeks at the helm, to first-year general manager Dave Ziegler’s plans to build the team, to new coach Josh McDaniels' game strategies.
“We’re just really thrilled to have the three of them at the top of the food chain,” Davis said Tuesday night, a day before veterans reported for camp.
The addition of wide receiver Davante Adams gives Derek Carr the big-time target he’s longed for while completing a receiving trifecta for the ninth-year quarterback, along with Waller and Hunter Renfrow.
Waller, who was Carr’s leading receiver in 2019 and 2020, said he is looking forward to being in a McDaniels-led system that could contain hints of the style he used in New England, where the Patriots generally relied on a tight end to complement the passing game.
“It’s gonna put pressure on people," Waller said. "We have the talent to dictate what goes on out there and we feel excited about the scheme that’s in place."
For Morgan, the first Black woman to assume the role of president of an NFL team, the wow factor has been watching every component of the Raiders organization work in unison leading up to camp.
“It is just an amazing machine that is smooth and operating and we just can’t wait for the season to kick off,” Morgan said. “People are excited and ready for the season. You see the tents kind of going up on the field and we’re all just excited and really ready to go and support the team however we can.”
During a media availability Wednesday, edge rusher Maxx Crosby said he still has nerves on the eve of training camp.
”(I’m) just trying to get my mind in a different place because once you start training camp, you’ve got to be in a different place mentally,” said Crosby, who was named to his first Pro Bowl after registering eight sacks last season. “It’s here now, so it’s super exciting. Every single year, it’s always a new challenge, new goals, new things going on. But it’s football, so there’s nothing more I’d rather be doing on Earth.”
For Davis, it’s another season with another new staff and the same expectations he always has. But as confident as he may be, he knows better than to pat himself on the back over any moves he’s made
“I’ve been through this too many times at the beginning of the season,” Davis said. “We have a lot of promise. But you gotta go out and do it. And then when you go out and start earning those things, then you start saying ‘yeah we got it right.'"
___
More AP NFL coverage: https://apnews.com/hub/nfl and https://twitter.com/AP_NFL | https://www.chron.com/sports/article/Raiders-ramping-up-for-season-with-new-leadership-17317980.php | 2022-07-20T22:03:15 | en | 0.963421 |
Matching Top Physicians, Dentists, and Advanced Practice Professionals With The Best Healthcare Employers
CONCORD, Calif., July 20, 2022 /PRNewswire/ -- TheraEx Staffing Services, a leading name in healthcare staffing solutions, is pleased to announce the launch of its new sister company, TheraEx Locums. The new division will offer a full range of staffing services for healthcare providers and Locum Tenens Physicians and Advanced Practice professionals throughout the U.S.
The employment of Locum Tenens services is increasing as the demand for Physicians and Advanced Practice professionals accelerates. Locum Tenens staffing agencies provide long-term clinical support for hard-to-find physician roles and offer talent to fill short-term staffing gaps caused by vacation or illness.
As a partner to both clinicians and healthcare facilities nationwide, TheraEx Locums has a best-in-class team that delivers 24/7 support and personalized amenities to ease the burden of Locums. From full-service surgical centers to private medical clinics and everything in between, these facilities need the right clinicians in the right roles to ensure positive patient outcomes.
"TheraEx Locums focuses on one thing: Locum Tenens staffing. Our goal is to serve medical facilities such as inpatient and outpatient clinics, surgery centers, private practices, and more by providing world-class healthcare staffing services. Our mission is to do it while upholding our core values of customer service, honesty, and transparency."
Whether you are a seasoned healthcare professional or just starting in the Locum Tenens job market, TheraEx Locums has the Locum Tenens experience and resources to find you the perfect Locum Tenens job opportunity; quickly and efficiently.
To learn more about TheraEx Locums, please visit: https://www.theraexlocums.com/
About TheraEx Locums
TheraEx Locums is a medical staffing agency dedicated to matching experienced healthcare professionals with top medical facilities. The Locum Tenens teams are strategically matched to some of the leading facilities in the country, bridging the gap between demand and top-tier medical care. Providers and Advanced Practice Professionals in the network can earn extra income and participate in meaningful work that matters. Founded in 2022 by Rey Rivera, President, and Crystal White, Director of Operations, TheraEx Locums is transforming the medical workforce from the inside out.
Website: https://www.theraexlocums.com/
Facebook: https://www.facebook.com/TheraExLocums
Instagram: https://www.instagram.com/theraex_locums/
Twitter: https://twitter.com/TheraExLocums
For more information or press inquiries, please contact Rey Rivera, President, or Crystal White, Director of Operations at (866) 440-2445.
SOURCE TheraEx Locums | https://www.prnewswire.com/news-releases/theraex-staffing-services-announces-the-launch-of-its-new-sister-company-theraex-locums-301590498.html | 2022-07-20T22:03:16 | en | 0.908968 |
Increase To $0.80 Per Share, Company's 55th Consecutive Annual Dividend Increase
NEW BRITAIN, Conn., July 20, 2022 /PRNewswire/ -- Stanley Black & Decker (NYSE: SWK) announced today that its Board of Directors approved a $0.01 increase of its quarterly cash dividend to $0.80 per common share. This marks the 55th consecutive annual dividend increase for the company. The dividend is payable on Tuesday, September 20, 2022 to shareholders of record as of the close of business on Tuesday, September 6, 2022.
Stanley Black & Decker's President and CEO, Donald Allan, Jr., commented, "A strong and growing dividend is a key element of our shareholder value proposition and is consistent with our capital deployment philosophy which has delivered approximately half of our excess capital to shareholders over the long-term. We are pleased to continue this trend of consecutive increases, which maintains our compelling dividend payout and reflects the confidence we have in our long-term cash generation potential."
About Stanley Black & Decker
Headquartered in the USA, Stanley Black & Decker (NYSE: SWK) is the world's largest tool company operating nearly 50 manufacturing facilities across America and more than 100 worldwide. Guided by its purpose – for those who make the world – the company's more than 60,000 diverse and high-performing employees produce innovative, award-winning power tools, hand tools, storage, digital tool solutions, lifestyle products, outdoor products, engineered fasteners and other industrial equipment to support the world's makers, creators, tradespeople and builders. The company's iconic brands include DEWALT, BLACK+DECKER, CRAFTSMAN, STANLEY, Cub Cadet, Hustler and Troy-Bilt. Recognized for its leadership in environmental, social and governance (ESG), Stanley Black & Decker strives to be a force for good in support of its communities, employees, customers and other stakeholders. To learn more visit: www.stanleyblackanddecker.com.
Stanley Black & Decker Investor Contacts
Dennis Lange
Vice President, Investor Relations
dennis.lange@sbdinc.com
(860) 827-3833
Cort Kaufman
Senior Director, Investor Relations
cort.kaufman@sbdinc.com
(860) 515-2741
Christina Francis
Director, Investor Relations
christina.francis@sbdinc.com
(860) 438-3470
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SOURCE Stanley Black & Decker | https://www.wlbt.com/prnewswire/2022/07/20/stanley-black-amp-decker-announces-3rd-quarter-dividend/ | 2022-07-20T22:03:15 | en | 0.898093 |
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The NCAA has adequately addressed nine of 23 recommendations for creating comparable NCAA Tournament experiences for men's and women's basketball players, according to a progress report released Wednesday.
College sports' largest governing body hired a third party to evaluate its response to a scathing report issued almost a year ago that criticized gender inequality in the tournaments.
Among the most visible changes noted in the progress report were “March Madness” branding and increased cross-promotion for both tournaments in 2022, as well as the addition of four teams to the women's tournament to create a “First Four” event to bring it in line with the men's tournament structure.
The NCAA men's and women's basketball committees jointly rejected a recommendation to hold simultaneous Final Fours in the same city, the report said, and NCAA leadership decided against changing the Division I basketball administrative structure. That means vice president of women's basketball Lynn Holzman continues to report to senior vice president of basketball Dan Gavitt.
An outside firm was hired to conduct the assessment and that the NCAA was honoring the firm's request to not be identified, as per company policy, NCAA Associate Director of Communications Meghan Durham told The Associated Press in an email.
“The findings of this assessment illustrate our commitment to advance gender equity at NCAA championships. Thanks to a collaborative spirit, significant accomplishments were achieved this past year," NCAA President Mark Emmert said. "We have said it before — our work is not finished. Gender equity must remain a priority for leaders throughout college sports and we look forward to continuing to support these efforts moving forward.”
The initial report published in August was done by Kaplan Hecker & Fink LLP, which was hired after the NCAA failed to provide similar amenities to the teams in the 2021 men’s and women’s Division I tournaments.
The tournaments were played in “bubbles” because of the pandemic, and players blew up social media with complaints that showed disparities between men's and women's weight-training facilities, food, lounge areas and gifts — prompting apologies from NCAA executives.
The Kaplan report said the NCAA failed to uphold its commitment to gender equity by prioritizing its cash-cow men's tournament “over everything else" and put forth the recommendations that the NCAA has enacted or considered.
The issues that women's players drew attention to have been addressed, the progress report noted. And in addition to the branding improvements, the NCAA increased full-time staff working on women's tournament; improved communication between men's and women's basketball committees; began a program to identify and track areas that need to be the same, comparable and different in men's and women's tournament experiences; hired a third party to produce an annual report on gender-equity initiatives; and issued statements on how gender-equity issues are or will be addressed.
The progress report also pointed out the NCAA increased the 2022 women's tournament expenses budget by $6.1 million and that an additional $1 million would be added.
Among areas in progress: hiring a full-time employee to focus on women's and gender-equity issues; initiating third-party assessments of gender-equity progress every five years; emphasizing new corporate sponsorships for the women's tournament; pursuing promotional and marketing opportunities that benefit both tournaments; building on the increased branding visibility with “March Madness” courts and hoops at the women's First Four and first and second rounds.
In the future, the NCAA is looking to pursue standalone rights for the women's tournament once existing media and marketing contracts expire in 2024, the report said, as well as hiring a senior vice president for revenue focusing on both tournaments and creating a women's tournament revenue distribution plan that's more in line with that of the men's tournament.
NCAA revenues surpassed $1 billion in the year before the pandemic and almost $900 million of that was tied to the media rights deal with CBS and Turner for the men’s tournament.
The women’s tournament is part of a package with more than two dozen other NCAA championships that ESPN owns and pays about $34 million per year for through 2023-24. But according to an assessment done for Kaplan by a team of sports media and marketing experts, the women’s tournament will be worth between $81 and $112 million annually beginning in 2025.
___
More AP women’s college basketball: https://apnews.com/hub/womens-college-basketball and https://apnews.com/hub/ap-top-25-womens-college-basketball-poll and https://twitter.com/AP_Top25 | https://www.chron.com/sports/article/Report-NCAA-makes-progress-on-gender-inequality-17318037.php | 2022-07-20T22:03:21 | en | 0.973684 |
TICKETS NOW ON SALE FOR ANTICIPATED TASTING TEXAS WINE + FOOD FESTIVAL
SAN ANTONIO, July 20, 2022 /PRNewswire/ -- Tickets are now on sale for the Tasting Texas Wine + Food Festival hosted by Culinaria and Visit San Antonio and flavored by the James Beard Foundation. October 27-30, San Antonio will host top culinary leaders from the U.S. and Mexico and showcase their talents at events ranging from tastings, intimate dinners, outdoor lunches, hands-on workshops, educational panels, and more. Festival attendees will be able to customize their gastronomic experience by choosing between all-inclusive festival packages or a-la-carte options starting from $100.
EVENT HIGHLIGHTS
- The Collective: Friday, Saturday, and Sunday, noon – 6:00 p.m., Travis Park
- The festival's flagship event located at Travis Park featuring over 100 chefs and restaurants, hundreds of beverage brands, a Texas Wine Garden, live fire activations, cooking demonstrations, educational seminars, and a mercantile market.
- Southern Hospitality: Friday, 7 p.m. – 9 p.m., Pearl
- A mashup of food and beverage celebrating the "Y'all Means All" culture of Texas. From biscuits and gravy to hearty enchiladas and, of course, top-shelf cocktails, in a walk-around tasting event granting guest all-access to a front row seat of hospitality the Texas way.
- Celebrate Agave: Saturday, 7 p.m. – 9 p.m., Travis Park
- Aged, sipped, neat, or mixed, this walk-around tasting event celebrates all things agave and the cuisines that embrace it.
- Lunches and Dinners: Thursday – Saturday
- Festivalgoers will have exclusive access to unique chef collaborations at dinner and lunch events held at varying locations across the city.
- Seminars and Workshops: Thursday – Saturday
- With a theme to satisfy every interest, attendees will be able to sign up for seminars and workshops across a range of topics, including hands-on, small-group activities – from crafting cocktails and smoking meat – to panel discussions on women in the beverage industry, and food and drink sampling.
TICKET PACKAGES
- Super VIP – $1,025
- Choice of one dinner on Thursday night plus Southern Hospitality, VIP Access to all three days of The Collective, Celebrate Agave, VIP Parties and VIP Only Seminars.
- The Weekender – $600
- General Admission to The Collective (all three days), Celebrate Agave and Southern Hospitality.
- Just the Collective – $300
- All three days of The Collective. Enjoy this all-inclusive and immersive experience. All food and beverage are included. You'll only need one ticket to enjoy it all.
To buy tickets and access the full schedule, chef and beverage lineup, hotel partners, travel hosts, and more, visit TastingTexas.com.
SOURCE VISIT SAN ANTONIO | https://www.prnewswire.com/news-releases/tickets-now-on-sale-for-anticipated-tasting-texas-wine--food-festival-301590549.html | 2022-07-20T22:03:22 | en | 0.906855 |
FORT WAYNE, Ind., July 20, 2022 /PRNewswire/ --
Second Quarter 2022 Performance Highlights:
- Record steel shipments of 3.1 million tons
- Record net sales of $6.2 billion
- Record operating income of $1.6 billion and net income of $1.2 billion
- Record steel fabrication operating income of $599 million and record shipments of 218,000 tons
- Record cash flow from operations of $1.0 billion and record adjusted EBITDA of $1.7 billion
- Repurchased $517 million of the company's common stock, representing 3.5 percent of its outstanding shares
Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced second quarter 2022 financial results. The company reported record second quarter 2022 net sales of $6.2 billion and record net income of $1.2 billion, or $6.44 per diluted share. Excluding the impact from the following item, the company's second quarter 2022 adjusted net income was $1.3 billion, or $6.73 per diluted share:
- Costs of approximately $77 million, or $0.29 per diluted share, associated with the continued startup of the company's Sinton Texas Flat Roll Steel Mill growth investment.
Comparatively, the company's sequential first quarter 2022 earnings were $5.71 per diluted share, and adjusted earnings were $6.02 per diluted share excluding costs of $0.31 per diluted share (net of capitalized interest), associated with construction and startup of the company's Sinton Texas Flat Roll Steel Mill. Prior year second quarter earnings were $3.32 per diluted share and adjusted earnings were $3.40 per diluted share, excluding costs of $0.08 per diluted share (net of capitalized interest), associated with construction of the company's Texas Flat Roll Steel Mill.
"The team delivered another strong performance, achieving record quarterly operating and financial performance, including record sales, operating income, cash flow from operations, and adjusted EBITDA," said Mark D. Millett, Chairman, President, and Chief Executive Officer. "Our second quarter 2022 operating income was $1.6 billion, with adjusted EBITDA of $1.7 billion. This tremendous accomplishment displays the power of our highly diversified, value-added, circular manufacturing model — as the strength in our steel fabrication operations more than offset lower earnings in our flat roll steel business, as realized flat roll steel selling values declined during the quarter. Despite softening hot roll coil steel pricing, we achieved record quarterly steel shipments of 3.1 million tons based on solid steel demand, led by the automotive, construction, and industrial sectors, with energy continuing to improve.
"The teams achieved strong operating and financial results across all of our operating platforms," continued Millett. "Second quarter operating income from our steel and metals recycling operations remained very strong at $1.1 billion and $58 million, respectively. Our steel fabrication operations again achieved record results, with earnings of $599 million, based on significantly higher realized selling values and a continued strong construction demand environment. Steel joist and deck pricing and order activity continues to be robust, supporting our continued near-record order backlog with higher forward pricing."
Second quarter 2022 operating income for the company's steel operations remained historically strong at $1.1 billion. The incremental decline in earnings resulted from metal spread compression within the company's flat roll steel operations, as lower average flat roll steel pricing more than offset higher flat roll steel shipments. Demand for the company's long product steel also continues to be strong, supporting increased average realized pricing and shipments. The second quarter 2022 average external product selling price for the company's steel operations decreased $22 sequentially to $1,539 per ton. The average ferrous scrap cost per ton melted at the company's steel mills increased $64 sequentially to $538 per ton.
Second quarter operating income from the company's metals recycling operations increased to $58 million, above first quarter sequential results of $48 million, based on strong demand supporting increased pricing and related metal spread. Solid demand for ferrous scrap resulted in a 7 percent increase in second quarter 2022 shipments, compared to first quarter sequential results.
The company's steel fabrication operations reported another record operating income of $599 million in the second quarter 2022, substantially above sequential first quarter results, as significantly higher selling values and strong shipments more than offset marginally higher steel input costs. The non-residential construction sector remains strong, resulting in a near-record order backlog and higher forward-pricing for the company's steel fabrication platform. The company anticipates this momentum to continue into 2023 based on these dynamics.
Based on the company's differentiated business model and highly variable cost structure, the company generated record cash flow from operations of $1.0 billion during the quarter. The company also invested $164 million in capital investments, paid cash dividends of $64 million, and repurchased $517 million of its outstanding common stock representing 3.5 percent of its outstanding stock, while maintaining strong liquidity of $2.5 billion as of June 30, 2022.
For the six months ended June 30, 2022, net income was $2.3 billion, or $12.14 per diluted share, with net sales of $11.8 billion, as compared to net income of $1.1 billion, or $5.35 per diluted share, with net sales of $8.0 billion for the same period in 2021. Excluding the impact from the following item, the company's first half 2022 adjusted net income was $2.4 billion, or $12.74 per diluted share:
- Costs of approximately $161 million, or $0.60 per diluted share (net of capitalized interest), associated with construction and startup of the company's Sinton Texas Flat Roll Steel Mill growth investment.
Similarly, adjusting for the company's Texas steel mill construction costs, first half 2021 net income was $1.2 billion, or $5.50 per diluted share.
First half 2022 net sales increased 47 percent and operating income doubled to $3.1 billion, when compared to the same period in 2021. Higher earnings were driven by metal spread expansion within the company's steel fabrication business and steel operations, as increased product pricing outpaced higher raw material costs. The steel fabrication platform achieved record first half 2022 operating income of $1.1 billion, materially higher than the $38 million recorded in the first half 2021. First half 2022 operating income for the company's steel operations was $2.3 billion, an increase of $615 million compared to prior year results. The average first half 2022 external selling price for the company's steel operations increased $380 to $1,549 per ton compared prior year's same period, and the average ferrous scrap cost per ton melted at the company's steel mills increased $101 to $507 per ton.
Based on the company's differentiated business model and highly, variable cost structure, the company achieved cash flow from operations of $1.8 billion in the first half 2022, representing a record first half performance. The company also invested $323 million in capital investments, paid cash dividends of $115 million, and repurchased $906 million of its common stock, while maintaining strong liquidity.
"Customer order entry activity continues to be healthy across all of our businesses, conflicting with the more pessimistic emotion in the marketplace," said Millett. "Despite softening flat roll steel pricing, our steel order activity remains solid from the automotive, construction, and industrial sectors, with energy continuing to improve. Our steel fabrication operations order backlog remains at near-record volumes and forward pricing levels. This combined with continued healthy order activity and broad customer optimism, supports strong overall demand dynamics for the construction industry.
"Operations continue to ramp up at our Sinton Flat Roll Steel Mill, and the team has already achieved run rates of 80 percent through the hot side. However, they have been challenged with unexpected power and equipment issues that have impacted their operating time in July. The team expects to realize meaningful improvement for the remainder of the year. We are investing approximately $500 million to build four additional value-added flat roll steel coating lines comprised of two paint lines and two galvanizing lines with Galvalume® coating capability, a set of which will be located onsite at our new Texas steel mill, providing Sinton with the same diversification and higher-margin product capabilities as our two existing flat roll steel divisions. The other two lines will be placed at our Heartland Flat Roll Division located in Terre Haute, Indiana to support growing coated flat roll steel demand in the region and to further increase the diversification and cash generation capacity of our existing Midwest operations. Based on current plans, we believe these four lines will begin operating in the second half of 2023.
"We are excited about our recent partnership with Aymium," said Millett. "We believe this strategic joint venture will cost-effectively reduce our greenhouse gas emissions, which are already materially lower than our global steel competitors. We also believe Aymium's process can provide a renewable carbon alternative to fossil fuel for Iron Dynamics, our proprietary ironmaking operations. We have successfully trialed Aymium's biocarbon product in our steel operations, and conservatively estimate this first facility will reduce our Scope 1 steelmaking greenhouse gas emission intensity between 20 and 25 percent, with potential upside through the use of the facility's biogas. Our commitment to all aspects of sustainability is embedded in our founding principles. This investment represents a significant step forward on our path to carbon neutrality, and our continued commitment to reduce our environmental footprint."
"We believe there are strong drivers for our continued growth and remain in a position of strength. Our recently announced planned investment in a new state-of-the-art low-carbon aluminum flat rolled mill continues our strategic growth, is aligned with our core steelmaking and recycling platforms, benefits many of our existing customers, and provides for future value creation. Our customers and our people are incredibly excited for this growth opportunity. Our commitment is to the health and safety of our teams, families, and communities, while meeting the growing needs of our customers. Our culture and business model continue to positively differentiate our performance from the industry. We are well-positioned for sustainable long-term growth and value creation," concluded Millett.
Steel Dynamics, Inc. will hold a conference call to discuss second quarter 2022 operating and financial results on Thursday, July 21, 2022, at 9:00 a.m. Eastern Daylight Time. You may access the call and find dial-in information on the Investors section of the company's website at www.steeldynamics.com. A replay of the call will be available on our website until 11:59 p.m. Eastern Daylight Time on July 27, 2022.
Steel Dynamics is one of the largest domestic steel producers and metals recyclers in the United States, based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States, and in Mexico. Steel Dynamics produces steel products, including hot roll, cold roll, and coated sheet steel, structural steel beams and shapes, rail, engineered special-bar-quality steel, cold finished steel, merchant bar products, specialty steel sections and steel joists and deck. In addition, the company produces liquid pig iron and processes and sells ferrous and nonferrous scrap.
The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that Adjusted Net Income, Adjusted Diluted Earnings Per Share, EBITDA and Adjusted EBITDA, non-GAAP financial measures, provide additional meaningful information regarding the company's performance and financial strength. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company's reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, Adjusted Net Income, Adjusted Diluted Earnings Per Share, EBITDA and Adjusted EBITDA included in this release may not be comparable to similarly titled measures of other companies.
This press release contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel and recycled metals marketplaces, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking," subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not a guarantee of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) pandemics, epidemics, widespread illness or other health issues, such as the COVID-19 pandemic; (4) the cyclical nature of the steel industry and the industries we serve; (5) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes, and our potential inability to pass higher costs on to our customers; (6) cost and availability of electricity, natural gas, oil, or other energy resources are subject to volatile market conditions; (7) increased environmental, greenhouse gas emissions and sustainability considerations or regulations; (8) compliance with and changes in environmental and remediation requirements; (9) significant price and other forms of competition from other steel producers, scrap processors and alternative materials; (10) availability of an adequate source of supply of scrap for our metals recycling operations; (11) cybersecurity threats and risks to the security of our sensitive data and information technology; (12) the implementation of our growth strategy; (13) litigation and legal compliance, (14) unexpected equipment downtime or shutdowns; (15) governmental agencies may refuse to grant or renew some of our licenses and permits required to operate our businesses; (16) our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (17) the impact of impairment charges.
More specifically, refer to Steel Dynamics' more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our quarterly reports on Form 10-Q, or in other reports which we file with the Securities and Exchange Commission. These are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on the Steel Dynamics website, www.steeldynamics.com under "Investors — SEC Filings".
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SOURCE Steel Dynamics, Inc. | https://www.wlbt.com/prnewswire/2022/07/20/steel-dynamics-reports-record-second-quarter-2022-results/ | 2022-07-20T22:03:22 | en | 0.944582 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/baltimore-orioles/articles/40133807 | 2022-07-20T22:03:24 | en | 0.738227 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/baltimore-orioles/articles/40134615 | 2022-07-20T22:03:25 | en | 0.738227 |
LAGUNA BEACH, Calif. (AP) — World TeamTennis, the mixed-gender league co-founded nearly a half-century ago by Billie Jean King, will not have a season in 2022 but plans to return next year.
WTT announced Wednesday that it is hoping to add new teams by 2023. The expansion fee is $1 million per franchise.
The league held single-site seasons during the coronavirus pandemic in 2020 and 2021, and intends to return to matches played at teams' home courts. | https://www.chron.com/sports/article/World-TeamTennis-taking-2022-off-seeks-new-17318039.php | 2022-07-20T22:03:27 | en | 0.967246 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/st-louis-cardinals/articles/40134314 | 2022-07-20T22:03:28 | en | 0.738227 |
Total operating revenue up 6% over same quarter 2019; expects increase of 11% in third quarter versus the same quarter in 2019
Record TRASM of up 24% over same quarter 2019; expects sequential improvement in third quarter versus the same quarter in 2019
Operating margin of 7.2% and adjusted operating margin of 8.2% marking first quarter of profitability since COVID-19 began
CHICAGO, July 20, 2022 /PRNewswire/ -- United Airlines (UAL) today reported second quarter 2022 financial results. The company achieved the highest second quarter revenue in its history, delivering its first profitable quarter since COVID-19 began, despite record-high fuel prices. The second quarter results combined with continued progress the company is seeing affirms United's confidence in achieving the long-term adjusted pre-tax margin1 targets of approximately 9 percent in 2023 and about 14 percent in 2026 that are part of the United Next strategy.
For the quarter, the company saw operating revenue up 6 percent versus the same quarter in 2019 and expects to see sequential improvement in the third quarter. The company also had record-setting TRASM (Total Revenue Per Available Seat Mile), up 24 percent versus the same quarter in 2019 and expects 24 to 26 percent improvement in the third quarter over third quarter 2019. Second quarter revenue improved at a rapid pace and while the company anticipates the economy will slow in the near to medium term, the continuing pandemic recovery is more than offsetting economic headwinds — leading to expected revenue and earnings acceleration in the third quarter. As a result, the company continues to expect to be profitable for the full year 2022. Additionally, even as the industry faced several, well-documented operational challenges throughout the quarter, United performed well and with the exception of Newark had operating results largely in line with 2019.
"I am grateful to the United team that has fought through severe systemic challenges impacting all of global aviation to serve our customers," said United Airlines CEO Scott Kirby. "It's nice to return to profitability – but we must confront three risks that could grow over the next 6-18 months. Industry-wide operational challenges that limit the system's capacity, record fuel prices and the increasing possibility of a global recession are each real challenges that we are already addressing. These fundamental challenges have already led to higher costs, higher fuel prices but, also higher revenue, which means we're as confident as ever we will deliver on our 9 percent adjusted pre-tax margin target in 2023."
Second Quarter Financial Results
- Reported second quarter 2022 net income of $329 million, adjusted net income2 of $471 million.
- Reported second quarter 2022 capacity down 15% compared to second quarter 2019.
- Reported second quarter 2022 total operating revenue of $12.1 billion, up 6% compared to second quarter 2019.
- Reported second quarter 2022 TRASM of up 24% compared to second quarter 2019.
- Reported second quarter 2022 Cost Per Available Seat Mile (CASM) of up 32%, and CASM-ex2 of up 17%, compared to second quarter 2019.
- Reported second quarter 2022 operating margin of 7.2%, adjusted operating margin2 of 8.2%.
- Reported second quarter 2022 pre-tax margin of 3.8%, adjusted pre-tax margin2 of 5.0%.
- Reported second quarter 2022 fuel price of approximately $4.18 per gallon.
- Reported second quarter 2022 payments of long-term debt, finance leases and other financing liabilities of $1.0 billion.
- Reported second quarter 2022 ending available liquidity3 of $22 billion.
Operational Performance
- ConnectionSaver tool helped save more than 150,000 connections, assisting more than 1,600 customers daily on average.
- Inflight satisfaction for on-time flights remained at the highest historic level, achieving 80% for the quarter.
- 700,000 customers used the Agent on Demand platform since the beginning of the year.
Key Highlights
- Launched a new, national advertising campaign – "Good Leads The Way" – that tells the story of United's leadership in areas like customer service, diversity and sustainability, and captures the optimism fueling the airline's large ambitions at a time of unprecedented demand in air travel.
- Announced expansion of its Flight Training Center in Denver, already the largest facility of its kind in the world, as United seeks to hire an additional 10,000 pilots by 2030.
- Became the first airline to donate flights in support of the White House's Operation Fly Formula and transported Kendamil formula free of charge from Heathrow Airport in London to its Washington, Dulles hub.
Customer-Focused Enhancements
- Opened the new United ClubSM location at Newark Liberty International Airport, a 30,000 square foot space offering travelers a modern design, enhanced amenities and culinary offerings.
- Debuted new custom amenity kits for United Polaris® from Away ahead of summer travel.
- Announced limited-time collaboration with Spritz Society to offer complimentary premium cocktails on flights from Chicago to Milan and Newark to Rome, and in select United Clubs.
- Debuted new plant-based menu items from Impossible Foods as part of United's commitment to add more vegan and vegetarian options to its culinary line-up amidst growing demand for plant-based meat.
Network
- Announced year-round, nonstop service between San Francisco, California, and Brisbane, Australia, becoming the first U.S. airline to add a new transpacific destination to its global network since the start of COVID-19.
- Announced the company's application with the U.S. Department of Transportation (DOT) for three weekly nonstop flights between Washington, D.C., and Cape Town, South Africa. The application was tentatively approved by the DOT earlier this month.
- Resumed nonstop service between San Francisco and Melbourne, Australia.
- Kicked off the launch of the largest transatlantic expansion in United history with 10 new routes including new destinations Amman, Jordan; Bergen, Norway; Nice, France; Ponta Delgada, Portugal; Palma de Mallorca, Spain; and Tenerife, Spain.
- Expanded the airline's codeshare agreement with Star Alliance member Singapore Airlines, making it easier for customers to travel to more cities in the United States, Southeast Asia and other destinations in the Asia-Pacific region.
- Launched a new alliance partnership with Virgin Australia, providing customers new connectivity to Australian cities beyond nonstop services.
- Resumed 24 international routes in the second quarter.
- Announced new three times weekly service between Tokyo, Japan, and Saipan in the Commonwealth of the Northern Mariana Islands beginning in September 2022.
Environmental, Social and Governance (ESG)
- Announced a new collaboration with OneTen, a coalition committed to upskill, hire and advance Black talent into family-sustaining careers over the next 10 years.
- United Airlines Ventures announced an investment in and commercial agreement with Dimensional Energy, another step forward to reaching United's pledge to become 100% green by achieving net-zero greenhouse gas emissions by 2050, without relying on the use of traditional carbon offsets.
- Became the first U.S. airline to sign an agreement with Neste to purchase sustainable aviation fuel overseas.
- United employees and their families participated in 11 different Pride parades in June and July in United hub markets and beyond.
- United employees and their families participated in nearly 20 different Earth Month events across our hub communities and beyond.
- Over 42 million miles and more than $400,000 donated to World Central Kitchen, Airlink, American Red Cross, and Americares in support of Ukraine relief efforts by United's customers, with an additional 5 million miles and $100,000 matched by United.
- Hosted send-off events for more than 350 athletes and their families flying to the 2022 USA Special Olympics Games in Orlando, Florida, including a fellow O'Hare International Airport Special Olympics Service Ambassador.
- United welcomed 50 local youths and their family members to its Los Angeles International Airport maintenance facility for a three-week aviation program.
- Sponsored the "Girls Rock Wings" event with Sisters of the Skies, allowing more than 60 young Black women, ages 10-18, to envision a future in aviation.
- United, in partnership with the Warriors Community Foundation and Good Tidings Foundation, revealed the newly refurbished basketball court and gymnasium at the Willie Mays Boys and Girls Club of San Francisco.
- In the second quarter, through a combination of cargo-only and passenger flights, United transported approximately 275 million pounds of freight, including COVID-19 vaccines and other essential supplies, which included nearly 33 million pounds of vital shipments, such as medical kits, personal protective equipment, pharmaceuticals, and medical equipment.
Earnings Call
UAL will hold a conference call to discuss second quarter 2022 financial results, as well as its financial and operational outlook for third quarter 2022 and beyond, on Thursday, July 21, at 9:30 a.m. CT/10:30 a.m. ET. A live, listen-only webcast of the conference call will be available at ir.united.com.
The webcast will be available for replay within 24 hours of the conference call and then archived on the website for three months.
Outlook
This press release should be read in conjunction with the company's Investor Update issued in connection with this quarterly earnings announcement, which provides additional information on the company's business outlook (including certain financial and operational guidance) and is furnished with this press release with the U.S. Securities and Exchange Commission on a Current Report on Form 8-K. The Investor Update is also available through the company's investor relations website at https://ir.united.com. Management will also discuss certain business outlook items during the quarterly earnings conference call.
The company's business outlook is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release. Please see the section entitled "Cautionary Statement Regarding Forward-Looking Statements."
About United
United's shared purpose is "Connecting People. Uniting the World." From our U.S. hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C., United operates the most comprehensive global route network among North American carriers. United is bringing back our customers' favorite destinations and adding new ones on its way to becoming the world's best airline. For more about how to join the United team, please visit www.united.com/careers and more information about the company is at www.united.com. United Airlines Holdings, Inc., the parent company of United Airlines, Inc., is traded on the Nasdaq under the symbol "UAL".
Website Information
We routinely post important news and information regarding United on our corporate website, united.com, and our investor relations website, ir.united.com. We use our investor relations website as a primary channel for disclosing key information to our investors, including the timing of future investor conferences and earnings calls, press releases and other information about financial performance, reports filed or furnished with the U.S. Securities and Exchange Commission, information on corporate governance and details related to our annual meeting of shareholders. We may use our investor relations website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. We may also use social media channels to communicate with our investors and the public about our company and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website or social media channels are not incorporated by reference into, and are not a part of, this document.
Cautionary Statement Regarding Forward-Looking Statements:
This press release and the related attachments and Investor Update (as well as the oral statements made with respect to information contained in this release and the attachments) contain certain "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, relating to, among other things, the potential impacts of the COVID-19 pandemic and other macroeconomic factors and steps the company plans to take in response thereto and goals, plans and projections regarding the company's financial position, results of operations, market position, capacity, fleet, product development, ESG targets and business strategy. Such forward-looking statements are based on historical performance and current expectations, estimates, forecasts and projections about the company's future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, known or unknown, including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond the company's control and could cause the company's future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. Words such as "should," "could," "would," "will," "may," "expects," "plans," "intends," "anticipates," "indicates," "remains," "believes," "estimates," "projects," "forecast," "guidance," "outlook," "goals", "targets", "confident", "dedicated" and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. All statements, other than those that relate solely to historical facts, are forward-looking statements.
Additionally, forward-looking statements include conditional statements and statements that identify uncertainties or trends, discuss the possible future effects of known trends or uncertainties, or that indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking statements in this report are based upon information available to us on the date of this report. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law or regulation.
Our actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, the following: the adverse impacts of the ongoing COVID-19 global pandemic on our business, operating results, financial condition and liquidity; execution risks associated with our strategic operating plan; changes in our network strategy or other factors outside our control resulting in less economic aircraft orders, costs related to modification or termination of aircraft orders or entry into less favorable aircraft orders, as well as any inability to accept or integrate new aircraft into our fleet as planned; any failure to effectively manage, and receive anticipated benefits and returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions; adverse publicity, harm to our brand, reduced travel demand, potential tort liability and voluntary or mandatory operational restrictions as a result of an accident, catastrophe or incident involving us, our regional carriers, our codeshare partners or another airline; the highly competitive nature of the global airline industry and susceptibility of the industry to price discounting and changes in capacity, including as a result of alliances, joint business arrangements or other consolidations; our reliance on a limited number of suppliers to source a majority of our aircraft and certain parts, and the impact of any failure to obtain timely deliveries, additional equipment or support from any of these suppliers; disruptions to our regional network and United Express flights provided by third-party regional carriers; unfavorable economic and political conditions in the United States and globally (including inflationary pressures); reliance on third-party service providers and the impact of any significant failure of these parties to perform as expected, or interruptions in our relationships with these providers or their provision of services; extended interruptions or disruptions in service at major airports where we operate and space, facility and infrastructure constrains at our hubs or other airports; geopolitical conflict, terrorist attacks or security events; any damage to our reputation or brand image; our reliance on technology and automated systems to operate our business and the impact of any significant failure or disruption of, or failure to effectively integrate and implement, the technology or systems; increasing privacy and data security obligations or a significant data breach; increased use of social media platforms by us, our employees and others; the impacts of union disputes, employee strikes or slowdowns, and other labor-related disruptions on our operations; any failure to attract, train or retain skilled personnel, including our senior management team or other key employees; the monetary and operational costs of compliance with extensive government regulation of the airline industry; current or future litigation and regulatory actions, or failure to comply with the terms of any settlement, order or arrangement relating to these actions; costs, liabilities and risks associated with environmental regulation and climate change, including our climate goals; high and/or volatile fuel prices or significant disruptions in the supply of aircraft fuel (including as a result of the Russia-Ukraine military conflict); the impacts of our significant amount of financial leverage from fixed obligations, the possibility we may seek material amounts of additional financial liquidity in the short-term, and the impacts of insufficient liquidity on our financial condition and business; failure to comply with financial and other covenants governing our debt, including our MileagePlus® financing agreements; the impacts of the proposed phaseout of the London interbank offer rate; limitations on our ability to use our net operating loss carryforwards and certain other tax attributes to offset future taxable income for U.S. federal income tax purposes; our failure to realize the full value of our intangible assets or our long-lived assets, causing us to record impairments; fluctuations in the price of our common stock; the impacts of seasonality, weather events, infrastructure and other factors associated with the airline industry; increases in insurance costs or inadequate insurance coverage and other risks and uncertainties set forth in Part I, Item 1A. Risk Factors, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as well as other risks and uncertainties set forth from time to time in the reports we file with the U.S. Securities and Exchange Commission.
The foregoing list sets forth many, but not all, of the factors that could impact our ability to achieve results described in any forward-looking statements. Investors should understand that it is not possible to predict or identify all such factors and should not consider this list to be a complete statement of all potential risks and uncertainties. In addition, certain forward-looking outlook provided in this release relies on assumptions about the duration and severity of the COVID-19 pandemic, the timing of the return to a more stable business environment, the volatility of aircraft fuel prices, customer behavior changes and return in demand for air travel, among other things (together, the "Recovery Process"). The COVID-19 pandemic and the measures taken in response may continue to impact many aspects of our business, operating results, financial condition and liquidity in a number of ways, including labor shortages (including reductions in available staffing and related impacts to the company's flight schedules and reputation), facility closures and related costs and disruptions to the company's and its business partners' operations, reduced travel demand and consumer spending, increased operating costs, supply chain disruptions, logistics constraints, volatility in the price of our securities, our ability to access capital markets and volatility in the global economy and financial markets generally. If the actual Recovery Process differs materially from our assumptions, the impact of the COVID-19 pandemic on our business could be worse than expected, and our actual results may be negatively impacted and may vary materially from our expectations and projections. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change. For instance, we regularly monitor future demand and booking trends and adjust capacity, as needed. As such, our actual flown capacity may differ materially from currently published flight schedules or current estimations.
Non-GAAP Financial Information:
In discussing financial results and guidance, the company refers to financial measures that are not in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP and are presented because management believes that they supplement or enhance management's, analysts' and investors' overall understanding of the company's underlying financial performance and trends and facilitate comparisons among current, past and future periods. Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related GAAP financial measures presented in the press release and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.
Please refer to the tables accompanying this release for a description of the non-GAAP adjustments and reconciliations of the historical non-GAAP financial measures used to the most comparable GAAP financial measure and related disclosures.
-tables attached-
UNITED AIRLINES HOLDINGS, INC.
NON-GAAP FINANCIAL INFORMATION
UAL evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America (GAAP) and non-GAAP financial measures, including adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted EBITDA margin, adjusted operating income (loss), adjusted operating expenses, adjusted operating margin, adjusted pre-tax income (loss), adjusted pre-tax margin, adjusted net income (loss), adjusted diluted earnings (loss) per share, CASM, excluding special charges, third-party business expenses, fuel, and profit sharing (CASM-ex), operating expenses excluding special charges, adjusted capital expenditures, free cash flow, and free cash flow, net of financings, among others. The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP and are presented because management believes that they supplement or enhance management's, analysts' and investors' overall understanding of the company's underlying financial performance and trends and facilitate comparisons among current, past and future periods.
Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related GAAP financial measures presented in the press release and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.
The company does not provide a reconciliation of forward-looking measures where the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items contained in the GAAP measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the company's control or cannot be reasonably predicted. For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. See "Cautionary Statement Regarding Forward-Looking Statements" above.
The information below provides an explanation of certain adjustments reflected in the non-GAAP financial measures and shows a reconciliation of non-GAAP financial measures reported in this press release to the most directly comparable GAAP financial measures. Within the financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.
UNITED AIRLINES HOLDINGS, INC.
NON-GAAP FINANCIAL INFORMATION (Continued)
CASM is a common metric used in the airline industry to measure an airline's cost structure and efficiency. UAL reports CASM excluding special charges (credits), third-party business expenses, fuel expense and profit sharing. UAL believes that adjusting for special charges (credits) is useful to investors because special charges (credits) are not indicative of UAL's ongoing performance. UAL also believes that excluding third-party business expenses, such as maintenance, flight academy, ground handling and catering services for third parties, provides more meaningful disclosure because these expenses are not directly related to UAL's core business. UAL also believes that excluding fuel expense from certain measures is useful to investors because it provides an additional measure of management's performance excluding the effects of a significant cost item over which management has limited influence. UAL excludes profit sharing because it believes that this exclusion allows investors to better understand and analyze UAL's operating cost performance and provides a more meaningful comparison of our core operating costs to the airline industry.
UAL also reports EBITDA excluding special charges (credits), nonoperating unrealized (gains) losses on investments, net, nonoperating debt extinguishment and modification fees and nonoperating special termination benefits. UAL believes that adjusting for these items is useful to investors because they are not indicative of UAL's ongoing performance.
UNITED AIRLINES HOLDINGS, INC.
NON-GAAP FINANCIAL INFORMATION (Continued)
UAL believes that adjusting capital expenditures for assets acquired through the issuance of debt, finance leases and other financial liabilities is useful to investors in order to appropriately reflect the total amounts spent on capital expenditures. UAL also believes that adjusting net cash provided by (used in) operating activities for capital expenditures, net of flight equipment purchase deposit returns, adjusted capital expenditures, and aircraft operating lease additions is useful to allow investors to evaluate the company's ability to generate cash that is available for debt service or general corporate initiatives.
CARES Act grant: During the six months ended June 30, 2021, the company received approximately $5.8 billion in funding pursuant to certain Payroll Support Programs ("PSP2" and "PSP3") under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), which included an approximately $1.7 billion unsecured loan. The company recorded $1.1 billion and $2.9 billion as grant income during the three and six months ended June 30, 2021, respectively. The company also recorded $52 million and $99 million for the related warrants issued to the U.S. Treasury Department as part of the agreements related to PSP2 and PSP3, within stockholders' equity, as an offset to the grant income in the three and six months ended June 30, 2021, respectively.
Impairment of assets: During the three and six months ended June 30, 2021, the company recorded $59 million of impairments primarily related to 64 Embraer EMB 145LR aircraft and related engines that United retired from its regional aircraft fleet.
During the three months ended June 30, 2019, the company recorded a $47 million impairment for aircraft engines removed from operations, a $6 million charge for the early termination of several regional aircraft finance leases and $8 million in other miscellaneous impairments. During the six months ended June 30, 2019, in addition to the charges described above, the company recorded an $8 million fair value adjustment for aircraft purchased off lease.
Severance and benefit costs: During the three and six months ended June 30, 2021, the company recorded charges of $11 million and $428 million, respectively, related to pay continuation and benefits-related costs provided to employees who chose to voluntarily separate from the company. The company offered, based on employee group, age and completed years of service, pay continuation, health care coverage, and travel benefits. Approximately 4,500 employees elected to voluntarily separate from the company.
During the three and six months ended June 30, 2019, the company recorded $6 million and $10 million, respectively, of management severance. During the six months ended June 30, 2019, the company recorded $2 million of severance and benefit costs primarily related to a voluntary early-out program for its technicians and related employees represented by the International Brotherhood of Teamsters.
(Gains) losses on sale of assets and other special charges: During the three and six months ended June 30, 2022, the company recorded $112 million and $104 million, respectively, of net charges primarily comprised of $94 million for various legal matters.
During the three and six months ended June 30, 2021, the company recorded charges of $61 million and $77 million, respectively, primarily related to incentives for certain of its front-line employees to receive a COVID-19 vaccination and the termination of the lease associated with three floors of its headquarters at the Willis Tower in Chicago in the first quarter of 2021.
During the three and six months ended June 30, 2019, the company recorded $4 million and $8 million, respectively, of net charges, primarily related to the sale of aircraft engines.
Nonoperating debt extinguishment and modification fees: During the six months ended June 30, 2022, the company recorded $7 million of charges mainly related to the early redemption of $400 million of its unsecured debt.
During the three and six months ended June 30, 2021, the company recorded $62 million of charges for fees and discounts related to the issuance of a new term loan and revolving credit facility and the prepayment of a CARES Act loan and a 2017 term loan and revolving credit facility.
Nonoperating special termination benefits: During the six months ended June 30, 2021, as part of first quarter voluntary separation leave programs, the company recorded $46 million of special termination benefits in the form of additional subsidies for retiree medical costs for certain U.S.-based front-line employees. The subsidies were in the form of a one-time contribution to a notional Retiree Health Account of $125,000 for full-time employees and $75,000 for part-time employees.
Nonoperating unrealized gains and losses on investments, net: All amounts represent changes to market value of equity investments.
Interest expense related to finance leases of Embraer ERJ 145 aircraft:
During the third quarter of 2018, United entered into an agreement with the lessor of 54 Embraer ERJ 145 aircraft to purchase those aircraft in 2019. The provisions of the new lease agreement resulted in a change in accounting classification of these new leases from operating leases to finance leases up until the purchase date. The company recognized $25 million and $46 million of additional interest expense in the three and six months ended June 30, 2019, respectively, as a result of this change. UAL believes that adjusting for interest expense related to finance leases of Embraer ERJ 145 aircraft in certain non-GAAP measures is useful to investors because of the accelerated recognition of interest expense.
Effective tax rate:
The company's effective tax rates for the three and six months ended June 30, 2022, 2021 and 2019 were as follows:
The provisions for income taxes for the three and six months ended June 30, 2021 and 2019 are based on the estimated annual effective tax rate which represents a blend of federal, state and foreign taxes and includes the impact of certain nondeductible items. We have historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full fiscal year to income or loss for the reporting period. We have used a discrete effective tax rate method to calculate taxes for the three and six months ended June 30, 2022. We believe that, at this time, the use of the discrete method for the three and six months ended June 30, 2022 is more appropriate than the estimated annual effective tax rate method as the estimated annual effective tax rate method is not reliable due to a high degree of uncertainty in estimating annual pretax earnings.
SOURCE United Airlines | https://www.prnewswire.com/news-releases/united-airlines-announces-second-quarter-financial-results--returns-to-profitability-301590427.html | 2022-07-20T22:03:28 | en | 0.946993 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/st-louis-cardinals/articles/40134564 | 2022-07-20T22:03:28 | en | 0.738227 |
WHIPPANY, N.J., July 20, 2022 /PRNewswire/ -- Suburban Propane Partners, L.P. (NYSE:SPH), announced today that it has scheduled its Fiscal 2022 Third Quarter Results Conference Call for Thursday, August 4, 2022 at 9:00 AM Eastern Time.
Analysts, investors and other interested parties are invited to listen to management's discussion of Fiscal 2022 Third Quarter results and business outlook by accessing the call via the internet at www.suburbanpropane.com, or by telephone as follows:
Phone #: (888) 317-6003
Access Code: 9151072
Ask for: Suburban Propane Fiscal 2022 Third Quarter Results Conference Call
In addition, a replay of the conference call will be available from 12:00 PM Eastern Time, Thursday, August 4, 2022 until 11:55 PM Eastern Time, Thursday, August 11, 2022 and can be accessed by dialing (877) 344-7529, Access Code 4929378. The replay will also be available via Suburban's website until the replay for next quarter's call is posted.
About Suburban Propane Partners, L.P.
Suburban Propane Partners, L.P. ("Suburban Propane") is a publicly traded master limited partnership listed on the New York Stock Exchange. Headquartered in Whippany, New Jersey, Suburban Propane has been in the customer service business since 1928 and is a nationwide distributor of propane, renewable propane, fuel oil and related products and services, as well as a marketer of natural gas and electricity and an investor in low carbon fuel alternatives, servicing the energy needs of approximately 1 million residential, commercial, governmental, industrial and agricultural customers through approximately 700 locations across 42 states. Suburban Propane is supported by three core pillars: (1) Suburban Commitment – showcasing Suburban Propane's 90+ year legacy, and ongoing commitment to the highest standards for dependability, flexibility, and reliability that underscores Suburban Propane's commitment to excellence in customer service; (2) SuburbanCares – highlighting continued dedication to giving back to local communities across Suburban Propane's national footprint and (3) Go Green with Suburban Propane - promoting the clean burning and versatile nature of propane and renewable propane as a bridge to a green energy future and developing the next generation of renewable energy. For additional information on Suburban Propane, please visit www.suburbanpropane.com.
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SOURCE Suburban Propane Partners, L.P. | https://www.wlbt.com/prnewswire/2022/07/20/suburban-propane-partners-lp-hold-fiscal-2022-third-quarter-results-conference-call/ | 2022-07-20T22:03:29 | en | 0.914733 |
Tesla Inc. reported higher-than-expected quarterly profits as a string of price increases on its best-selling electric vehicles helped offset production challenges caused by COVID-19 lockdowns in China.
"With each of the Fremont and Shanghai factories achieving their highest-ever production months and new factory growth, we are focused on a record-breaking second half of 2022," Tesla said in a statement Wednesday.
Tesla reiterated its goal to achieve 50 percent average annual growth in vehicle deliveries over a multi-year horizon, but did not give guidance on this year's outlook with its latest presentation materials.
The EV maker posted an adjusted profit of $2.27 per share versus analysts' consensus estimates of $1.81.
Its automotive gross margin fell to 27.9 percent, down from a year earlier and the preceding quarter, amid inflationary pressure.
The company has raised prices on its EVs several times this year to cope with higher costs of lithium used in batteries and aluminum used for the body, along with other raw materials.
Chief Executive Officer Elon Musk has, however, said Tesla would lower prices when inflation cools.
"Tesla's solid quarter is the latest sign that it has done an outstanding job navigating through global supply chain and logistics challenges, weathering the storm better than most legacy automakers," said Jesse Cohen, senior analyst at Investing.com
"Tesla's improved manufacturing efficiency places it in a good position to produce more cars, putting it on track to break its deliveries target for the year," he said.
Shares of Tesla were up about 1 percent in after-hours trade. The shares are down about 40 percent since their peak in November.
Tesla said it has converted approximately 75 percent of its bitcoin purchases into fiat currency, which added $936 million of cash to its balance sheet. Tesla announced its investments in bitcoin early last year, and Musk said in May that Tesla will not be selling any bitcoin.
Total revenue fell to $16.93 billion in the second quarter from $18.76 billion a quarter earlier, ending its streak of posting record revenue in recent quarters, as it struggled to meet demand for its electric cars due to a shutdown of its Shanghai factory and production challenges at new plants.
Analysts were expecting revenue of $17.10 billion, according to IBES data from Refinitiv.
Tesla is bracing for a potential recession and mounting competition from rivals. It also faces challenges of significantly boosting production in the second half, after China's lockdowns hit production of the company and its suppliers. Read full story
Musk also has said Tesla's new factories in Texas and Berlin were struggling to boost production, calling them "gigantic money furnaces" which are losing billions of dollars.
Musk said he had "a super bad feeling about the economy" in June and began layoffs. | https://www.autonews.com/automakers-suppliers/tesla-q2-earnings-profit-rises-price-hikes | 2022-07-20T22:03:32 | en | 0.969964 |
UNIVERSAL HEALTH SERVICES, INC. ANNOUNCES DIVIDEND
KING OF PRUSSIA, Pa., July 20, 2022 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its Board of Directors voted to pay a cash dividend of $0.20 per share on September 15, 2022, to shareholders of record as of September 1, 2022.
Universal Health Services (NYSE: UHS) is one of the largest and most respected hospital management companies in the nation. For over 40 years, UHS and its affiliates have focused on meeting patients' healthcare needs across hundreds of local communities. Today, UHS subsidiaries own and/or operate 405 inpatient and outpatient facilities including acute care hospitals, behavioral health facilities, ambulatory centers, freestanding emergency departments, and urgent care centers in 39 U.S. states, Washington, D.C., the United Kingdom and Puerto Rico. For additional information on the Company, visit our web site: http://www.uhsinc.com.
SOURCE Universal Health Services, Inc. | https://www.prnewswire.com/news-releases/universal-health-services-inc-announces-dividend-301590494.html | 2022-07-20T22:03:34 | en | 0.924639 |
Texas State Railroad's Great Guest Reviews Land It A Place Among Travelers' Favorites
PALESTINE, Texas, July 20, 2022 /PRNewswire/ -- Texas State Railroad (TSR) today announced it has been recognized by Tripadvisor as a 2022 Travelers' Choice award winner. The award celebrates businesses that have received great traveler reviews from visitors from around the country on Tripadvisor over the last 12 months. As challenging as the past year was, TSR stood out by consistently delivering positive experiences to their guests.
"We are honored to be recognized as a 2022 Tripadvisor Travelers' Choice Winner," said Amy Parady, Director of Business Development for the TSR. "Our guests are our number one priority! Many guests come to experience a vintage train ride as it is a unique outing; however, we strongly believe they will return because of our customer service. Our team is firmly committed to providing the best experience possible."
"Congratulations to the 2022 Tripadvisor Travelers' Choice Winners," said Kanika Soni, Chief Commercial Officer at Tripadvisor. "The Travelers' Choice Awards recognize the best in tourism and hospitality, according to those who matter most: your guests. Ranking among the Travelers' Choice winners is always tough — but never more so than this year as we emerge from the pandemic. Whether it's using new technology, implementing safety measures, or hiring outstanding staff, I'm impressed by the steps you've taken to meet travelers' new demands. You've adapted brilliantly in the face of adversity."
To see visitor reviews, excursions and event trains of TSR, visit https://www.tripadvisor.com/Attraction_Review-g56414-d11887226-Reviews-Texas_State_Railroad-Palestine_Texas.html
TSR is a tourist railroad offering round trip steam and diesel excursions through the scenic Piney Woods of East Texas. In 2003, the Texas state legislature designated the Texas State Railroad as the official railroad of Texas! Our excursion trains operate between Palestine and Rusk TX. The Texas State Railroad is a subsidiary of Jaguar Transport Holdings out of Joplin, MO.
Tripadvisor, the world's largest travel guidance platform*, helps hundreds of millions of people each month** become better travelers, from planning to booking to taking a trip. Travelers across the globe use the Tripadvisor site and app to discover where to stay, what to do and where to eat based on guidance from those who have been there before. With more than 988 million reviews and opinions of nearly 8 million businesses, travelers turn to Tripadvisor to find deals on accommodations, book experiences, reserve tables at delicious restaurants and discover great places nearby. As a travel guidance company available in 43 markets and 22 languages, Tripadvisor makes planning easy no matter the trip type.
The subsidiaries of Tripadvisor, Inc., own and operate a portfolio of travel media brands and businesses, operating under various websites and apps, including the following websites:
www.bokun.io, www.cruisecritic.com, www.flipkey.com, www.thefork.com, www.helloreco.com, www.holidaylettings.co.uk, www.housetrip.com, www.jetsetter.com, www.niumba.com, www.seatguru.com, www.singleplatform.com, www.vacationhomerentals.com, and www.viator.com.
* Source: SimilarWeb, unique users de-duplicated monthly, September 2021
** Source: Tripadvisor internal log files
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SOURCE Texas State Railroad | https://www.wlbt.com/prnewswire/2022/07/20/texas-state-railroad-wins-2022-tripadvisor-travelers-choice-award/ | 2022-07-20T22:03:36 | en | 0.933056 |
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