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HAMILTON, ON and BOSTON, Aug. 2, 2022 /PRNewswire/ -- Fusion Pharmaceuticals Inc. (Nasdaq: FUSN), a clinical-stage oncology company focused on developing next-generation radiopharmaceuticals as precision medicines, today announced that the compensation committee of the Company's Board of Directors granted stock option awards to purchase an aggregate of 44,800 shares of its common stock to two employees outside Fusion's 2020 Stock Option and Incentive Plan. The stock options were granted as an inducement material to the individual becoming an employee of Fusion in accordance with Nasdaq Listing Rule 5635(c)(4).
The options have an exercise price of $2.36 per share, which is equal to the closing price of Fusion's common stock on August 1, 2022. Each option has a ten-year term and vests over four years, with 25% of the original number of shares vesting on the one-year anniversary of the grant date and then in equal installments for 36 months thereafter, subject to the employee's continued service with Fusion through the applicable vesting dates.
About Fusion
Fusion Pharmaceuticals is a clinical-stage oncology company focused on developing next-generation radiopharmaceuticals as precision medicines. Fusion connects alpha particle emitting isotopes to various targeting molecules in order to selectively deliver the alpha emitting payloads to tumors. Fusion's lead program, FPI-1434 targeting insulin-like growth factor 1 receptor, is currently in a Phase 1 clinical trial. The pipeline includes FPI-1966, targeting the fibroblast growth factor receptor 3 (FGFR3), currently in a Phase 1 study following the investigational new drug (IND) clearance; and FPI-2059, a small molecule targeting neurotensin receptor 1 (NTSR1), also currently in a Phase 1 study. In addition to a robust proprietary pipeline, Fusion has a collaboration with AstraZeneca to jointly develop novel targeted alpha therapies (TATs) and combination programs between Fusion's TATs and AstraZeneca's DNA Damage Repair Inhibitors (DDRis) and immuno-oncology agents. Fusion has also entered into a collaboration with Merck to evaluate FPI-1434 in combination with Merck's KEYTRUDA® (pembrolizumab) in patients with solid tumors expressing IGF-1R. Fusion and Hamilton, Ontario-based McMaster University are building a current Good Manufacturing Practice (GMP) compliant radiopharmaceutical manufacturing facility designed to support manufacturing of the Company's growing pipeline of TATs.
For further information: Amanda Cray, Senior Director of Investor Relations & Corporate Communications, 617-967-0207, [email protected]
SOURCE Fusion Pharmaceuticals Inc. | https://www.prnewswire.com/news-releases/fusion-pharmaceuticals-announces-inducement-grants-under-nasdaq-listing-rule-5635c4-301598236.html | 2022-08-02T21:46:49 | en | 0.917117 |
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DUBLIN, Aug. 2, 2022 /PRNewswire/ -- The "Passenger Information System Market by Component (Solutions and Services), Location (On Board and In Station), Transportation Mode (Railways (Trains and Trams), Roadways, and Airways and Waterways) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global passenger information system market size is expected to grow from USD 26.5 billion in 2022 to USD 46.2 billion by 2027, at a CAGR of 11.8%
The proliferation of mobile Wi-Fi and the increase in the prevalence of smartphones and other handheld devices have led to a shift in the focus on mobile PIS solutions, as it offers the passengers the opportunity of easy and rapid information access. With the increase in the number of smartphone users and enhanced connectivity across the globe, passenger experiences have improved, with a rise in overall efficiency.
COVID-19 has been one of the biggest global challenges of the current generation. The ongoing projects were paused due to a decline in the budgets. The projects, which were highly strategic initiatives and projects involving technologies directly linked to COVID-19, were not put on hold.
The COVID-19 outbreak has impacted the supply chains worldwide, as well as the global trade and the transportation industry. COVID-19 has already had a negative impact on tourism, national trade, and overall productivity globally. These factors would affect the growth of the transportation industry and, in turn, the growth of the PIS market in the region.
Due to the pandemic, the preference for contactless fare payments by passengers for transportation has increased. The rise in the adoption of smart payment options has enabled safe and seamless travel for passengers.
The roadways transportation mode is estimated to account higher CAGR during the forecast period.
Smart transportation is growing in popularity, given the technology's ability to ease congestion and improve road safety by effectively monitoring and managing vehicular traffic. Buses are a primary mode of public transport in various countries, such as the US, Canada, Germany, the UK, China, India, and Australia.
There are a large number of buses in the transportation sector, and PIS solutions are increasingly being adopted in buses for reliable and safe service offerings to enhance the overall transit operations. The increase in awareness of benefits offered by PIS solutions among fleet operators is further projected to drive the growth of the market.
Deployment and integration services are expected to account for the largest market share during 2022.
The deployment and integration services help identify the need for the adoption or upgradation to support the PIS solutions in the existing infrastructure to avoid restrictions of this software. These services help in speed deployment, save time and cost, enable efficient working, and minimize deployment-related disruptions.
The adoption of deployment and integration services can help transit service providers to improve overall efficiency, along with decreasing operational costs. With time, deployment and integration services would increase as more transit service providers focus on installing new IT systems by replacing or integrating legacy systems with new and technologically advanced solutions.
Among regions, APAC to hold a higher CAGR during the forecast period.
The growth of the passenger information system market in APAC is highly driven by technological advancement across the region. China is anticipated to be the leading country for passenger information system Market growth in Asia Pacific, followed by India. The increase in the population growth rate in the region has intensified the need for transformation and expansion of the existing public transportation infrastructure, which has led to a rise in demand for PIS solutions.
The developing transportation sector, railway routes, bus stations, and airports are likely to create a demand for PIS in the region. It has been observed that transit agencies in the region are using advanced technology systems for improved service offerings to attract and encourage passengers to use public transport systems. As public transport for commuting in countries, such as Japan, China, and India, play a major role, it is projected to create a high demand for the PIS market in the coming years.
Premium Insights
- Rise in Demand for Real-Time Transit Information of Passengers to Drive the Market Growth During the Forecast Period
- On-Board Location Segment and China to Account for Largest Market Share in Asia-Pacific in 2022
- India to Grow at Highest Rate During Forecast Period
Market Dynamics
Drivers
- Rise in Demand for Intelligent Public Transportation Systems
- Increase in Adoption of Smartphones and Other Handheld Devices
- Advancements in the Technological Solutions to Enhance Passenger Experience
- Rise in Urban Population and Traffic in Public Transportation Systems
Restraints
- High Implementation and Maintenance Costs
- Stringent Transportation Regulatory Policies
Opportunities
- Adoption of IoT, 5G, and Automation to Enhance Technological Optimization
- Increase in Penetration of Cloud, Big Data, and Analytics
- Decline in Vehicle Ownership with Advancements in Mobility as a Service (Maas)
Challenges
- Complexities in the Integration Over the Legacy Infrastructure and Communication Networks
- Multiple Sensors and Touchpoints Pose Data Fusion Challenge
- Impact of COVID-19 on the Passenger Information System Market Dynamics
Case Study Analysis
- Use Case 1: Cubic Helps Mta Streamline Transit Experience of Travellers
- Use Case 2: Thales Provides Bane (Nor) with Next-Generation Traffic Management System
- Use Case 3: Huawei Helpes Ruili Airlines Improve Passenger Experience with Private Cloud Platform
- Use Case 4: Teleste Provides Stadler with an On-Board System for Its Helsinki Sm5 Trains
Technology Analysis
- Artificial Intelligence/ Machine Learning
- Big Data and Analytics
- Internet of Things
- 5G
- Cybersecurity
Patent Analysis
- Europe: Patent Applications, by Geographic Origin, 2013-2019
- Europe: Patent Applications, by Technology Field, 2013-2019
- Europe: Patent Applications: Digital Technology, by Applicant, 2020
- US: Number of Patents Granted, 2014-2019
Regulatory Implications
- International Organization for Standardization Standards
- Iso/Iec Jtc 1
- Iso/Iec 27001
- Iso/Iec 19770
- Iso/Iec Jtc 1/Swg 5
- Iso/Iec Jtc 1Sc 31
- Iso/Iec Jtc 1/Sc 27
- Iso/Iec Jtc 1/Wg 7 S E N S O R S
- General Data Protection Regulation
- Federal Motor Carrier Safety Administration (Fmcsa)
- Federal Highway Administration (Fhwa)
- Maritime Administration (Marad)
- Federal Aviation Administration (Faa)
- Federal Railroad Administration (Fra)
- Institute of Electrical and Electronics Engineers
- Cen/Iso
- Cen/Cenelec
- European Telecommunications Standards Institute
- Itu-T
Company Profiles
Major Players
- Advantech
- Alstom
- Wabtec
- Cubic
- Cisco
- Siemens
- Hitachi
- Huawei
- Thales
- Mitsubishi Electric
- Televic
- St Engineering
- Indra
- Medha Servo Drives
Startup/SMEs
- Efftronics
- Dysten
- Lunetta
- R2P
- Icon Multimedia
- Passio Technologies
- Teleste
- Lancom
- Simpleway
- Eke-Electronics
- Quester Tangent
- Lot Group
For more information about this report visit https://www.researchandmarkets.com/r/eskfmc
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
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SOURCE Research and Markets | https://www.prnewswire.com/news-releases/global-46-2-bn-passenger-information-system-railways-roadways-airways-and-waterways-markets-to-2027--301597948.html | 2022-08-02T21:46:55 | en | 0.890215 |
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DUBLIN, Aug. 2, 2022 /PRNewswire/ -- The "Digital Inspection - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Digital Inspection Market to Reach $28.9 Billion by 2025
The global market for Digital Inspection is projected to reach US$28.9 Billion by 2025, registering a compounded annual growth rate (CAGR) of 6.9% over the analysis period.
United States represents the largest regional market for Digital Inspection, accounting for an estimated 26.5% share of the global total. The market is projected to reach US$8.1 Billion by the close of the analysis period. United States is forecast to emerge as the fastest growing regional market with a CAGR of 7.9% over the analysis period.
The market for digital inspection is gaining from continuing industrial automation coupled with technological progress over conventional inspection methods. Market growth is also supported by the increasing demand for inspection, storage and recording of test results, and ongoing shift from paper-based inspection methods to digital platforms. The need for accurate inspection of complex 3D products and strong focus on the quality control aspect is benefitting metrology, which in turn boosts market prospects.
The technology is witnessing increasing adoption for inspection of electrical and electronic assemblies as well as electrical components such as solenoids and fuses. While manufacturing remains the primary user of the technology, the global market also receives strong contribution from other industries including healthcare, fire response, government, military, transportation, mechanics, security services and engineering.
Though high initial cost of digital inspection platforms is a major restraint, numerous benefits offered by the technology ensure return over investment over the long-term. The demand for digital inspection in North America is fueled by presence of leading digital inspection solution providers catering to the need of a comprehensive range of industries, from automotive and aerospace & defense to power and public infrastructure in the US.
The European market for digital inspection is anticipated to be propelled by emergence of the region as a hub for automotive, manufacturing, and energy & power industries. The increasing adoption of automation across industries is bound to create robust demand for digital inspection solutions in Asia-Pacific region.
The market for 3D Digital Inspections is forecast to growth fastest over the analysis period. Growth in the 3D segment is being is attributable to its numerous benefits over 2D techniques. The 3D method helps manufacturers in overcoming limitations associated with traditional 2D approaches and inspecting beyond two planes of products and volumetric height, ensuring full inspection along with detection of every defect. The segment is bound to benefit from rising focus on product quality.
In addition, the ability of 3D digital inspection to allow diagnosis of issues including foreign materials, metal bridging and construction defects in high-speed settings and 3D planes is anticipated to help the technology in registering gains on the expense of 2D methods.
What`s New for 2022?
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to the digital archives
- Complimentary updates for one year
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- Impact of Covid-19 and a Looming Global Recession
- An Introduction to Digital Inspection
- Evolution of Inspection Methods
- Worldwide Digital Inspection Market: Prospects and Outlook
- Metrology Dominates Digital Inspection Market
- Hardware Segment Leads, Software to Propel Future Growth
- 3D Digital Inspections Set for Strong Growth
- Developed Regions Hold a Significant Share of Global Market
- Global Economic Scenario Influences Market Dynamics
- Manufacturing PMI: An Important Bellwether
- Digital Inspection - Global Key Competitors Percentage Market Share in 2022 (E)
- Vendors Focus on Product Innovations to Reinforce Market Positions
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS
- Basler AG (Germany)
- Baker Hughes, a GE Company (USA)
- Carl Zeiss AG (Germany)
- Carl-Zeiss Industrial Metrology LLC (USA)
- Cognex Corporation (USA)
- FARO Technologies, Inc. (USA)
- FPrimeC Solutions, Inc. (Canada)
- Hexagon AB (Sweden)
- MISTRAS Group, Inc. (USA)
- Mitutoyo Corporation (Japan)
- National Instruments Corporation (USA)
- Nikon Metrology NV (Belgium)
- Olympus Corporation (Japan)
- Omron Corporation (Japan)
- SHINING 3D (China)
- Zebicon a/s (Denmark)
- Zetec, Inc. (USA)
3. MARKET TRENDS & DRIVERS
- Inherent Benefits of Digital Inspection Technologies over Traditional Inspection Techniques Drives Market Growth
- Digital Platforms Find Increasing Adoption to Streamline Facility Inspections
- Robust Opportunity for Precision Parts Manufacturing Pushes Up the Importance of Digital Inspection Technologies
- Digital Inspection Gains Strong Foothold in the Manufacturing Industry
- Growing Adoption of Industrial Automation Solutions Spurs Need for Digital Inspection
- With Manufacturing Moving towards Industry 4.0, Digital Inspections Become Integral to Production Processes
- Shift towards Industry 4.0 Drives Opportunities in Digital Inspections Market
- Ongoing Digitization of Oil & Gas Industry Gives Impetus to Digital Inspection Market
- Use of Drones in Oil & Gas Inspections Continues to Grow
- Rapidly Expanding Natural Gas Production & Intensified Shale Gas Programs Spur Demand for Digital Inspections in Oil & Gas Sector
- Robust Activity in the Renewable Energy Sector Spurs Market Opportunities in 3D Metrology Space
- Automation and Focus on Improving Productivity and Quality Drive Demand for Digital Inspections in Automotive Industry
- High Growth Opportunities for Digital Inspection in Automotive Repair
- Digital Inspection Emerges as a Handy Tool for Electronics Industry
- Accurate 3D Metrology in Semiconductor and Electronics Industries Necessitates Enhanced Cameras
- Food & Beverages: A Niche End-Use Sector
- Growing Importance of QC in Food & Beverage Industry
- Sophisticated Inspection Equipment for Inspecting Packaging of Food Products and Beverages
- Inspections Solutions Gain Traction in Detecting Imperfections in Aerospace Materials
- Aerospace Industry Makes Use of Non-Contact Metrology
- Progressive Growth in the Commercial Aviation Sector Creates Fertile Environment
- Aging Aircraft Widen Addressable Market for NDT Technology
- Metrology: A Key Technology for Digital Inspections
- Increasing Demand for Portable Metrology Solutions Drives the Metrology Software Market
- Digital Inspection Technologies Seek to Widen Scope & Span in Machine Vision Ecosystem
- Established Role of NDT in Condition Monitoring Bodes Well for the Market
- Visual Inspection Testing Exhibits High Growth
- Eddy Current Testing Holds Immense Potential
- Ultrasonic NDT Testing Remains a Prominent Technique
- Radiographic Testing Accelerates Market Expansion
- Innovative Digital Technologies to Impact Inspection Industry
- AI Paves the Way for Digital Solutions in Industrial Inspection
- Innovative Technologies to Significantly Reduce Inspection Costs in Oil & Gas Sector
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/2lzrr9
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets | https://www.prnewswire.com/news-releases/global-digital-inspection-market-report-2022-market-to-reach-28-9-billion-by-2025---hardware-segment-leads-software-to-propel-future-growth-301597958.html | 2022-08-02T21:47:01 | en | 0.833908 |
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ATLANTA, Aug. 2, 2022 /PRNewswire/ -- Graphic Packaging Holding Company (NYSE: GPK), announced today that its Board of Directors declared a quarterly dividend of $0.075 per share of common stock to stockholders of record at the close of business on September 15, 2022. The dividend is payable on October 5, 2022.
About Graphic Packaging Holding Company
Graphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia, is committed to providing consumer packaging that makes a world of difference. The Company is a leading provider of sustainable fiber-based packaging solutions to the world's most widely-recognized food, beverage, foodservice and other consumer products companies and brands. The Company operates on a global basis, is one of the largest producers of folding cartons and fiber-based foodservice products in the United States and Europe, and holds leading market positions in coated recycled paperboard, coated unbleached kraft paperboard and solid bleached sulfate paperboard. Additional information about Graphic Packaging, its business and its products is available at www.graphicpkg.com.
SOURCE Graphic Packaging Holding Company | https://www.prnewswire.com/news-releases/graphic-packaging-holding-company-declares-quarterly-dividend-301598376.html | 2022-08-02T21:47:03 | en | 0.934654 |
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DENVER, Aug. 2, 2022 /PRNewswire/ -- Healthpeak Properties, Inc. (NYSE: PEAK) today announced results for the second quarter ended June 30, 2022.
SECOND QUARTER 2022 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS
– Net income of $0.13 per share, Nareit FFO of $0.44 per share, FFO as Adjusted of $0.44 per share, and blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 3.7%
- Life Science and MOB Same-Store Portfolio Cash (Adjusted) NOI growth of 4.3% and 4.5%, respectively
– South San Francisco Joint Ventures:
- Formed a new life science joint venture with a sovereign wealth fund ("SWF Partner") for the near-term redevelopment of seven buildings on Healthpeak's Pointe Grand campus in South San Francisco
- Healthpeak and its SWF Partner have also signed agreements to utilize a similar joint venture structure to develop Phases II & III of Vantage in South San Francisco
– Announced a $500 million share repurchase program
– Life science development:
- Signed a 154,000 square foot full-building lease with a global pharmaceutical company at Vantage Phase I in South San Francisco
- Placed in service the remaining 74,000 square feet at The Boardwalk and an additional 160,000 square feet at The Shore
- $1 billion active life science developments 81% pre-leased as of August 2, 2022
– Added a new $36 million on-campus medical office development to our HCA Healthcare ("HCA") development program
– Increased MOB full-year 2022 same-store cash NOI outlook
– Net debt to adjusted EBITDAre and liquidity were 5.1x and $2.0 billion, respectively, as of June 30, 2022
– Obtained indicative lender commitments for a total of $500 million for proposed new senior unsecured delayed draw term loans
– The Board of Directors declared a quarterly common stock cash dividend of $0.30 per share to be paid on August 19, 2022, to stockholders of record as of the close of business on August 8, 2022
– Published 11th annual ESG report covering environmental, social and governance initiatives and progress
SECOND QUARTER COMPARISON
Nareit FFO, FFO as Adjusted, AFFO, Same-Store Cash (Adjusted) NOI and Net Debt to Adjusted EBITDAre are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance and financial position of real estate investment trusts (see the "Funds From Operations" and "Adjusted Funds From Operations" sections of this release for additional information). See "June 30, 2022 Discussion and Reconciliation of Non-GAAP Financial Measures" for definitions, discussions of their uses and inherent limitations, and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP in the Investor Relations section of our website at http://ir.healthpeak.com/quarterly-results.
SAME-STORE ("SS") OPERATING SUMMARY
The table below outlines the year-over-year three-month SS Cash (Adjusted) NOI growth on an actual and pro forma basis. The Pro Forma table reflects the results excluding government grants under the CARES Act for our CCRC portfolio.
SOUTH SAN FRANCISCO JOINT VENTURES
POINTE GRAND REDEVELOPMENT
In August 2022, Healthpeak and its SWF Partner entered into a new 70% (Healthpeak) / 30% (SWF Partner) joint venture ("JV") on an approximately 400,000 square foot portfolio of seven life science buildings on Healthpeak's Pointe Grand campus in South San Francisco.
The JV intends to capitalize on Pointe Grand's irreplaceable location and strong tenant demand by redeveloping the buildings upon the near-term expirations of existing leases. The redevelopment will create differentiated product in an A+ location offering tenants speed to market in high-quality, purpose-built lab space at a lower occupancy cost compared to new development. The smaller buildings also allow the JV to capture the significant demand from a deep pool of tenants seeking 20,000 to 50,000 square feet.
The JV expects to fund an additional investment of approximately $400 per square foot to renovate and re-tenant the 30-year-old buildings over the next two years, including updated building systems, tenant improvements, and an amenity suite.
The JV generated cash proceeds to Healthpeak of $126 million at closing. Healthpeak will earn a preferred return during the redevelopment period, asset management and development fees, and be eligible for a promote.
VANTAGE PHASES II & III DEVELOPMENT
Healthpeak and its SWF Partner have also signed agreements to utilize a similar joint venture structure to develop Phases II and III of Vantage, a Class A development campus that is directly adjacent to Pointe Grand in South San Francisco and currently wholly-owned by Healthpeak. The purchase price for the Vantage Phase II & III joint venture is subject to final entitlements/density, and closing is subject to certain closing conditions, which we expect will be satisfied in the first half of 2023.
SHARE REPURCHASE AUTHORIZATION
In August 2022, Healthpeak's Board of Directors approved a $500 million share repurchase program. The shares may be repurchased in the open market at Healthpeak's discretion and subject to market conditions, regulatory constraints, and other customary conditions, until August 2024.
DEVELOPMENT UPDATES
VANTAGE PHASE I
In July 2022, Healthpeak signed a 154,000 square foot lease with a global pharmaceutical company at its Vantage Phase I development in South San Francisco, bringing the property to 45% pre-leased.
Strategically located on the corner of Forbes Boulevard and at the doorstep of Genentech's headquarters, the purpose-built lab campus will feature state-of-the-art design, an amenity center, flexible and efficient floor plates, and building systems accommodating a broad range of life science uses.
MOB DEVELOPMENT PROGRAM WITH HCA
In July 2022, Healthpeak added a new $36 million on-campus Class A medical office building to its development program with HCA. The 70,000 square foot, four-story building will be located on the Memorial Health University Medical Center campus in Savannah, Georgia. Memorial Health University Medical Center is operated by HCA and is the largest hospital in the MSA. HCA has committed to lease 50% of the space.
Since 2019, Healthpeak's development program with HCA has delivered 9 MOBs totaling 780,000 square feet, with total development costs of approximately $237 million.
THE BOARDWALK
During the second quarter, Healthpeak placed in service the remaining 74,000 square feet, representing $48 million of investment, at The Boardwalk, located in the Torrey Pines submarket of San Diego. The $179 million Class A development is targeting LEED Gold certification, encompasses 192,000 square feet across 3 buildings, and is 100% leased.
THE SHORE AT SIERRA POINT
During the second quarter, Healthpeak placed in service 160,000 square feet, representing $184 million of investment, at Phase II of The Shore at Sierra Point, located in Brisbane, California. The remaining 36,000 square feet in Phase II that has not yet been placed in service is 100% leased with a total expected development cost of $47 million and expected initial occupancy in the fourth quarter of 2022.
ACQUISITIONS
NORTHWEST MEDICAL PLAZA
In May 2022, Healthpeak closed on a 68,000 square foot on-campus medical office building for $26 million. The property is 98% leased with a weighted average remaining lease term of approximately 4.5 years and directly attached to Northwest Medical Center, a 128-bed full-service hospital in Bentonville, Arkansas.
DISPOSITIONS
During the second quarter, Healthpeak closed on the sale of three non-core MOB assets, generating proceeds of $26 million.
BALANCE SHEET
Net debt to adjusted EBITDAre and liquidity were 5.1x and $2.0 billion, respectively, as of June 30, 2022, including net proceeds from the future settlement of shares sold under equity forward contracts during the third quarter of 2021.
Healthpeak has obtained indicative lender commitments for proposed new senior unsecured delayed draw term loans (the "Term Loan Facilities") in an aggregate principal amount of up to $500 million, with initial stated maturities of 4.5 years (plus 1-year extension option at Healthpeak's discretion) and 5 years, and an interest rate of adjusted SOFR plus 85 basis points based on Healthpeak's current credit ratings. Healthpeak anticipates that the Term Loan Facilities will close in August 2022, subject to customary closing conditions, and fund during the fourth quarter 2022. Healthpeak intends to use the proceeds of the Term Loan Facilities for general corporate purposes, including to pay down existing and future short-term borrowings under its commercial paper program. On August 2, 2022, Healthpeak executed forward-starting swaps that matched the expected initial stated maturities of the Term Loan Facilities and fixed the interest rate at a blended 3.5%. The commitments in respect of the Term Loan Facilities and the terms and conditions thereof (including principal amounts, interest rates, and maturities) remain subject to the negotiation and execution of definitive loan documentation and market conditions.
ESG
In July 2022, Healthpeak published its 11th annual ESG Report, highlighting our environmental, social, and governance (ESG) initiatives over the last decade, as well as our 2021 performance.
Healthpeak was recently named an ENERGY STAR Partner of the Year for the second time and received several workplace recognitions, including being certified a Great Place to Work for the third consecutive year, Great Place to Work in Orange County by the Orange County Business Journal for the second time, and Top Workplaces by The Tennessean for the first time.
To learn more about Healthpeak's ESG program and view our 2021 ESG Report, please visit www.healthpeak.com/esg.
DIVIDEND
On July 28, 2022, Healthpeak announced that its Board declared a quarterly common stock cash dividend of $0.30 per share to be paid on August 19, 2022, to stockholders of record as of the close of business on August 8, 2022.
2022 GUIDANCE
We are reaffirming the following guidance ranges for full year 2022:
- Diluted Nareit FFO per share of $1.70 – $1.76
- Diluted FFO as Adjusted per share of $1.68 – $1.74
We are updating the following guidance ranges for full year 2022:
- Diluted earnings per common share from $0.58 – $0.64 to $0.97 – $1.03
- Total Portfolio Same-Store Cash (Adjusted) NOI growth Guidance from 3.25% – 4.75% to 3.50% – 5.00%
These estimates do not reflect the potential impact from unannounced future transactions. These estimates are based on our view of existing market conditions, transaction timing and other assumptions for the year ending December 31, 2022. For additional details and assumptions underlying this guidance, please see page 38 in our corresponding Supplemental Report and the Discussion and Reconciliation of Non-GAAP Financial Measures, both of which are available in the Investor Relations section of our website at http://ir.healthpeak.com.
COMPANY INFORMATION
Healthpeak has scheduled a conference call and webcast for Wednesday, August 3, 2022, at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time) to review its financial and operating results for the quarter ended June 30, 2022. The conference call is accessible by dialing (888) 317-6003 (U.S.) or (412) 317-6061 (international). The conference ID number is 10168631. You may also access the conference call via webcast in the Investor Relations section of our website at http://ir.healthpeak.com. An archive of the webcast will be available on Healthpeak's website through August 3, 2023, and a telephonic replay can be accessed through August 10, 2022, by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (international) and entering conference ID number 6376533. Our Supplemental Report for the current period is also available, with this earnings release, in the Investor Relations section of our website.
ABOUT HEALTHPEAK
Healthpeak Properties, Inc. is a fully integrated real estate investment trust ("REIT") and S&P 500 company. Healthpeak owns and develops high-quality real estate in the three private-pay healthcare asset classes of Life Science, Medical Office and CCRC. At Healthpeak, we pair our deep understanding of the healthcare real estate market with a strong vision for long-term growth. For more information regarding Healthpeak, visit www.healthpeak.com.
FORWARD-LOOKING STATEMENTS
Statements contained in this release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief or expectation as identified by the use of words such as "may," "will," "project," "expect," "believe," "intend," "anticipate," "seek," "target," "forecast," "plan," "potential," "estimate," "could," "would," "should" and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things: (i) statements regarding timing, outcomes and other details relating to current, pending or contemplated acquisitions, dispositions, transitions, developments, redevelopments, densifications, joint venture transactions, leasing activity and commitments, capital recycling plans, financing activities, or other transactions discussed in this release; (ii) the payment of a quarterly cash dividend; and (iii) the information presented under the heading "2022 Guidance." Pending acquisitions, dispositions, joint venture transactions, leasing activity, and financing activity, including those subject to binding agreements, remain subject to closing conditions and may not be completed within the anticipated timeframes or at all. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained in this release, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. These risks and uncertainties include, but are not limited to: the Covid pandemic and health and safety measures intended to reduce its spread, the availability, effectiveness and public usage and acceptance of vaccines, and how quickly and to what extent normal economic and operating conditions can resume within the markets in which we operate; the ability of our existing and future tenants, operators and borrowers to conduct their respective businesses in a manner sufficient to maintain or increase their revenues and manage their expenses in order to generate sufficient income to make rent and loan payments to us and our ability to recover investments made, if applicable, in their operations; increased competition, operating costs and market changes affecting our tenants, operators and borrowers; the financial condition of our tenants, operators and borrowers, including potential bankruptcies and downturns in their businesses, and their legal and regulatory proceedings; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in a specific sector than if we invested in multiple industries and exposes us to the risks inherent in illiquid investments; our ability to identify and secure replacement tenants and operators and the potential renovation costs and regulatory approvals associated therewith; our property development, redevelopment and tenant improvement activity risks, including project abandonments, project delays and lower profits than expected; changes within the life science industry; high levels of regulation, funding requirements, expense and uncertainty faced by our life science tenants; the ability of the hospitals on whose campuses our MOBs are located and their affiliated healthcare systems to remain competitive or financially viable; our ability to maintain or expand our hospital and health system client relationships; operational risks associated with third party management contracts, including the additional regulation and liabilities of our RIDEA lease structures; economic and other conditions that negatively affect geographic areas from which we recognize a greater percentage of our revenue; uninsured or underinsured losses, which could result in significant losses and/or performance declines by us or our tenants and operators; our investments in joint ventures and unconsolidated entities, including our lack of sole decision making authority and our reliance on our partners' financial condition and continued cooperation; our use of fixed rent escalators, contingent rent provisions and/or rent escalators based on the Consumer Price Index; competition for suitable healthcare properties to grow our investment portfolio; our ability to foreclose on collateral securing our real estate-related loans; our ability to make material acquisitions and successfully integrate them; the potential impact on us and our tenants, operators and borrowers from litigation matters, including rising liability and insurance costs; an increase in our borrowing costs, including due to higher interest rates; the availability of external capital on acceptable terms or at all, including due to rising interest rates, changes in our credit ratings and the value of our common stock, volatility or uncertainty in the capital markets, and other factors; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; our ability to manage our indebtedness level and covenants in and changes to the terms of such indebtedness; changes in global, national and local economic and other conditions; laws or regulations prohibiting eviction of our tenants; the failure of our tenants, operators and borrowers to comply with federal, state and local laws and regulations, including resident health and safety requirements, as well as licensure, certification and inspection requirements; required regulatory approvals to transfer our senior housing properties; compliance with the Americans with Disabilities Act and fire, safety and other regulations; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; legislation to address federal government operations and administration decisions affecting the Centers for Medicare and Medicaid Services; our participation in the CARES Act Provider Relief Fund and other Covid-related stimulus and relief programs; provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; environmental compliance costs and liabilities associated with our real estate investments; our ability to maintain our qualification as a REIT; changes to U.S. federal income tax laws, and potential deferred and contingent tax liabilities from corporate acquisitions; calculating non-REIT tax earnings and profits distributions; ownership limits in our charter that restrict ownership in our stock; the loss or limited availability of our key personnel; our reliance on information technology systems and the potential impact of system failures, disruptions or breaches; and other risks and uncertainties described from time to time in our Securities and Exchange Commission filings. Except as required by law, we do not undertake, and hereby disclaim, any obligation to update any forward-looking statements, which speak only as of the date on which they are made.
CONTACT
Andrew Johns, CFA
Senior Vice President – Investor Relations
720-428-5400
SOURCE Healthpeak Properties, Inc. | https://www.prnewswire.com/news-releases/healthpeak-properties-reports-second-quarter-2022-results-301598369.html | 2022-08-02T21:47:09 | en | 0.943283 |
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Horizon Technology Finance Announces Monthly Distributions for October, November and December 2022 Totaling $0.30 per Share
FARMINGTON, Conn., Aug. 2, 2022 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon") (the "Company"), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, announced today that its board of directors has declared monthly cash distributions of $0.10 per share payable in each of October, November and December 2022. The following table shows these monthly distributions, payable as set forth in the tables below, total $0.30 per share. Since its 2010 initial public offering, Horizon has paid a total of $190 million in distributions to its shareholders.
When declaring distributions, the Horizon board of directors reviews estimates of taxable income available for distribution, which may differ from consolidated net income under generally accepted accounting principles due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of spillover income carried over from a given year for distribution in the following year. The final determination of taxable income for each tax year, as well as the tax attributes for distributions in such tax year, will be made after the close of the tax year.
Horizon maintains a "Dividend Reinvestment Plan" ("DRIP") that provides for the reinvestment of distributions on behalf of its stockholders, unless a stockholder has elected to receive distributions in cash. As a result, if Horizon declares a distribution, its stockholders who have not "opted out" of the DRIP by the distribution record date will have their distribution automatically reinvested into additional shares of Horizon's common stock. Horizon has the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly-issued shares will be valued based upon the final closing price of Horizon's common stock on a specified valuation date for each distribution as determined by Horizon's board of directors. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased by the DRIP plan administrator, before any associated brokerage or other costs, which are borne by Horizon.
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of HRZN is to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon Technology Finance Management LLC is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located in Portland, Maine, Austin, Texas, and Reston, Virginia. To learn more, please visit horizontechfinance.com.
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Horizon's filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Contacts:
Investor Relations:
ICR
Garrett Edson
[email protected]
(860) 284-6450
Media Relations:
ICR
Chris Gillick
[email protected]
(646) 677-1819
SOURCE Horizon Technology Finance Corporation | https://www.prnewswire.com/news-releases/horizon-technology-finance-announces-monthly-distributions-for-october-november-and-december-2022-totaling-0-30-per-share-301598310.html | 2022-08-02T21:47:15 | en | 0.936347 |
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Horizon Technology Finance Announces Second Quarter 2022 Financial Results
- Net Investment Income per Share of $0.35; NAV per Share of $11.69 -
- Grew Portfolio Year over Year by 43% to Record $577 Million -
- Horizon Platform Ends Quarter with Record Committed Backlog of $267 Million, Including Record $221 Million in HRZN Commitments -
- Debt Portfolio Yield of 14.2% -
- Declares Regular Monthly Distributions Totaling $0.30 per Share -
FARMINGTON, Conn., Aug. 2, 2022 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon" or the "Company"), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, today announced its financial results for the second quarter ended June 30, 2022.
Second Quarter 2022 Highlights
- Net investment income ("NII") of $8.6 million, or $0.35 per share, compared to $6.1 million, or $0.31 per share for the prior-year period
- Total investment portfolio of $577.5 million as of June 30, 2022
- Net asset value of $290.6 million, or $11.69 per share, as of June 30, 2022
- Annualized portfolio yield on debt investments of 14.2% for the quarter
- HRZN funded 15 loans totaling $137.2 million
- HRZN's investment adviser, Horizon Technology Finance Management LLC ("HTFM"), originated $192.4 million through its lending platform ("Horizon Platform"), inclusive of the HRZN loans
- Raised total net proceeds of approximately $10.3 million with "at-the-market" ("ATM") offering program
- Experienced liquidity events from four portfolio companies
- Cash of $76.3 million and credit facility capacity of $113.7 million as of June 30, 2022
- Held portfolio of warrant and equity positions in 90 companies as of June 30, 2022
- Undistributed spillover income of $0.53 per share as of June 30, 2022
- Issued $50.0 million of 6.25% 2027 Notes
- Subsequent to quarter end, declared distributions of $0.10 per share payable in October, November and December 2022
"We had a strong second quarter in all facets of our operations, despite the challenging macroeconomic environment," said Robert D. Pomeroy, Jr., Chairman and Chief Executive Officer of Horizon. "For the quarter, we generated NII of $0.35 per share which exceeded our distributions, we increased our NAV, and we generated a strong debt portfolio yield of over 14%, partially due to an increase in prepayment activity from the previous quarter. The power of the 'Horizon' brand was clearly evident as we originated a record quarter of loans, which resulted in the growth of our investment portfolio by $62 million from the prior quarter's end, and our largest committed backlog and pipeline of venture debt opportunities in our history."
"With our growth, we remain focused on credit quality and are pleased to have maintained a steady credit profile, with 96% of the principal of HRZN's loan portfolio 3-rated or better," continued Mr. Pomeroy. "Our origination and credit results have allowed us to increase HRZN's lending capacity through the debt capital provided by HRZN's issuance of its 2027 Notes and accessing its at-the-market equity sales program. We believe HRZN remains well positioned for sustainable and disciplined growth, and to deliver attractive risk-adjusted returns to its shareholders over the long-term."
Second Quarter 2022 Operating Results
Total investment income for the quarter ended June 30, 2022 grew 37.8% to $18.6 million, compared to $13.5 million for the quarter ended June 30, 2021, primarily due to growth in interest income on investments resulting from an increase in the average size of the debt investment portfolio.
The Company's dollar-weighted annualized yield on average debt investments for the quarter ended June 30, 2022 and 2021 was 14.2% and 14.7%, respectively. The Company calculates the dollar-weighted annualized yield on average debt investments for any period measured as (1) total investment income (excluding dividend income) during the period divided by (2) the average of the fair value of debt investments outstanding on (a) the last day of the calendar month immediately preceding the first day of the period and (b) the last day of each calendar month during the period. The dollar-weighted annualized yield on average debt investments is higher than what investors will realize because it does not reflect expenses or any sales load paid by investors.
Total expenses for the quarter ended June 30, 2022 were $9.9 million, compared to $7.3 million for the quarter ended June 30, 2021. The increase was primarily due to a $1.3 million increase in interest expense, a $0.7 million increase in the base management fee and a $0.6 million increase in performance-based incentive fees.
Net investment income for the quarter ended June 30, 2022 was $8.6 million, or $0.35 per share, compared to $6.1 million, or $0.31 per share, for the quarter ended June 30, 2021.
For the quarter ended June 30, 2022, net realized loss on investments was $0.9 million, or $0.04 per share, compared to a net realized gain on investments of $1.5 million, or $0.08 per share, for the quarter ended June 30, 2021. For the quarter ended June 30, 2021, net realized loss on extinguishment of debt was $0.4 million, or $0.02 per share.
For the quarter ended June 30, 2022, net unrealized depreciation on investments was less than $0.1 million, compared to net unrealized depreciation on investments of $0.5 million, or $0.02 per share, for the prior-year period.
Portfolio Summary and Investment Activity
As of June 30, 2022, the Company's debt portfolio consisted of 55 secured loans with an aggregate fair value of $551.6 million. In addition, the Company's total warrant, equity and other investments in 91 portfolio companies had an aggregate fair value of $25.9 million. Total portfolio investment activity for the three and six months ended June 30, 2022 and 2021 was as follows:
Portfolio Asset Quality
The following table shows the classification of Horizon's loan portfolio at fair value by internal credit rating as of June 30, 2022, March 31, 2022 and December 31, 2021:
As of June 30, 2022, Horizon's loan portfolio had a weighted average credit rating of 3.1, compared to 3.2 as of March 31, 2022 and December 31, 2021, respectively, with 4 being the highest credit quality rating and 3 being the rating for a standard level of risk. A rating of 2 represents an increased level of risk and, while no loss is currently anticipated for a 2-rated loan, there is potential for future loss of principal. A rating of 1 represents deteriorating credit quality and high degree of risk of loss of principal.
As of June 30, 2022, there were two debt investments with an internal credit rating of 1, with an aggregate cost of $14.8 million and an aggregate fair value of $4.9 million. As of March 31, 2022, there was one debt investment with an internal credit rating of 1, with a cost of $11.9 million and a fair value of $5.5 million. As of December 31, 2021, there was one debt investment with an internal credit rating of 1, with a cost of $11.5 million and a fair value of $6.9 million.
Liquidity and Capital Resources
As of June 30, 2022, the Company had $122.7 million in available liquidity, consisting of $76.3 million in cash and money market funds, and $46.4 million in funds available under existing credit facility commitments.
As of June 30, 2022, there was $74.5 million in outstanding principal balance under the $125.0 million revolving credit facility ("Key Facility"). The Key Facility allows for an increase in the total loan commitment up to an aggregate commitment of $150.0 million. There can be no assurance that any additional lenders will make any commitments under the Key Facility.
Additionally, as of June 30, 2022, there was $136.8 million in outstanding principal balance under the $200 million senior secured debt facility with a large U.S.-based insurance company at an interest rate of 5.11%.
Horizon Funding Trust 2019-1, a wholly-owned subsidiary of HRZN, previously issued $100.0 million of Asset-Backed Notes (the "Notes") rated A+(sf) by Morningstar Credit Ratings, LLC. The Notes bear interest at a fixed interest rate of 4.21% per annum and have a stated maturity date of September 15, 2027. The reinvestment period of the Notes ended July 15, 2021 and the maturity is September 15, 2027. As of June 30, 2022, the Notes had an outstanding principal balance of $49.8 million.
During the three months ended June 30, 2022, the Company sold 868,230 shares of common stock under its ATM offering program with Goldman Sachs & Co. LLC and B. Riley FBR, Inc. For the same period, the Company received total accumulated net proceeds of approximately $10.3 million, including $0.2 million of offering expenses, from these sales.
As of June 30, 2022, the Company's debt to equity leverage ratio was 127%, slightly above the Company's 120% targeted leverage range. The asset coverage ratio for borrowed amounts was 179%.
Liquidity Events
During the quarter ended June 30, 2022, Horizon experienced liquidity events from four portfolio companies. Liquidity events for Horizon may consist of the sale of warrants or equity in portfolio companies, loan prepayments, sale of owned assets or receipt of success fees.
In April, with the proceeds of a new loan from the Horizon Platform, Castle Creek Biosciences, Inc. prepaid its previously outstanding principal balance of $25.0 million on its venture loan facility, plus interest and end-of-term payment. HRZN continues to hold warrants in the company.
In May, Updater, Inc. prepaid its outstanding principal balance of $19.3 million on its venture loan, plus interest, end-of-term payment and prepayment fee. HRZN continues to hold warrants in the company.
In June, IDbyDNA, Inc. was acquired by Illumina, Inc. and prepaid its outstanding principal balance of $12.5 million on its venture loan, plus interest, end-of-term payment and prepayment fee. HRZN also received proceeds totaling $0.3 million from the redemption of warrants it held in the company.
In June, HRZN earned a $0.1 million earnout payment related to its investment in Bardy Diagnostics, Inc.
Net Asset Value
At June 30, 2022, the Company's net assets were $290.6 million, or $11.69 per share, compared to $224.3 million, or $11.20 per share, as of June 30, 2021, and $245.3 million, or $11.56 per share, as of December 31, 2021.
For the quarter ended June 30, 2022, net increase in net assets resulting from operations was $7.6 million, or $0.31 per share, compared to $6.7 million, or $0.34 per share, for the quarter ended June 30, 2021.
Stock Repurchase Program
On April 29, 2022, the Company's board of directors extended the Company's previously authorized stock repurchase program until the earlier of June 30, 2023 or the repurchase of $5.0 million of the Company's common stock. During the quarter ended June 30, 2022, the Company did not repurchase any shares of its common stock. From the inception of the stock repurchase program through June 30, 2022, the Company has repurchased 167,465 shares of its common stock at an average price of $11.22 on the open market at a total cost of $1.9 million.
Recent Developments
On July 1, 2022, the underwriters of the 2027 Notes exercised their option to purchase an additional $7.5 million of the Notes from the Company. The exercise of the over-allotment option closed on July 11, 2022, resulting in additional gross proceeds to the Company of approximately $7.3 million, before deducting offering expenses payable by the Company.
On July 7, 2022, the Company funded a $2.0 million debt investment to an existing portfolio company, Branded Online, Inc.
On July 15, 2022, the Company funded a $14.0 million debt investment to a new portfolio company, a provider of a global platform for biopharma and medtech regulated digital health solutions.
On July 22, 2022, the Company agreed to release its liens on the assets of MLogix (ABC), LLC, successor in interest to MacuLogix, Inc., in connection with the sale of the assets ("Acquisition") of MABC to LumiThera, Inc. (the "Acquirer"). In exchange for such release, the Company received cash, common stock of the acquirer, as well as the potential for future cash royalty payments from the sale of goods and services related to the sold assets, which the Company used to fair value its asset as of June 30, 2022 at $3.6 million.
On July 27, 2022, the Company funded a $2.5 million debt investment to a new portfolio company, a technology platform provider for retail returns and reverse logistics.
On July 29, 2022, the Company funded a $20.0 million debt investment to a new portfolio company, a developer of space simulation and analytics solutions for collision avoidance of satellites and other assets.
Monthly Distributions Declared in Third Quarter 2022
On July 29, 2022, the Company's board of directors declared monthly distributions of $0.10 per share payable in each of October, November and December 2022. The following table shows these monthly distributions, which total $0.30 per share:
Monthly Distributions
After paying distributions of $0.30 per share and earning net investment income of $0.35 per share for the quarter, the Company's undistributed spillover income as of June 30, 2022 was $0.53 per share. Spillover income includes any ordinary income and net capital gains from the preceding tax years that were not distributed during such tax years.
When declaring distributions, the Horizon board of directors reviews estimates of taxable income available for distribution, which may differ from consolidated net income under generally accepted accounting principles due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of spillover income carried over from a given year for distribution in the following year. The final determination of taxable income for each tax year, as well as the tax attributes for distributions in such tax year, will be made after the close of the tax year.
Conference Call
The Company will host a conference call on Wednesday, August 3, 2022, at 9:00 a.m. ET to discuss its latest corporate developments and financial results. To participate in the call, please dial (877) 407-9716 (domestic) or (201) 493-6779 (international). The access code for all callers is 13731060. The Company recommends joining the call at least 5 minutes in advance. In addition, a live webcast will be available on the Company's website at www.horizontechfinance.com.
A webcast replay will be available on the Company's website for 30 days following the call.
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of HRZN is to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon Technology Finance Management LLC is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located in Portland, Maine, Austin, Texas, and Reston, Virginia. To learn more, please visit horizontechfinance.com.
Forward-Looking Statements
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Horizon's filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Contacts:
Investor Relations:
ICR
Garrett Edson
[email protected]
(860) 284-6450
Media Relations:
ICR
Chris Gillick
[email protected]
(646) 677-1819
SOURCE Horizon Technology Finance Corporation | https://www.prnewswire.com/news-releases/horizon-technology-finance-announces-second-quarter-2022-financial-results-301598302.html | 2022-08-02T21:47:21 | en | 0.958976 |
Highlights:
- Q2 2022 consolidated revenues increased 17.0% over Q2 2021 due to an 11.5% increase in shipments, primarily as a result of a 32.2% increase in EMEA lift truck shipments
- Q2 2022 consolidated and Lift Truck gross margins improved from the historically low Q4 2021 levels, but, as expected, decreased modestly compared with Q1 2022 gross margins due to additional commodity inflation resulting from the Russia/Ukraine conflict and adverse product mix
- Q2 2022 consolidated results were better than expected, but remained unprofitable with an operating loss of $15.7 million and a net loss of $19.4 million due to material and freight cost inflation, unfavorable manufacturing variances resulting from component shortages and the absence of $6.3 million of income recorded in 2021 associated with a favorable court ruling
- Manufacturing inefficiencies at the Lift Truck and Bolzoni segments associated with normal Q3 seasonal plant shutdowns combined with cuts in production volumes due to continued supply chain constraints, as well as unfavorable currency effects, are expected to lead to a significant consolidated Q3 2022 operating loss
- As the Lift Truck segment works through its low-margin backlog in the second half of 2022, margins are expected to improve again in the fourth quarter, which in turn is expected to lead to a substantially lower operating loss than in the first half of 2022, mainly driven by the expected strong operating profit in the fourth quarter of 2022 in the Americas segment. Results for the remainder of 2022 and in 2023 are expected to be below what was expected in the Q1 2022 earnings release due to lower than previously planned productions levels as a result of continued supply chain constraints
- Q2 2022 Bolzoni operating profit improved over Q1 2022 and Q2 2021, but 2022 second half improvement over 2021 is expected to be lower than the improvement in the first half of 2022
- Nuvera operating results for the second half of 2022 are expected to improve due to the absence of impairment charges recognized in 2021 and expected lower production costs
CLEVELAND, Aug. 2, 2022 /PRNewswire/ -- Hyster-Yale Materials Handling, Inc. (NYSE: HY) today announced consolidated revenues of $895.4 million, an operating loss of $15.7 million and a net loss of $19.4 million, or a loss of $1.15 per share, for the second quarter of 2022 compared with consolidated revenues of $765.6 million, operating profit of $5.9 million and net income of $1.9 million, or $0.11 per share, for the second quarter of 2021.
Segment Financial Results
Summary results for the Company's three business segments were as follows for the second quarter of 2022 and 2021:
Hyster-Yale Group Results
Hyster-Yale Group unit shipments, bookings and backlog were as follows:
The global lift truck market grew in the first quarter of 2022, but appeared to decline significantly in the second quarter compared to the high levels of both the second quarter of 2021 and first quarter of 2022. As a result of the market decline, as well as the Company's focus on accepting only orders with expected sound margins and in the context of long lead times in a still very large market, bookings in the second quarter of 2022 decreased substantially from the robust levels of the 2022 first quarter and 2021 second quarter. The Company is focused on pricing new bookings close to target margins based on anticipated costs at the time of expected production. The average bookings sales price per unit increased 23.8% in the 2022 second quarter over the 2022 first quarter and 43.6% over the prior-year quarter because the Company continued to increase prices to offset material and freight cost inflation, a shift in sales mix to higher-priced lift trucks and a focus on accepting only orders with expected sound margins. These increased prices in turn translated into a substantial increase in the current average sales price per unit of backlog in the 2022 second quarter over the respective prior periods as well. The Company expects improved margins as prices and costs come into line, which in turn is expected to lead to a return to profitability in the 2022 fourth quarter.
Second-quarter unit shipments increased compared with the prior-year second quarter and the 2022 first quarter due to increased production rates from prior year levels facilitated by a moderately reduced impact of component shortages from the ongoing global supply chain and logistics constraints. However, current supply chain constraints of certain critical components continued to negatively affect second-quarter 2022 production rates. Nevertheless, with higher shipments and lower bookings than in the 2022 first quarter, the Company's high backlog level with its associated less than fully competitive lead times, began to decrease in the second quarter of 2022 for the first time since the beginning of the pandemic.
The favorable effect of price increases put in place to mitigate the impact of material and freight cost inflation, as well as higher unit and parts volumes in the Americas and EMEA, mainly from a 2,600 unit increase in shipments, due to higher sales of Class 1 and Class 3 electric trucks and lower-capacity Class 5 internal-combustion engine trucks, led to an increase in Lift Truck segment revenues of 17.7% in the second quarter of 2022 over the second quarter of 2021. These improvements were partially offset by unfavorable currency movements of $19.4 million, specifically in EMEA and JAPIC due to a strengthening U.S. dollar, and lower unit volumes in JAPIC.
Geographic Segment Results
Despite an increase in revenues, the Company's production of lift trucks in the 2022 second quarter continued to be constrained by ongoing parts shortages and supply chain disruptions. The Lift Truck business generated an operating loss of $11.7 million in the second quarter of 2022 compared with operating profit of $15.4 million in the second quarter of 2021. The substantial decline in results was mainly attributable to a decrease in gross profit in all three geographic segments, most significantly in EMEA, as well as higher operating expenses in the Americas. Gross profit declined as a result of a $16.8 million increase in manufacturing costs over the 2021 second quarter as component shortages had a severe impact on the Company's ability to cost-effectively produce and ship products from the backlog. Additionally, cost increases of $69.1 million, net of price increases of $59.9 million, resulting from significant material cost and freight inflation for trucks already in the backlog, a shift in sales mix to lower-margin lift trucks and unfavorable currency movements of $9.1 million, as well as the absence of a $6.3 million benefit recorded in 2021 from a favorable court ruling, also contributed to the reduction in gross profit. Higher unit volumes and the realization of higher margins on parts sales only partly offset the significant increase in manufacturing, material and freight costs.
While all three of the geographic Lift Truck segments were affected by unfavorable increases in material and freight costs and supply chain constraints in the 2022 second quarter, each was affected differently. In the Americas, 2022 second quarter revenues increased 24.5% over the prior-year quarter as a result of price increases implemented to offset material and freight cost inflation and higher unit and parts volumes. Operating profit decreased to $3.1 million in the second quarter of 2022 from $13.6 million in the prior-year quarter. Benefits from higher unit and parts volumes, as well as price increases of $50.5 million, net of an increase in material and freight costs of $43.0 million were more than offset by higher manufacturing costs of $14.2 million resulting from inefficiencies associated with component shortages that constrained the Americas' ability to build products, a shift in sales mix to lower-margin lift trucks, the absence of the benefit from the court ruling and higher operating expenses.
In EMEA, 2022 second quarter revenues increased 5.5% over the prior-year quarter. Benefits from higher unit and parts volumes and price increases were mostly offset by unfavorable foreign currency movements of $22.1 million. EMEA reported an operating loss of $10.8 million compared with operating profit of $3.7 million in the second quarter of 2021. The lower results were primarily due to higher material and freight costs of $24.5 million, net of price increases of $7.2 million, unfavorable currency movements of $4.9 million and higher manufacturing costs of $2.2 million due to production delays.
The operating loss in JAPIC increased to $4.0 million in the second quarter of 2022 from an operating loss of $1.9 million in the second quarter of 2021. The lower results were due to a decrease in gross profit resulting primarily from a shift in mix to lower-margin products.
Hyster-Yale Group Strategic Perspective
Over the remainder of 2022, the Company expects the global lift truck market to continue to decline from the historical highs of 2021, but remain above pre-pandemic levels. As a result of this market outlook and the Company accepting only orders with expected sound margins, the Lift Truck business is anticipating a substantial decrease in bookings during the second half of 2022 compared with the second half of 2021, particularly in the Americas.
During 2021, the Company experienced production and shipment levels which were substantially lower than its objectives due to supply chain logistics constraints and component shortages. Some moderation in the number of suppliers with shortages occurred in the first half of 2022, but shortages are anticipated to continue throughout 2022, and possibly continue to escalate in light of the China lockdowns and Russia/Ukraine conflict. As a result, planned production schedules for the second half of 2022 and in 2023 have been reduced from what was expected at the time of last quarter's earnings release. Nevertheless, full-year shipments are currently expected to increase in 2022 over 2021, despite the normal third quarter plant shutdowns, given the Company's robust backlog and actions put in place to mitigate the impact of the supply chain constraints and shortages, with the expectation that supplies of products or commodities are not constrained further. The Company is hopeful that availability will improve and that consequently production can increase over current 2022 and 2023 production schedules.
As a result of the Russia/Ukraine conflict, material costs continued to increase in the second quarter of 2022. However, recent signs have indicated some relief from additional material and freight cost inflation in the second half of 2022. In light of cost inflation in 2021 and what is expected over 2022, the Lift Truck business implemented several price increases in 2021 and in the first half of 2022, but many of the orders in the backlog slotted for production in the third and fourth quarters do not reflect the full effect of all these price increases. On the other hand, new bookings are being made at close to target margins based on expected future costs at the time of expected production. Further, the renewal of tariff exclusions is expected to partly offset the anticipated higher material cost inflation in the backlog over the remainder of 2022. Due to the lag between when unit price increases go into effect and when revenue is realized as the units are shipped, as the Lift Truck segment works through its low-margin backlog in the second half of 2022 and early 2023, margins are expected to improve, specifically in the fourth quarter, when the higher-margin, already-booked trucks are expected to be produced and shipped. In the meantime, the Company expects to continue to work aggressively to manage component availability in order to increase production rates and continue to adjust prices as costs change. As a result of these factors, the Lift Truck business expects a significantly lower operating loss in the second half of the year than in the first half, mainly driven by strong operating profit in the fourth quarter of 2022 in the Americas segment.
From a broader perspective, Hyster-Yale Group has three core strategies that are expected to have a transformational impact on the Company's competitiveness, market position and economic performance as it emerges from the current period of mismatch of costs and pricing. The first is to provide the lowest cost of ownership while enhancing customer productivity. The primary focus of this strategic initiative is the new modular and scalable product projects, which are expected to lay the groundwork for enhanced market position by providing lower cost of ownership and enhanced productivity for the Company's customers, including low-intensity applications. Additional to this are key projects geared toward electrification of trucks for applications now dominated by internal-combustion engine trucks, automation product options and providing telemetry and operator assist systems. The second core strategy is to be the leader in the delivery of industry- and customer-focused solutions. The primary focus for this strategic initiative is transforming the Company's sales approach by using an industry-focused approach to meet its customers' needs. The third core strategy is to be the leader in independent distribution. The main focus of this strategic initiative is on enhancing dealer and major account coverage, dealer excellence and ensuring outstanding dealer ownership globally.
As a result of these core strategies, the increased shipment volume potential of the current backlog and expected bookings in the remainder of 2022, enhanced prices and the renewal of tariff exclusions, the Lift Truck business expects to move from the significant operating loss in the first half of 2022 to operating profit in the fourth quarter. However, as a result of manufacturing inefficiencies expected in the third quarter due to the normal seasonal plant shutdowns and reductions in production volumes due to continued supply chain constraints, as well as unfavorable currency effects, the Company expects a significant operating loss at the Lift Truck business in the third quarter that is higher than the operating loss in the prior year third quarter, and an increase to a substantial operating profit in the fourth quarter that is lower than was anticipated at the time of the 2022 first quarter earnings release. Over the second half of 2022, the Company is projecting the stabilization of product and transportation costs and continued improvement in component and logistics availability, although this could change if the availability of commodities and/or components continues to be seriously affected by various market forces, including an economic recession, the lockdowns in China and the ongoing Russia/Ukraine conflict. The Company is also anticipating the continued introduction of additional modular and scalable product families and the continued implementation of cost-savings initiatives over this period and in the longer term. Overall, as the Company's strategic programs mature, as costs and prices come in line over 2022 and 2023, and as production volumes increase, the Lift Truck business is expected to have an increase to a substantial operating profit in the fourth quarter of 2022 and in 2023. However, results for the remainder of 2022 and in 2023 are expected to be lower than projected in the 2022 first quarter earnings release due to lower productions levels than previously anticipated.
Bolzoni Results
Bolzoni's revenues for the 2022 second quarter increased modestly to $86.4 million from $84.8 million in the 2021 second quarter. The increase was primarily the result of price increases implemented to offset material and freight cost inflation, mostly offset by unfavorable foreign currency movements of $5.2 million and lower sales volumes.
Bolzoni's operating profit increased to $3.4 million in the second quarter of 2022 from an operating loss of $0.4 million in the second quarter of 2021 due to a 19.6% improvement in gross profit, a substantial increase in gross margin and lower operating expenses. The gross profit improvement was the result of a shift in sales mix to higher-margin products and benefits from price increases, net of material and freight cost inflation, partly offset by unfavorable currency movements.
Bolzoni Strategic Perspective
As a result of lower sales and inefficiencies expected from the normal third-quarter seasonal plant shutdowns, reduced demand for legacy components for the Lift Truck business and additional material inflation caused by the Russia/Ukraine conflict, Bolzoni expects near break-even results in the third quarter of 2022. Bolzoni expects a return to profitability in the fourth quarter of 2022 as component shortages moderate, efficiencies return and benefits are realized from pricing actions. Bolzoni expects solid operating profit in the second half of 2022 compared with an operating loss in the second half of 2021. However, operating profit in the second half of 2022 is expected to be significantly lower than in the first half of 2022.
Bolzoni continues to focus on implementing its "One Company - 3 Brands" organizational approach to help streamline corporate operations and strengthen its North America and JAPIC commercial operations. Bolzoni is working to increase its Americas business by strengthening its ability to serve key attachment industries and customers in the North America market through the introduction of a broader range of locally produced attachments with shorter lead times, while continuing to sell cylinders and various other components produced in its Sulligent, Alabama plant. Bolzoni is also increasing its sales, marketing and product support capabilities both in North America and Europe based on an industry-specific approach, with an immediate focus on the paper, beverage, appliance, third-party logistics and automotive industries.
Nuvera Results
Nuvera continued to focus on increasing its sales pipeline for its 45kW and 60kW engines in all major geographic areas by the continued implementation of its commercial programs. Despite an accelerating demonstration pipeline, the COVID-19 pandemic and slow customer adoption of fuel cells have delayed bookings, manufacture and shipment of orders for Nuvera's larger engines. As a result, Nuvera's revenues of $0.3 million in the second quarter of 2022, which are primarily from sales of fuel cell engines, were comparable to the prior year quarter.
Nuvera's second-quarter 2022 operating loss decreased to $7.9 million from $9.0 million in the second quarter of 2021. The lower operating loss was primarily due to improved margins from lower production costs.
Nuvera Strategic Perspective
Nuvera continues to focus on applying its strategy of placing 45kW and 60kW engines in niche, heavy-duty vehicle applications with expected significant fuel cell adoption potential. During the remainder of 2022, Nuvera expects to continue to focus on ramping up demonstrations, quotes and bookings of these products. In addition, Nuvera is developing a new 125kW engine and continues to focus on applications in the forklift truck market. Excluding the impact of the inventory valuation and fixed asset impairment charges taken in 2021, the Company expects moderately reduced losses at Nuvera in 2022 as a result of enhanced fuel cell shipments, although losses in the second half of 2022 are expected to be higher than in the first half as a result of higher operating expenses.
Consolidated Outlook
Given the continued component shortages due to supply chain constraints and the consequent reduction in production plans, significant material and freight cost inflation, and, more recently, the impact of the COVID-19 lockdowns in China and the Russia/Ukraine conflict, as well as continued losses at Nuvera, the Company, on a consolidated basis, expects a larger net loss in the third quarter of 2022 than previously projected, but a return to net income in the fourth quarter of 2022. However, the fourth quarter net income is not expected to offset the losses generated in the first nine months. Generally, results in the second half of 2022 are expected to be lower than anticipated when the 2022 first quarter earnings release was issued, mainly due to adjustments made to the Company's production schedule as a result of continued supply chain constraints. These expectations are based on the anticipated reasonable resolution of component shortages and relative stabilization of material and freight costs.
The Company is managing 2022 capital expenditures, operating expenses and its production plans in a manner designed to protect liquidity. Capital expenditures are expected to be approximately $33 million in 2022. The Company has implemented a program of strict controls over operating expenses to reduce cash outflow, including delays in the timing of certain strategic program investments. While the Company expects over time to make these capital expenditures and investments in the business, maintaining liquidity will continue to be a priority. During 2021 and the first half of 2022, the Company's ability to build and ship trucks was significantly constrained by parts shortages of certain critical components while the remaining components needed to build trucks were received and added to inventory, causing inventory levels to increase substantially. In this context, the Company expects to reduce inventory significantly in the second half of 2022 by using current inventory to build trucks, for which production has been significantly delayed due to critical parts shortages, and to receive components as they are needed for production.
At June 30, 2022, the Company's cash on hand was $75.6 million and debt was $580.6 million compared with cash on hand of $65.1 million and debt of $479.0 million at March 31, 2022, and cash on hand of $65.5 million and debt of $518.5 million at December 31, 2021. As of June 30, 2022, the Company had unused borrowing capacity of approximately $156 million under the Company's revolving credit facilities compared with $218 million at March 31, 2022.
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Conference Call
In conjunction with this news release, the management of Hyster-Yale Materials Handling, Inc. will host a conference call on Wednesday, August 3, 2022 at 11:00 a.m. Eastern Time. To participate in the live call, please register more than 15 minutes in advance at https://ige.netroadshow.com/registration/q4inc/11031/hyster-yale-q2-2022-earnings-conference-call/ to obtain the dial-in information and conference call access codes. For those not planning to ask a question of management, the Company recommends listening to the call via the online webcast, which can be accessed through Hyster-Yale's website at https://www.hyster-yale.com/investors. Please allow 15 minutes to register, download and install any necessary audio software required to listen to the webcast. A replay of the conference call will be available shortly after the call ends through August 10, 2022. An archive of the webcast will also be available on the Company's website two hours after the live call ends. Further information regarding strategic initiatives can also be found in the Company's Q2 2022 Investor Deck that will be made available on the Company's website.
Non-GAAP and Other Measures
This release contains non-GAAP financial measures. Included in this release are reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). Adjusted EBITDA in this press release is provided solely as supplemental non-GAAP disclosures of operating results. Adjusted EBITDA does not represent operating profit (loss) or net income (loss), as defined by U.S. GAAP, and should not be considered as a substitute for operating profit (loss) or net income (loss). Hyster-Yale defines Adjusted EBITDA as income before goodwill and fixed asset impairment charges, income taxes and noncontrolling interest income (loss) plus net interest expense and depreciation and amortization expense. Adjusted EBITDA is not a measurement under U.S. GAAP and is not necessarily comparable with similarly titled measures of other companies. Management believes that Adjusted EBITDA assists investors in understanding the results of operations of the Company. In addition, management evaluates results using Adjusted EBITDA.
For purposes of this news release, discussions about net income (loss) refer to net income (loss) attributable to stockholders.
Forward-looking Statements Disclaimer
The statements contained in this news release that are not historical facts are "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. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) delays in delivery and other supply chain disruptions, or increases in costs as a result of inflation or otherwise, including materials and transportation costs and shortages, the imposition of tariffs, or the renewal of tariff exclusions, on raw materials or sourced products, and labor, or changes in or unavailability of quality suppliers or transporters, including the impacts of the foregoing risks on the Company's liquidity, (2) any preventive or protective actions taken by governmental authorities related to the COVID-19 pandemic, and any unfavorable effects of the COVID-19 pandemic on either the Company's or its suppliers plants' capabilities to produce and ship products, (3) delays in manufacturing and delivery schedules, (4) customer acceptance of pricing, (5) unfavorable effects of geopolitical and legislative developments on global operations, including without limitation the entry into new trade agreements and the imposition of tariffs and/or economic sanctions, as well as armed conflicts, including the Russia/Ukraine conflict, and their regional effects, (6) the ability of Hyster-Yale and its dealers, suppliers and end-users to access credit in the current economic environment, or obtain financing at reasonable rates, or at all, as a result of interest rate volatility and current economic and market conditions, (7) impairment charges or charges due to valuation allowances, (8) reduction in demand for lift trucks, attachments and related aftermarket parts and service on a global basis, including any reduction in demand as a result of an economic recession, (9) exchange rate fluctuations, interest rate volatility and monetary policies and other changes in the regulatory climate in the countries in which the Company operates and/or sells products, (10) the effectiveness of the cost reduction programs implemented globally, including the successful implementation of procurement and sourcing initiatives, (11) the successful commercialization of Nuvera's technology, (12) the political and economic uncertainties in the countries where the Company does business, as well as the effects of any withdrawals from such countries, (13) bankruptcy of or loss of major dealers, retail customers or suppliers, (14) customer acceptance of, changes in the costs of, or delays in the development of new products, (15) introduction of new products by, more favorable product pricing offered by or shorter lead times available through competitors, (16) product liability or other litigation, warranty claims or returns of products, and (17) changes mandated by federal, state and other regulation, including tax, health, safety or environmental legislation.
About Hyster-Yale Materials Handling, Inc.
Hyster-Yale Materials Handling, Inc., headquartered in Cleveland, Ohio, offers a broad array of solutions to meet the specific materials handling needs of customers' applications. The Company's wholly owned operating subsidiary, Hyster-Yale Group, Inc., designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments and aftermarket parts marketed globally primarily under the Hyster® and Yale® brand names. Subsidiaries of Hyster-Yale include Bolzoni S.p.A., a leading worldwide producer of attachments, forks and lift tables marketed under the Bolzoni®, Auramo® and Meyer® brand names and Nuvera Fuel Cells, LLC, an alternative-power technology company focused on fuel cell stacks and engines. Hyster-Yale also has significant joint ventures in Japan (Sumitomo NACCO) and in China (Hyster-Yale Maximal). For more information about Hyster-Yale and its subsidiaries, visit the Company's website at www.hyster-yale.com.
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SOURCE Hyster-Yale Materials Handling, Inc. | https://www.prnewswire.com/news-releases/hyster-yale-materials-handling-announces-second-quarter-2022-results-301598438.html | 2022-08-02T21:47:23 | en | 0.956221 |
- KAR completed the sale of its ADESA U.S. physical auction business to Carvana and is using the proceeds to reduce debt
- The company has over $800 million of available cash as of June 30, 2022
- The company is concurrently announcing a tender offer to purchase up to $600 million principal amount of senior notes
- Repurchased $82 million of common stock in the second quarter
- The company's performance was impacted by reductions in conversion rates across its marketplaces
CARMEL, Ind., Aug. 2, 2022 /PRNewswire/ -- KAR Auction Services, Inc. (NYSE: KAR) today reported its second quarter financial results for the period ended June 30, 2022.
"During the second quarter, KAR increased revenue and total gross profit, grew gross profit per vehicle sold in our marketplace business, and delivered continued strong performance in our financing business," said Peter Kelly, CEO of KAR Global. "Looking ahead, we remain highly focused on cost management, pricing and platform consolidation, which we expect to contribute to improved second half results and help position us for future growth. However, if the conversion pressures experienced in the second quarter do not improve, we would expect full year 2022 Adjusted EBITDA may be as low as $245 million as sellers and buyers look for price equilibrium across our marketplaces. Accordingly, we are updating our previous guidance for Adjusted EBITDA to a range of $245 to $265 million."
Second Quarter 2022 Financial Highlights
The company has classified the ADESA U.S. physical auction business as discontinued operations. As such, the results discussed herein refer to the continuing operations of KAR and do not include the results of the ADESA U.S. physical auction business.
- Total revenue for the second quarter of 2022 was $384.2 million, an increase of 2% compared with $376.0 million for the second quarter of 2021.
- Loss from continuing operations for the second quarter of 2022 of $5.4 million, or $(0.10) per diluted share, compared with $15.3 million, or $(0.16) per diluted share, for the second quarter of 2021.
- Marketplaces had a conversion rate of 36% of vehicles offered for the second quarter of 2022, compared with 48% for the second quarter of 2021.
- Adjusted EBITDA from continuing operations for the quarter ended June 30, 2022 was $56.1 million, compared with $62.1 million for the quarter ended June 30, 2021.
- Operating adjusted net income (loss) from continuing operations per diluted share was $0.04 for the quarter ended June 30, 2022, compared with $(0.03) for the quarter ended June 30, 2021.
- Year-over-year increase in digital dealer-to-dealer marketplaces of 5%, including acquired volume from CARWAVE.
- Marketplace gross profit per vehicle sold increased 11% to $282 for the quarter ended June 30, 2022, compared with $254 for the quarter ended June 30, 2021.
- AFC's strong second quarter performance was driven by increased revenue per loan transaction of 19% and increased loan transactions of 13%.
Debt Tender Offer
On August 2, 2022, the company commenced an offer to purchase for cash up to $600,000,000 principal amount of its 5.125% Senior Notes due 2025, exclusive of any applicable premiums paid in connection with such tender offer and accrued and unpaid interest. The tender offer is being made only by and pursuant to the terms set forth in the offer to purchase, dated August 2, 2022, and is subject to a number of conditions set forth therein that may be waived or changed.
Earnings Conference Call Information
KAR will be hosting an earnings conference call and webcast on Wednesday, August 3, 2022 at 8:30 a.m. EDT. The call will be hosted by KAR's Chief Executive Officer, Peter Kelly and Executive Vice President and Chief Financial Officer, Eric Loughmiller. The conference call may be accessed by calling 1-877-300-8521 and entering participant passcode 10169145, while the live web cast will be available at the investors section of www.karglobal.com. Supplemental financial information for KAR's second quarter 2022 results is available at the investors section of www.karglobal.com.
The archive of the webcast will also be available following the call and will be available at the investors section of www.karglobal.com for a limited time.
About KAR
KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR Global's unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in about 75 countries. Headquartered in Carmel, Indiana, KAR Global has employees across the United States, Canada, Mexico, Uruguay, Europe and the Philippines. For more information and the latest KAR Global news, go to www.karglobal.com and follow us on Twitter @KARSpeaks.
Forward-Looking Statements
Certain statements contained in this release include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as "should," "may," "will," "can," "of the opinion," "confident," "is set," "is on track," "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "continues," "outlook," "initiatives," "goals," "opportunities," and similar expressions identify forward-looking statements. Such statements are based on management's current expectations, are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include those risks and uncertainties regarding (i) the impact of the COVID-19 pandemic on our business and the economy generally; (ii) the impact of macroeconomic conditions and geopolitical events, including the conflict between Russia and Ukraine; (iii) the company's sale of the ADESA U.S. physical auction business to Carvana, including the ability of the company to execute on its strategy and achieve its goals and other expectations after the sale and the impact on the company's business and relationships with its customers; and (iv) those other matters disclosed in the company's Securities and Exchange Commission filings. The company does not undertake any obligation to update any forward-looking statements.
KAR Auction Services, Inc.
Reconciliation of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, operating adjusted net income (loss) and operating adjusted net income (loss) per share as presented herein are supplemental measures of our performance that are not required by, or presented in accordance with, generally accepted accounting principles in the United States ("GAAP"). They are not measurements of our financial performance under GAAP and should not be considered as substitutes for net income (loss) or any other performance measures derived in accordance with GAAP. Management believes that these measures provide investors additional meaningful methods to evaluate certain aspects of the company's results period over period and for the other reasons set forth below.
EBITDA is defined as net income (loss), plus interest expense net of interest income, income tax provision (benefit), depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for the items of income and expense and expected incremental revenue and cost savings as described in our senior secured credit agreement covenant calculations. Management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA is appropriate to provide additional information to investors about one of the principal measures of performance used by our creditors. In addition, management uses EBITDA and Adjusted EBITDA to evaluate our performance.
Depreciation expense for property and equipment and amortization expense of capitalized internally developed software costs relate to ongoing capital expenditures; however, amortization expense associated with acquired intangible assets, such as customer relationships, software, tradenames and noncompete agreements are not representative of ongoing capital expenditures, but have a continuing effect on our reported results. Non-GAAP financial measures of operating adjusted net income (loss) and operating adjusted net income (loss) per share, in the opinion of the company, provide comparability of the company's performance to other companies that may not have incurred these types of non-cash expenses or that report a similar measure. In addition, operating adjusted net income (loss) and operating adjusted net income (loss) per share may include adjustments for certain other charges.
EBITDA, Adjusted EBITDA, operating adjusted net income (loss) and operating adjusted net income (loss) per share have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of the results as reported under GAAP. These measures may not be comparable to similarly titled measures reported by other companies.
The 2022 expectation for Adjusted EBITDA is a forward-looking non-GAAP financial measure. We have not reconciled this non-GAAP financial measure to its most directly comparable GAAP measure of net income (loss) due to the inherent difficulty and impracticability of predicting certain amounts required by GAAP with a reasonable degree of accuracy. Accordingly, a reconciliation is not available without unreasonable effort.
The following table reconciles EBITDA and Adjusted EBITDA to income (loss) from continuing operations for the periods presented:
The following table reconciles operating adjusted net income (loss) and operating adjusted net income (loss) per diluted share to net income (loss) for the periods presented:
SOURCE KAR Auction Services | https://www.prnewswire.com/news-releases/kar-auction-services-inc-reports-second-quarter-2022-financial-results-301598286.html | 2022-08-02T21:47:35 | en | 0.956654 |
CARMEL, Ind., Aug. 2, 2022 /PRNewswire/ -- KAR Auction Services, Inc., d/b/a KAR Global (NYSE: KAR) (the "Company"), today announced that it commenced a cash tender offer (the "Tender Offer") to purchase its 5.125% Senior Notes due 2025 (CUSIP Nos. 48238TAA7 / U24457AA8) (the "Notes") in a principal amount of up to $600,000,000, exclusive of any applicable premiums paid in connection with the Tender Offer and accrued and unpaid interest. The terms and conditions of the Tender Offer are set forth in an Offer to Purchase, dated August 2, 2022 (the "Offer to Purchase"), which is being sent to all registered holders (collectively, the "Holders") of Notes.
Holders of Notes must validly tender and not validly withdraw their Notes on or before 5:00 p.m., New York City time, on August 15, 2022, unless extended (such date and time, as the same may be extended, the "Early Tender Date") in order to be eligible to receive the Total Consideration. Holders of Notes who validly tender their Notes after the Early Tender Date and on or before the Expiration Date (as defined below) will be eligible to receive only the applicable Base Consideration, which is equal to the Total Consideration minus the Early Tender Premium, as set forth in the table above. In addition to the applicable consideration, Holders whose Notes are accepted for purchase in the Tender Offer will receive accrued and unpaid interest to, but excluding, the date on which the Tender Offer is settled. The settlement date for Notes validly tendered and accepted for purchase before the Early Tender Date (if the Company elects to do so) is currently expected to be on or about August 17, 2022 and the final settlement date, if any, is expected to be August 31, 2022.
The Tender Offer will expire at 11:59 p.m., New York City time, on August 29, 2022, unless extended (such date and time, as the same may be extended, the "Expiration Date"). As set forth in the Offer to Purchase, validly tendered Notes may be validly withdrawn at any time on or before 5:00 p.m., New York City time, on August 15, 2022, unless extended (the "Withdrawal Deadline").
The consummation of the Tender Offer is subject to the satisfaction of certain conditions as set forth in the Offer to Purchase. The Company reserves the right, in its sole discretion, to waive any and all conditions to the Tender Offer with respect to the Notes.
If any Notes are validly tendered and the principal amount of such tendered Notes exceeds the Tender Cap as set forth in the table above, any principal amount of the Notes accepted for payment and purchased, on the terms and subject to the conditions of the Tender Offer, will be prorated based on the principal amount of validly tendered Notes, subject to the Tender Cap and any prior purchase of Notes on any day following the Early Tender Date and prior to the Expiration Date.
Any Notes that are validly tendered at or prior to the Early Tender Date (and not validly withdrawn at or prior to the Withdrawal Deadline) will have priority over any Notes that are validly tendered after the Early Tender Date. Accordingly, if the principal amount of any Notes validly tendered at or prior to the Early Tender Date (and not validly withdrawn at or prior to the Withdrawal Deadline) and accepted for purchase equals or exceeds the Tender Cap, no Notes validly tendered after the Early Tender Date will be accepted for purchase.
The Company's obligations to accept any Notes tendered and to pay the applicable consideration for them are set forth solely in the Offer to Purchase. This press release is neither an offer to purchase nor a solicitation of an offer to sell any Notes. The Tender Offer is made only by, and pursuant to the terms of, the Offer to Purchase, and the information in this press release is qualified by reference to the Offer to Purchase. Subject to applicable law, the Company may amend, extend, waive conditions to or terminate the Tender Offer.
J.P. Morgan Securities LLC is the Dealer Manager for the Tender Offer. Persons with questions regarding the Tender Offer should contact J.P. Morgan Securities LLC at (866) 834-4666 (toll-free) or (212) 834-3822 (collect). Requests for copies of the Offer to Purchase should be directed to D.F. King & Co., Inc., the Tender and Information Agent for the Tender Offer, at (212) 269-5550 (banks and brokers), (800) 488-8095 (toll-free) or email at [email protected].
About KAR Global
KAR Auction Services, Inc., d/b/a KAR Global (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR Global's unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in about 75 countries. Headquartered in Carmel, Indiana, KAR Global has employees across the United States, Canada, Mexico, Uruguay, Europe and the Philippines.
Forward-Looking Statements
Certain statements contained in this press release include "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. In particular, statements made in this press release that are not historical facts (including, but not limited to, expectations, estimates, assumptions and/or projections regarding the industry, business, future operating results, potential acquisitions and anticipated cash requirements) may be forward-looking statements. Words such as "should," "may," "will," "anticipate," "expect," "project," "target," "intend," "plan," "believe," "seek," "estimate," "assume," "could," "continue" and similar expressions identify forward-looking statements. The forward-looking statements contained in this press release are based on management's current assumptions, expectations and/or beliefs, are not guarantees of future performance and are subject to substantial risks, uncertainties and changes that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2022, and those described from time to time in our filings with the Securities and Exchange Commission. Many of these risk factors are outside of our control, and as such, they involve risks which are not currently known that could cause actual results to differ materially from those discussed or implied herein. The forward-looking statements in this press release are made as of the date on which they are made and we do not undertake to update any forward-looking statements.
SOURCE KAR Auction Services | https://www.prnewswire.com/news-releases/kar-global-announces-cash-tender-offer-for-notes-301598361.html | 2022-08-02T21:47:41 | en | 0.940248 |
Brand Continues to Capture Increased Share of Market in SUV, Electric and Hybrid Vehicle Segments
IRVINE, Calif., Aug. 2, 2022 /PRNewswire/ -- Led by the all-new Sportage SUV, Kia America today announced overall July sales of 62,449 units. Available in gas, hybrid and plug-in hybrid drivetrains, the Sportage SUV posted record July sales of 11,985 units and continued its four-month run of selling more than 10,000 units per month. Sales of the Sorento SUV, which is also available in gas, HEV and PHEV configurations, increased 65-percent year-over-year. Overall, sales of Kia's electric and hybrid models increased 86-percent year-over-year.
"As Kia continues to outpace the industry, we are well on our way to establishing the brand as a sales leader with our popular Sorento and Sportage SUVs and our electrified models including the EV6 and Niro models," said Eric Watson, vice president, sales operations, Kia America. "With the introduction of the Sportage PHEV and the ongoing popularity of the all-electric Kia EV6, the brand's push toward electrification is ongoing and we expect to continue gaining share in this important category. Kia's eco-friendly line-up will be further enhanced as production begins on the all-new 2023 Niro family of hybrid models which arrive in Kia showrooms this October."
In addition to sales, July saw several significant announcements coming from the brand, including:
- A new creative campaign for one of the brand's most iconic models, the 2023 Soul. The campaign features NFTs as talent and incorporates a unique QR code embedded into the creative. When viewers scan the code with a smartphone, they can easily obtain one of 10,100 Kia-themed NFTs and it will be seamlessly deposited and stored in their own Sweet blockchain wallet.
- Kia's continued expansion of the company's commitment to education through $1,800,000 in donations to fund scholarships for underrepresented and underprivileged students across the U.S.
Kia America – about us
Headquartered in Irvine, California, Kia America continues to top automotive quality surveys and is recognized as one of the 100 Best Global Brands. Kia serves as the "Official Automotive Partner" of the NBA and offers a range of gasoline, hybrid, plug-in hybrid and electrified vehicles sold through a network of over 750 dealers in the U.S., including several cars and SUVs proudly assembled in America.
For media information, including photography, visit www.kiamedia.com. To receive custom email notifications for press releases the moment they are published, subscribe at www.kiamedia.com/us/en/newsalert.
SOURCE Kia America | https://www.prnewswire.com/news-releases/kia-america-announces-july-sales-301598429.html | 2022-08-02T21:47:43 | en | 0.942099 |
SAN JOSE, Calif. (AP) _ A10 Networks Inc. (ATEN) on Tuesday reported second-quarter profit of $10.4 million.
The San Jose, California-based company said it had net income of 13 cents per share. Earnings, adjusted for stock option expense, came to 17 cents per share.
The provider of networking technologies posted revenue of $68 million in the period.
A10 Networks shares have declined nearly 8% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $15.28, a climb of 16% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ATEN at https://www.zacks.com/ap/ATEN | https://www.lakecountystar.com/business/article/A10-Networks-Q2-Earnings-Snapshot-17346536.php | 2022-08-02T21:47:47 | en | 0.927618 |
SANTA CLARA, Calif. (AP) _ Advanced Micro Devices Inc. (AMD) on Tuesday reported second-quarter profit of $447 million.
The Santa Clara, California-based company said it had profit of 27 cents per share. Earnings, adjusted for one-time gains and costs, were $1.05 per share.
The results surpassed Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.03 per share.
The chipmaker posted revenue of $6.55 billion in the period, also surpassing Street forecasts. Twelve analysts surveyed by Zacks expected $6.52 billion.
For the current quarter ending in October, Advanced Micro said it expects revenue in the range of $6.5 billion to $6.9 billion. Analysts surveyed by Zacks had expected revenue of $6.84 billion.
The company expects full-year revenue in the range of $26 billion to $26.6 billion.
Advanced Micro shares have decreased 31% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $99.29, a decrease of almost 9% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMD at https://www.zacks.com/ap/AMD | https://www.lakecountystar.com/business/article/Advanced-Micro-Q2-Earnings-Snapshot-17346349.php | 2022-08-02T21:47:50 | en | 0.944054 |
BLOOMFIELD HILLS, Mich. (AP) _ Agree Realty Corp. (ADC) on Tuesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Bloomfield Hills, Michigan, said it had funds from operations of $74.5 million, or 98 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 96 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $34.1 million, or 45 cents per share.
The real estate investment trust posted revenue of $104.9 million in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $103 million.
The company's shares have risen 9% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $77.88, an increase of 4% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ADC at https://www.zacks.com/ap/ADC | https://www.lakecountystar.com/business/article/Agree-Realty-Q2-Earnings-Snapshot-17346428.php | 2022-08-02T21:47:51 | en | 0.952488 |
Airbnb said Tuesday that it earned $379 million in the second quarter on record bookings and rising rates, and the short-term rental giant announced a plan to spend up to $2 billion to buy its own stock.
Despite the share-buyback promise, Airbnb's stock fell 9% in extended trading.
The financial results showed a reversal from losses in the second quarter of both last year and 2019.
Airbnb has benefitted from the increase in travel and the exodus of workers from offices, which frees them to work from just about anywhere they can get internet access.
Bookings in the second quarter were about one-fourth higher than last year and 2019. The San Francisco-based company said customers were making more international bookings. Listings away from major cities rose to nearly 50% compared with the second quarter of 2019, although Airbnb said urban listings grew compared with the previous three months.
Revenue was $2.10 billion, up 58% from a year earlier and 73% from the second quarter of 2019.
Analysts expected revenue of $2.11 billion, according to a FactSet survey. | https://www.lakecountystar.com/business/article/Airbnb-posts-2Q-profit-of-379-million-on-record-17346388.php | 2022-08-02T21:47:51 | en | 0.974598 |
Faiz Ahmad, Former CEO Direct to Consumer at Optum and Kathryn Reimann, Former Chief Compliance Officer at CitiBank Bring Decades of Consumer and Financial Services Experience to the Board
SAN FRANCISCO, Aug. 2, 2022 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America's leading digital marketplace bank, today announced that Faiz Ahmad and Kathryn Reimann will join as the newest members of its Board of Directors, effective August 15, 2022. LendingClub also announced today that Patricia McCord has decided that, after almost five years on the Board of Directors, she will resign effective September 30, 2022.
"We are thrilled to welcome two new board members with a wealth of experience in both consumer and financial services as we evolve our business and brand in this next phase of growth. Faiz' experience in transforming the consumer experience for large brands coupled with Kathryn's deep expertise in legal and compliance risk management across the financial services sector will help support our growth as a leading digital marketplace bank," said Scott Sanborn, CEO of LendingClub. "With Patty wrapping up her tenure with the board, I'd like to thank her personally and on behalf of the company for her support as we transformed the business from a loan marketplace to a powerhouse digital bank at scale. I'm grateful for her counsel and wish her well on her future endeavors."
Mr. Ahmad has more than two decades of expertise in leveraging technology to transform the customer experience for large consumer brands. He was CEO, Direct to Consumer at Optum, a subsidiary of United Health Group, and has also held leadership positions at Apple and Delta Airlines. He will serve on the Board's Compensation Committee, Nominating and Corporate Governance Committee, and Operational Risk Committee.
"LendingClub has the best of both worlds – a bank and a fintech – and it's creating an incredibly powerful digital marketplace bank that prioritizes the customer," said Faiz Ahmad. "That is rare within financial services and it's what intrigued me about the company. I'm excited to apply my expertise with large consumer brands to advise LendingClub as it finds even more ways to generate unique lifetime value for its members."
Ms. Reimann spent more than two decades as a Chief Compliance Officer, most recently at Citibank, NA and before that, at American Express, and has advised other financial services and fintech companies on compliance risk management, bank regulatory and governance issues. Currently, she is an Adjunct Professor and Senior Fellow in the Program on Corporate Compliance & Enforcement at New York University School of Law, a regulatory advisor to Hummingbird Regtech and a Senior Advisor at Oliver Wyman. She will serve on the Board's Audit Committee, Credit Risk and Finance Committee and Operational Risk Committee.
"I was drawn to LendingClub as an institution not only driven by meeting the needs of its customers but also its commitment to innovating across every aspect of its business, including its control structure, to compete with both banks and fintechs at scale," said Kathryn Reimann. "I am excited to be able to apply my experience in service of their vision of a new era in responsible banking."
About LendingClub
LendingClub Corporation (NYSE: LC) is the parent company of LendingClub Bank, National Association, Member FDIC. LendingClub Bank is the leading digital marketplace bank in the U.S., where members can access a broad range of financial products and services designed to help them pay less when borrowing and earn more when saving. Based on more than 150 billion cells of data and over $75 billion in loans, our advanced credit decisioning and machine-learning models are used across the customer lifecycle to expand seamless access to credit for our members, while generating compelling risk-adjusted returns for our loan investors. Since 2007, more than 4 million members have joined the Club to help reach their financial goals. For more information about LendingClub, visit https://www.lendingclub.com.
CONTACT:
For Investors: [email protected]
Media Contact: [email protected]
SOURCE LendingClub Corporation | https://www.prnewswire.com/news-releases/lendingclub-announces-two-new-board-directors-301597867.html | 2022-08-02T21:47:55 | en | 0.96609 |
MAUMEE, Ohio (AP) _ The Andersons Inc. (ANDE) on Tuesday reported second-quarter profit of $79.8 million.
The Maumee, Ohio-based company said it had profit of $2.32 per share. Earnings, adjusted for one-time gains and costs, came to $2.39 per share.
The agriculture company posted revenue of $4.45 billion in the period.
Andersons shares have decreased 5% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $36.74, an increase of 39% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ANDE at https://www.zacks.com/ap/ANDE | https://www.lakecountystar.com/business/article/Andersons-Q2-Earnings-Snapshot-17346325.php | 2022-08-02T21:47:58 | en | 0.932046 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mcb/pittsburgh-panthers-basketball/articles/40265880 | 2022-08-02T21:48:00 | en | 0.738227 |
RICHMOND, Va., Aug. 2, 2022 /PRNewswire/ -- Markel Corporation (NYSE:MKL) today reported its financial results for the second quarter of 2022. The Company also announced today it has filed its Form 10-Q for the quarter ended June 30, 2022 with the Securities and Exchange Commission.
The following tables present summary financial data for the quarters and six months ended June 30, 2022 and 2021.
Highlights of results from the quarter and six months include:
- Earned premiums grew 17% for both the quarter and six months ended June 30, 2022, reflecting continued growth in gross premium volume from new business, more favorable rates and expanded product offerings.
- The higher combined ratio for the quarter ended June 30, 2022 compared to the same period of 2021 was driven by the impact of less favorable development on prior accident years loss reserves.
- The combined ratio for the six months ended June 30, 2022 included $35.0 million, or one point, of net losses and loss adjustment expenses, as well as $12.3 million of additional reinsurance costs, attributed to the Russia-Ukraine conflict. The combined ratio for the six months ended June 30, 2021 included $67.9 million, or two points, of net losses and loss adjustment expenses from Winter Storm Uri.
- Net investment losses in 2022 reflected a substantial decrease in the fair value of our equity portfolio resulting from significant declines in the public equity markets.
- Growth in operating revenues from our Markel Ventures operations reflected contributions from our acquisitions in the second half of 2021 and the impact of increased demand and higher prices across many of our businesses.
- Comprehensive loss to shareholders in 2022, for both the quarter and six months, was a result of unrealized losses on our fixed maturity and equity portfolios.
"Results for the first half of 2022 reflect the benefits of our diversified, three-engine architecture of insurance, investments, and Markel Ventures. Within our insurance engine, new business opportunities, an attractive pricing environment and solid portfolio construction contributed to strong top line growth and, when combined with continued expense management efforts, resulted in a 90% combined ratio for the first six months of 2022," said Thomas S. Gayner and Richard R. Whitt, Co-Chief Executive Officers. "Our Markel Ventures engine provided additional thrust with another record-setting quarter for both revenues and EBITDA."
"Within our investments engine, our results were impacted by the sharp decline in the equity markets, as well as rising interest rates in the bond market, during the first half of 2022. Given our focus on long-term performance and investing discipline, we are confident in the durability of our portfolio and understand that periodic volatility is to be expected," Gayner and Whitt remarked. "Looking forward to the remainder of 2022, we are well-positioned to execute on our business objectives and remain focused on building long-term shareholder value."
We believe our financial performance is most meaningfully measured over longer periods of time, which tends to mitigate the effects of short-term volatility and also aligns with the longer-term perspective we apply to operating our businesses. We generally use five-year periods to measure our performance. Over the five-year period ended June 30, 2022, the compound annual growth in book value per common share was 7%. Over the five-year period ended June 30, 2022, our share price increased at a compound annual rate of 6%.
A copy of our Form 10-Q is available on our website at www.markel.com or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of our financial performance. Our quarterly conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Wednesday, August 3, 2022, beginning at 9:30 a.m. (Eastern Time). Investors, analysts and the general public may listen to the call free over the Internet through our website at www.markel.com in the "For investors" section. Any person needing additional information can contact Markel's Investor Relations Department at [email protected]. A replay of the call also will be available on our website from approximately one hour after the conclusion of the call until Monday, August 15, 2022.
About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markel.com.
SOURCE Markel Corporation | https://www.prnewswire.com/news-releases/markel-reports-2022-second-quarter-and-six-months-results-301598426.html | 2022-08-02T21:48:01 | en | 0.953181 |
TROY, Mich., Aug. 2, 2022 /PRNewswire/ -- Meritor, Inc. (NYSE: MTOR) today reported financial results for its third fiscal quarter that ended June 30, 2022.
Third-Quarter Highlights
- Sales of $1,212 million
- Net income attributable to Meritor and net income from continuing operations attributable to Meritor of $73 million
- Diluted earnings per share from continuing operations of $1.02
- Adjusted income from continuing operations attributable to the company of $77 million, or $1.07 of adjusted diluted earnings per share
- Adjusted EBITDA of $142 million and adjusted EBITDA margin of 11.7 percent
- Operating cash flow was $117 million
- Free cash flow was $93 million
Third-Quarter Results
For the third quarter of fiscal year 2022, Meritor posted sales of $1,212 million, up $196 million, or approximately 19 percent, from the same period last year.
Net income attributable to Meritor and net income from continuing operations attributable to Meritor were each $73 million, or $1.02 per diluted share, compared to $42 million for each, or $0.58 per diluted share, in the same period last year.
Adjusted income from continuing operations attributable to the company in the third quarter of fiscal year 2022 was $77 million, or $1.07 of adjusted diluted earnings per share, compared to $45 million, or $0.62 of adjusted diluted earnings per share, in the same period last year.
Adjusted EBITDA was $142 million, compared to $107 million in the third quarter of fiscal year 2021. Adjusted EBITDA margin increased to 11.7 percent compared to 10.5 percent in the same period last year.
Cash provided by operating activities was $117 million in the third quarter of fiscal year 2022, compared to $39 million in the same period last year.
Cummins Transaction
On May 26, Meritor's shareholders voted in favor of the Cummins acquisition bid, further validating the potential of what Cummins and Meritor can achieve together. The companies are working together to complete the acquisition this week as we have received all regulatory approvals to close the transaction.
About Meritor
Meritor, Inc. is a leading global supplier of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for commercial vehicle and industrial markets. With more than a 110-year legacy of providing innovative products that offer superior performance, efficiency and reliability, the company serves commercial truck, trailer, off-highway, defense, specialty and aftermarket customers around the world. Meritor is based in Troy, Michigan, United States, and is made up of approximately 9,600 diverse employees who apply their knowledge and skills in manufacturing facilities, engineering centers, joint ventures, distribution centers and global offices in 19 countries. Meritor common stock is traded on the New York Stock Exchange under the ticker symbol MTOR. For important information, visit the company's website at www.meritor.com.
Forward-Looking Statement
This release contains statements relating to future results of the company (including certain outlooks, projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "estimate," "should," "are likely to be," "will" and similar expressions. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement pursuant to which the company would become a wholly owned subsidiary of Cummins Inc. (the "Merger"); the failure to satisfy any of the closing conditions to the completion of the Merger within the expected timeframes or at all; risks related to disruption of management's attention from ongoing business operations due to the Merger; the effect of the announcement of the Merger on the ability to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom the company does business, or on operating results and business generally; the ability to meet expectations regarding the timing and completion of the Merger; the duration and severity of the COVID-19 pandemic and its effects on public health, the global economy and financial markets, as well as our industry, customers, operations, workforce, supply chains, distribution systems and demand for our products; the ongoing conflict between Russia and Ukraine; reliance on major OEM customers and possible negative outcomes from contract negotiations with our major customers, including failure to negotiate acceptable terms in contract renewal negotiations and our ability to obtain new customers; the outcome of actual and potential product liability, warranty and recall claims; our ability to successfully manage rapidly changing volumes in the commercial truck markets and work with our customers to manage demand expectations in view of rapid changes in production levels; global economic and market cycles and conditions; availability and sharply rising costs of raw materials, including steel, transportation and labor, and our ability to manage or recover such costs; technological changes in our industry as a result of the trends toward electrified drivetrains and the integration of advanced electronics and their impact on the demand for our products and services; our ability to manage possible adverse effects on European markets or our European operations, or financing arrangements related thereto in the event one or more countries exit the European monetary union; risks inherent in operating abroad (including foreign currency exchange rates, restrictive government actions regarding trade, implications of foreign regulations relating to pensions and potential disruption of production and supply due to terrorist attacks or acts of aggression); risks related to our joint ventures; the ability to achieve the expected benefits of strategic initiatives and restructuring actions; our ability to successfully integrate the products and technologies of the commercial vehicles business of Siemens and future results of such acquisition, including its generation of revenue and it being accretive; the demand for commercial and specialty vehicles for which we supply products; whether our liquidity will be affected by declining vehicle production in the future; OEM program delays; demand for and market acceptance of new and existing products; successful development and launch of new products; labor relations of our company, our suppliers and customers, including potential disruptions in supply of parts to our facilities or demand for our products due to work stoppages; the financial condition of our suppliers and customers, including potential bankruptcies; possible adverse effects of any future suspension of normal trade credit terms by our suppliers; potential impairment of long-lived assets, including goodwill; potential adjustment of the value of deferred tax assets; competitive product and pricing pressures; the amount of our debt; our ability to continue to comply with covenants in our financing agreements; our ability to access capital markets; credit ratings of our debt; the outcome of existing and any future legal proceedings, including any proceedings or related liabilities with respect to environmental, asbestos-related, or other matters; rising costs of pension benefits; possible changes in accounting rules; and other substantial costs, risks and uncertainties, including but not limited to those detailed in our Annual Report on Form 10-K for the year ended September 30, 2021 and from time to time in other filings of the company with the SEC. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.
All earnings per share amounts are on a diluted basis. The company's fiscal year ends on the Sunday nearest Sept. 30, and its fiscal quarters generally end on the Sundays nearest Dec. 31, March 31 and June 30. All year and quarter references relate to the company's fiscal year and fiscal quarters, unless otherwise stated.
Non-GAAP Financial Measures
In addition to the results reported in accordance with accounting principles generally accepted in the United States ("GAAP"), we have provided information regarding non-GAAP financial measures. These non-GAAP financial measures include adjusted income (loss) from continuing operations attributable to the company, adjusted diluted earnings (loss) per share from continuing operations, adjusted EBITDA, adjusted EBITDA margin, segment adjusted EBITDA, segment adjusted EBITDA margin, free cash flow and free cash flow conversion.
Adjusted income (loss) from continuing operations attributable to the company and adjusted diluted earnings (loss) per share from continuing operations are defined as reported income (loss) from continuing operations and reported diluted earnings (loss) per share from continuing operations before restructuring expenses, asset impairment charges and other special items as determined by management. Adjusted EBITDA is defined as income (loss) from continuing operations before interest, income taxes, depreciation and amortization, non-controlling interests in consolidated joint ventures, loss on sale of receivables, restructuring expenses, asset impairment charges and other special items as determined by management. Adjusted EBITDA margin is defined as adjusted EBITDA divided by consolidated sales from continuing operations. Segment adjusted EBITDA is defined as income (loss) from continuing operations before interest expense, income taxes, depreciation and amortization, noncontrolling interests in consolidated joint ventures, loss on sale of receivables, restructuring expense, asset impairment charges and other special items as determined by management. Segment adjusted EBITDA excludes unallocated legacy and corporate expense (income), net. Segment adjusted EBITDA margin is defined as segment adjusted EBITDA divided by consolidated sales from continuing operations, either in the aggregate or by segment as applicable. Free cash flow is defined as cash flows provided by (used for) operating activities less capital expenditures. Free cash flow conversion is defined as free cash flow over adjusted income from continuing operations attributable to the company. Beginning in the second quarter of fiscal year 2021, the company no longer includes an adjustment for non-cash tax expense related to the use of deferred tax assets in jurisdictions with net operating loss carryforwards or tax credits in adjusted income (loss) from continuing operations attributable to the company and adjusted diluted earnings (loss) per share from continuing operations.
Management believes these non-GAAP financial measures are useful to both management and investors in their analysis of the company's financial position and results of operations. In particular, adjusted EBITDA, adjusted EBITDA margin, segment adjusted EBITDA, segment adjusted EBITDA margin, adjusted income (loss) from continuing operations attributable to the company, adjusted diluted earnings (loss) per share from continuing operations and free cash flow conversion are meaningful measures of performance to investors as they are commonly utilized to analyze financial performance in our industry, perform analytical comparisons, measure value creation, benchmark performance between periods and measure our performance against externally communicated targets.
Free cash flow is used by investors and management to analyze our ability to service and repay debt and return value directly to shareholders. Free cash flow conversion is a specific financial measure of our M2022 plan used to measure the company's ability to convert earnings to free cash flow and provides useful information about our ability to achieve strategic goals.
Management uses the aforementioned non-GAAP financial measures for planning and forecasting purposes, and segment adjusted EBITDA is also used as the primary basis for the Chief Operating Decision Maker ("CODM") to evaluate the performance of each of our reportable segments.
Our Board of Directors uses adjusted EBITDA margin, free cash flow, adjusted diluted earnings (loss) per share from continuing operations and free cash flow conversion as key metrics to determine management's performance under our performance-based compensation plans, provided that, solely for this purpose, adjusted diluted earnings (loss) per share from continuing operations also includes an adjustment for the use of deferred tax assets in jurisdictions with net operating loss carryforwards or tax credits.
Adjusted income (loss) from continuing operations attributable to the company, adjusted diluted earnings (loss) per share from continuing operations, adjusted EBITDA, adjusted EBITDA margin, segment adjusted EBITDA, segment adjusted EBITDA margin and free cash flow conversion should not be considered a substitute for the reported results prepared in accordance with GAAP and should not be considered as an alternative to net income or cash flow conversion calculations as an indicator of our financial performance. Free cash flow and free cash flow conversion should not be considered a substitute for cash provided by (used for) operating activities, or other cash flow statement data prepared in accordance with GAAP, or as a measure of financial position or liquidity. In addition, these non-GAAP cash flow measures do not reflect cash used to repay debt or cash received from the divestitures of businesses or sales of other assets and thus do not reflect funds available for investment or other discretionary uses. These non-GAAP financial measures, as determined and presented by the company, may not be comparable to related or similarly titled measures reported by other companies. Set forth below are reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.
SOURCE Meritor, Inc. | https://www.prnewswire.com/news-releases/meritor-reports-third-quarter-fiscal-year-2022-results-301597941.html | 2022-08-02T21:48:03 | en | 0.948994 |
TORONTO (AP) _ Aptose Biosciences Inc. (APTO) on Tuesday reported a loss of $10.6 million in its second quarter.
On a per-share basis, the Toronto-based company said it had a loss of 11 cents.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share.
In the final minutes of trading on Tuesday, the company's shares hit 71 cents. A year ago, they were trading at $2.66.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on APTO at https://www.zacks.com/ap/APTO | https://www.lakecountystar.com/business/article/Aptose-Biosciences-Q2-Earnings-Snapshot-17346276.php | 2022-08-02T21:48:07 | en | 0.955364 |
PITTSBURGH, Aug. 2, 2022 /PRNewswire/ -- The Board of Directors of MSA Safety Incorporated (NYSE: MSA) today declared a third quarter dividend of 46 cents per share on common stock, payable September 10, 2022 to shareholders of record on August 16, 2022.
The Board also declared a dividend of 56-1/4 cents per share on preferred stock, payable September 1, 2022 to shareholders of record on August 16, 2022.
About MSA Safety
Established in 1914, MSA Safety Incorporated is the global leader in the development, manufacture and supply of safety products that protect people and facility infrastructures. Many MSA products integrate a combination of electronics, mechanical systems and advanced materials to protect users against hazardous or life-threatening situations. The company's comprehensive product line is used by workers around the world in a broad range of markets, including the oil, gas and petrochemical industry, the fire service, the construction industry, mining and the military. MSA's core products include self-contained breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, industrial head protection products, firefighter helmets and protective apparel, and fall protection devices. With 2021 revenues of $1.4 billion, MSA employs approximately 4,800 people worldwide. The company is headquartered north of Pittsburgh in Cranberry Township, Pa., and has manufacturing operations in the United States, Europe, Asia and Latin America. With more than 40 international locations, MSA realizes approximately half of its revenue from outside North America. For more information visit MSA's web site at www.MSAsafety.com.
SOURCE MSA Safety | https://www.prnewswire.com/news-releases/msa-safety-declares-third-quarter-dividend-301598407.html | 2022-08-02T21:48:09 | en | 0.92531 |
WARREN, N.J. (AP) _ Aquestive Therapeutics Inc. (AQST) on Tuesday reported a loss of $16.3 million in its second quarter.
The Warren, New Jersey-based company said it had a loss of 36 cents per share.
The specialty pharmaceutical company posted revenue of $13.3 million in the period.
In the final minutes of trading on Tuesday, the company's shares hit 87 cents. A year ago, they were trading at $3.31.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AQST at https://www.zacks.com/ap/AQST | https://www.lakecountystar.com/business/article/Aquestive-Therapeutics-Q2-Earnings-Snapshot-17346269.php | 2022-08-02T21:48:13 | en | 0.946675 |
NEWPARK RESOURCES REPORTS SECOND QUARTER 2022 RESULTS
Company reports net loss of ($0.08) per share; Adjusted net income of $0.01 per diluted share
THE WOODLANDS, Texas, Aug. 2, 2022 /PRNewswire/ -- Newpark Resources, Inc. (NYSE: NR) ("Newpark" or the "Company") today announced results for its second quarter ended June 30, 2022. Total revenues for the second quarter of 2022 were $194.1 million compared to $176.4 million for the first quarter of 2022 and $142.2 million for the second quarter of 2021. Net loss for the second quarter of 2022 was $7.8 million, or ($0.08) per share, compared to net income of $2.5 million, or $0.03 per diluted share, for the first quarter of 2022, and a net loss of $6.0 million, or ($0.07) per share, for the second quarter of 2021.
Adjusted net income for the second quarter of 2022 was $1.1 million, or $0.01 per diluted share. Second quarter 2022 results include $9.1 million of pre-tax charges ($8.8 million after-tax, $0.09 per share), including $8.9 million for the Industrial Blending segment primarily related to the impairment of assets, as well as exit and other costs associated with the Conroe, Texas industrial blending and warehouse facility. As previously announced, the Company shut down the Industrial Blending operations in March 2022 and is divesting of the assets.
Matthew Lanigan, Newpark's President and Chief Executive Officer, stated, "Our second quarter performance demonstrated progress in both of our businesses, with strong execution and improving market fundamentals contributing to a 10% sequential increase in revenues and continued improvement in EBITDA within our core business activities. Consolidated revenues were $194 million for the second quarter of 2022, delivering Adjusted EBITDA of $13.3 million.
"The Industrial Solutions segment revenues improved by 38% sequentially to $49 million in the second quarter, benefitting from $19 million in second quarter product sales, reflective of robust demand from the utilities sector, along with the benefit of a shift in delivery of certain first quarter orders into April. Rental and service revenues declined slightly from the prior quarter, as the strong start to the quarter was offset by the impact from the dry and warm weather pattern in the Southern U.S., as well as unanticipated delays in customer projects associated with various supply chain disruptions. The Industrial Solutions segment delivered $9.8 million of operating income and EBITDA of $15.1 million for the second quarter of 2022."
Lanigan continued, "The Fluids Systems segment revenues improved by 3% sequentially, as the seasonal pullback in Canada through Spring break-up was more than offset by solid revenue growth in U.S. land markets and a $5 million increase in the Gulf of Mexico. Outside of North America, revenues improved slightly to $49 million in the second quarter, with improvements from Asia Pacific and the start-up of the previously-disclosed project in Cyprus being mostly offset by lower activity in Kuwait and parts of Europe, as well as the impact of the strengthening U.S. dollar. Operating income and EBITDA for the Fluids Systems segment declined to $0.4 million and $4.3 million, respectively, with profitability negatively impacted by Spring break-up in Canada, a softer product mix, as well as an elevated operating loss in the Gulf of Mexico. The second quarter Gulf of Mexico result reflects a combination of incremental costs incurred to meet a tight deepwater project timeline, with unrelated operational issues ultimately leading the customer to delay and reduce the scope of the planned drilling project, and return unused inventory. The operating loss from our Gulf of Mexico operations increased approximately $1 million in the second quarter, overshadowing the solid progress we're making in other areas.
"Regarding cash flows, operating activities used cash of $26 million in the second quarter, primarily reflecting an increase in working capital. Inventories used $24 million of cash in the quarter, reflecting ongoing inflation in raw material costs, activity-driven increases, and increased vendor prepayments on purchases, as well as higher levels of contingency stocks to ensure our ability to deliver for our customers as drilling activity recovers. Our U.S. mineral grinding business and Gulf of Mexico operations contributed $10 million of the sequential increase in inventories. Receivables also used $11 million of cash in the quarter, as the impact from the higher revenues was partially offset by a meaningful improvement in receivable DSO's," added Lanigan. "Looking ahead, we expect revenues and income to strengthen and a return to positive operating cash flow generation in the third quarter, primarily benefitting from the stabilizing supply chain environment, the continued ramp-up of deferred projects in the EMEA region, and the seasonal recovery in Canada. We expect the robust market outlook across all facets of the energy sector, along with our ongoing portfolio actions to strengthen our Fluids Systems business, will provide a foundation for sustainable free cash flow generation over the longer-term. Additionally, our announced divestiture actions, as well as efforts to optimize investments within the Gulf of Mexico, provides the opportunity for more than $70 million of cash generation in the coming months, which can be redeployed to reduce our debt, accelerate investment in Industrial Solutions growth, and return value to shareholders."
U.S. Mineral Grinding Business Divestiture Update
As previously disclosed, in February 2022, the Company's Board of Directors approved management's plan to explore strategic options for the U.S. mineral grinding business. During the second quarter of 2022, the Company initiated a formal sales process, led by our third-party advisor PPHB. While market and other inherent uncertainties remain that could impact the timing or completion of a sale transaction, we currently anticipate completing a divestiture transaction in the fourth quarter of 2022. As of June 30, 2022, the U.S. mineral grinding business had $53 million of net capital employed, including $31 million of net working capital. The U.S. mineral grinding business is reported within the Fluids Systems segment.
Segment Change and Results
Our Industrial Blending segment (previously aggregated within the Industrial Solutions segment) began operations in 2020 and supported industrial end-markets, including the production of disinfectants and industrial cleaning products. As part of the previously announced exit plan approved by our Board of Directors in February 2022, we completed the wind down of the Industrial Blending business in the first quarter of 2022 and are currently pursuing the sale of the industrial blending and warehouse facility and related equipment located in Conroe, Texas. Beginning in the second quarter of 2022, the assets and operating results associated with our Industrial Blending operations have been reported as a separate segment for all periods presented.
The Industrial Solutions segment generated revenues of $48.9 million for the second quarter of 2022 compared to $35.4 million for the first quarter of 2022 and $43.3 million for the second quarter of 2021. Segment operating income was $9.8 million for the second quarter of 2022 compared to $6.4 million for the first quarter of 2022 and $11.3 million for the second quarter of 2021. Industrial Solutions operating income for the second quarter of 2021 included a $1.0 million gain related to a legal settlement.
The Fluids Systems segment generated revenues of $145.3 million for the second quarter of 2022 compared to $141.0 million for the first quarter of 2022 and $97.1 million for the second quarter of 2021. Segment operating income was $0.4 million for the second quarter of 2022 compared to operating income of $3.4 million for the first quarter of 2022 and an operating loss of $6.5 million for the second quarter of 2021.
The Industrial Blending segment generated no revenues in 2022, and $1.9 million for the second quarter of 2021. Segment operating loss was $8.9 million for the second quarter of 2022 compared to an operating loss of $0.9 million for the first quarter of 2022 and an operating loss of $1.2 million for the second quarter of 2021. The Industrial Blending operating loss for the second quarter of 2022 includes a $7.9 million non-cash charge for the impairment of the long-lived assets as well as exit and other costs related to the ongoing process to sell these assets.
Conference Call
Newpark has scheduled a conference call to discuss second quarter of 2022 results and its near-term operational outlook, which will be broadcast live over the Internet, on Wednesday, August 3, 2022 at 10:00 a.m. Eastern Time / 9:00 a.m. Central Time. To participate in the call, dial 412-902-0030 and ask for the Newpark Resources call at least 10 minutes prior to the start time, or access it live over the Internet at www.newpark.com. For those who cannot listen to the live call, a replay will be available through August 17, 2022 and may be accessed by dialing 201-612-7415 and using pass code 13731190#. Also, an archive of the webcast will be available shortly after the call at www.newpark.com for 90 days.
Newpark Resources, Inc. is a geographically diversified supplier providing environmentally-sensitive products, as well as rentals and services to a variety of industries, including oil and gas exploration, electrical transmission & distribution, pipeline, renewable energy, petrochemical, construction, and other industries. For more information, visit our website at www.newpark.com.
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical facts are forward-looking statements. Words such as "will," "may," "could," "would," "should," "anticipates," "believes," "estimates," "expects," "plans," "intends," and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying them. These statements are not guarantees that our expectations will prove to be correct and involve a number of risks, uncertainties, and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Newpark, particularly its Annual Report on Form 10-K for the year ended December 31, 2021, and its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, as well as others, could cause actual plans or results to differ materially from those expressed in, or implied by, these statements. These risk factors include, but are not limited to, risks related to the ongoing conflict between Russia and Ukraine; the COVID-19 pandemic; the worldwide oil and natural gas industry; our customer concentration and reliance on the U.S. exploration and production market; our international operations; operating hazards present in the oil and natural gas industry and substantial liability claims, including catastrophic well incidents; our contracts that can be terminated or downsized by our customers without penalty; our product offering expansion; our ability to attract, retain and develop qualified leaders, key employees and skilled personnel; the price and availability of raw materials; business acquisitions and capital investments; our market competition; technological developments and intellectual property in our industry; severe weather, natural disasters, and seasonality; our cost and continued availability of borrowed funds, including noncompliance with debt covenants; environmental laws and regulations; our legal compliance; the inherent limitations of insurance coverage; income taxes; cybersecurity breaches or business system disruptions; our restructuring activities; activist stockholders that may attempt to effect changes at our Company or acquire control over our Company; our ability to maintain compliance with the New York Stock Exchange's continued listing requirements; and our amended and restated bylaws, which could limit our stockholders' ability to obtain what such stockholders believe to be a favorable judicial forum for disputes with us or our directors, officers or other employees. We assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities laws. Newpark's filings with the Securities and Exchange Commission can be obtained at no charge at www.sec.gov, as well as through our website at www.newpark.com.
Newpark Resources, Inc.
Non-GAAP Reconciliations
(Unaudited)
To help understand the Company's financial performance, the Company has supplemented its financial results that it provides in accordance with generally accepted accounting principles ("GAAP") with non-GAAP financial measures. Such financial measures include Adjusted Net Income (Loss), Adjusted Net Income (Loss) Per Common Share, earnings before interest, taxes, depreciation and amortization ("EBITDA"), Adjusted EBITDA, Free Cash Flow, EBITDA Margin, Net Debt, and the Ratio of Net Debt to Capital.
We believe these non-GAAP financial measures are frequently used by investors, securities analysts and other parties in the evaluation of our performance and liquidity with that of other companies in our industry. Management uses these measures to evaluate our operating performance, liquidity and capital structure. In addition, our incentive compensation plan measures performance based on our consolidated EBITDA, along with other factors. The methods we use to produce these non-GAAP financial measures may differ from methods used by other companies. These measures should be considered in addition to, not as a substitute for, financial measures prepared in accordance with GAAP.
Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Common Share
The following tables reconcile the Company's net income (loss) and net income (loss) per common share calculated in accordance with GAAP to the non-GAAP financial measures of adjusted net income (loss) and adjusted net income (loss) per common share:
EBITDA and Adjusted EBITDA
The following tables reconcile the Company's net income (loss) calculated in accordance with GAAP to the non-GAAP financial measures of EBITDA and Adjusted EBITDA:
Free Cash Flow
The following table reconciles the Company's net cash provided by (used in) operating activities calculated in accordance with GAAP to the non-GAAP financial measure of free cash flow:
Newpark Resources, Inc.
Non-GAAP Reconciliations (Continued)
(Unaudited)
EBITDA Margin
The following tables reconcile the Company's segment operating income (loss) calculated in accordance with GAAP to the non-GAAP financial measures of EBITDA and EBITDA Margin:
Newpark Resources, Inc.
Non-GAAP Reconciliations (Continued)
(Unaudited)
Ratio of Net Debt to Capital
The following table reconciles the Company's ratio of total debt to capital calculated in accordance with GAAP to the non-GAAP financial measure of ratio of net debt to capital:
SOURCE Newpark Resources, Inc. | https://www.prnewswire.com/news-releases/newpark-resources-reports-second-quarter-2022-results-301598262.html | 2022-08-02T21:48:15 | en | 0.950663 |
MILWAUKEE (AP) _ Artisan Partners Asset Management Inc. (APAM) on Tuesday reported second-quarter earnings of $44.3 million.
On a per-share basis, the Milwaukee-based company said it had net income of 62 cents. Earnings, adjusted for non-recurring costs, were 79 cents per share.
The investment management firm posted revenue of $251.4 million in the period.
Artisan Partners shares have declined 16% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $40.04, a decline of 18% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on APAM at https://www.zacks.com/ap/APAM | https://www.lakecountystar.com/business/article/Artisan-Partners-Q2-Earnings-Snapshot-17346546.php | 2022-08-02T21:48:20 | en | 0.94274 |
TULSA, Okla., Aug. 2, 2022 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced the release of its 2021-2022 Corporate Sustainability Report. The report highlights the company's progress and commitment toward environmental, social and governance (ESG) performance. View the report on ONEOK's website, www.oneok.com.
Corporate Sustainability Report Highlights:
- Targeting a 2.2 million metric ton (MMT) reduction of the company's combined Scope 1 and Scope 2 emissions by 2030, which represents a 30% reduction in total operational emissions attributable to ONEOK assets in 2019.
- Collaborating with producers to continue the reduction of well-head flaring through infrastructure investments to increase natural gas capture.
- Qualifying for inclusion in more than 30 ESG-related stock market indices highlighting that ONEOK's efforts are being recognized by investors.
- Receiving in 2021, an MSCI ESG Rating of AA.
- Contributing more than $8 million and approximately 4,800 volunteer hours across 215 communities during 2021.
- Being named to JUST Capital's list of Top 100 U.S. Companies Supporting Healthy Communities and Families.
- Receiving a perfect score in the Human Rights Campaign Foundation's Corporate Equality Index for the second year in a row.
"2021 provided another year of growth and progress for ONEOK – both in terms of our business and our sustainability efforts," said Pierce H. Norton II, ONEOK president and chief executive officer. "Operating safely, sustainably and environmentally responsibly remains key to our success, and encouraging a culture of employee and stakeholder engagement will continue to drive our company forward.
"Our ESG-related performance is a source of pride for ONEOK, and we are committed to continuing to make progress while also remaining dedicated to delivering energy products and services vital to an advancing world," added Norton.
ONEOK, Inc. (pronounced ONE-OAK) (NYSE: OKE) is a leading midstream service provider and owner of one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Rocky Mountain, Mid-Continent and Permian regions with key market centers and an extensive network of natural gas gathering, processing, storage and transportation assets.
ONEOK is a FORTUNE 500 company and is included in the S&P 500.
For the latest news about ONEOK, find us at www.oneok.com or on LinkedIn, Facebook, Twitter and Instagram.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Some of the statements contained and incorporated in this news release are forward-looking statements as defined under federal securities laws. Examples of forward-looking statements contained herein include our GHG emission reduction targets. We make these forward-looking statements in reliance on the safe harbor protections provided under federal securities laws and other applicable laws. The following discussion is intended to identify important factors that could cause future outcomes to differ materially from those set forth in the forward-looking statements.
Forward-looking statements reflect our expectations as of the date of this press release and include the information concerning possible or assumed future results of our operations and other statements contained or incorporated herein identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "guidance," "intend," "may," "might," "plan," "potential," "project," "scheduled," "should," "will," "would" and other words and terms of similar meaning.
Readers should not place undue reliance on forward-looking statements and are urged to carefully review and consider the various disclosures we make from time to time with the United States Securities and Exchange Commission (SEC), which are available via the SEC's website at www.sec.gov and our website at www.oneok.com. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. In addition to any assumptions and other factors referred to specifically in connection with the forward-looking statements, factors that could cause our actual results to differ materially from those contemplated in any forward-looking statement include, among others, the following:
- The impact of the transition to a lower carbon economy, including the timing and extent of the transition, as well as the expected role of different energy sources, including natural gas, NGLs and crude oil, in such a transition;
- The pace of technological advancements and industry innovation, including those focused on reducing GHG emissions and advancing other climate-related initiatives, and our ability to take advantage of those innovations and developments;
- The effectiveness of our risk-management function, including mitigating cyber- and climate-related risks;
- Our ability to identify and execute opportunities, and the economic viability of those opportunities, including those relating to renewable natural gas, carbon capture, use, and storage, other renewable energy sources such as solar and wind and alternative low carbon fuel sources such as hydrogen;
- The ability of our existing assets and our ability to apply and continue to develop our expertise to support the growth of, and transition to, various renewable and alternative energy opportunities, including through the positioning and optimization of our assets;
- Our ability to efficiently reduce our GHG emissions (both Scope 1 and 2 emissions), including through the use of lower carbon power alternatives, management practices and system optimizations;
- The effects of changes in governmental policies and regulatory actions, including changes with respect to tax policy, emissions credits, carbon offsets and carbon pricing;
- The necessity to focus on maintaining and enhancing our existing assets while reducing our Scope 1 and 2 GHG emissions;
- the risks associated with pending or possible acquisitions and dispositions, including our ability to finance or integrate any such acquisitions and any regulatory delay or conditions imposed by regulatory bodies in connection with any such acquisitions and dispositions; and
- Those factors listed under "Forward-looking Statements" in our Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2021 (2021 Annual Report), and in our other filings that we make with the SEC, which are available via the SEC's website at www.sec.gov and our website at www.oneok.com.
These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other factors, known and unknown, could also affect adversely our future results. These and other risks are described in greater detail in Part I, Item 1A, Risk Factors, in our 2021 Annual Report and in our other filings that we make with the SEC, which are available via the SEC's website at www.sec.gov and our website at www.oneok.com. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Any such forward-looking statement speaks only as of the date on which such statement is made, and other than as required under securities laws, we undertake no, and expressly disclaim any, obligation or duty to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.
While future events or changes discussed herein may be significant, any significance should not be read as necessarily rising to the level of materiality of the disclosures required under the U.S. federal securities laws. Our targets are aspirational and not guarantees or promises that all targets will be met. Statistics and metrics included in our sustainability-related documents are estimates and may be based on assumptions, developing standards or third-party data that we have not independently vetted.
SOURCE ONEOK, Inc. | https://www.prnewswire.com/news-releases/oneok-releases-2021-2022-corporate-sustainability-report-301598270.html | 2022-08-02T21:48:21 | en | 0.949768 |
LOS ANGELES, Aug. 2, 2022 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of TuSimple Holdings Inc. ("TuSimple" or "the Company") (NASDAQ: TSP) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. TuSimple is the subject of a Wall Street Journal article published on August 1, 2022. The article alleges that one of the Company's autonomously driven trucks left its lane of travel without warning before striking a cement barricade. The article states that the accident "underscores concerns that the autonomous-trucking company is risking safety on public roads in a rush to deliver driverless trucks to market." Although the Company attempted to blame human error, the Journal points out that "it was the autonomous-driving system that turned the wheel and that blaming the entire accident on human error is misleading." The article also reveals that the Federal Motor Carrier Safety Administration has launched a "safety compliance investigation." Based on this news, shares of TuSimple lost almost 10% on the same day.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.
310-301-3335
[email protected]
www.schallfirm.com
SOURCE The Schall Law Firm | https://www.prnewswire.com/news-releases/ongoing-investigation-reminder-the-schall-law-firm-encourages-investors-in-tusimple-holdings-inc-with-losses-of-100-000-to-contact-the-firm-301598322.html | 2022-08-02T21:48:23 | en | 0.901199 |
NEW YORK (AP) _ Assurant Inc. (AIZ) on Tuesday reported second-quarter profit of $52.2 million.
The New York-based company said it had profit of 95 cents per share. Earnings, adjusted for non-recurring costs, were $2.95 per share.
The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $3.21 per share.
The insurer posted revenue of $2.51 billion in the period. Its adjusted revenue was $2.59 billion, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $2.66 billion.
Assurant shares have climbed 10% since the beginning of the year, while the S&P's 500 index has declined 14%. In the final minutes of trading on Tuesday, shares hit $171.57, a rise of 9% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AIZ at https://www.zacks.com/ap/AIZ | https://www.lakecountystar.com/business/article/Assurant-Q2-Earnings-Snapshot-17346514.php | 2022-08-02T21:48:26 | en | 0.955671 |
NEW YORK, Aug. 2, 2022 /PRNewswire/ -- Paramount Global (NASDAQ: PARA; PARAA) today announced that its Board of Directors has declared a quarterly cash dividend of $0.24 per share on both its Class A and Class B Common Stock. The dividend will be payable on October 3, 2022, to stockholders of record at the close of business on September 15, 2022.
At the same time, the Board of Directors also declared a quarterly cash dividend of $1.4375 per share on its 5.75% Series A Mandatory Convertible Preferred Stock. The dividend will be payable on October 3, 2022, to stockholders of record at the close of business on September 15, 2022.
About Paramount
Paramount Global (NASDAQ: PARA, PARAA) is a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic studios, networks and streaming services, Paramount's portfolio of consumer brands includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+, Pluto TV and Simon & Schuster, among others. Paramount delivers the largest share of the U.S. television audience and boasts one of the industry's most important and extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, the company provides powerful capabilities in production, distribution, and advertising solutions.
For more information about Paramount, please visit www.paramount.com and follow @Paramount on social platforms.
PARA-IR
SOURCE Paramount Global | https://www.prnewswire.com/news-releases/paramount-global-declares-quarterly-cash-dividends-301598257.html | 2022-08-02T21:48:29 | en | 0.909704 |
BURLINGTON, Mass. (AP) _ Avid Technology Inc. (AVID) on Tuesday reported second-quarter net income of $7.4 million.
The Burlington, Massachusetts-based company said it had profit of 16 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 26 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.
The audio and video technology company posted revenue of $97.7 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $95.9 million.
For the current quarter ending in October, Avid expects its per-share earnings to range from 27 cents to 39 cents.
The company said it expects revenue in the range of $100 million to $112 million for the fiscal third quarter.
Avid expects full-year earnings in the range of $1.37 to $1.53 per share, with revenue ranging from $425 million to $455 million.
Avid shares have fallen 14% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $28.09, a decline of 26% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVID at https://www.zacks.com/ap/AVID | https://www.lakecountystar.com/business/article/Avid-Q2-Earnings-Snapshot-17346343.php | 2022-08-02T21:48:32 | en | 0.942617 |
SAN JOSE, Calif., Aug. 2, 2022 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) today announced its second quarter 2022 results for the period ended June 30, 2022. The earnings release and related materials discussing these results can be found on its investor relations website at https://investor.pypl.com/financials/quarterly-results/default.aspx.
PayPal Holdings, Inc. will host a conference call to discuss these results at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) today. A live webcast of the conference call will be available at https://investor.pypl.com. In addition, an archive of the webcast will be accessible for 90 days through the same link.
About PayPal
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering 429 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.
Investor Relations Contacts
Gabrielle Rabinovitch
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Ryan Wallace
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Media Relations Contacts
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Josh Criscoe
[email protected]
SOURCE PayPal Holdings, Inc. | https://www.prnewswire.com/news-releases/paypal-reports-second-quarter-2022-results-301598417.html | 2022-08-02T21:48:35 | en | 0.863721 |
EL SEGUNDO, Calif. (AP) _ Big 5 Sporting Goods Corp. (BGFV) on Tuesday reported second-quarter net income of $8.9 million.
On a per-share basis, the El Segundo, California-based company said it had net income of 41 cents.
The sporting goods retailer posted revenue of $253.8 million in the period.
Big 5 shares have declined 32% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $12.98, a drop of 44% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BGFV at https://www.zacks.com/ap/BGFV | https://www.lakecountystar.com/business/article/Big-5-Q2-Earnings-Snapshot-17346273.php | 2022-08-02T21:48:38 | en | 0.906045 |
SAN JOSE, Calif. (AP) _ A10 Networks Inc. (ATEN) on Tuesday reported second-quarter profit of $10.4 million.
The San Jose, California-based company said it had net income of 13 cents per share. Earnings, adjusted for stock option expense, came to 17 cents per share.
The provider of networking technologies posted revenue of $68 million in the period.
A10 Networks shares have declined nearly 8% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $15.28, a climb of 16% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ATEN at https://www.zacks.com/ap/ATEN | https://www.myjournalcourier.com/business/article/A10-Networks-Q2-Earnings-Snapshot-17346536.php | 2022-08-02T21:48:38 | en | 0.927618 |
Pomerantz LLP and Bernstein Liebhard LLP Announce Proposed Class Action Settlement on Behalf of Purchasers of Funko, Inc. Common Stock - FNKO
LOS ANGELES, Aug. 2, 2022 /PRNewswire/ -- Pomerantz LLP and Bernstein Liebhard LLP announce that the United States District Court for the Central District of California has approved the following announcement of a proposed class action settlement that would benefit purchasers of Funko, Inc. common stock (NASDAQ: FNKO):
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION, PROPOSED SETTLEMENT, MOTION FOR ATTORNEYS' FEES AND EXPENSES, AND SETTLEMENT FAIRNESS HEARING
To: All persons and entities who or which purchased the common stock of Funko, Inc. ("Funko") on the open market during the period from August 8, 2019 to March 5, 2020, inclusive, and who were damaged thereby ("Settlement Class").
Certain persons and entities are excluded from the Settlement Class as set forth in detail in the Stipulation and Agreement of Settlement, dated June 3, 2022 ("Stipulation") and the Internet Notice described below.
PLEASE READ THIS NOTICE CAREFULLY; YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.
ADDITIONAL INFORMATION ABOUT THE SETTLEMENT IS AVAILABLE ON THE SETTLEMENT WEBSITE, www.strategicclaims.net/Funko/.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Central District of California (the "Court"), that the Court-appointed Lead Plaintiffs, on behalf of themselves and the proposed Settlement Class, and defendants Funko, Inc. ("Funko"), Brian Mariotti, Jennifer Fall Jung, Andrew Perlmutter, Ken Brotman, Gino Dellomo, Adam Kriger, ACON Investments, LLC, ACON Funko Manager, LLC, ACON Funko Investors, LLC, ACON Funko Investors Holdings 1, LLC, ACON Funko Investors Holdings 2, LLC, ACON Funko Investors Holdings 3, LLC, and ACON Equity GenPar, LLC (collectively, the "Defendants") have reached a proposed settlement of the claims in the above-captioned class action (the "Action") in the amount of $7,000,000 (the "Settlement").
A hearing will be held before the Honorable Virginia A. Phillips, on November 7, 2022, at 2:00 p.m., in the United States District Court for the Central District of California, First Street U.S. Courthouse, 350 W. 1st Street, Courtroom 8A, 8th Floor, Los Angeles, CA 90012 (the "Settlement Hearing") to, among other things, to determine whether to: (i) approve the proposed Settlement as fair, reasonable, and adequate; (ii) dismiss the Action with prejudice as provided in the Stipulation; (iii) certify the Action as a class action on behalf of the Settlement Class, certify Lead Plaintiffs as Class Representatives for the Settlement Class, and appoint Lead Counsel as Class Counsel for the Settlement Class; (iv) approve the proposed Plan of Allocation for distribution of the settlement funds to Settlement Class Members (the "Net Settlement Fund"); (v) approve Lead Counsel's application for an award of attorneys' fees of up to 25% of the Settlement Fund and reimbursement of Litigation Expenses of up to $275,000, which includes costs and expenses to Lead Plaintiffs of up to $18,000 each; and (vi) to consider any other matters that may properly be brought before the Court in connection with the Settlement. The Court may change the date of the Settlement Hearing, or hold it telephonically, without providing another notice. You do NOT need to attend the Settlement Hearing to receive a distribution from the Net Settlement Fund.
IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT, AND YOU MAY BE ENTITLED TO A MONETARY PAYMENT. You may obtain a Proof of Claim and Release Form ("Claim Form") and review the Internet Notice of Pendency and Proposed Settlement of Class Action ("Internet Notice") on the website www.strategicclaims.net/Funko/ or by contacting the Claims Administrator at:
Funko, Inc. Securities Litigation
c/o Strategic Claims Services
600 N. Jackson St., Suite 205
P.O. Box 230
Media, PA 19063
Toll-Free: (866) 274-4004
Fax: (610) 565-7985
[email protected]
https://www.strategicclaims.net/Funko/
Inquiries, other than requests for the Internet Notice and Claim Form or for information about the status of a claim, may also be made to Lead Counsel:
BERNSTEIN LIEBHARD LLP
Stephanie M. Beige, Esq.
10 East 40th Street, 28th Floor
New York, NY 10016
212-779-1414
[email protected]
POMERANTZ LLP
Attn: Michael J. Wernke
600 Third Avenue, 20th Floor
New York, NY 10016
212-661-1100
[email protected]
If you are a Settlement Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked (if mailed) or submitted online at www.strategicclaims.net/Funko/ ("Case Website") no later than October 17, 2022 to the Claims Administrator at the address above. Read the instructions carefully, fill out the Claim Form in accordance with the instructions set forth in the Claim Form, and sign it in the location indicated. The Case Website also includes instructions on downloading your transaction data directly from your brokerage so that you do not have to manually enter each transaction. If you are a Settlement Class Member and do not timely submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by all judgments or orders entered by the Court relating to the Settlement, whether favorable or unfavorable.
If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Internet Notice such that it is received no later than October 17, 2022. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court relating to the Settlement, whether favorable or unfavorable, and you will not be eligible to share in the distribution of the Net Settlement Fund.
Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of expenses or awards to Lead Plaintiffs must be filed with the Court, either by mail or in person, and be mailed to counsel for the Parties in accordance with the instructions in the Internet Notice, such that they are received no later than October 17, 2022.
SO ORDERED this 19th day of July, 2022.
The Honorable Virginia A. Phillips
United States District Judge
SOURCE Bernstein Liebhard LLP; Pomerantz LLP | https://www.prnewswire.com/news-releases/pomerantz-llp-and-bernstein-liebhard-llp-announce-proposed-class-action-settlement-on-behalf-of-purchasers-of-funko-inc-common-stock--fnko-301598447.html | 2022-08-02T21:48:41 | en | 0.89882 |
POWELL INDUSTRIES ANNOUNCES FISCAL 2022 THIRD QUARTER RESULTS
HOUSTON, Aug. 2, 2022 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom-engineered solutions for the management, control and distribution of electrical energy, today announced results for the fiscal 2022 third quarter ended June 30, 2022.
Fiscal Third Quarter Key Highlights:
- Revenues totaled $135 million;
- Net Income was $9 million, or $0.76 per diluted share including;
- $1.6 million or $0.14 per diluted share gain on the sale of a non-core division, and
- $5.9 million or $0.49 per diluted share from a non-recurring tax benefit;
- New orders totaled $202 million;
- Backlog as of June 30, 2022, totaled $503 million;
- Cash and short-term investments as of June 30, 2022, totaled $99 million.
Brett A. Cope, Powell's Chairman and Chief Executive Officer, stated, "Powell delivered a solid fiscal third quarter as we continue to recover from challenges brought on by the pandemic including the on-going disruptions to the global supply chain. Our operating divisions across the company delivered solid execution as we continue to progress productivity improvements across all elements of the business including our engineering, manufacturing and strategic sourcing teams. The $202 million of new orders represents the highest quarterly total of new orders in over two years and more importantly, marks the fifth consecutive quarter of increasing gross new order activity. It is also notable that there were no single, large project orders in the quarter as market activity was much more broad and balanced across most of our end markets."
Revenues for the third quarter totaled $135.5 million compared to $127.9 million in the second quarter and compared to $115.8 million in the third quarter in the prior year.
New orders placed in the third quarter totaled $202 million compared to $151 million in the second quarter and compared to $103 million of new orders in the third quarter of the prior fiscal year.
Backlog as of June 30, 2022, totaled $503 million which represents sequential growth of 14% compared to $440 million as of March 31, 2022, and compares to $426 million as of June 30, 2021.
Net income in the fiscal third quarter was $9.1 million, or $0.76 per diluted share, compared to a net loss of $1.2 million, or $0.10 per diluted share, in the fiscal second quarter and compared to a net loss of $2.0 million, or $0.17 per diluted share, in the fiscal third quarter of the prior year.
During the third fiscal quarter, the business recognized income resulting from two non-operational events. First, a $1.6 million after tax gain was realized through the divestiture of a non-core, industrial valve repair and servicing division within the Powell Canada entity. This generated $4 million of cash and added $0.14 per diluted share. Secondly, due to the sustained, positive earnings generated out of Powell Canada, the valuation allowance that was previously established against the entity's deferred tax assets was reversed. The reversal of this allowance results in a non-cash, increase in Net Income of $5.9 million or $0.49 per diluted share.
Cope added, "We remain pleased with the steady and consistent recovery of our Industrial end markets as well as the improvements that our strategic efforts, both to diversify our business and broaden our Services offering, are yielding. Across the industrial landscape, our Oil & Gas and Petrochemical end markets continue to show signs of a slow and steady recovery, supported by the favorable fundamentals of LNG, gas pipeline and gas-to-chemical projects. We continue to experience robust activity within our Utility and Commercial end markets. As a result, we are entering our fiscal fourth quarter on very strong financial footing and with a large, healthy backlog of project orders."
OUTLOOK
Commenting on the Company's outlook, Michael Metcalf, Powell's Chief Financial Officer said, "Our book-to-bill ratio of 1.5x in the third quarter demonstrates the ongoing recovery across our core end markets and we are optimistic that these conditions will persist in the coming quarters. While we are experiencing a gradual and consistent recovery across our industrial base of customers, the positive momentum that we've seen in our Utility and Commercial markets is very encouraging, as evidenced by our strong backlog, closing the third quarter at $503 million. Although the macro inflationary pressure and component availability challenges still persist across the supply chain, we continue to make steady progress offsetting these headwinds through pricing actions, efficiency improvements and strong supplier partnerships. Looking forward, we continue to anticipate gradually improving profitability as pricing, factory efficiencies and cost controls continue to gain traction, further enabling us to execute our strong and growing order book."
CONFERENCE CALL
Powell Industries has scheduled a conference call for Wednesday, August 3, 2022, at 11:00 a.m. Eastern time. To participate in the conference call, dial 1-833-953-2431 (domestic) or 1-412-317-5760 (international) at least 10 minutes before the call begins and ask for the Powell Industries conference call. A telephonic replay of the conference call will be available through August 10, 2022 and may be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using passcode 7590577#.
Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting powellind.com. To listen to the live call on the web, please visit the website at least 15 minutes before the call begins to register, download and install any necessary audio software. For those who cannot listen to the live webcast, an archive will be available shortly after the call and will remain available for approximately 90 days at powellind.com.
Powell Industries, Inc., headquartered in Houston, designs, manufactures and services custom-engineered equipment and systems for the distribution, control and monitoring of electrical energy. Powell markets include large industrial customers such as utilities, oil and gas producers, refineries, liquefied natural gas facilities, petrochemical plants, pulp and paper producers, mining operations and commuter railways. For more information, please visit powellind.com.
Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.
SOURCE Powell Industries | https://www.prnewswire.com/news-releases/powell-industries-announces-fiscal-2022-third-quarter-results-301598403.html | 2022-08-02T21:48:43 | en | 0.946361 |
MARIETTA, Ga. (AP) _ BlueLinx Holdings Inc. (BXC) on Tuesday reported second-quarter net income of $71.3 million.
The Marietta, Georgia-based company said it had profit of $7.48 per share.
The building products distributor posted revenue of $1.24 billion in the period.
BlueLinx shares have dropped 14% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $82.05, a climb of 96% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BXC at https://www.zacks.com/ap/BXC | https://www.lakecountystar.com/business/article/BlueLinx-Q2-Earnings-Snapshot-17346396.php | 2022-08-02T21:48:44 | en | 0.927598 |
SANTA CLARA, Calif. (AP) _ Advanced Micro Devices Inc. (AMD) on Tuesday reported second-quarter profit of $447 million.
The Santa Clara, California-based company said it had profit of 27 cents per share. Earnings, adjusted for one-time gains and costs, were $1.05 per share.
The results surpassed Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.03 per share.
The chipmaker posted revenue of $6.55 billion in the period, also surpassing Street forecasts. Twelve analysts surveyed by Zacks expected $6.52 billion.
For the current quarter ending in October, Advanced Micro said it expects revenue in the range of $6.5 billion to $6.9 billion. Analysts surveyed by Zacks had expected revenue of $6.84 billion.
The company expects full-year revenue in the range of $26 billion to $26.6 billion.
Advanced Micro shares have decreased 31% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $99.29, a decrease of almost 9% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMD at https://www.zacks.com/ap/AMD | https://www.myjournalcourier.com/business/article/Advanced-Micro-Q2-Earnings-Snapshot-17346349.php | 2022-08-02T21:48:45 | en | 0.944054 |
HOUSTON, Aug. 2, 2022 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom engineered solutions for the management, control and distribution of electrical energy, today announced that its Board of Directors has declared a quarterly cash dividend on the Company's common stock in the amount of $0.26 per share. The dividend is payable on September 21, 2022 to shareholders of record at the close of business on August 17, 2022.
Powell Industries, Inc., headquartered in Houston, designs, manufactures and services custom-engineered equipment and systems for the distribution, control and monitoring of electrical energy. Powell markets include large industrial customers such as utilities, oil and gas producers, refineries, petrochemical plants, pulp and paper producers, mining operations and commuter railways. For more information, please visit powellind.com.
SOURCE Powell Industries | https://www.prnewswire.com/news-releases/powell-industries-declares-quarterly-cash-dividend-301598355.html | 2022-08-02T21:48:49 | en | 0.936486 |
BOSTON (AP) _ Brightcove Inc. (BCOV) on Tuesday reported a second-quarter loss of $301,000, after reporting a profit in the same period a year earlier.
The Boston-based company said it had a loss of 1 cent per share. Earnings, adjusted for stock option expense and amortization costs, came to 10 cents per share.
The internet video streaming service company posted revenue of $54.4 million in the period.
For the current quarter ending in October, Brightcove expects its per-share earnings to range from 2 cents to 4 cents.
The company said it expects revenue in the range of $52 million to $53 million for the fiscal third quarter.
Brightcove expects full-year earnings in the range of 23 cents to 30 cents per share, with revenue ranging from $211 million to $215 million.
Brightcove shares have decreased 39% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $6.23, a decline of 46% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BCOV at https://www.zacks.com/ap/BCOV | https://www.lakecountystar.com/business/article/Brightcove-Q2-Earnings-Snapshot-17346413.php | 2022-08-02T21:48:51 | en | 0.944258 |
BLOOMFIELD HILLS, Mich. (AP) _ Agree Realty Corp. (ADC) on Tuesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Bloomfield Hills, Michigan, said it had funds from operations of $74.5 million, or 98 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 96 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $34.1 million, or 45 cents per share.
The real estate investment trust posted revenue of $104.9 million in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $103 million.
The company's shares have risen 9% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $77.88, an increase of 4% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ADC at https://www.zacks.com/ap/ADC | https://www.myjournalcourier.com/business/article/Agree-Realty-Q2-Earnings-Snapshot-17346428.php | 2022-08-02T21:48:51 | en | 0.952488 |
Christopher Swann and Kenneth Hart Elected by Preferred Shareholders at 2022 Annual Meeting of Shareholders
PHILADELPHIA, Aug. 2, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) (the "Company") today announced that Christopher Swann and Kenneth Hart have been elected by preferred shareholders to its Board of Trustees.
Joseph F. Coradino, Chairman and CEO of PREIT, said, "We are pleased to welcome two new independent trustees to further enhance and diversify the Board of Trustees. Both Christopher and Kenneth are experienced investors who bring additional corporate finance and real estate investing expertise to the boardroom. We look forward to their contribution in advancing our strategic objectives by capitalizing on our exceptional portfolio of assets."
Mr. Swann and Mr. Hart were elected in accordance with the provisions of the designating amendments to the Company's Amended and Restated Trust Agreement.
About Christopher Swann
Christopher Swann has over a decade of experience restructuring distressed commercial real estate and real estate backed debt. He also has extensive expertise in restructuring across multiple disciplines, including balance sheet, asset management, operations, construction, entitlements and property management. He currently serves as President and Chief Executive Officer of Cygnus Capital, a real estate and alternative asset investment management company. Previously, Mr. Swann served as a Portfolio Manager at SAC Capital Advisors LLC, an investment management company, and in a number of roles at GMT Capital Corporation, an investment management company, including serving as a senior analyst and then as a portfolio manager overseeing investments in technology companies as well as building out the firm's investments in Asia, including establishing its Hong Kong office.
Prior to that, Mr. Swann co-founded two software companies and also worked as an Associate at McKinsey & Co. Earlier in his career, Mr. Swann served in senior marketing and sales positions in Germany and Russia for Millicom International Cellular SA, an international telecommunications and media company, and for a division of Merck & Co., Inc., a multinational pharmaceutical company.
Mr. Swann received a Bachelor of Arts Degree in Political Science and Public Policy from Duke University and received a dual Masters in Business Administration and Masters of Arts in International Studies degree from The Wharton School of Business at the University of Pennsylvania.
About Kenneth Hart
Kenneth Hart has been the principal with Hart Capital Management, a value-oriented investor focused mainly on real estate related entities, since 1990. Prior to that, he was a Vice President at GE Capital Corporate Finance Group, specializing in the financing of leveraged buyouts from 1987 to 1989. From 1983 to 1987 he served in various capacities with Hambrecht & Quist (a technology-focused investment bank) and as a general partner of Hambrecht & Quist Venture Partners. After completing an MBA at the Haas School of Business, UC Berkeley, he worked at IBM from 1978 to 1983. He holds a BS degree in Electrical Engineering and Computer Science, also from UC Berkeley.
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.
Forward Looking Statements
This press release contains certain forward-looking statements that can be identified by the use of words such as "anticipate," "believe," "estimate," "expect," "project," "intend," "may" or similar expressions. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect our current expectations and assumptions regarding our business, the economy and other future events and conditions and are based on currently available financial, economic and competitive data and our current business plans. Actual results could vary materially depending on risks, uncertainties and changes in circumstances that may affect our operations, markets, services, prices and other factors as discussed in the Risk Factors section of our other filings with the Securities and Exchange Commission. While we believe our assumptions are reasonable, we caution you against relying on any forward-looking statements as it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the effectiveness of strategies we may employ to address our liquidity and capital resources in the future, our ability to achieve our forecasted revenue and pro forma leverage ratio and generate free cash flow to further reduce our indebtedness; our ability to manage our business through the impacts of the COVID-19 pandemic, a weakening of global economic and financial conditions, changes in governmental regulations and related compliance and litigation costs and the other factors listed in our SEC filings. Additionally, our business might be materially and adversely affected by changes in the retail and real estate industries, including bankruptcies, consolidation and store closings, particularly among anchor tenants; current economic conditions, including consumer confidence and spending levels and supply chain challenges and the impact of the COVID-19 pandemic and the public health and governmental response as well as the corresponding effects on tenant business performance, prospects, solvency and leasing decisions; our inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; our ability to maintain and increase property occupancy, sales and rental rates; increases in operating costs that cannot be passed on to tenants; the effects of online shopping and other uses of technology on our retail tenants; risks related to our development and redevelopment activities, including delays, cost overruns and our inability to reach projected occupancy or rental rates; social unrest and acts of vandalism and violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales; the frequency, severity and impact of extreme weather events at or near our properties; our ability to sell properties that we seek to dispose of or our ability to obtain prices we seek; our substantial debt and the liquidation preference of our preferred shares and our high leverage ratio and our ability to remain in compliance with our financial covenants under our debt facilities; our ability to refinance our existing indebtedness when it matures, on favorable terms or at all; our ability to raise capital, including through sales of properties or interests in properties and through the issuance of equity or equity-related securities if market conditions are favorable; and potential dilution from any capital raising transactions or other equity issuances.
Additional factors that might cause future events, achievements or results to differ materially from those expressed or implied by our forward-looking statements include those discussed herein, and in the sections entitled "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021. We do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
Contact
Heather Crowell
[email protected]
SOURCE PREIT | https://www.prnewswire.com/news-releases/preit-board-of-trustees-welcomes-two-new-independent-trustees-as-representatives-for-preferred-shareholders-301598281.html | 2022-08-02T21:48:55 | en | 0.947716 |
BRENTWOOD, Tenn. (AP) _ Corrections Corp. of America (CXW) on Tuesday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The Brentwood, Tennessee-based real estate investment trust said it had funds from operations of $40.7 million, or 34 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 36 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $10.6 million, or 9 cents per share.
The prison operator, based in Brentwood, Tennessee, posted revenue of $456.7 million in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $460.1 million.
CCA expects full-year funds from operations to be $1.19 to $1.26 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CXW at https://www.zacks.com/ap/CXW | https://www.lakecountystar.com/business/article/CCA-Q2-Earnings-Snapshot-17346533.php | 2022-08-02T21:48:57 | en | 0.961256 |
Airbnb said Tuesday that it earned $379 million in the second quarter on record bookings and rising rates, and the short-term rental giant announced a plan to spend up to $2 billion to buy its own stock.
Despite the share-buyback promise, Airbnb's stock fell 9% in extended trading.
The financial results showed a reversal from losses in the second quarter of both last year and 2019.
Airbnb has benefitted from the increase in travel and the exodus of workers from offices, which frees them to work from just about anywhere they can get internet access.
Bookings in the second quarter were about one-fourth higher than last year and 2019. The San Francisco-based company said customers were making more international bookings. Listings away from major cities rose to nearly 50% compared with the second quarter of 2019, although Airbnb said urban listings grew compared with the previous three months.
Revenue was $2.10 billion, up 58% from a year earlier and 73% from the second quarter of 2019.
Analysts expected revenue of $2.11 billion, according to a FactSet survey. | https://www.myjournalcourier.com/business/article/Airbnb-posts-2Q-profit-of-379-million-on-record-17346388.php | 2022-08-02T21:48:57 | en | 0.974598 |
DENVER, Aug. 2, 2022 /PRNewswire/ -- RE/MAX Holdings, Inc. (NYSE: RMAX), parent company of RE/MAX, one of the world's leading franchisors of real estate brokerage services, and of Motto Mortgage, the first and only national mortgage brokerage franchise brand in the U.S., announced today that its Board of Directors declared a quarterly cash dividend of $0.23 per share of Class A common stock.
The dividend is payable on August 30, 2022, to shareholders of record at the close of business on August 16, 2022.
About RE/MAX Holdings, Inc.
RE/MAX Holdings, Inc. (NYSE: RMAX) is one of the world's leading franchisors in the real estate industry, franchising real estate brokerages globally under the RE/MAX® brand, and mortgage brokerages within the U.S. under the Motto® Mortgage brand. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. Now with more than 140,000 agents in almost 9,000 offices and a presence in more than 110 countries and territories, nobody in the world sells more real estate than RE/MAX, as measured by total residential transaction sides. Dedicated to innovation and change in the real estate industry, RE/MAX launched Motto Franchising, LLC, a ground-breaking mortgage brokerage franchisor, in 2016. Motto Mortgage has grown to over 175 offices across almost 40 states.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by the use of words such as "believe," "intend," "expect," "estimate," "plan," "outlook," "project," "anticipate," "may," "will," "would" and other similar words and expressions that predict or indicate future events or trends that are not statements of historical matters. Forward-looking statements include statements related to: dividends. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily accurately indicate the times at which such performance or results may be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, without limitation, (1) the global COVID-19 pandemic, which poses significant and widespread risks to the Company's business, including the Company's agents, loan originators, franchisees and employees, as well as home buyers and sellers. (2) changes in the real estate market or interest rates and availability of financing, (3) changes in business and economic activity in general, (4) the Company's ability to attract and retain quality franchisees, (5) the Company's franchisees' ability to recruit and retain real estate agents and mortgage loan originators, (6) changes in laws and regulations, (7) the Company's ability to enhance, market, and protect the RE/MAX and Motto Mortgage brands, (8) the Company's ability to implement its technology initiatives, and (9) fluctuations in foreign currency exchange rates, and those risks and uncertainties described in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC") and similar disclosures in subsequent periodic and current reports filed with the SEC, which are available on the investor relations page of the Company's website at www.remaxholdings.com and on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Except as required by law, the Company does not intend, and undertakes no obligation, to update this information to reflect future events or circumstances.
SOURCE RE/MAX Holdings, Inc. | https://www.prnewswire.com/news-releases/remax-holdings-inc-announces-quarterly-dividend-301598301.html | 2022-08-02T21:49:02 | en | 0.953652 |
HOUSTON (AP) _ Coterra Energy Inc. (CTRA) on Tuesday reported second-quarter earnings of $1.23 billion.
The Houston-based company said it had profit of $1.53 per share. Earnings, adjusted for one-time gains and costs, came to $1.35 per share.
The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.20 per share.
The independent oil and gas company posted revenue of $2.57 billion in the period, which also topped Street forecasts. Ten analysts surveyed by Zacks expected $2.25 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CTRA at https://www.zacks.com/ap/CTRA | https://www.lakecountystar.com/business/article/Cabot-Q2-Earnings-Snapshot-17346329.php | 2022-08-02T21:49:03 | en | 0.952195 |
MAUMEE, Ohio (AP) _ The Andersons Inc. (ANDE) on Tuesday reported second-quarter profit of $79.8 million.
The Maumee, Ohio-based company said it had profit of $2.32 per share. Earnings, adjusted for one-time gains and costs, came to $2.39 per share.
The agriculture company posted revenue of $4.45 billion in the period.
Andersons shares have decreased 5% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $36.74, an increase of 39% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ANDE at https://www.zacks.com/ap/ANDE | https://www.myjournalcourier.com/business/article/Andersons-Q2-Earnings-Snapshot-17346325.php | 2022-08-02T21:49:03 | en | 0.932046 |
MERRIAM, Kan., Aug. 2, 2022 /PRNewswire/ -- The following is a report of earnings for Seaboard Corporation (NYSE American: SEB), with offices at 9000 West 67th Street, Merriam, Kansas, for the three and six months ended July 2, 2022, and July 3, 2021, in millions of dollars except share and per share amounts (unaudited).
Seaboard Corporation today filed its Quarterly Report on Form 10-Q with the United States Securities and Exchange Commission. Seaboard Corporation has provided access to the Quarterly Report on Form 10-Q on its website at https://www.seaboardcorp.com/investors.
Also, Seaboard Corporation announced today that its Board of Directors has authorized and declared a quarterly cash dividend of $2.25 per share of its common stock. The dividend is payable on August 22, 2022, to stockholders of record at the close of business on August 12, 2022.
SOURCE Seaboard Corporation | https://www.prnewswire.com/news-releases/report-of-earnings-and-dividend-declaration-301598463.html | 2022-08-02T21:49:08 | en | 0.936124 |
RENO, Nev. (AP) _ Caesars Entertainment, Inc. (CZR) on Tuesday reported a second-quarter loss of $123 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Reno, Nevada-based company said it had a loss of 57 cents. Earnings, adjusted to account for discontinued operations, were 16 cents per share.
The results fell short of Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.
The casino and resort operator posted revenue of $2.82 billion in the period, which beat Street forecasts. Eight analysts surveyed by Zacks expected $2.77 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CZR at https://www.zacks.com/ap/CZR | https://www.lakecountystar.com/business/article/Caesars-Entertainment-Q2-Earnings-Snapshot-17346271.php | 2022-08-02T21:49:09 | en | 0.948331 |
TORONTO (AP) _ Aptose Biosciences Inc. (APTO) on Tuesday reported a loss of $10.6 million in its second quarter.
On a per-share basis, the Toronto-based company said it had a loss of 11 cents.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share.
In the final minutes of trading on Tuesday, the company's shares hit 71 cents. A year ago, they were trading at $2.66.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on APTO at https://www.zacks.com/ap/APTO | https://www.myjournalcourier.com/business/article/Aptose-Biosciences-Q2-Earnings-Snapshot-17346276.php | 2022-08-02T21:49:10 | en | 0.955364 |
TEMPE, Ariz., Aug. 2, 2022 /PRNewswire/ -- Rockford Fosgate (www.rockfordfosgate.com), the industry leader in high-performance audio, has partnered with the City of Sturgis for the ninth consecutive year as the "Official Motorcycle Audio Sponsor" of the Sturgis® Motorcycle Rally™ being held August 5th – 13th and will also be an official sponsor of the "20th Anniversary Mayor's Ride," held during the Motorcycle Rally™.
Rockford's booth on Lazelle Street will be the central hub of Rockford Fosgate activities during the Rally From 9:00am – 6:00pm daily, Rockford experts will be giving test drives of their latest aftermarket audio systems, purpose built for Harley-Davidson® motorcycles, including the new M5 800-watt kits just announced on July 29th. Aftermarket systems will be available for purchase at the booth and bikers may also schedule installation with a certified technician during the Rally. Visitors who would like to learn more about "Harley-Davidson® Audio Powered by Rockford Fosgate" can talk with Rockford staff and experience motorcycles factory equipped with these powerful systems.
On Tuesday, August 9th, Rockford Fosgate will present the All-Out Bagger Show from 11:00am – 4:00pm in the Harley-Davidson's® Outlaw Square, Deadwood, South Dakota. Our host for the event will again be Jeff G. Holt, editorial director of V-Twin Visionary©. Those registering for the event will compete for top awards as well as a cash REWARD of $1000. Registration for the show is on-site in Deadwood at Harley-Davidson's® Outlaw Square beginning at 11:00am on Tuesday, August 9th
Rockford Fosgate team members will also be on-hand at Black Hills Harley-Davidson® through August 13th (8am – 6pm daily) where bikers can also purchase Rockford Fosgate audio systems and have them installed on-site.
Click here for information on the Mayor's Ride and Click here for details on Rockford's sponsorship of the Rally™. For more about Rockford Fosgate rockfordfosgate.com.
About Rockford Corporation
Setting the standard for excellence in the audio industry, Rockford Corporation markets high-performance audio systems under the brand Rockford Fosgate® for the mobile, motorsport, and marine audio aftermarket and OEM market. Headquartered in Tempe, Ariz., Rockford Corporation is a wholly owned subsidiary of Patrick Industries, Inc. (NASDAQ: PATK).
SOURCE Rockford Corporation | https://www.prnewswire.com/news-releases/rockford-fosgate-to-be-on-site-as-the-official-motorcycle-audio-sponsor-of-the-82nd-annual-sturgis-motorcycle-rally-301598425.html | 2022-08-02T21:49:14 | en | 0.941648 |
LINCOLNSHIRE, Ill. (AP) _ Camping World Holdings Inc. (CWH) on Tuesday reported second-quarter profit of $84.3 million.
The Lincolnshire, Illinois-based company said it had net income of $2.01 per share. Earnings, adjusted for one-time gains and costs, were $2.16 per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.87 per share.
The recreational vehicle retailer and services provider posted revenue of $2.17 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $2.03 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CWH at https://www.zacks.com/ap/CWH | https://www.lakecountystar.com/business/article/Camping-World-Q2-Earnings-Snapshot-17346497.php | 2022-08-02T21:49:16 | en | 0.952561 |
WARREN, N.J. (AP) _ Aquestive Therapeutics Inc. (AQST) on Tuesday reported a loss of $16.3 million in its second quarter.
The Warren, New Jersey-based company said it had a loss of 36 cents per share.
The specialty pharmaceutical company posted revenue of $13.3 million in the period.
In the final minutes of trading on Tuesday, the company's shares hit 87 cents. A year ago, they were trading at $3.31.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AQST at https://www.zacks.com/ap/AQST | https://www.myjournalcourier.com/business/article/Aquestive-Therapeutics-Q2-Earnings-Snapshot-17346269.php | 2022-08-02T21:49:16 | en | 0.946675 |
CINCINNATI, Aug. 2, 2022 /PRNewswire/ -- The board of directors of The E.W. Scripps Company (NASDAQ: SSP) has approved a new contract for Scripps President and CEO Adam P. Symson that runs through Dec. 31, 2027.
The new agreement replaces a three-year contract that began Jan. 1, 2020.
Symson assumed the president and CEO role in August 2017. Since that time, he has engineered the acquisition of ION Media and the creation of a new, highly profitable operating division made up of nine national broadcast networks, significantly increased the durability and reach of the company's Local Media portfolio and overseen significant improvement in the company's short-term operating performance. He sold the radio station group as well as the Stitcher and Triton businesses at high returns. He launched company initiatives to expand its NextGen TV/ATSC 3.0 opportunity, its connected television distribution and the number of U.S. TV households using digital antennas. He also successfully steered the company through the COVID-19 pandemic and resulting economic standstill as well as the transition of more than 5,000 employees to remote work environments. In 2018, he appointed the company's first chief diversity officer to accelerate its equity, diversity and inclusion initiatives.
"Adam's vision and leadership have continually delivered shareholder value through forward-looking strategies that have transformed the company's financial profile and positioned it for further growth and success," said Kim Williams, chair of the board. "He is widely respected nationally as an accomplished media executive and a proponent of the First Amendment protections of free press and free speech, and he has fostered a mission-based, performance-focused and inclusive workplace culture. We appreciate Adam's leadership, and we are pleased to be extending his tenure leading the company."
Williams said the board and company's approach to executive pay places a strong emphasis on variable compensation, in order to align management's interest with those of its shareholders.
About Scripps
The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation's largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Grit, Laff, ION Mystery, Defy TV and TrueReal. Scripps is the nation's largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, "Give light and the people will find their own way."
SOURCE The E.W. Scripps Company | https://www.prnewswire.com/news-releases/scripps-approves-new-contract-for-ceo-adam-symson-301598367.html | 2022-08-02T21:49:20 | en | 0.95617 |
ATLANTA (AP) _ Cardlytics, Inc. (CDLX) on Tuesday reported a loss of $126.3 million in its second quarter.
On a per-share basis, the Atlanta-based company said it had a loss of $3.75. Losses, adjusted for asset impairment costs and stock option expense, came to 65 cents per share.
The company posted revenue of $75.4 million in the period.
Cardlytics shares have fallen 77% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $15.07, a drop of 88% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CDLX at https://www.zacks.com/ap/CDLX | https://www.lakecountystar.com/business/article/Cardlytics-Q2-Earnings-Snapshot-17346303.php | 2022-08-02T21:49:22 | en | 0.948946 |
MILWAUKEE (AP) _ Artisan Partners Asset Management Inc. (APAM) on Tuesday reported second-quarter earnings of $44.3 million.
On a per-share basis, the Milwaukee-based company said it had net income of 62 cents. Earnings, adjusted for non-recurring costs, were 79 cents per share.
The investment management firm posted revenue of $251.4 million in the period.
Artisan Partners shares have declined 16% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $40.04, a decline of 18% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on APAM at https://www.zacks.com/ap/APAM | https://www.myjournalcourier.com/business/article/Artisan-Partners-Q2-Earnings-Snapshot-17346546.php | 2022-08-02T21:49:22 | en | 0.94274 |
SELECT ENERGY SERVICES REPORTS SECOND QUARTER 2022 FINANCIAL RESULTS AND PROVIDES OPERATIONAL UPDATES
Revenue of $335.9 million generated during the second quarter of 2022, up 14% sequentially from the first quarter of 2022
Net income of $14.6 million & Adjusted EBITDA of $47.7 million during the second quarter of 2022
Improved gross margin before depreciation and amortization across all three segments while maintaining a positive net cash position
HOUSTON, Aug. 2, 2022 /PRNewswire/ -- Select Energy Services, Inc. (NYSE: WTTR) ("Select" or the "Company"), a leading provider of sustainable water and chemical solutions to the energy industry, today announced its financial results for the quarter ended June 30, 2022.
John Schmitz, Chairman of the Board, President and CEO, stated, "The second quarter proved to be a significant step forward in the continued fulfillment of our strategy to improve and bolster the base business, advance our technology, sustainability and diversification efforts, and execute on strategic M&A. Supported by 14% sequential revenue growth, we significantly improved our profitability during the second quarter with Net Income and Adjusted EBITDA growing 83% and 48%, respectively, quarter over quarter. Reinforced by a steadily improving activity backdrop and an increasingly tight labor and equipment supply environment, we continue to see pricing improvements across each of our segments.
"We are also making progress on the integration of our recent acquisitions, capturing continued efficiencies and cost synergy realizations, which has contributed to sequential margin improvement across each of our segments. Additionally on the cost synergy front, SG&A costs decreased by 6% sequentially to below 8% of revenue, a threshold we last achieved in 2018.
"We have continued ramping up the buildout supporting the consolidated infrastructure footprint we've assembled through our recent acquisitions as well. During the second quarter of 2022, we signed a 5-year agreement to tie in an operator's existing water distribution and gathering pipeline system in Upton County, Texas, interconnecting with two of our existing recycling facilities. This interconnection will allow us to efficiently gather produced water, transport recycled volumes between our two existing facilities and dispose of water, if necessary, broadening the commercialization opportunities of the systems and allowing for more efficient management of water needs across multiple operators in the area.
"In addition, during the second quarter we commenced operations at our two most recently announced recycling facilities in the Northern Delaware and Rockies regions, adding an incremental 75,000 barrels per day of recycling capacity. With this increased recycling capacity, we are well on our way towards achieving the 2022 recycling targets tied to our sustainability-linked credit facility. We have a strong backlog of additional development opportunities and I look forward to executing on additional projects in the second half of the year. As previously announced, I'm also pleased to have issued our inaugural annual sustainability report during the second quarter. While recycling remains a top priority for us, we are excited about many of our other near-term sustainability initiatives discussed in the sustainability report including additional technology, emissions reduction, and green chemistry R&D investments.
"Ultimately, I am very pleased with our recent financial performance, supported by our recent acquisitions, pricing improvements, organic growth opportunities and our other strategic investments. I look forward to building upon our recent positive results with further improvements to our revenue and profitability, while meaningfully expanding our free cash flow generation in the second half of the year," concluded Schmitz.
Consolidated Financial Information
Revenue for the second quarter of 2022 was $335.9 million as compared to $294.8 million in the first quarter of 2022 and $161.1 million in the second quarter of 2021. Net income for the second quarter of 2022 was $14.6 million as compared to $8.0 million in the first quarter of 2022 and a net loss of $19.6 million in the second quarter of 2021.
For the second quarter of 2022, gross profit was $35.7 million, as compared to $24.7 million in the first quarter of 2022 and a gross loss of $1.6 million in the second quarter of 2021. Total gross margin was 10.6% in the second quarter of 2022 as compared to 8.4% in the first quarter of 2022 and (1.0)% in the second quarter of 2021. Gross margin before depreciation and amortization ("D&A") for the second quarter of 2022 was 19.3% as compared to 17.4% for the first quarter of 2022 and 12.0% for the second quarter of 2021.
SG&A during the second quarter of 2022 was $26.7 million as compared to $28.3 million during the first quarter of 2022 and $15.9 million during the second quarter of 2021. SG&A during the first and second quarters of 2022 was impacted by non-recurring transaction costs of $3.6 million and $0.6 million, respectively.
Adjusted EBITDA was $47.7 million in the second quarter of 2022 as compared to $32.2 million in the first quarter of 2022 and $7.6 million in the second quarter of 2021. Adjusted EBITDA during the first and second quarters of 2022 was impacted by the deduction of $11.4 million and $5.6 million, respectively, of non-recurring bargain purchase price gains that benefited Net Income during the quarters related to the Company's recent acquisition activity. Additionally, Adjusted EBITDA was impacted by $2.9 million of non-recurring transaction costs, $1.0 million of non-cash losses on asset sales, $0.2 million in lease abandonment costs, and $0.2 million in other adjustments during the second quarter of 2022. Non-cash compensation expense accounted for an additional $3.9 million adjustment during the second quarter of 2022. Please refer to the end of this release for reconciliations of gross profit (loss) before D&A (non-GAAP measure) to gross profit (loss) and of Adjusted EBITDA (non-GAAP measure) to net income (loss).
Business Segment Information
The Water Services segment generated revenues of $196.0 million in the second quarter of 2022 as compared to $163.6 million in the first quarter of 2022 and $76.7 million in the second quarter of 2021. Gross margin before D&A for Water Services was 19.4% in the second quarter of 2022 as compared to 16.2% in the first quarter of 2022 and 7.7% in the second quarter of 2021. Revenues for this segment improved 19.8% sequentially, with approximately 70% of the revenue growth from the existing business and approximately 30% of the growth from a full quarter contribution from the recent Nuverra acquisition that closed during the first quarter of 2022. Looking at the third quarter of 2022, the Company expects to see mid- to high-single digit percentage revenue growth with modest continued improvements to gross margins before D&A, supported by continued pricing improvements and market activity.
The Water Infrastructure segment generated revenues of $60.3 million in the second quarter of 2022 as compared to $58.6 million in the first quarter of 2022 and $33.3 million in the second quarter of 2021. Gross margin before D&A for Water Infrastructure was 25.5% in the second quarter of 2022 as compared to 24.2% in the first quarter of 2022 and 21.3% in the second quarter of 2021. Revenues improved 3.0% sequentially, with strong incremental margins driven by increased volumes at our recycling facilities and a full quarter contribution from the recent Nuverra acquisition, offset by seasonal volume decreases at our Bakken pipeline facilities. For the third quarter of 2022, the Company anticipates mid-single digit percentage revenue growth, with gross margins before D&A in mid- to high-20 percent range, supported by continued growth in recycled water volumes.
The Oilfield Chemicals segment generated revenues of $79.6 million in the second quarter of 2022 as compared to $72.6 million in the first quarter of 2022 and $51.1 million in the second quarter of 2021. Gross margin before D&A for Oilfield Chemicals was 14.6% in the second quarter of 2022 as compared to 14.4% in the first quarter of 2022 and 12.5% in the second quarter of 2021. Revenues improved 9.7% sequentially, exceeding expectations, driven by strong growth in the Permian and Rockies regions. Supported by the recent strong revenue growth in the first and second quarters of 2022, the Company anticipates relatively stable to modestly improving revenues in this segment during the third quarter of 2022 with gross margins before D&A of at least 15% as operational efficiencies and pricing improvements counteract rising raw materials costs.
Cash Flow and Capital Expenditures
Cash flow from operations for the second quarter of 2022 was $11.1 million as compared to ($18.6) million in the first quarter of 2022 and ($7.6) million in the second quarter of 2021. Cash flow from operations during the second quarter of 2022 was significantly impacted by a $31.5 million use of cash to fund the working capital needs of the business resulting from growing revenues and the ongoing integration efforts of the recent acquisitions.
Net capital expenditures for the second quarter of 2022 were $9.9 million, comprised of $15.5 million of capital expenditures meaningfully offset by $5.6 million of cash proceeds from asset sales, including the divestment of underutilized equipment and real estate from recently acquired businesses. Cash flow from operations less net capital expenditures was $1.1 million during the second quarter of 2022.
Cash flow used in investing activities during the second quarter of 2022 included an outflow of $1.1 million related to working capital settlements for recent acquisitions, while cash flow from financing activities accounted for another $0.9 million of cash outflows.
Balance Sheet and Capital Structure
Total cash and cash equivalents were $25.7 million as of June 30, 2022 as compared to $24.8 million as of March 31, 2022. The Company had no borrowings outstanding under its sustainability-linked credit facility as of June 30, 2022 or March 31, 2022.
As of June 30, 2022 and March 31, 2022, the borrowing base under the sustainability-linked credit facility was $216.5 million and $204.1 million, respectively. The Company had available borrowing capacity under its sustainability-linked credit facility as of June 30, 2022 and March 31, 2022, of approximately $195.6 million and $188.5 million, respectively, after giving effect to $20.9 million and $15.6 million of outstanding letters of credit as of June 30, 2022 and March 31, 2022.
Total liquidity was $221.3 million as of June 30, 2022, as compared to $213.3 million as of March 31, 2022. The Company had 92,833,593 weighted average Class A shares outstanding and 16,221,101 weighted average Class B shares outstanding during the second quarter of 2022.
2021 Sustainability Report
On April 28, 2022, Select issued its 2021 Sustainability Report, the Company's inaugural release. Select's 2021 Sustainability Report highlights the policies, processes, procedures and performance by which Select establishes and advances Environmental, Social, and Governance ("ESG") goals and criteria, as well as how the Company aims to act as a force for environmental stewardship and promote sustainable development in communities in which it operates. The report reviews the application of Select's business principles and supporting policies across the business. The report includes information based on internal discussions, external stakeholder feedback, and consultations with third-party experts. Select intends to regularly report on our ESG policies, procedures, and performance, both on our website and through our annual Sustainability Report. Readers are encouraged to read the report in its entirety, which is accessible at https://www.selectenergy.com/sustainability/.
Conference Call
Select has scheduled a conference call on Wednesday, August 3, 2022 at 11:00 a.m. Eastern time / 10:00 a.m. Central time. Please dial 201-389-0872 and ask for the Select Energy Services call at least 10 minutes prior to the start time of the call, or listen to the call live over the Internet by logging on to the website at the address http://investors.selectenergy.com/events-and-presentations. A telephonic replay of the conference call will be available through August 17, 2022 and may be accessed by calling 201-612-7415 using passcode 13731255#. A webcast archive will also be available at the link above shortly after the call and will be accessible for approximately 90 days.
About Select Energy Services, Inc.
Select Energy Services, Inc. (collectively, with its consolidated subsidiaries, referred to as "Select" or the "Company") is a leading provider of sustainable water and chemical solutions to the energy industry. Select develops, manufactures and delivers a full suite of chemical products for use in oil and gas well completion and production operations as well as integration into the full water life-cycle. These solutions are supported by the Company's critical water infrastructure assets and water treatment and recycling capabilities. As a leader in sustainable water and chemical solutions, Select places the utmost importance on safe, environmentally responsible management of oilfield water throughout the lifecycle of a well. Additionally, Select believes that responsibly managing water resources throughout its operations to help conserve and protect the environment is paramount to the continued success of the Company. For more information, please visit Select's website, http://www.selectenergy.com.
Cautionary Statement Regarding Forward-Looking Statements
All statements in this communication other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. We have attempted to identify any forward-looking statements by using words such as "could," "believe," "anticipate," "expect," "project," "will," "estimate" and other similar expressions. Although we believe that the expectations reflected, and the assumptions or bases underlying our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. Factors that could materially impact such forward-looking statements include, but are not limited to: the severity and duration of world health events, including the COVID-19 pandemic, which had a negative impact on our business; the global macroeconomic uncertainty related to the Russia-Ukraine war; actions by the members of OPEC+ with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with supply limitations; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions; the level of capital spending and access to capital markets by oil and gas companies, trends and volatility in oil and gas prices, and our ability to manage through such volatility; and other factors discussed or referenced in the "Risk Factors" section of our most recent Annual Report on Form 10-K and those set forth from time to time in our other filings with the SEC. Investors should not place undue reliance on our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and 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, unless required by law.
WTTR-ER
Comparison of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, gross profit before depreciation and amortization (D&A) and gross margin before D&A are not financial measures presented in accordance with GAAP. We define EBITDA as net income (loss), plus interest expense, income taxes and depreciation and amortization. We define Adjusted EBITDA as EBITDA plus/(minus) loss/(income) from discontinued operations, plus any impairment charges or asset write-offs pursuant to accounting principles generally accepted in the U.S. ("GAAP"), plus non-cash losses on the sale of assets or subsidiaries, non-recurring compensation expense, non-cash compensation expense, and non-recurring or unusual expenses or charges, including severance expenses, transaction costs, or facilities-related exit and disposal-related expenditures, plus/(minus) foreign currency losses/(gains) and plus/(minus) losses/(gains) on unconsolidated entities less bargain purchase gains from business combinations. We define gross profit before D&A as revenue less cost of revenue, excluding cost of sales D&A expense. We define gross margin before D&A as gross profit before D&A divided by revenue. EBITDA, Adjusted EBITDA, gross profit before D&A and gross margin before D&A are supplemental non-GAAP financial measures that we believe provide useful information to external users of our financial statements, such as industry analysts, investors, lenders and rating agencies because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and non-recurring items outside the control of our management team. We present EBITDA, Adjusted EBITDA, gross profit before D&A and gross margin before D&A because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under GAAP.
Net income (loss) is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. Gross profit (loss) is the GAAP measure most directly comparable to gross profit before D&A. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measure. Each of these non-GAAP financial measures has important limitations as an analytical tool due to exclusion of some but not all items that affect the most directly comparable GAAP financial measures. You should not consider EBITDA, Adjusted EBITDA or gross profit before D&A in isolation or as substitutes for an analysis of our results as reported under GAAP. Because EBITDA, Adjusted EBITDA and gross profit before D&A may be defined differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
The following table presents a reconciliation of EBITDA and Adjusted EBITDA to our net income (loss), which is the most directly comparable GAAP measure for the periods presented:
The following table presents a reconciliation of gross profit before D&A to total gross profit (loss), which is the most directly comparable GAAP measure, and a calculation of gross margin before D&A for the periods presented:
SOURCE Select Energy Services, Inc. | https://www.prnewswire.com/news-releases/select-energy-services-reports-second-quarter-2022-financial-results-and-provides-operational-updates-301598282.html | 2022-08-02T21:49:26 | en | 0.957181 |
NEW YORK (AP) — Stocks that traded heavily or had substantial price changes Tuesday:
Caterpillar Inc., down $11.35 to $183.51.
The construction equipment maker's second-quarter revenue fell short of Wall Street forecasts.
Uber Technologies Inc., up $4.65 to $29.25.
The ride-hailing company reported surprisingly strong second-quarter revenue.
BP PLC, up 31 cents to $29.36.
The oil and gas company reported strong second-quarter financial results.
Cowen Inc., up $2.97 to $38.46.
TD Bank Group is buying the financial services company for about $1.3 billion.
JetBlue Airways Corp., down 55 cents to $8.04.
The airline reported a far bigger second-quarter loss than Wall Street expected.
SunPower Corp., up $1.87 to $21.70.
The solar products and services company beat Wall Street's second-quarter earnings and revenue forecasts.
ZoomInfo Technologies Inc., up $4.24 to $41.97.
The software company raised its profit and revenue forecasts for the year.
Varonis Systems Inc., up $2.45 to $27.84.
The data-management software company reported solid second-quarter earnings and revenue. | https://www.lakecountystar.com/business/article/Caterpillar-JetBlue-fall-Uber-SunPower-rise-17346283.php | 2022-08-02T21:49:28 | en | 0.902766 |
NEW YORK (AP) _ Assurant Inc. (AIZ) on Tuesday reported second-quarter profit of $52.2 million.
The New York-based company said it had profit of 95 cents per share. Earnings, adjusted for non-recurring costs, were $2.95 per share.
The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $3.21 per share.
The insurer posted revenue of $2.51 billion in the period. Its adjusted revenue was $2.59 billion, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $2.66 billion.
Assurant shares have climbed 10% since the beginning of the year, while the S&P's 500 index has declined 14%. In the final minutes of trading on Tuesday, shares hit $171.57, a rise of 9% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AIZ at https://www.zacks.com/ap/AIZ | https://www.myjournalcourier.com/business/article/Assurant-Q2-Earnings-Snapshot-17346514.php | 2022-08-02T21:49:28 | en | 0.955671 |
Service Corporation International Announces Second Quarter 2022 Financial Results And Confirms 2022 Guidance
Conference call on Wednesday, August 3, 2022, at 8:00 a.m. Central Time.
HOUSTON, Aug. 2, 2022 /PRNewswire/ -- Service Corporation International (NYSE: SCI), the largest provider of deathcare products and services in North America, today reported results for the second quarter of 2022.
Tom Ryan, the Company's Chairman and CEO, commented on second quarter results:
"Today we are very pleased to report solid adjusted earnings per share of $0.84 and net cash provided by operating activities of $141 million for the second quarter of 2022. While our earnings per share is slightly below the prior year quarter that was materially impacted by the effects of COVID-19, we are still performing notably more services, generating significantly more preneed cemetery sales, and delivering a compelling increase in earnings per share as compared to 2020 and pre-pandemic levels.
We are also pleased to confirm our full year 2022 guidance for adjusted earnings guidance and adjusted operating cash flow. Looking forward, we believe that our operating platform and healthy financial condition will allow us to continue to grow revenue, leverage our scale, and deploy capital wisely to enhance shareholder value.
These results would not be possible without the hard work of our 24,000 associates. I would like to thank our entire SCI family for helping our client families gain closure and healing through remembrance and celebration."
Second Quarter Highlights:
- Revenue grew $3 million over the prior year quarter to $991 million.
- GAAP earnings per share were $0.82.
- Adjusted earnings per share were $0.84.
- Comparable average revenue per funeral service grew 1.8%.
- Comparable preneed funeral sales production grew $7 million, or 2.5%.
Details of our second quarter of 2022 financial results and the unaudited consolidated financial statements can be found in the Appendix at the end of this press release. The table below summarizes our key financial results.
- Diluted earnings per share were $0.82 in the second quarter of 2022 compared to $0.92 in the second quarter of 2021. The current year quarter was favorably impacted by $0.3 million of net gains on divestitures and impairment charges and unfavorably impacted by a $1.2 million and a $1.5 million loss related to an early extinguishment of debt and a foreign currency exchange, respectively. The prior year quarter was impacted by a $5.2 million loss on early extinguishment of debt, net, which was offset by a $6.2 million increase in gains on divestitures and impairment charges. Diluted earnings per share excluding special items was $0.84 in the second quarter of 2022 compared to $0.92 in the second quarter of 2021. The decline of $0.08 is primarily due to an expected decline in gross profit related to decreases in COVID-19 related activity and lower trust fund income, increased corporate and general administration expenses, and higher interest and taxes. These results were slightly offset by the benefit of fewer shares outstanding and an increase in contributions from recent acquisitions and new builds of funeral homes and cemeteries.
- Net cash provided by operating activities declined $51.5 million as expected to $140.7 million in the second quarter of 2022 compared to $192.2 million in the second quarter of 2021. The decrease in operating cash flow is primarily due to lower operating income, higher cash interest and tax payments, as well as unfavorable working capital.
CONFIRMED OUTLOOK FOR 2022
The guidance provided below continues to have a wider range than usual due to the uncertainty around the impact of the COVID-19 pandemic. Our outlook for net cash provided by operating activities excluding special items reflects an estimated $20 million of payroll tax payments in 2022 that were deferred from 2020 as allowed under the CARES Act.
CONFERENCE CALL AND WEBCAST
We will host a conference call on Wednesday, August 3, 2022, at 8:00 a.m. Central Time. A question and answer session will follow a brief presentation made by management. The conference call dial-in numbers are (888) 317-6003 (US) or (412) 317-6061 (International) with the passcode of 8489167. The conference call will also be broadcast live via the Internet and can be accessed through our website at www.sci-corp.com. A replay of the conference call will be available through August 10, 2022 and can be accessed at (877) 344-7529 (US) or (412) 317-0088 (International) with the passcode of 3658741. Additionally, a replay of the conference call will be available on our website for approximately three months.
ABOUT SERVICE CORPORATION INTERNATIONAL
Service Corporation International (NYSE: SCI), headquartered in Houston, Texas, is North America's leading provider of funeral, cemetery and cremation services, as well as final-arrangement planning in advance, serving more than 600,000 families each year. Our diversified portfolio of brands provides families and individuals a full range of choices to meet their needs, from simple cremations to full life celebrations and personalized remembrances. Our Dignity Memorial® brand is the name families turn to for professionalism, compassion, and attention to detail that is second to none. At June 30, 2022, we owned and operated 1,459 funeral service locations and 488 cemeteries (of which 300 are combination locations) in 44 states, eight Canadian provinces, the District of Columbia, and Puerto Rico. For more information about Service Corporation International, please visit our website at www.sci-corp.com. For more information about Dignity Memorial®, please visit www.dignitymemorial.com.
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
The statements in this press release that are not historical facts are forward-looking statements made in reliance on the "safe harbor" protections provided under the Private Securities Litigation Reform Act of 1995. These statements may be accompanied by words such as "believe," "estimate," "project," "expect," "anticipate," "predict," or other similar words that convey the uncertainty of future events or outcomes. The absence of these words, however, does not mean that the statements are not forward-looking. These statements are based on assumptions that we believe are reasonable; however, many important factors could cause our actual results in the future to differ materially from the forward-looking statements made herein and in any other documents or oral presentations made by us, or on our behalf. Important factors, which could cause actual results to differ materially from those in forward-looking statements include, among others, the following:
- Our affiliated trust funds own investments in securities, which are affected by market conditions that are beyond our control.
- We may be required to replenish our affiliated funeral and cemetery trust funds to meet minimum funding requirements, which would have a negative effect on our earnings and cash flow.
- Our ability to execute our strategic plan depends on many factors, some of which are beyond our control.
- Our results may be adversely affected by significant weather events, natural disasters, catastrophic events or public health crises.
- Our credit agreements contain covenants that may prevent us from engaging in certain transactions.
- If we lost the ability to use surety bonding to support our preneed activities, we may be required to make material cash payments to fund certain trust funds.
- Increasing death benefits related to preneed contracts funded through life insurance or annuity contracts may not cover future increases in the cost of providing a price-guaranteed service.
- The financial condition of third-party life insurance companies that fund our preneed contracts may impact our future revenue.
- Unfavorable publicity could affect our reputation and business.
- We use a combination of insurance, self-insurance, and large deductibles in managing our exposure to certain inherent risks; therefore, we could be exposed to unexpected costs that could negatively affect our financial performance.
- Declines in overall economic conditions beyond our control could reduce future potential earnings and cash flows and could result in future impairments to goodwill and/or other intangible assets.
- Any failure to maintain the security of the information relating to our customers, their loved ones, our associates, and our vendors could damage our reputation, could cause us to incur substantial additional costs and to become subject to litigation, and could adversely affect our operating results, financial condition, or cash flow.
- Our Canadian business exposes us to operational, economic, and currency risks.
- Our level of indebtedness could adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry, and may prevent us from fulfilling our obligations under our indebtedness.
- A failure of a key information technology system or process could disrupt and adversely affect our business.
- Failure to maintain effective internal control over financial reporting could adversely affect our results of operations, investor confidence, and our stock price.
- The funeral and cemetery industry is competitive.
- If the number of deaths in our markets declines, our cash flows and revenue may decrease. Changes in the number of deaths are not predictable from market to market or over the short term.
- If we are not able to respond effectively to changing consumer preferences, our market share, revenue, and/or profitability could decrease.
- The continuing upward trend in the number of cremations performed in North America could result in lower revenue, operating profit, and cash flows.
- Our funeral and cemetery businesses are high fixed-cost businesses.
- Risks associated with our supply chain could materially adversely affect our financial performance.
- Regulation and compliance could have a material adverse impact on our financial results.
- Unfavorable results of litigation could have a material adverse impact on our financial statements.
- Cemetery burial practice claims could have a material adverse impact on our financial results.
- The application of unclaimed property laws by certain states to our preneed funeral and cemetery backlog could have a material adverse impact on our liquidity, cash flows, and financial results.
- Changes in taxation as well as the inherent difficulty in quantifying potential tax effects of business decisions could have a material adverse effect on the results of our operations, financial condition, or cash flows.
For further information on these and other risks and uncertainties, see our Securities and Exchange Commission filings, including our 2021 Annual Report on Form 10-K. Copies of this document as well as other SEC filings can be obtained from our website at www.sci-corp.com. We assume no obligation and make no undertaking to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by us whether as a result of new information, future events, or otherwise.
SERVICE CORPORATION INTERNATIONAL
APPENDIX: RESULTS FOR THE SECOND QUARTER OF 2022
Comparable Funeral Results
The table below details comparable funeral results of operations ("same store") for the three months ended June 30, 2022 and 2021. We consider comparable funeral operations to be those businesses owned for the entire period beginning January 1, 2021 and ending June 30, 2022.
- Total comparable funeral revenue increased $9.7 million, or 1.8%, in the second quarter of 2022 compared to the same period of 2021, primarily driven by growth in core funeral revenue and recognized preneed revenue which were partially offset by a decline in other revenue.
- Core funeral revenue grew $3.4 million, or 0.8%, primarily due to a 2.8% increase in core average revenue per service that more than offset the 2.0% decrease in core funeral services performed. The comparable core cremation rate grew by 170 basis points to 54.5%.
- Recognized preneed revenue increased $9.1 million, or 27.5%, primarily driven by a 19.7% increase in non-funeral home preneed sales production.
- Other revenue decreased $3.5 million, or 8.8%, primarily due to lower general agency revenue as a result of a 6.0% decrease in comparable preneed funeral insurance production.
- Comparable funeral gross profit increased $3.5 million to $116.5 million and the gross profit percentage increased 30 basis points to 21.6%, primarily due to the higher revenue mentioned above. Additionally, the prior year quarter had higher fixed expenses associated with the timing of incentive compensation costs and pent up repairs and maintenance costs.
- Comparable preneed funeral sales production grew $7.3 million, or 2.5%, in the second quarter of 2022 compared to 2021. We experienced a 19.7% increase in non-funeral home preneed sales production offset by a 1.7% decline in core preneed sales production as the prior year quarter benefited from strong consumer demand during the COVID-19 pandemic. The large growth in non-funeral home preneed sales production is primarily the result of increased velocity as we experienced better lead technology utilization in our SCI Direct businesses.
Comparable Cemetery Results
The table below details comparable cemetery results of operations ("same store") for the three months ended June 30, 2022 and 2021. We consider comparable cemetery operations to be those businesses owned for the entire period beginning January 1, 2021 and ending June 30, 2022.
- Comparable cemetery revenue decreased $18.2 million, or 4.0%, in the second quarter of 2022 compared to the second quarter of 2021. The decline was primarily due to anticipated decreases in core revenue and other revenue.
- Core revenue decreased $11.7 million as a result of an $11.2 million, or 3.1%, decrease in preneed cemetery sales production as the prior year quarter benefited from strong consumer demand for preneed and atneed merchandise and services during the COVID-19 pandemic. Also, a portion of the current quarter property sales were deferred and will benefit us in future quarters as the undeveloped property sold is constructed.
- Other revenue was lower by $6.5 million, or 18.0%, compared to the prior year quarter primarily from a decrease in endowment care trust fund income as a result of capital gain distributions in the prior year quarter which did not recur in the current quarter.
- Comparable cemetery gross profit decreased $14.1 million to $147.4 million. The gross profit percentage decreased to 33.7% from 35.4%, primarily due to the decline in revenue mentioned above.
- Comparable preneed cemetery sales production decreased $11.2 million, or 3.1%, against a strong comparable performance in the second quarter of 2021. A decline in velocity of contracts sold was partially offset by better than expected growth in the sales average per contract.
Other Financial Results
- Corporate general and administrative expenses increased $12.1 million to $45.7 million in the second quarter of 2022 compared to the second quarter of 2021. The increase is related to the timing of favorable adjustments to workers compensation, general liability, and incentive compensation costs in the prior year quarter. Additionally, we incurred $3.0 million this quarter of increased expenses related to our long-term incentive compensation plan that is tied to increases in total shareholder return. We expect these elevated expenses to normalize in the back half of the current year.
- Interest expense increased $3.1 million to $40.6 million in the second quarter of 2022 primarily due to our May 2021 refinancing combined with higher interest on our floating rate debt. During the second quarter, our fixed rate debt carried a weighted average interest rate of 4.3%, while our floating rate debt carried a weighted average rate of 2.6%.
- The GAAP effective income tax rate for the second quarter of 2022 was 25.3%, up from 22.6% in the prior year quarter. Our adjusted effective tax rate was 25.0% in the second quarter of 2022 compared to 22.4% in the prior year quarter. The higher tax rate in the current period is primarily due to non-deductible losses on the cash surrender value of certain life insurance policies as a result of negative returns in the financial markets, which increased tax expense for us in the quarter.
Net cash provided by operating activities declined $51.5 million to $140.7 million in the second quarter of 2022 compared to $192.2 million in the second quarter of 2021. This expected decrease in operating cash flow is primarily due to $18.8 million in lower operating income excluding the impact from divestitures, $14.7 million in higher cash interest and taxes combined with increased working capital uses.
A summary of our capital expenditures is set forth below:
Total capital expenditures increased in the current quarter by $34.8 million, primarily due to an increase in capital improvements at existing operating locations and the development of cemetery property. The growth in capital spend at existing operation locations is primarily due to increased investments in technology and related infrastructure projects at our funeral and cemetery locations. We also increased spend on cemetery property development as we replenish inventory to meet consumer demand compared to the prior year when construction was impacted by certain weather and COVID-19 related delays.
Trust Fund Returns
Total trust fund returns include realized and unrealized gains and losses and dividends and are shown gross without netting of certain fees. A summary of our consolidated trust fund returns as of June 30, 2022 is set forth below:
Non-GAAP Financial Measures
Earnings excluding special items and diluted earnings per share excluding special items shown above are non-GAAP financial measures. We believe these non-GAAP financial measures provide a consistent basis for comparison between quarters and years, and better reflect the performance of our core operations, as they are not influenced by certain income or expense items not affecting operations. We also believe these measures help facilitate comparisons to our competitors' operating results.
Set forth below is a reconciliation of our reported net income attributable to common stockholders to earnings excluding special items and our GAAP diluted earnings per share to diluted earnings per share excluding special items. We do not intend for this information to be considered in isolation or as a substitute for other measures of performance prepared in accordance with GAAP.
SOURCE Service Corporation International | https://www.prnewswire.com/news-releases/service-corporation-international-announces-second-quarter-2022-financial-results-and-confirms-2022-guidance-301598410.html | 2022-08-02T21:49:32 | en | 0.951302 |
OKLAHOMA CITY (AP) _ Chesapeake Energy Corp. (CHK) on Tuesday reported second-quarter net income of $1.24 billion, after reporting a loss in the same period a year earlier.
On a per-share basis, the Oklahoma City-based company said it had net income of $8.27. Earnings, adjusted for non-recurring gains, were $4.87 per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $3.74 per share.
The oil and gas company posted revenue of $3.52 billion in the period.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CHK at https://www.zacks.com/ap/CHK | https://www.lakecountystar.com/business/article/Chesapeake-Energy-Q2-Earnings-Snapshot-17346378.php | 2022-08-02T21:49:34 | en | 0.937062 |
MASON, Ohio (AP) _ AtriCure Inc. (ATRC) on Tuesday reported a loss of $14.8 million in its second quarter.
On a per-share basis, the Mason, Ohio-based company said it had a loss of 32 cents.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 30 cents per share.
The medical device maker posted revenue of $84.5 million in the period, which beat Street forecasts. Four analysts surveyed by Zacks expected $79.6 million.
AtriCure expects full-year results to range from a loss of $1.12 per share to a loss of $1.07 per share, with revenue in the range of $323 million to $333 million.
AtriCure shares have fallen 29% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $49.71, a fall of 41% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ATRC at https://www.zacks.com/ap/ATRC | https://www.myjournalcourier.com/business/article/AtriCure-Q2-Earnings-Snapshot-17346231.php | 2022-08-02T21:49:34 | en | 0.948918 |
NEW YORK, Aug. 2, 2022 /PRNewswire/ --
If you own shares in any of the companies listed above and
would like to discuss our investigations or have any questions concerning
this notice or your rights or interests, please contact:
Joshua Rubin, Esq.
Weiss Law
305 Broadway, 7th Floor
New York, NY 10007
(212) 682-3025
(888) 593-4771
[email protected]
Weiss Law is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Heritage Southeast Bancorporation, Inc. (OTC: HSBI), in connection with HSBI's proposed acquisition by The First Bancshares, Inc. ("First Bancshares"). Under the terms of the merger agreement, HSBI shareholders will receive 0.965 shares of First Bancshares common stock for each HSBI share owned, representing implied per-share merger consideration of approximately $28.07 based upon First Bancshares's August 1, 2022 closing price of $29.09. If you own HSBI shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website: https://www.weisslaw.co/news-and-cases/hsbi
Weiss Law is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of VAALCO Energy, Inc. (NYSE: EGY), in connection with EGY's proposed acquisition of TransGlobe Energy Corporation ("TransGlobe"). Under the merger agreement, EGY will acquire each TransGlobe share for 0.6727 of an EGY common share, leaving EGY shareholders owning approximately 54.5% and TransGlobe shareholders owning approximately 45.5% of the combined company upon closing of the transaction. If you own EGY shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website: https://www.weisslaw.co/news-and-cases/egy
Weiss Law is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of One Medical (NASDAQ: ONEM) in connection with the proposed acquisition of ONEM by Amazon.com, Inc. Under the terms of the merger agreement, ONEM shareholders will receive $18.00 in cash for each share of ONEM common stock owned. If you own ONEM shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website: https://www.weisslaw.co/news-and-cases/onem-1
Weiss Law is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Hanger, Inc. (NYSE: HNGR), in connection with the proposed acquisition of HNGR by Patient Square Capital. Under the terms of the merger agreement, HNGR shareholders will receive $18.75 in cash for each share of HNGR common stock owned. If you own HNGR shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website: https://www.weisslaw.co/news-and-cases/hngr
SOURCE Weiss Law | https://www.prnewswire.com/news-releases/shareholder-alert-weiss-law-reminds-hsbi-egy-onem-and-hngr-shareholders-about-its-ongoing-investigations-301598258.html | 2022-08-02T21:49:38 | en | 0.910928 |
AUSTIN, Texas (AP) _ Cirrus Logic Inc. (CRUS) on Tuesday reported fiscal first-quarter net income of $39.7 million.
On a per-share basis, the Austin, Texas-based company said it had profit of 69 cents. Earnings, adjusted for one-time gains and costs, came to $1.12 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.
The chipmaker posted revenue of $393.6 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $370.2 million.
For the current quarter ending in October, Cirrus Logic said it expects revenue in the range of $450 million to $490 million. Analysts surveyed by Zacks had expected revenue of $489 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CRUS at https://www.zacks.com/ap/CRUS | https://www.lakecountystar.com/business/article/Cirrus-Logic-Fiscal-Q1-Earnings-Snapshot-17346268.php | 2022-08-02T21:49:40 | en | 0.949702 |
BURLINGTON, Mass. (AP) _ Avid Technology Inc. (AVID) on Tuesday reported second-quarter net income of $7.4 million.
The Burlington, Massachusetts-based company said it had profit of 16 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 26 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.
The audio and video technology company posted revenue of $97.7 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $95.9 million.
For the current quarter ending in October, Avid expects its per-share earnings to range from 27 cents to 39 cents.
The company said it expects revenue in the range of $100 million to $112 million for the fiscal third quarter.
Avid expects full-year earnings in the range of $1.37 to $1.53 per share, with revenue ranging from $425 million to $455 million.
Avid shares have fallen 14% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $28.09, a decline of 26% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVID at https://www.zacks.com/ap/AVID | https://www.myjournalcourier.com/business/article/Avid-Q2-Earnings-Snapshot-17346343.php | 2022-08-02T21:49:41 | en | 0.942617 |
- World's first 238-layer 512Gb TLC 4D NAND developed in July; expected to begin mass production in the first half of 2023
- Providing highest, smallest NAND product while remarkably improving productivity, data transfer speed and power efficiency
- "Will continue innovations to find breakthroughs in technological challenges"
SEOUL, South Korea, Aug. 2, 2022 /PRNewswire/ -- SK hynix Inc. (or "the company", www.skhynix.com) announced today that it has developed the industry's highest 238-layer NAND Flash product.
The company has recently shipped samples of the 238-layer 512Gb triple level cell (TLC)* 4D NAND product to customers with a plan to start mass production in the first half of 2023. "The latest achievement follows development of the 176-layer NAND product in December 2020," the company stated. "It is notable that the latest 238-layer product is most layered and smallest in area at the same time."
* Triple Level Cell (TLC): NAND Flash products are categorized into Single Level Cell, Multi Level Cell, Triple Level Cell, Quadruple Level Cell and Penta Level Cell depending on the number of information (unit: bit) contained in a single cell. That a cell contains more information means more data can be stored within the same extent of area.
The company unveiled development of the latest product at the Flash Memory Summit 2022* in Santa Clara. "SK hynix secured global top-tier competitiveness in perspective of cost, performance and quality by introducing the 238-layer product based on its 4D NAND technologies," said Jungdal Choi, Head of NAND Development at SK hynix in his keynote speech during the event. "We will continue innovations to find breakthroughs in technological challenges."
* Flash Memory Summit (FMS): The world's biggest conference for NAND Flash industry taking place in Santa Clara every year. During its keynote speech at the event SK hynix made a joint announcement with Solidigm.
Since development of the 96-layer NAND product in 2018, SK hynix has introduced a series of 4D products that outperform existing 3D products. The company has applied charge trap flash* and peri under cell* technologies to make chips with 4D structures. 4D products have a smaller cell area per unit compared with 3D, leading to higher production efficiency.
* Charge Trap Flash (CTF): Unlike floating gate, which stores electric charges in conductors, CTF stores electric charges in insulators, which eliminates interference between cells, improving read and write performance while reducing cell area per unit compared to floating gate technology.
* Peri. Under Cell (PUC): A technology that maximizes production efficiency by placing peripheral circuits under the cell array.
The product, while achieving highest layers of 238, is the smallest NAND in size, meaning its overall productivity has increased by 34% compared with the 176-layer NAND, as more chips with higher density per unit area can be produced from each wafer.
The data-transfer speed of the 238-layer product is 2.4Gb per second, a 50% increase from the previous generation. The volume of the energy consumed for data reading has decreased by 21%, an achievement that also meets the company's ESG commitment.
The 238-layer products will be first adopted for client SSDs which are used as PC storage devices, before being provided for smartphones and high-capacity SSDs for servers later. The company will also introduce 238-layer products in 1 Terabit (Tb) next year, with density doubled compared to the current 512Gb product.
About SK hynix Inc.
SK hynix Inc., headquartered in Korea, is the world's top tier semiconductor supplier offering Dynamic Random Access Memory chips ("DRAM"), flash memory chips ("NAND flash") and CMOS Image Sensors ("CIS") for a wide range of distinguished customers globally. The Company's shares are traded on the Korea Exchange, and the Global Depository shares are listed on the Luxemburg Stock Exchange. Further information about SK hynix is available at www.skhynix.com, news.skhynix.com.
SOURCE SK hynix Inc. | https://www.prnewswire.com/news-releases/sk-hynix-develops-worlds-highest-238-layer-4d-nand-flash-301597725.html | 2022-08-02T21:49:44 | en | 0.919219 |
SPOKANE, Wash. (AP) _ Clearwater Paper Corp. (CLW) on Tuesday reported second-quarter net income of $14.7 million, after reporting a loss in the same period a year earlier.
The Spokane, Washington-based company said it had net income of 86 cents per share. Earnings, adjusted for non-recurring costs, came to $1.11 per share.
The maker of pulp-based products posted revenue of $526.4 million in the period.
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EL SEGUNDO, Calif. (AP) _ Big 5 Sporting Goods Corp. (BGFV) on Tuesday reported second-quarter net income of $8.9 million.
On a per-share basis, the El Segundo, California-based company said it had net income of 41 cents.
The sporting goods retailer posted revenue of $253.8 million in the period.
Big 5 shares have declined 32% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $12.98, a drop of 44% in the last 12 months.
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CHARLOTTE, N.C. (AP) _ Coca-Cola Bottling Co. (COKE) on Tuesday reported second-quarter earnings of $99.6 million.
On a per-share basis, the Charlotte, North Carolina-based company said it had profit of $10.59. Earnings, adjusted for non-recurring costs, came to $11.94 per share.
The Coca-Cola bottler posted revenue of $1.6 billion in the period.
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(CNN)It manages to both shock and seem entirely, chillingly, predictable.
The killings of key terrorist leaders have become increasingly commonplace, as the attacks they used to plot or inspire dwindle in their impact on the West, and the West's counter-terrorism capability grows.
But taking out the head of al Qaeda, Ayman al-Zawahiri, on a balcony in one of the fanciest neighborhoods in Kabul -- a city from which the US withdrew in chaos a year ago -- is no everyday feat. It is a shocking display of what twenty years' experience hunting terrorists has left the US capable of.
Yet it leaves a predictable lesson in its wake: Afghanistan has remained a safe haven for terrorists over the past decade -- they just didn't carry out attacks from there that meant we paid attention. But the fact that Zawahiri lived there in plain sight debunks the febrile spinning that went on in the lead-up to the US withdrawal.
For years, the US's perception of the al Qaeda threat in Afghanistan appeared to vacillate depending on what footprint the US was pursuing; in years when they wanted to push harder during their longest war, I recall being briefed that a solid hardcore threat -- perhaps a few hundred key al Qaeda figures -- remained and could reconstitute itself.
Then, as the US rushed for the exits, the danger posed by al Qaeda was played down. Afghan raids against al Qaeda leaders showed how well the problem was being handled, the US seemed to imply, rather than that the group was still there and big enough to hit.
Now -- ironically because of this American success -- there is undeniable evidence of the problem Washington has wished away for years.
Al Qaeda are "cooking something up," said one former Afghan government official with an intimate grasp of counter-terrorism.
He suggested that Zawahiri was not the only major al Qaeda figure in the country, and that his potential successor, the number two Saif al-Adel -- reported by the UN to be in Iran -- may have entered Afghanistan recently.
In May last year, shortly before the startling fall of Kabul, it was estimated by Afghan intelligence officials that it would take al Qaeda between six and 12 months to carry out attacks in the region, and perhaps 18 months to do the same in the West.
It's unclear how that timeline has been affected by Zawahiri's death, but we can be sure its symbolic impact means it is unlikely to have sped it up.
So where does this leave the Taliban? In truth, not much has changed.
The Haqqani network, which has a tight hold on Kabul, has long been accused of strong links to al Qaeda. It may well be their infrastructure which hid and supported Zawahiri during his time in the city.
His death may therefore accentuate any splits within the Taliban; the group's moderates may wish its efforts to acclimatize to the world stage had not been hampered by this incident. But don't count too hard on that.
The Haqqanis remain perhaps the most confident and assertive wing of the group, and it is unlikely they'll suddenly change tack after this embarrassment.
For the ordinary people of Afghanistan, grappling with the impact of sanctions, isolation and the struggle an insurgency was always going to face when it suddenly had to provide government services, it is yet more bad news.
It is harder to make a case for improving the West's relationship with Kabul after this.
And it is not as if this strike enormously alters the reality that al Qaeda face on the ground: Their brand has spun into a series of global franchises that inflict local terror -- usually by locals on locals. Yet they remain a group that has not brutalized its way into world headlines for some time.
Zawahiri seems, according to one senior counter-terrorism analyst, to have become more relaxed and confident in his messages to the outside world, referring to more recent world events; complacency, either on his part or on the part of his hosts, may have led to this successful strike.
Zawahiri is still believed to have been directly involved in planning al Qaeda operations, but the world has changed since the abrupt shock and seismic grief of September 11, 2001. His death is unlikely to halt any attacks that are already in the planning.
It does, though, teach us two lessons: Firstly, that despite its humiliating but strategically inevitable withdrawal from Afghanistan, the US retains a long reach and a long memory. It is still pursuing justice for a twenty-year-old crime. There is a resolve here, and given the Biden administration's support for Ukraine, that cannot go unnoticed by the US's adversaries.
But the second lesson is darker: That people don't always change. That, even after the ravages of the NATO presence in Afghanistan, and the damage and chaos brought to that country by the Taliban's decision to allow al Qaeda to shelter there decades ago, some part of the Taliban chose to give them a home there again.
The scene still baffles me: that in an area where for twenty years Westerners and connected Afghan officials would bask in comfort behind secure walls, a US drone strike killed the leader of al-Qaeda -- who thought he could relax on a balcony in the dawn light. | https://www.cnn.com/2022/08/02/asia/npw-analysis-biden-al-qaeda-intl/index.html | 2022-08-02T21:49:50 | en | 0.979112 |
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Prominent VFX Studio will Further Bolster Elite Global Roster
LOS ANGELES, Aug. 2, 2022 /PRNewswire/ -- Streamland Media has announced that award-winning Ingenuity Studios is now part of its global post-production offerings. With four locations in the US and Canada, Ingenuity Studios further expands Streamland Media's offerings to content creators worldwide, which include customized services from its picture division, Picture Shop; visual effects division, Ghost VFX; sound division, Formosa Group; and marketing division, Picture Head.
Ingenuity Studios is a full-service visual effects studio serving feature film, episodic television, music video, and advertising clients, producing content for all forms of delivery. The Ingenuity team has worked alongside the industry's top creative visionaries, seamlessly integrating visual effects to advance their stories. Their work can be seen in acclaimed feature films including Many Saints of Newark, A Star is Born, Get Out, and Booksmart, and in Emmy-nominated series such as Hacks, The Walking Dead, Cowboy Bebop, and Euphoria and the newly released Paper Girls.
Founded in 2004 as a studio born out of music video visual effects, Ingenuity quickly became the go-to facility for top artists and directors with collaborations with Katy Perry, Taylor Swift, Imagine Dragons and Lady Gaga and more recently Billie Eilish, BTS, and Shawn Mendes. Using skills developed in the trenches of short-form content, the company later shifted into high-end offerings in the film and episodic space.
"There is no limit to what we can do together," says Streamland Media CEO Bill Romeo. "Streamland Media and Ingenuity Studios are aligned in our creative-driven philosophy and dedication to our extraordinary teams. We are all committed to facilitating powerful, creative and connected collaboration to advance the vision of storytellers."
David Lebensfeld, founding partner of Ingenuity Studios, noted, "From the beginning, we have been committed to building a studio that serves our clients at the highest level possible and we are able to do that with a team of incredible artists and technologists. The team at Streamland Media shares our passion for storytelling while creating a service level second to none, and we look forward to being part of a community that supports our vision and provides our clients an innovative global network of talent and technology."
Ingenuity Studios, headquartered in Los Angeles, has offices in New York, Vancouver, and Atlanta.
Trive Capital and Five Crowns Capital supported the deal. David Stinnett, Partner at Trive Capital, says, "Streamland and Trive are strategically acquiring industry leading businesses centered around unparalleled creative talent and integrating into a single, global platform to continuously enhance the value proposition we offer our customers. Further, as VFX services are becoming increasingly important to post-production, we look forward to leveraging Ingenuity's stellar reputation as we continue providing state-of-the-art VFX work in support of new and existing customers' high-quality content offerings."
Streamland Media is a global post-production company delivering picture, VFX, sound, and marketing services through its well-established industry brands, Picture Shop, Ghost VFX, Formosa Group and Picture Head. These integrated businesses support feature film, episodic, interactive and emerging forms of entertainment by providing top-tier talent, technical expertise and customized solutions. Headquartered in Los Angeles, Streamland Media offers multiple locations worldwide throughout the U.S., Canada, Europe and the UK that are focused on providing a unique, regional approach to meeting client needs.
For more information, visit www.streamlandmedia.com. Follow us on Instagram and LinkedIn.
Trive Capital is a Dallas, Texas based private equity firm with more than $4 billion of regulatory assets under management. Trive focuses on investing equity and debt in what it sees as strategically viable middle-market companies with the potential for transformational upside through operational improvement. We seek to maximize returns through a hands-on partnership that calls for identifying and implementing value creation ideas.
The Trive team is comprised of seasoned investment professionals who have been involved in over 100 middle-market transactions representing in excess of $6 billion in revenue across Trive's targeted industry sectors and situations.
SOURCE Trive Capital | https://www.prnewswire.com/news-releases/streamland-media-expands-vfx-services-with-addition-of-ingenuity-studios-301598457.html | 2022-08-02T21:49:50 | en | 0.933507 |
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MARIETTA, Ga. (AP) _ BlueLinx Holdings Inc. (BXC) on Tuesday reported second-quarter net income of $71.3 million.
The Marietta, Georgia-based company said it had profit of $7.48 per share.
The building products distributor posted revenue of $1.24 billion in the period.
BlueLinx shares have dropped 14% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $82.05, a climb of 96% in the last 12 months.
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Demi Lovato, the singer and former Disney Channel actor, has started to use “she” pronouns again.
Lovato, who in 2021 came out as nonbinary and changed their pronouns to “they,” said this week on the “Spout” podcast that they’ve “been feeling more feminine” recently and adopted their former pronouns.
“I’m such a fluid person when it comes to my gender, my sexuality, my music, my creativity,” Lovato said on the podcast, a short-form interview series with celebrities.
Lovato now uses both “they” and “she” pronouns, according to her Instagram account. She has also said she identifies as both queer and pansexual.
It’s not uncommon for nonbinary people to use gendered pronouns or interchange pronouns: Singer Janelle Monae recently came out as nonbinary and said they would continue to use “she” pronouns in addition to “they.”
Lovato said on “Spout” that while “everyone messes up pronouns” at some point, “it’s just all about respect.”
The “Cool for the Summer” singer is set to release their next album, “Holy F**k” later this month. One of the songs, “Skin of My Teeth,” was inspired by Lovato’s health challenges after an 2018 overdose, which caused multiple strokes and brain damage. She said on “Spout” that she was sober throughout the creation of her album, something she’s “so proud of.” | https://www.cnn.com/2022/08/02/entertainment/demi-lovato-pronouns-she-her-cec/index.html | 2022-08-02T21:49:53 | en | 0.984638 |
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The limited supply of monkeypox vaccines in the US has led to hours-long waits and lines that stretch for blocks, according to officials with state and local public health groups; some people with monkeypox symptoms have had to go without tests or treatments. And some have even crossed the border into Canada in search of help, the officials say.
They, along with leaders of some national LGBTQ organizations, are frustrated and angry at the federal government for its “lack of urgency” about the ongoing outbreak.
They say they feel abandoned by the government and want monkeypox to be declared a public health emergency now.
“We are, once again, in a moment where a lack of urgency and an inadequate response has left our community filled with fear, unanswered questions and valid outrage. A moment where we have been abandoned by inaction,” Tyler TerMeer, CEO of the San Francisco AIDS Foundation, said Tuesday.
The clinic managed by his foundation has a waiting list of 10,000 people who are eligible for the monkeypox vaccine.
“This is unacceptable and completely preventible,” TerMeer said. “Our community of resilient people have had to once again rise up in support of one another, to educate each other and to fight for access to the resources that they need and deserve.”
Monkeypox can infect anyone, but the majority of cases in the US outbreak have been among men who have sex with men, including gay and bisexual men, and people who identify as transgender.
Since June, the US Centers for Disease Control and Prevention has said it has made a concerted effort to do extensive education and outreach to the LGBTQ community.
The agency says it has worked with the umbrella organization for local Pride committees to raise awareness. It released educational videos, engaged with groups that work with health disparities and industries whose workers may be exposed to monkeypox, and created awareness campaigns on Instagram and on dating apps popular with the gay community like Scruff, Adam4Adam and Grindr. The agency is also planning to participate in listening sessions with LGBTQ community groups.
But those efforts have not shortened the lines for vaccines or eliminated the extensive paperwork necessary to get access to treatments.
In an effort to elevate their public health response, California, Illinois and New York state have declared public health emergencies, as has the World Health Organization. San Francisco became the first major US city to declare a local health emergency last week, and New York City did so Saturday.
The federal government is monitoring the response to monkeypox across the country and will use that to consider whether to declare its own public health emergency, US Department of Health and Human Services Secretary Xavier Becerra said last week.
“We’ve made vaccines, tests and treatments well beyond the numbers that are currently needed, available to all jurisdictions who manage their public health systems,” he said.
“We will weigh any decision on declaring a public health emergency based on the responses we’re seeing throughout the country. Bottom line is, we need to stay ahead of it and be able to end this outbreak.”
Torrian Baskerville, director of HIV and health equity at the Human Rights Campaign, an organization that advocates for LGBTQ+ rights, said community members shouldn’t have had to create their own online tracking systems to figure out when and where vaccines and treatments are available because of a lack of information from local government agencies.
“Our system is not set up to respond to these emergencies effectively, especially when it affects vulnerable and often marginalized populations,” Baskerville said.
He has spoken with several members of the community who have not gotten the help they need to treat or prevent the sometimes extremely painful disease.
One man who had clear signs of monkeypox told Baskerville that he was turned away from his local health department, denied testing and treatment because there were no more appointments, even though he arrived during clinic hours.
Another man told Baskerville that he is facing eviction. Unable to work, in isolation with monkeypox symptoms for more than 25 days, he said he’d been denied medical leave three times and must spend at least five more days in isolation because he still has symptoms.
Another told him they had to lie about how many recent sex partners they’ve had because some state and local health departments have had to ration vaccines, giving them only to people who have had three or more partners in the past two weeks.
“The frustrations and concerns of gay and bisexual men and transgender men and women who are, at this moment, most impacted by [monkeypox] are very real and clear,” Bakersville said.
Several public health experts have said the US missed its opportunity to contain the monkeypox virus because it has been too slow to act.
Access to vaccines has been a struggle since the outbreak reached the US two months ago. The CDC estimates that about 1.5 million people are eligible for the vaccine, but as of Thursday, the US Department of Health and Human Services said, more than 340,000 doses have been delivered.
As of Monday evening, the US has tallied at least 5,811 confirmed or probable monkeypox cases, a number that experts say is still a significant undercount.
With limited supply and growing awareness of the virus and its sometimes-painful effects, vaccination appointments are going fast.
David C. Harvey, executive director of the National Coalition of STD Directors, said Tuesday that the organization invited public health clinic directors from across the country to a meeting with the Biden administration Monday where they talked about how this part of the monkeypox outbreak feels too familiar. Managing monkeypox is similar to the earliest days of HIV and Covid-19, he said.
“Program after program talked about the fear and stigma that gay men are experiencing in relation to [monkeypox], the shortages of vaccine, the burned-out staff, the shortages of funding to cover what has been an unanticipated public health emergency,” he said.
Harvey said that his association was pleased that the White House named two monkeypox response leaders Tuesday, but the community needs the federal government to declare a state of emergency to bring in more money and staff.
He labeled the outbreak “out-of-control” and added that it’s something many public health leaders warned would happen if the federal government didn’t act with urgency.
Congress must also act quickly to approve the $21 billion Pandemic Preparedness Act, he said, because local health officials need more money and the country needs to reduce and eliminate barriers to testing, care, vaccines and grants.
Harvey was specifically critical of Becerra, who said at a news conference last week that “everybody’s got to take the oar and row. Everybody’s got to do their part” and that local jurisdictions need to “work with” HHS on data reporting about how they are using vaccines.
Becerra said communities need to work to prevent the spread of monkeypox and hand out vaccines. Without that work, more vaccines will be necessary.
“But if everyone does their work,” he said, “can we not only stay ahead of the virus, but end this outbreak? Absolutely.”
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Harvey thinks local health leaders have been going above and beyond to do what they can with the resources they have.
“States and localities really have been left to respond to many aspects of this outbreak on their own. This is contrary to the comments made by Secretary Becerra last week, when he seemed to appear to blame the states and the cities for not responding adequately,” he said. “Mr. Secretary, we are failing Americans today. And this is a public health failure that follows Covid and the various earliest days of HIV in this country. It is time for us to turn this situation around.” | https://www.cnn.com/2022/08/02/health/public-health-monkeypox/index.html | 2022-08-02T21:49:54 | en | 0.976546 |
DALLAS (AP) _ CompX International Inc. (CIX) on Tuesday reported second-quarter profit of $6.2 million.
On a per-share basis, the Dallas-based company said it had profit of 50 cents.
The security products maker posted revenue of $41.6 million in the period.
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Same Store RevPAR Increases 63%; 2019 RevPAR Recapture Reaches New Quarterly High of 94%
Accretive Transaction Activity Completed with Miami Brickell Acquisition and San Francisco Hilton Garden Inn Sale
Reinstatement of Quarterly Common Dividend Announced
AUSTIN, Texas, August 2, 2022 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the three and six months ended June 30, 2022.
"Our operating results continued to improve meaningfully during the quarter driven by robust leisure demand and the accelerating recovery of corporate transient and group demand which has continued to shift growth in our portfolio midweek and to our urban assets. During the second quarter, we achieved pandemic era highs in nominal RevPAR, 2019 RevPAR recapture, and operating profit margin as average daily rates exceeded 2019 levels by 2% for the quarter and an encouraging 5% in the month of June," said Jonathan P. Stanner, the Company's President and Chief Executive Officer. "Given the ongoing strength of the recovery in our operating results and our successful transaction and balance sheet activity, we are pleased to announce the reinstatement of a quarterly common dividend. This reinstatement reflects our conviction in the ability of our business to continue to produce strong free cash flow and navigate any uncertainty created by macroeconomic volatility. Year-to-date we have completed nearly $1 billion of opportunistic transactions, including more than $900 million of acquisitions in high-growth sun belt markets which continue to perform better than our underwritten expectations. Our balance sheet is well positioned with nearly $500 million of total liquidity and a favorable debt maturity profile, giving the Company ample flexibility to pursue a broad range of opportunities," commented Mr. Stanner.
Second Quarter 2022 Summary
- Net Income (Loss): Net income attributable to common stockholders was $7.9 million, or $0.07 per diluted share, compared to ($22.4) million, or ($0.21) per diluted share, in the same period of 2021.
- Pro forma RevPAR: Pro forma RevPAR increased 54.2 percent to $121.40 compared to the same period in 2021. Pro forma ADR increased 37.1 percent to $163.62 compared to the same period in 2021, and pro forma occupancy increased 12.5 percent to 74.2 percent.
- Same Store RevPAR: Same Store RevPAR increased 62.7 percent to $127.44 compared to the same period in 2021. Same store ADR increased 40.4 percent to $169.01 compared to the same period in 2021, and same store occupancy increased 15.9 percent to 75.4 percent.
- Pro Forma Hotel EBITDA: Pro forma hotel EBITDA increased to $70.7 million compared to $36.5 million in the same period in 2021. Pro forma hotel EBITDA margin grew to 37.8 percent from 31.4 percent in the same period of 2021.
- Adjusted EBITDAre: Adjusted EBITDAre increased to $54.6 million from $21.7 million in the same period of 2021.
- Adjusted FFO: Adjusted FFO was $32.6 million, or $0.27 per diluted share, compared to $8.4 million, or $0.08 per diluted share, in the same period of 2021. During the second quarter, the Company recognized a one-time $20.5 million gain on sale related to the sale of the Hilton Garden Inn San Francisco Airport North hotel which resulted in $3.5 million of incremental tax expense recorded during the quarter. Adjusted for the one-time gain and related income tax expense, adjusted FFO was $36.1 million, or $0.30 per diluted share.
- Capital Improvements: The Company invested $14.9 million in capital improvements during the second quarter and $11.8 million on a pro rata basis after consideration of joint ventures.
The Company's results for the three and six months ended June 30, 2022, and 2021 are as follows (in thousands, except per share amounts):
Monthly Operating Data
Year-to-Date 2022 Summary
- Net Loss: Net loss attributable to common stockholders was $4.4 million, or $0.04 per diluted share, compared with a net loss of $57.5 million, or $0.55 per diluted share, in the same period of 2021.
- Pro Forma RevPAR: Pro forma RevPAR increased 64.8 percent to $110.27 from the same period in 2021. Pro forma ADR increased 41.9 percent to $159.26 compared to the same period in 2021, and pro forma occupancy increased 16.1 percent to 69.2 percent.
- Same Store RevPAR: Same store RevPAR increased 72.5 percent to $113.22 from the same period in 2021. Same store ADR increased 43.9 percent to $163.22 compared to the same period in 2021, and same store occupancy increased 19.8 percent to 69.4 percent.
- Pro Forma Hotel EBITDA: Pro forma hotel EBITDA increased to $120.1 million compared to $51.5 million in the same period in 2021. Pro forma hotel EBITDA margin grew to 35.6 percent from 26.4 percent in the same period of 2021.
- Adjusted EBITDAre: Adjusted EBITDAre increased to $87.5 million from $28.0 million in the same period of 2021.
- Adjusted FFO: Adjusted FFO was $52.8 million, or $0.44 per diluted share, compared to $1.5 million, or $0.01 per diluted share, in the same period of 2021. During the six months ended June 30, 2022, the Company recognized a one-time $20.5 million gain on sale related to the sale of the Hilton Garden Inn San Francisco Airport North hotel which resulted in $3.5 million of incremental tax expense recorded during the second quarter. Adjusted for the one-time gain and related income tax expense, adjusted FFO was $56.2 million, or $0.47 per diluted share.
- Capital Improvements: The Company invested $25.3 million in capital improvements during the six months of 2022 and $20.9 million on a pro rata basis.
The Company today announced that its Board of Directors has reinstated and declared a quarterly cash dividend of $0.04 per share on its common stock and per common unit of limited partnership interest in Summit Hotel OP, LP.
In addition, the Board of Directors declared a quarterly cash dividend of:
- $0.390625 per share on its 6.25% Series E Cumulative Redeemable Preferred Stock
- $0.3671875 per share on its 5.875% Series F Cumulative Redeemable Preferred Stock.
- $0.328125 per unit on its 5.25% Series Z Cumulative Perpetual Preferred Units
The common and preferred dividends are payable on August 31, 2022, to holders of record as of August 17, 2022.
In June 2022, the Company completed the acquisition of a 90% interest in the newly constructed, dual-branded 264-guestroom AC Hotel by Marriott & Element Miami Brickell (the "Brickell Hotels"). The equity purchase option price was based on a gross hotel valuation of $89.0 million, or $337,000 per key, and the Company funded its $38 million equity requirement with the conversion of the previously funded $30 million mezzanine construction loan, which earned 9% cash interest during the loan term, and $8 million in cash. The transaction included the assumption of a $47 million mortgage loan that has a variable interest rate of 30-day LIBOR + 300 basis points and maturity date of February 15, 2025. Upon closing, a $10 million letter of credit that supported the equity purchase option was released, and the Company will continue to retain the option to acquire the remaining 10% equity interest of the Brickell Hotels in December 2026. The Brickell Hotels have performed exceptionally well during their first six months of operations with occupancy of more than 75%, RevPAR of nearly $170 and hotel EBITDA of $4.4 million year-to-date. The Brickell Hotels are estimated to generate an 8.0-9.0% hotel EBITDA yield for the full year 2022.
In May 2022, the Company completed the previously announced disposition of the 169-guestroom Hilton Garden Inn San Francisco Airport North for a gross sales price of $75.0 million, or $444,000 per key, through its joint venture with GIC. The transaction represented a 1% capitalization rate based on the hotel's net operating income after a 4% FF&E reserve for the twelve months ended March 31, 2022. The joint venture will also forego a comprehensive renovation that was scheduled for late 2022 estimated to be $7.1 million, or $42,000 per key, as a result of the sale. The joint venture acquired the hotel in October 2019 for $58.0 million, or $343,000 per key, and the transaction resulted in a $20.5 million net gain on sale. The Company applied its $38 million share of net proceeds from the transaction, along with existing cash, to repay its only remaining 2022 debt maturity for $62 million.
On June 30, 2022, inclusive of its pro rata share of the Joint Venture credit facility, the Company had the following:
- Outstanding debt of $1.2 billion with a weighted average interest rate of 3.83 percent. After giving effect to interest rate derivative agreements, $837.7 million, or 68 percent, of our outstanding debt had fixed interest rates, and $386.2 million, or 32 percent, had variable interest rates.
- Unrestricted cash and cash equivalents of $86.6 million.
- Revolving credit facility availability of $350.0 million, plus an additional $50.0 million available to borrow subject to certain requirements. The Company had no borrowings outstanding on its revolving credit facility.
- Total liquidity of $486.6 million, including unrestricted cash and cash equivalents and revolving credit facility availability.
Subsequent to quarter end, the Company amended the credit agreements for its $400 million senior revolving credit facility and two senior term loans totaling $425 million to extend the available loan term and enhance overall flexibility. The amendments on the $600 million senior credit facility included additional extension options that allow the Company to extend the maturity date to March 2025 for the $400 million revolving credit facility and to April 2025 for the $200 million term loan facility. All of the Company's corporate-level debt now matures in 2025 or later after consideration of available extension options. Additionally, the Company has retained complete capital allocation flexibility regarding future potential acquisitions, dispositions, capital expenditures, and dividends. The credit spreads for the credit facilities remain unchanged. For additional detail regarding the amendments, please refer the Company's Form 8-K filed on July 27, 2022.
On July 22, 2022, inclusive of the recent transaction activity and its pro rata share of the Joint Venture credit facility, the Company had the following:
- Outstanding debt of $1.2 billion with a weighted average interest rate of 4.01 percent. After giving effect to interest rate derivative agreements, $837.3 million, or 68 percent, of our outstanding debt had fixed interest rates, and $386.2 million, or 32 percent, had variable interest rates.
- Unrestricted cash and cash equivalents of $80.6 million.
- Revolving credit facility availability of $400.0 million.
- Total liquidity of $480.6 million, including unrestricted cash and cash equivalents and revolving credit facility availability.
The Company's balance sheet continues to be well-positioned with sufficient liquidity to retire all pro rata debt maturities through 2024.
On July 26, 2022, the Company entered into two, $100 million interest rate swaps that will fix 1-month term SOFR for an average of 5.0 years. The swaps will become effective on January 31, 2023, after $200 million of the Company's existing interest rate swaps expire. The new SOFR-based interest rate swaps have fixed rates of 2.60% and 2.5625% that correspond with expiration dates of January 31, 2027, and January 31, 2029, respectively. The new swap transactions will result in the Company maintaining an estimated 70 percent of pro rata outstanding debt with fixed rates after consideration of all outstanding interest rate derivative agreements which have a weighted average fixed SOFR rate of 2.74%.
Given the continued uncertainty and volatility of the operating environment, the Company is not providing operational or earnings guidance at this time. However, the Company is providing its expectations for certain non-operational items based on 102 hotels owned as of June 30, 2022.
The Company will conduct its quarterly conference call on Wednesday, August 3, 2022, at 9:00 AM ET.
- To access the conference call, please pre-register using this link. Registrants will receive a confirmation with dial-in details.
- A live webcast of the conference call can be accessed using this link. A replay of the webcast will be available in the Investors section of the Company's website, www.shpreit.com, until October 31, 2022.
Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry. As of August 2, 2022, the Company's portfolio consisted of 102 hotels, 61 of which are wholly owned, with a total of 15,323 guestrooms located in 24 states.
For additional information, please visit the Company's website, www.shpreit.com, and follow the Company on Twitter at @SummitHotel_INN. Investors and others should note that the Company routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts, and the Investors section of the Company's website. The Company uses these channels as well as social media channels (e.g., the Company's Twitter account @SummitHotel_INN) as a means of disclosing information about the Company's business to our colleagues, investors, and the public. While not all the information that the Company posts to the Company's website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in the Company to review the information that it shares on https://investor.shpreit.com/corporate-profile.
This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," "forecast," "continue," "plan," "likely," "would" or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections, or other forward-looking information. Examples of forward-looking statements include the following: the Company's ability to realize growth from the allocation of capital; projections of the Company's cash corporate G&A, interest expense, capital expenditures or other financial items; descriptions of the Company's plans or objectives for future operations, acquisitions, dispositions, and financings; and descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company's control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry, and other factors as are described in greater detail in the Company's filings with the Securities and Exchange Commission ("SEC"). Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
For information about the Company's business and financial results, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC, and its quarterly and other periodic filings with the SEC. The Company undertakes no duty to update the statements in this release to conform the statements to actual results or changes in the Company's expectations.
We disclose certain "non-GAAP financial measures," which are measures of our historical financial performance. Non-GAAP financial measures are financial measures not prescribed by Generally Accepted Accounting Principles ("GAAP"). These measures are as follows: (i) Funds From Operations ("FFO") and Adjusted Funds from Operations ("AFFO"), (ii) Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"), Earnings before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"), Adjusted EBITDAre, and hotel EBITDA (as described below). We caution investors that amounts presented in accordance with our definitions of non-GAAP financial measures may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP financial measures in the same manner. Our non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of our operating performance. Our non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions, debt service obligations and other commitments and uncertainties. Although we believe that our non-GAAP financial measures can enhance the understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily better indicators of any trend as compared to a comparable measure prescribed by GAAP such as net income (loss).
As defined by Nareit, FFO represents net income or loss (computed in accordance with GAAP), excluding preferred dividends, gains (or losses) from sales of real property, impairment losses on real estate assets, items classified by GAAP as extraordinary, the cumulative effect of changes in accounting principles, plus depreciation and amortization related to real estate assets, and adjustments for unconsolidated partnerships, and joint ventures. AFFO represents FFO excluding amortization of deferred financing costs, franchise fees, equity-based compensation expense, debt transaction costs, premiums on redemption of preferred shares, losses from net casualties, non-cash lease expense, non-cash interest income and non-cash income tax related adjustments to our deferred tax assets. Unless otherwise indicated, we present FFO and AFFO applicable to our common shares and common units. We present FFO and AFFO because we consider FFO and AFFO an important supplemental measure of our operational performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO and AFFO when reporting their results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO and AFFO exclude depreciation and amortization related to real estate assets, gains and losses from real property dispositions and impairment losses on real estate assets, FFO and AFFO provide performance measures that, when compared year over year, reflect the effect to operations from trends in occupancy, guestroom rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. Our computation of FFO differs slightly from the computation of Nareit-defined FFO related to the reporting of corporate depreciation and amortization expense. Our computation of FFO may also differ from the methodology for calculating FFO used by other equity REITs and, accordingly, may not be comparable to such other REITs. FFO and AFFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Where indicated in this release, FFO is based on our computation of FFO and not the computation of Nareit-defined FFO unless otherwise noted.
EBITDA
EBITDA represents net income or loss, excluding: (i) interest, (ii) income tax expense and (iii) depreciation and amortization. We believe EBITDA is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results. Our management team also uses EBITDA as one measure in determining the value of acquisitions and dispositions.
EBITDAre and Adjusted EBITDAre
EBITDAre is based on EBITDA and is expected to provide additional relevant information about REITs as real estate companies in support of growing interest among generalist investors. EBITDAre is intended to be a supplemental non-GAAP performance measure that is independent of a company's capital structure and will provide a uniform basis to measure the enterprise value of a company compared to other REITs.
EBITDAre, as defined by Nareit, is calculated as EBITDA, excluding: (i) loss and gains on disposition of property and (ii) asset impairments, if any. We believe EBITDAre is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results.
We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional non-recurring or certain non-cash items described below provides useful supplemental information to investors regarding our ongoing operating performance. We believe that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results.
Hotel EBITDA
With respect to hotel EBITDA, we believe that excluding the effect of corporate-level expenses and non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. We believe the property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis.
We caution investors that amounts presented in accordance with our definitions of EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP measures in the same manner. EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA should not be considered as an alternative measure of our net income (loss) or operating performance. EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA can enhance your understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily a better indicator of any trend as compared to a comparable GAAP measure such as net income (loss). Above, we include a quantitative reconciliation of EBITDA, EBITDAre, adjusted EBITDAre and hotel EBITDA to the most directly comparable GAAP financial performance measure, which is net income (loss) and operating income (loss).
SOURCE Summit Hotel Properties, Inc. | https://www.prnewswire.com/news-releases/summit-hotel-properties-reports-second-quarter-2022-results-301598381.html | 2022-08-02T21:49:56 | en | 0.945873 |
BOSTON (AP) _ Brightcove Inc. (BCOV) on Tuesday reported a second-quarter loss of $301,000, after reporting a profit in the same period a year earlier.
The Boston-based company said it had a loss of 1 cent per share. Earnings, adjusted for stock option expense and amortization costs, came to 10 cents per share.
The internet video streaming service company posted revenue of $54.4 million in the period.
For the current quarter ending in October, Brightcove expects its per-share earnings to range from 2 cents to 4 cents.
The company said it expects revenue in the range of $52 million to $53 million for the fiscal third quarter.
Brightcove expects full-year earnings in the range of 23 cents to 30 cents per share, with revenue ranging from $211 million to $215 million.
Brightcove shares have decreased 39% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $6.23, a decline of 46% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BCOV at https://www.zacks.com/ap/BCOV | https://www.myjournalcourier.com/business/article/Brightcove-Q2-Earnings-Snapshot-17346413.php | 2022-08-02T21:49:59 | en | 0.944258 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nba/oklahoma-city-thunder/articles/40264117 | 2022-08-02T21:50:00 | en | 0.738227 |
MOBILE, Ala. (AP) _ Computer Programs and Systems Inc. (CPSI) on Tuesday reported second-quarter earnings of $3.1 million.
The Mobile, Alabama-based company said it had net income of 21 cents per share. Earnings, adjusted for one-time gains and costs, came to 59 cents per share.
The healthcare information technology company posted revenue of $82.7 million in the period, beating Street forecasts. Three analysts surveyed by Zacks expected $78.2 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CPSI at https://www.zacks.com/ap/CPSI | https://www.lakecountystar.com/business/article/Computer-Programs-and-Systems-Q2-Earnings-17346387.php | 2022-08-02T21:50:00 | en | 0.933367 |
- Sales of $1.1 billion increased 4% year-over-year, 9% on FX neutral basis, driven by strong growth in Materials Processing
- Backlog growth of 51% year-over-year to $3.5 billion
- Operating margin of 9.6% improved sequentially by 220 bps
- EPS of $1.07 on improving price / cost dynamics
- Raising full-year 2022 EPS outlook to $3.80 to $4.20
- Repurchased $61 million of shares in second quarter
NORWALK, Conn., Aug. 2, 2022 /PRNewswire/ -- Terex Corporation (NYSE: TEX) today announced its results for the second quarter 2022.
CEO Commentary
"We are pleased with our solid financial performance in the quarter as a result of continued execution of our strategy and relentless focus on delivering for our customers and dealers," said Terex Chairman and Chief Executive Officer John L. Garrison, Jr. "We grew sales 9% when adjusting for FX rates and ended the quarter with backlog of $3.5 billion, an increase of 51% year-over-year, emphasizing sustained strong demand from our customers."
"We are proud of our execution this quarter amidst global supply chain disruptions and significant inflationary pressures. As a result of the strong performance in the first half of the year we are raising our full year EPS outlook to $3.80 to $4.20. We remain focused on executing our multi-year growth plan and continue to invest in new technologies and products. We were first in the industry to introduce an all-electric bucket truck, supporting aggressive sustainability goals at electric utilities; we acquired ProAll, expanding our concrete product offering; and, we invested in Acculon Energy, accelerating and further advancing Genie battery technology and electrification offerings. Our industry-leading and innovative new products, steady backlog, recognized brands and strong balance sheet position us well to navigate the near-term macro challenges to deliver long-term value."
Second Quarter Operational and Financial Highlights
- Net sales of $1.1 billion in the second quarter of 2022 increased 4%, compared to net sales of $1.0 billion in the second quarter of 2021. The increase was primarily due to improved price realization across all segments and healthy demand for our products which was partially offset by a 5% negative impact from changes in foreign exchange rates.
- Income from operations in the second quarter decreased $18.6 million to $103.9 million, or 9.6% of net sales, compared to $122.5 million, or 11.8% of net sales, in the prior year. Increased pricing did not offset rising costs and the negative impact of foreign exchange rates from the prior year. However, price / cost dynamics have improved sequentially from the first quarter.
- Income from continuing operations of $74.1 million, or $1.07 per share, in the second quarter of 2022, grew 2.5% compared to income from continuing operations of $72.3 million, or $1.02 per share, in the second quarter of 2021.
- Return on invested capital was a solid 17.3% as we continue to invest in the business and return cash to shareholders through share repurchases and dividends.
Business Segment Review
Materials Processing
- Net sales were $480.7 million for the second quarter, up 9.1% or $39.9 million over the prior year, primarily due to price realization and robust end-market demand for aggregates and material handlers in all major geographies. Excluding the impact of foreign exchange rates of approximately $30 million, net sales increased 15.9%.
- Income from operations increased $7.4 million to $79.5 million, or 16.5% of net sales, compared to $72.1 million, or 16.4% of net sales, in the prior year. The increase was due to price realization, higher sales volume and strong expense management partially offset by cost increases, significant inflationary pressures and the negative effects of foreign exchange rate changes.
- Operating margins were up sequentially from Q1 2022 by 230 basis points.
Aerial Work Platforms
- Net sales were $597.7 million for the second quarter, up 0.4% or $2.5 million over the prior year. Excluding the impact of foreign exchange rates of approximately $21 million, net sales increased 4.0%. The increase was primarily due to price realization and higher demand in all major geographies except for China.
- Income from operations decreased $19.0 million to $46.2 million, or 7.7% of net sales, compared to $65.2 million, or 11.0% of net sales in the prior year. Price realization partially offset increased costs as well as the negative effects of foreign exchange rate changes.
- Operating margins were up sequentially from Q1 2022 by 180 basis points. This sequential improvement was the result of strong execution on strict expense management and disciplined pricing actions.
Disciplined Capital Allocation
- As of June 30, 2022, the Company had ample liquidity of $678.3 million.
- Working capital of $893.8 million was 20.7% of trailing three month annualized net sales and reflects higher inventory levels from supply chain disruptions.
- For the year-to-date period, Terex deployed $55.1 million for capital expenditures and growth investments and $23.0 million for debt retirement.
- Terex executed $78.5 million in share repurchases and paid $18.0 million in dividends year-to-date.
CFO Commentary
Julie Beck, Senior Vice President and Chief Financial Officer, said "Our strong balance sheet has allowed us to return approximately $100 million of cash to shareholders year-to-date. The team continues to execute on the strategy of disciplined pricing and expense management to deliver sequential quarterly margin improvement."
2022 Outlook
(in millions, except per share data)
FX Commentary
- Sales outlook consistent, but seeing increased pricing offset by FX
- Strong price execution ~9% and volume growth ~6% offset by FX (~6%)
- FX impact on EPS is unfavorable ($0.25) vs initial outlook
- Unfavorably impacting free cash flow
Non-GAAP Measures and Other Items
Results of operations reflect continuing operations. All per share amounts are on a fully diluted basis. A comprehensive review of the quarterly financial performance is contained in the presentation that will accompany the Company's earnings conference call.
In this press release, Terex refers to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. These non-GAAP measures may not be comparable to similarly titled measures being disclosed by other companies. Terex believes that this non-GAAP information is useful to understanding its operating results and the ongoing performance of its underlying businesses.
The Glossary at the end of this press release contains further details about this subject.
Conference call
The Company has scheduled a conference call to review the financial results on Wednesday, August 3, 2022 beginning at 8:30 a.m. ET. John L. Garrison, Jr., Chairman and CEO, and Julie Beck, Senior Vice President and Chief Financial Officer, will host the call. A simultaneous webcast of this call can be accessed at https://investors.terex.com. Participants are encouraged to access the call 10 minutes prior to the starting time. The call will also be archived in the Event Archive at https://investors.terex.com.
Forward-Looking Statements
Certain information in this press release includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995) regarding future events or our future financial performance that involve certain contingencies and uncertainties, including those discussed in our Annual Report on Form 10-K for the year ended December 31, 2021, and subsequent reports we file with the U.S. Securities and Exchange Commission from time to time, in the sections entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations – Contingencies and Uncertainties." In addition, when included in this press release the words "may," "expects," "should," "intends," "anticipates," "believes," "plans," "projects," "estimates," "will" and the negatives thereof and analogous or similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statement is not forward-looking. We have based these forward-looking statements on current expectations and projections about future events. These statements are not guarantees of future performance. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those reflected in such forward-looking statements. Such risks and uncertainties, many of which are beyond our control, include, among others:
- our business has been, and could be further, adversely impacted by global health pandemics such as the outbreak of a new strain of coronavirus ("COVID-19");
- our business is highly competitive and is affected by our cost structure, pricing, product initiatives and other actions taken by competitors;
- we are dependent upon third-party suppliers, making us vulnerable to supply shortages and price increases;
- consolidation within our customer base and suppliers;
- our operations are subject to a number of potential risks that arise from operating a multinational business, including compliance with changing regulatory environments and political instability;
- a material disruption to one of our significant facilities;
- our business is sensitive to government spending;
- our ability to integrate acquired businesses;
- our business is affected by the cyclical nature of markets we serve;
- our need to comply with restrictive covenants contained in our debt agreements;
- our ability to generate sufficient cash flow to service our debt obligations and operate our business;
- our ability to access the capital markets to raise funds and provide liquidity;
- the financial condition of suppliers and customers, and their continued access to capital;
- exposure from providing credit support for some of our customers;
- we may experience losses in excess of recorded reserves;
- our business is global and subject to changes in exchange rates between currencies, commodity price changes, regional economic conditions and trade relations;
- our ability to attract and retain key management personnel and skilled labor;
- possible work stoppages and other labor matters;
- changes in import/export regulatory regimes, imposition of tariffs, escalation of global trade conflicts and unfairly traded imports, particularly from China, could continue to negatively impact our business;
- compliance with changing laws and regulations, particularly environmental and tax laws and regulations;
- litigation, product liability claims and other liabilities;
- our compliance with the United States ("U.S.") Foreign Corrupt Practices Act and similar worldwide anti-corruption laws;
- increased regulatory focus on privacy and data security issues and expanding laws;
- our ability to comply with an injunction and related obligations imposed by the U.S. Securities and Exchange Commission ("SEC");
- our ability to successfully implement our strategy;
- disruption or breach in our information technology systems and storage of sensitive data; and
- other factors.
Actual events or our actual future results may differ materially from any forward-looking statement due to these and other risks, uncertainties and material factors. The forward-looking statements contained herein speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained in this press release to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
About Terex
Terex Corporation is a global manufacturer of materials processing machinery and aerial work platforms. We design, build and support products used in construction, maintenance, manufacturing, energy, recycling, minerals and materials management applications. Certain Terex products and solutions enable customers to reduce their environmental impact including electric and hybrid offerings that deliver quiet and emission-free performance, products that support renewable energy, and products that aid in the recovery of useful materials from various types of waste. Our products are manufactured in North America, Europe, Australia and Asia and sold worldwide. We engage with customers through all stages of the product life cycle, from initial specification and financing to parts and service support.
Contact Information
Julie Beck
Senior Vice President, Chief Financial Officer
Phone: 203-200-5979
Email: [email protected]
GLOSSARY
In an effort to provide investors with additional information regarding the Company's results, Terex refers to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures which management believes provides useful information to investors. These non-GAAP measures may not be comparable to similarly titled measures being disclosed by other companies. In addition, the Company believes that non-GAAP financial measures should be considered in addition to, and not in lieu of, GAAP financial measures. Terex believes that this non-GAAP information is useful to understanding its operating results and the ongoing performance of its underlying businesses. Management of Terex uses both GAAP and non-GAAP financial measures to establish internal budgets and targets and to evaluate the Company's financial performance against such budgets and targets.
The amounts described below are unaudited, are reported in millions of U.S. dollars (except share data and percentages), and are as of or for the period ended June 30, 2022, unless otherwise indicated.
2022 Outlook
The Company's 2022 outlook for earnings per share is a non-GAAP financial measure because it excludes the impact of potential future acquisitions, divestitures, restructuring, and other unusual items. The Company is not able to reconcile this forward-looking non-GAAP financial measure to its most directly comparable forward-looking GAAP financial measures without unreasonable efforts because the Company is unable to predict with a reasonable degree of certainty the exact timing and impact of such items. The unavailable information could have a significant impact on the Company's full-year 2022 GAAP financial results. This forward looking information provides guidance to investors about the Company's EPS expectations excluding unusual items that the Company does not believe is reflective of its ongoing operations.
Free Cash Flow
The Company calculates a non-GAAP measure of free cash flow. The Company defines free cash flow as Net cash provided by (used in) operating activities less Capital expenditures, net of proceeds from sale of capital assets. The Company believes that this measure of free cash flow provides management and investors further useful information on cash generation or use in our primary operations. The following table reconciles Net cash provided by (used in) operating activities to free cash flow (in millions):
SOURCE Terex Corporation | https://www.prnewswire.com/news-releases/terex-reports-second-quarter-2022-results-301598272.html | 2022-08-02T21:50:02 | en | 0.946967 |
EL PASO, Texas (KTSM) – El Paso Electric (EPE) has found a permanent home for the artwork titled Luces en el Cielo. The artwork reflects the strong partnership with EPE, a remembrance of the 23 precious lives lost, and our path towards a resilient future.
The El Paso United Family Resiliency Center (FRC) welcomed the beautiful art painting housed inside its offices on 6314 Delta Drive on August 1, 2022.
Last year, EPE’s Summer College Internship cohort worked closely with the United Way of El Paso County, the FRC, and local artist Terrance Flores to honor the victims and families affected by August 3, 2019 tragedy.
Luces en el Cielo was first displayed at the Day of Remembrance Luminaria Drive-Through. “It was a pleasure working with EPE interns and staff,” shared Flores. “Luces en el Cielo pays remembrance to those we lost and help heal the community from the hurt it has experienced.”
“Working with Terrance Flores is a unique collaboration demonstrating a deeper connection and engagement. Together we stay strong supporting those in need, sustaining programs and initiatives unique to our community, and working together to create a thriving community,” said President & Chief Executive Officer of United Way of El Paso County Deborah A. Zuloaga.
For local and breaking news, sports, weather alerts, video and more, download the FREE KTSM 9 News App from the Apple App Store or the Google Play Store | https://www.ktsm.com/news/ep-electric-dedicates-artwork-to-victims-of-aug-3-tragedy/ | 2022-08-02T21:50:05 | en | 0.896931 |
BRENTWOOD, Tenn. (AP) _ Corrections Corp. of America (CXW) on Tuesday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The Brentwood, Tennessee-based real estate investment trust said it had funds from operations of $40.7 million, or 34 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 36 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $10.6 million, or 9 cents per share.
The prison operator, based in Brentwood, Tennessee, posted revenue of $456.7 million in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $460.1 million.
CCA expects full-year funds from operations to be $1.19 to $1.26 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CXW at https://www.zacks.com/ap/CXW | https://www.myjournalcourier.com/business/article/CCA-Q2-Earnings-Snapshot-17346533.php | 2022-08-02T21:50:05 | en | 0.961256 |
FLORHAM PARK, N.J. (AP) _ Conduent Incorporated (CNDT) on Tuesday reported break-even earnings in its second quarter.
The Florham Park, New Jersey-based company said it had net income that was 1 cent per share. Earnings, adjusted for non-recurring costs, were 3 cents per share.
The company posted revenue of $928 million in the period.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CNDT at https://www.zacks.com/ap/CNDT | https://www.lakecountystar.com/business/article/Conduent-Q2-Earnings-Snapshot-17346374.php | 2022-08-02T21:50:06 | en | 0.952204 |
COPPELL, Texas (AP) _ The Container Store Group Inc. (TCS) on Tuesday reported earnings of $10.5 million in its fiscal first quarter.
The Coppell, Texas-based company said it had profit of 21 cents per share.
The storage products retailer posted revenue of $262.6 million in the period.
Container Store expects full-year earnings in the range of $1.10 to $1.20 per share, with revenue expected to be $1.13 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TCS at https://www.zacks.com/ap/TCS | https://www.lakecountystar.com/business/article/Container-Store-Fiscal-Q1-Earnings-Snapshot-17346468.php | 2022-08-02T21:50:08 | en | 0.927229 |
Second Quarter Highlights
- Net premiums written increase of 10.4%*, with strong growth from each segment
- Rate increases(1) of 6.9% in Core Commercial, 8.0% in Specialty and 3.2% in Personal Lines
- Renewal price change(1) of 11.0% in Core Commercial, 12.0% in Specialty and 5.4% in Personal Lines
- Catastrophe losses of $77.4 million, or 6.0 points of the combined ratio, including favorable development on prior-year catastrophes
- Current accident year loss and loss adjustment expense ("LAE") ratio, excluding catastrophes(2), of 60.1%, included improved loss ratios within Specialty and Core Commercial, which were more than offset by the impact of higher property severity in Personal Lines
- Net investment income of $70.5 million, below the prior-year quarter due to the elevated level of partnership income in the second quarter of 2021
- Book value per share of $72.20, down 9.3% from March 31, 2022, primarily driven by a decrease in the fair value of fixed maturity investments due to the higher interest rate environment
WORCESTER, Mass., Aug. 2, 2022 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) today reported net income of $22.6 million, or $0.63 per diluted share, in the second quarter of 2022, compared to $128.5 million, or $3.52 per diluted share, in the prior-year quarter. Operating income(3) was $83.9 million, or $2.32 per diluted share, for the second quarter of 2022. This compared to operating income of $104.0 million, or $2.85 per diluted share, in the prior-year quarter. The difference between net and operating income in the second quarter of 2022 was primarily due to the after-tax decrease in the fair value of equity securities of $46.6 million, or $1.29 per fully diluted share, which is excluded from operating income.
"We are pleased to report another strong quarter – punctuated by an 11.1% operating return on equity(4) and operating earnings per share of $2.32, as well as double-digit premium growth," said John C. Roche, president and chief executive officer at The Hanover. "Year-to-date, we generated an operating ROE of 13.4% and a 24.0% increase in operating income per share to $5.58, reflecting our continued business momentum, and demonstrating our adeptness to navigate our business through the unprecedented complexities of the current economic environment.
"We remain focused on pricing and other levers to address the ongoing headwinds in Personal Lines, in particular in homeowners," said Roche. "At the same time, very strong performance and returns across our commercial businesses helped to largely offset these pressures, culminating in a consolidated ex-CAT combined ratio(5) of 90.2% in the second quarter. We are pleased with the impressive results within our Core Commercial and Specialty lines as they delivered improved profitability, significant renewal price increases of 11% and 12%, and net written premium growth of 7.7% and 14.0%, respectively. With the ongoing support of our robust agency relationships and talented team, we continue to have confidence in our ability to profitably grow our business and deliver superior returns to our valued shareholders."
"Our diversified book of business, proven insurance portfolio and analytical acumen are serving us exceptionally well in this dynamic environment, allowing us to produce consistent underwriting profit," said Jeffrey M. Farber, executive vice president and chief financial officer at The Hanover. "Additionally, our high-quality investment portfolio generated pre-tax net investment income of $70.5 million. Looking ahead, we expect the current rising interest rate environment to be a long-term positive as robust insurance cashflow and maturing assets are reinvested at higher yields.
"Given the continued elevated inflation and supply chain disruption, we are updating our full year outlook," said Farber. "We expect our ex-CAT combined ratio to be in the range of 90.5% to 91.5%, an increase of one point from our original 2022 outlook. The updated range incorporates our year-to-date performance and assumes no additional prior-year development. In addition, we expect pre-tax net investment income to be in the range of $280 to $285 million, up approximately 5% from our original expectations. While we anticipate some continuing near-term pressure within Personal Lines, we have full confidence in our ability to achieve our 14% long-term operating ROE target as we leverage our specialized capabilities and deliver substantial shareholder value."
Second Quarter Operating Highlights
Core Commercial
Core Commercial operating income before taxes was $66.9 million in the second quarter of 2022, compared to $69.9 million in the second quarter of 2021. The Core Commercial combined ratio was 92.6%, compared to 91.9% in the prior-year quarter. Catastrophe losses in the second quarter of 2022 were $17.8 million, or 3.7 points of the combined ratio, which is net of $10.9 million of favorable prior-year catastrophe development. This compared to catastrophe losses of $13.8 million, or 3.1 points, in the prior-year quarter, which was net of $8.7 million of favorable prior-year catastrophe development.
Second quarter 2022 results included $2.8 million, or 0.6 points, of net favorable prior-year reserve development, excluding catastrophes, driven primarily by continued favorability in workers' compensation. This compared to net favorable prior-year reserve development of $4.6 million, or 1.0 point, in the second quarter of 2021.
Core Commercial current accident year combined ratio, excluding catastrophes, decreased 0.3 points to 89.5% in the second quarter of 2022, from 89.8% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, decreased by 0.6 points to 57.0%, primarily driven by the benefit of rate increases earning in.
Net premiums written were $454.2 million in the quarter, up 7.7% from the prior-year quarter, primarily driven by strong growth of 10.5% in small commercial. Core Commercial average rate increased 6.9% in the second quarter, while renewal price change averaged 11.0%.
The following table summarizes premiums and the components of the combined ratio for Core Commercial:
Specialty
Specialty operating income before taxes was $45.2 million in the second quarter of 2022, compared to $34.5 million in the second quarter of 2021. The Specialty combined ratio was 89.4%, compared to 92.3% in the prior-year quarter. Catastrophe losses in the second quarter of 2022 were $6.6 million, or 2.2 points of the combined ratio, which is net of $3.1 million of favorable prior-year catastrophe development. This compared to catastrophe losses of $4.4 million, or 1.7 points, in the prior-year quarter, which was net of $3.3 million of favorable prior-year catastrophe development.
Second quarter 2022 results included $1.2 million, or 0.4 points, of net favorable prior-year reserve development, excluding catastrophes. This compared to net favorable prior-year reserve development of $3.3 million, or 1.3 points, in the second quarter of 2021.
Specialty current accident year combined ratio, excluding catastrophes, decreased 4.3 points to 87.6% in the second quarter of 2022, from 91.9% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, decreased by 4.7 points to 52.3%, due to the benefit of rate increases earning in, as well as the impact of a large property loss in the prior-year second quarter.
Net premiums written were $302.3 million in the quarter, up 14.0% from the prior-year quarter, driven primarily by rate and exposure increases. Specialty average rate increased 8.0% in the second quarter, while renewal price change averaged 12.0%.
The following table summarizes premiums and the components of the combined ratio for Specialty:
Personal Lines
Personal Lines operating income before taxes was $2.8 million in the second quarter of 2022, compared to $32.2 million in the second quarter of 2021. The Personal Lines combined ratio was 103.2%, compared to 97.6% in the prior-year quarter. Catastrophe losses in the second quarter of 2022 were $53.0 million, or 10.2 points of the combined ratio, which includes $2.0 million of unfavorable prior-year catastrophe development. This compared to catastrophe losses of $58.6 million, or 12.3 points of the combined ratio, in the prior-year quarter, which was net of $3.0 million of favorable prior-year catastrophe development.
Second quarter 2022 results included net favorable prior-year reserve development, excluding catastrophes, of $5.2 million, or 1.0 point, driven by both auto and homeowners. This compared to net favorable prior-year reserve development of $5.0 million, or 1.0 point, in the second quarter of 2021, driven by auto.
Personal Lines current accident year combined ratio, excluding catastrophe losses, increased 7.7 points to 94.0% in the second quarter of 2022, from 86.3% in the prior-year quarter. The current accident year loss and LAE ratio, excluding catastrophes, increased 9.2 points to 67.3%. The loss ratio increase in auto was attributable to increased property severity, and higher frequency as compared to the unusually low level of claims experienced in the second quarter of 2021. Loss frequency in auto remains below pre-pandemic levels. The increase in the homeowners loss ratio was primarily due to higher than usual large loss activity, and, to a lesser extent, non-CAT weather and continued inflationary pressures on claims costs.
The expense ratio(6) decreased by 1.5 points to 26.7% in the second quarter of 2022, compared to the second quarter of 2021, primarily attributable to fixed cost leverage from premium growth and lower performance-based agency compensation.
Net premiums written were $576.3 million in the quarter, up 10.7% from the prior-year quarter, driven by strong retention. Personal Lines renewal price change averaged 5.4% in the second quarter of 2022, while average rate increases were 3.2%.
The following table summarizes premiums and components of the combined ratio for Personal Lines:
Investments
Net investment income was $70.5 million for the second quarter of 2022, below the prior-year quarter of $75.6 million, primarily due to elevated partnership income in the prior-year quarter, partially offset by the continued investment of operational cashflow. Total pre-tax earned yield on the investment portfolio for the quarter ended June 30, 2022, was 3.19%, down from 3.65% in the prior-year quarter. The average pre-tax earned yield on fixed maturities was 2.97% and 3.02% for the quarters ended June 30, 2022, and 2021, respectively.
Net realized and unrealized investment losses recognized in earnings were $77.9 million in the second quarter of 2022, primarily driven by the change in fair value of equity securities. This compared to net realized and unrealized investment gains recognized in earnings of $31.1 million in the second quarter of 2021.
The company held $8.6 billion in cash and invested assets on June 30, 2022. Fixed maturities and cash represented approximately 86% of the investment portfolio. Approximately 95% of the company's fixed maturity portfolio is rated investment grade. Net unrealized losses on the fixed maturity portfolio as of June 30, 2022, were $587.0 million before taxes, a decrease in fair value of $324.4 million since March 31, 2022, primarily due to higher interest rates.
Shareholders' Equity and Capital Actions
On June 30, 2022, book value per share was $72.20, down 9.3% from March 31, 2022, primarily driven by a decrease in the fair value of fixed maturity investments. Book value per share, excluding net unrealized depreciation on fixed maturity investments(7), net of tax, remained flat compared to March 31, 2022, and increased 2.1% from December 31, 2021.
During the quarter, the company repurchased approximately 27,000 shares of common stock in the open market for $4.1 million. The company has approximately $341 million of remaining capacity under its existing share repurchase program.
Earnings Conference Call
The company will host a conference call to discuss its second quarter results on Wednesday, August 3, at 10:00 a.m. E.T. A PowerPoint slide presentation will accompany the prepared remarks and has been posted on The Hanover's website. Interested investors and others can listen to the call and access the presentation through The Hanover's website, located in the "Investors" section at www.hanover.com. Investors may access the conference call by dialing 1-844-413-3975 in the U.S. and 1-412-317-5458 internationally. Webcast participants should go to the website 15 minutes early to register, download and install any necessary audio software. A re-broadcast of the conference call will be available on The Hanover's website approximately two hours after the call.
About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, the company offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.
Contact Information
Definition of Reported Segments
Continuing operations include four operating segments: Core Commercial, Specialty, Personal Lines and Other. The Core Commercial segment includes commercial multiple peril, commercial automobile, workers' compensation and other commercial lines coverages provided to small and mid-sized businesses. The Specialty segment includes four divisions of business: professional and executive lines, specialty P&C, marine, and surety and other. Specialty P&C includes coverages such as program business (provides commercial insurance to markets with specialized coverage or risk management needs related to groups of similar businesses), specialty industrial and commercial property, and excess and surplus lines. The Personal Lines segment markets automobile, homeowners and ancillary coverages to individuals and families. The "Other" segment includes Opus Investment Management, Inc., which provides investment management services to institutions, pension funds and other organizations, the operations of the holding company, as well as a block of run-off voluntary property and casualty pools business in which the company has not actively participated since 1995.
Financial Supplement
The Hanover's second quarter news release and financial supplement are available in the "Investors" section of the company's website at hanover.com.
Condensed Financial Statements and Reconciliations
The following is a reconciliation from operating income to net income(8):
Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements
Certain statements in this document and comments made by management may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as, but not limited to, "believes," "anticipates," "expects," "may," "projects," "projections," "plan," "likely," "potential," "targeted," "forecasts," "should," "could," "continue," "outlook," "guidance," "modeling," "moving forward" and other similar expressions are intended to identify forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. The company cautions investors that any such forward-looking statements are estimates, beliefs, expectations and/or projections that involve significant judgment, and that historical results, trends and forward-looking statements are not guarantees and are not necessarily indicative of future performance. Actual results could differ materially from those anticipated.
These statements include, but are not limited to, the company's statements regarding:
- The company's outlook and its ability to achieve components or the sum of the respective period guidance on its future results of operations including: the combined ratio, excluding catastrophe losses; catastrophe losses; net investment income; growth of net premiums written and/or net premiums earned in total or by line of business; expense ratio; operating return on equity; and/or the effective tax rate;
- The continued impacts of the global pandemic ("Pandemic") and related economic conditions on the company's operating and financial results, including, but not limited to, the impact on the company's investment portfolio, changes in claims frequency as a result of fluctuations in economic activity, severity from higher cost of repairs due to, among other things, supply chain disruptions, inflation, declines in premium as a result of, among other things, credits or returns to the company's customers, lower submissions, changes in renewals and policy endorsements, public health guidance, recession, and the impact of government orders and restrictions in the states and jurisdictions in which the company operates;
- Uses of capital for share repurchases, special or ordinary cash dividends, business investments or growth, or otherwise, and outstanding shares in future periods as a result of various share repurchase mechanisms, capital management framework, especially in the current environment, and overall comfort with liquidity and capital levels;
- Variability of catastrophe losses due to risk concentrations, changes in weather patterns including climate change, wildfires, severe storms, hurricanes, terrorism, civil unrest, riots or other events, as well as the complexity in estimating losses from large catastrophe events due to delayed reporting of the existence, nature or extent of losses or where "demand surge," regulatory assessments, litigation, coverage and technical complexities or other factors may significantly impact the ultimate amount of such losses;
- Current accident year losses and loss selections ("picks"), excluding catastrophes, and prior accident year loss reserve development patterns, particularly in complex "longer-tail" liability lines, as well as the inherent variability in short-tail property and non-catastrophe weather losses;
- Changes in frequency and loss severity trends;
- Ability to manage the impact of inflationary pressures, as a result of the Pandemic, global market disruptions, geopolitical events or otherwise, including, but not limited to, supply chain disruptions, labor shortages, and increases in cost of goods, services, and materials;
- The confidence or concern that the current level of reserves is adequate and/or sufficient for future claim payments, whether due to losses that have been incurred but not reported, circumstances that delay the reporting of losses, business complexity, adverse judgments or developments with respect to case reserves, the difficulties and uncertainties inherent in projecting future losses from historical data, changes in replacement and medical costs, as well as complexities related to the Pandemic, including legislative, regulatory or judicial actions that expand the intended scope of coverages, or other factors;
- Characterization of some business as being "more profitable" in light of inherent uncertainty of ultimate losses incurred, especially for "longer-tail" liability businesses;
- Efforts to manage expenses, including the company's long-term expense savings targets, while allocating capital to business investment, which is at management's discretion;
- Risks and uncertainties with respect to our ability to retain profitable policies in force and attract profitable policies and to increase rates commensurate with, or in excess of, loss trends;
- Mix improvement, underwriting initiatives, coverage restrictions and pricing segmentation actions, among others, to grow businesses believed to be more profitable or reduce premiums attributable to products or lines of business believed to be less profitable; balance rate actions and retention; offset long-term and/or short-term loss trends due to increased frequency; increased "social inflation" from a more litigious environment and higher average cost of resolution, increased property replacement costs, and/or social movements;
- The ability to generate growth in targeted segments through new agency appointments; rate increases (as a result of its market position, agency relationships or otherwise), retention improvements or new business; expansion into new geographies; new product introductions; or otherwise; and
- Investment returns and the effect of macro-economic interest rate trends and overall security yields, including the macro-economic impact of the Pandemic, inflationary pressures and corresponding governmental and/or central banking initiatives taken in response thereto, and geopolitical circumstances on new money yields and overall investment returns.
Additional Risks and Uncertainties
Investors are further cautioned and should consider the risks and uncertainties in the company's business that may affect such estimates and future performance that are discussed in the company's most recently filed reports on Form 10-K and Form 10-Q and other documents filed by The Hanover Insurance Group, Inc. with the Securities and Exchange Commission ("SEC") and that are also available at www.hanover.com under "Investors." These risks and uncertainties include, but are not limited to:
- The severity, duration and long-term impact related to the Pandemic, including, but not limited to, actual and possible government responses, legislative, regulatory and judicial actions, changes in frequency and severity of claims in Core Commercial, Specialty and/or Personal Lines, impacts to distributors (including agent partners), and the possibility of additional premium adjustments, including credits and returns, for the benefit of insureds;
- Changes in regulatory, legislative, economic, market and political conditions, particularly in response to COVID-19 and the Pandemic (such as legislative or regulatory actions that would retroactively require insurers to cover business interruption or other types of claims irrespective of terms, exclusions or other conditions included in the contractual terms of the policies that would otherwise preclude coverage, mandatory returns and other rate-related actions, as well as presumption legislation in regards to workers' compensation);
- Heightened volatility, fluctuations in interest rates (which have a significant impact on the market value of our investment portfolio and thus our book value), inflationary pressures, default rates and other factors that affect investment returns from the investment portfolio;
- Recessionary economic periods that may inhibit the company's ability to increase pricing or renew business;
- Data security incidents, including, but not limited to, those resulting from a malicious cyber security attack on the company or its business partners and service providers, or intrusions into the company's systems or data sources;
- Adverse claims experience, including those driven by large or increased frequency of catastrophe events (including those related to terrorism, riots and civil unrest), and severe weather;
- The uncertainty in estimating weather-related losses or the long-term impacts of the Pandemic, and the limitations and assumptions used to model other property and casualty losses (particularly with respect to products with longer-tail liability lines, such as casualty and bodily injury claims, or involving emerging issues related to losses incurred as the result of new lines of business, such as cyber or financial institutions coverage, or reinsurance contracts and reinsurance recoverables), leading to potential adverse development of loss and loss adjustment expense reserves;
- Changes in weather patterns, whether as a result of global climate change, or otherwise;
- Litigation and the possibility of adverse judicial decisions, including those which expand policy coverage beyond its intended scope and/or award "bad faith" or other non-contractual damages, and the impact of "social inflation" affecting judicial awards and settlements;
- The ability to increase or maintain insurance rates in line with anticipated loss costs and/or governmental action, including mandates by state departments of insurance to either raise or lower rates or provide credits or return premium to insureds;
- Investment impairments, which may be affected by, among other things, the company's ability and willingness to hold investment assets until they recover in value, as well as credit and interest rate risk, and general financial and economic conditions;
- Disruption of the independent agency channel, including the impact of competition and consolidation in the industry and among agents and brokers;
- Competition, particularly from competitors who have resource and capability advantages;
- The global macroeconomic environment, including actions taken in response to the Pandemic, inflation, global trade disputes, war, energy market disruptions, equity price risk, and interest rate fluctuations, which, among other things, could result in reductions in market values of fixed maturities and other investments;
- Adverse state and federal regulation, legislative and/or regulatory actions (including recent significant revisions to Michigan's automobile personal injury protection system and related litigation, and various regulations, orders and proposed legislation related to business interruption and workers' compensation coverages, premium grace periods and returns, and rate actions);
- Financial ratings actions, in particular, downgrades to the company's ratings;
- Operational and technology risks and evolving technological and product innovation, including risks created by remote work environments, and the risk of cyber-security attacks on or breaches of the company's systems and/or impacting our outsourcing relationships and third-party operations, or resulting in claim payments (including from products not intended to provide cyber coverage);
- Uncertainties in estimating indemnification liabilities recorded in conjunction with obligations undertaken in connection with the sale of various businesses and discontinued operations; and
- The ability to collect from reinsurers, reinsurance pricing, reinsurance terms and conditions, and the performance of the run-off voluntary property and casualty pools business (including those in the Other segment or in discontinued operations).
Investors should not place undue reliance on forward-looking statements, which speak only as of the date they are made, and should understand the risks and uncertainties inherent in or particular to the company's business. The company does not undertake the responsibility to update or revise such forward-looking statements.
Non-GAAP Financial Measures
As discussed on page 37 of the company's Annual Report on Form 10-K for the year ended December 31, 2021, the company uses non-GAAP financial measures as important measures of its operating performance, including operating income, operating income before interest expense and income taxes, operating income per share, and components of the combined ratio, both excluding and/or including, catastrophe losses, prior-year reserve development and the expense ratio. Management believes these non-GAAP financial measures are important indications of the company's operating performance. The definition of other non-GAAP financial measures and terms can be found in the 2021 Annual Report on pages 63-66.
Operating income and operating income per share are non-GAAP measures. They are defined as net income excluding the after-tax impact of net realized and unrealized investment gains (losses), gains and/or losses on the repayment of debt, other non-operating items, and results from discontinued operations. Net realized and unrealized investment gains (losses), which include changes in the fair value of equity securities still held, are excluded for purposes of presenting operating income, as they are, to a certain extent, determined by interest rates, financial markets and the timing of sales. Operating income also excludes net gains and losses from disposals of businesses, gains and losses related to the repayment of debt, costs to acquire businesses, restructuring costs, the cumulative effect of accounting changes, and certain other items. Operating income is the sum of the segment income from: Core Commercial, Specialty, Personal Lines, and Other, after interest expense and income taxes. In reference to one of the company's four segments, "operating income" is the segment income before both interest expense and income taxes. The company also uses "operating income per share" (which is after both interest expense and income taxes). It is calculated by dividing operating income by the weighted average number of diluted shares of common stock. The company believes that metrics of operating income and operating income in relation to its four segments provide investors with a valuable measure of the performance of the company's continuing businesses because they highlight the portion of net income attributable to the core operations of the business. Income from continuing operations is the most directly comparable GAAP measure for operating income (and operating income before income taxes) and measures of operating income that exclude the effects of catastrophe losses and/or reserve development should not be misconstrued as substitutes for income from continuing operations or net income determined in accordance with GAAP. A reconciliation of operating income (loss) to income from continuing operations and net income for the relevant periods is included on page 10 of this news release and in the Financial Supplement.
Operating return on equity ("ROE") is a non-GAAP measure. See end note (4) for a detailed explanation of how this measure is calculated. Operating ROE is based on non-GAAP operating income. In addition, the portion of shareholder equity attributed to unrealized appreciation (depreciation) on fixed maturity investments, net of tax, is excluded. The company believes this measure is helpful in that it provides insight to the capital used by, and results of, the continuing business exclusive of interest expense, income taxes, and other non-operating items. These measures should not be misconstrued as substitutes for GAAP ROE, which is based on net income and shareholders' equity of the entire company and without adjustments.
The company may also provide measures of operating income and combined ratios that exclude the impact of catastrophe losses (which in all respects include prior accident year catastrophe loss development). A catastrophe is a severe loss, resulting from natural or manmade events, including, but is not limited to, hurricanes, tornadoes, windstorms, earthquakes, hail, severe winter weather, freeze events, fire, explosions, civil unrest and terrorism. Due to the unique characteristics of each catastrophe loss, there is an inherent inability to reasonably estimate the timing or loss amount in advance. The company believes a separate discussion excluding the effects of catastrophe losses is meaningful to understand the underlying trends and variability of earnings, loss and combined ratio results, among others.
Prior accident year reserve development, which can either be favorable or unfavorable, represents changes in the company's estimate of costs related to claims from prior years. Calendar year loss and loss adjustment expense ("LAE") ratios determined in accordance with GAAP, excluding prior accident year reserve development, are sometimes referred to as "current accident year loss ratios." The company believes a discussion of loss and combined ratios, excluding prior accident year reserve development, is helpful since it provides insight into both estimates of current accident year results and the accuracy of prior-year estimates.
The loss and combined ratios in accordance with GAAP are the most directly comparable GAAP measures for the loss and combined ratios calculated excluding the effects of catastrophe losses and/or reserve development. The presentation of loss and combined ratios calculated excluding the effects of catastrophe losses and/or reserve development should not be misconstrued as substitutes for the loss and/or combined ratios determined in accordance with GAAP.
Endnotes
SOURCE The Hanover Insurance Group, Inc. | https://www.prnewswire.com/news-releases/the-hanover-reports-second-quarter-net-income-and-operating-income-of-0-63-and-2-32-per-diluted-share-respectively-combined-ratio-of-96-2-combined-ratio-excluding-catastrophes-of-90-2-301598411.html | 2022-08-02T21:50:08 | en | 0.95075 |
(CNN)The NFL stripped the Miami Dolphins of two draft picks and suspended and fined owner Stephen Ross after a probe into allegations of tampering and tanking found that his team had impermissible contact with star quarterback Tom Brady and the agent of former coach Sean Payton.
The investigation, led by former US Attorney and SEC Chair Mary Jo White and lawyers from the Debevoise law firm, determined that the Dolphins violated anti-tampering rules on three occasions, the NFL announced in a news release Tuesday. The investigation also found that the team did not intentionally lose games, known as tanking, but noted that Ross repeatedly suggested that the team should prioritize its draft position over winning games during the 2019 season, the release said.
As punishment, the Dolphins will forfeit its first-round pick in the 2023 draft and a third-round pick in the 2024 draft. Ross is suspended through October 17, 2022, six games into the season, and fined $1.5 million, the release said.
"With regards to tampering, I strongly disagree with the conclusions and the punishment," Ross said in a statement posted on the Miami Dolphins Twitter account. "However, I will accept the outcome because the most important thing is that there be no distractions for our team as we begin an exciting and winning season. I will not allow anything to get in the way of that."
The investigation found that the Dolphins had "impermissible communications" with Brady in 2019-20 while he was a member of the New England Patriots and again during and after the 2021 season when he was under contract with the Tampa Bay Buccaneers, according to the NFL release. Those second discussions focused on Brady "becoming a limited partner in the Dolphins and possibly serving as a football executive," and also included the possibility of playing for the Dolphins, the investigation found.
Further, in January 2022, the Dolphins had "impermissible communications" with the agent of Payton, who at the time was the New Orleans Saints head coach and has since retired.
"The investigators found tampering violations of unprecedented scope and severity," NFL Commissioner Roger Goodell said in a statement. "I know of no prior instance of a team violating the prohibition on tampering with both a head coach and star player, to the potential detriment of multiple other clubs, over a period of several years. Similarly, I know of no prior instance in which ownership was so directly involved in the violations."
The investigation also examined whether the Dolphins intentionally lost games in the 2019 season to improve their draft position, known as tanking. The Dolphins ultimately finished the 2019 season with a 5-11 record and earned the 5th pick in the 2020 NFL draft.
The NFL investigation found the team did not lose games intentionally nor did any member from the club, including Ross, instruct then Dolphins coach Brian Flores to lose games, according to the release. However, the investigation found that Ross repeatedly expressed his belief that the team's draft position should take priority over the win-loss record.
In February, Flores told CNN that Ross explicitly told him he would give him $100,000 for each game Flores would lose. Ross denied the accusations at the time, calling the claims "baseless, unfair and disparaging."
The investigation found that people had "differing recollections about the wording, timing, and context" of the claimed offer, according to the NFL news release.
"However phrased, such a comment was not intended or taken to be a serious offer, nor was the subject pursued in any respect by Mr. Ross or anyone else at the club," the release states.
Goodell said in a statement that the comment, even if made as a joke, risked damaging the integrity of the game.
"Every club is expected to make a good faith effort to win every game," he said in a statement. "The integrity of the game, and public confidence in professional football, demand no less. An owner or senior executive must understand the weight that his or her words carry, and the risk that a comment will be taken seriously and acted upon, even if that is not the intent or expectation. Even if made in jest and not intended to be taken seriously, comments suggesting that draft position is more important than winning can be misunderstood and carry with them an unnecessary potential risk to the integrity of the game."
He praised Flores, who was fired earlier this year and has sued the Dolphins, the NFL and other teams alleging racial discrimination, for continuing to try to win games. The NFL and teams have denied the allegations.
"The comments made by Mr. Ross did not affect Coach Flores' commitment to win and the Dolphins competed to win every game," Goodell said. "Coach Flores is to be commended for not allowing any comment about the relative importance of draft position to affect his commitment to win throughout the season."
Flores and attorneys say he was proven correct
In a statement, Flores expressed his disappointment in what he says is the NFL investigation downplaying Ross's comments on tanking.
"I am thankful that the NFL's investigator found my factual allegations against Stephen Ross are true," Flores said. "At the same time, I am disappointed to learn that the investigator minimized Mr. Ross's offers and pressure to tank games especially when I wrote and submitted a letter at the time to Dolphins executives documenting my serious concerns regarding this subject at the time which the investigator has in her possession."
His attorneys, Douglas H. Wigdor and John Elefterakis, expressed similar disappointment in the investigation's assessment of Ross's comments.
"We are certainly disheartened that the investigator, and apparently the Commissioner, excused highly inappropriate comments that go to the heart of the game's integrity regarding tanking as being in jest especially when there was a letter written by Coach Flores at the time demonstrating the gravity with which these comments were received by Coach Flores," they said in a statement.
"The punishment announced today is obviously inadequate and disheartening. Unfortunately, it remains clear that the NFL cannot police itself, which is why we look forward to continuing to push the legal process, prove all of Brian's claims, as well as those of a class of black executives, coaches and candidate, and force real change upon the NFL."
Meanwhile, Ross in his statement said the investigation had cleared the Dolphins of tanking.
"The independent investigation cleared our organization of any issues related to tanking and all of Brian Flores' other allegations," he said. "As I have said all along, these allegations were false, malicious and defamatory, and this issue is now put to rest." | https://www.cnn.com/2022/08/02/us/nfl-miami-dolphins-suspend/index.html | 2022-08-02T21:50:11 | en | 0.984762 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nba/oklahoma-city-thunder/articles/40264812 | 2022-08-02T21:50:11 | en | 0.738227 |
(The Hill) – Sen. Joe Manchin (D-W.Va.) says he is exchanging materials with Sen. Kyrsten Sinema (D-Ariz.) to help her better understand the broad tax reform and climate bill he negotiated with Senate Majority Leader Charles Schumer (D-N.Y.) and says he is open to her suggestions as Democrats seek 50 votes to put the bill on the floor.
Manchin finally got a chance to speak to Sinema after lunch Tuesday, when she was scheduled to preside over the chamber.
Manchin was tight-lipped about the details of the conversation but made clear that he’s willing to consider changes she might want to make to the deal, which would raise $739 billion in new revenue over the next decade and reduce the deficit by more than $300 billion.
“We had a nice time. We had a nice time. Next?” Manchin said Tuesday when reporters pressed him for details of his chat with Sinema while she sat at the Senate dais.
Asked again shed any light on whether Sinema will vote for the bill, which would give President Biden the biggest legislative victory of this first two years in office, Manchin said his colleague would make her own decision.
“We’re exchanging text back and forth,” he said. She’s “extremely bright, she works hard, she makes good decisions based on facts. I’m reliant on that.”
Manchin said Schumer is “working with all the caucus” to get buy-in from all 50 members to get the budget reconciliation bill to the floor later this week.
Even though Sinema played a major role in negotiating the prescription drug reform component of the bill and set the broad parameters of the tax chapter, she learned about the deal at the same time as all of her colleagues and the general public — through a press release.
Manchin said he’s open to considering changes suggested by Sinema, including on a proposal to close the carried interest tax loophole, one of his priorities.
“We’re just basically exchanging back and forth, whatever I have that she hasn’t seen. And our staffs are working together very closely,” he said, adding he’s also exchanging materials relevant to the bill with other Democratic and Republican senators.
Asked if he would be willing to change the bill’s carried interest provision, Manchin responded: “Everyone is still talking.”
But Manchin defended closing the loophole that allows money managers to pay capital gains tax rates on income they collect from managing profitable investments.
Asked whether Sinema is upset that she didn’t get looped into last week’s talks with Schumer, which produced the surprise deal, Manchin said he didn’t want to get any senator’s hopes up when he didn’t know whether an agreement was even possible.
“She’s my dear friend,” he said. “But why bring anyone in and all their aspirations get high and the drama we go through and it doesn’t work out?
“I wasn’t really sure” a deal could be reached, he said. “I’m not in control of the timing” of the announcement of the deal, “Sen. Schumer is in control of the timing.”
“People getting mad because they think this is some kind of orchestrated coup against them is just so wrong,” he added. | https://www.ktsm.com/news/national-news/manchin-and-sinema-in-discussions-on-climate-tax-deal/ | 2022-08-02T21:50:11 | en | 0.975334 |
HOUSTON (AP) _ Coterra Energy Inc. (CTRA) on Tuesday reported second-quarter earnings of $1.23 billion.
The Houston-based company said it had profit of $1.53 per share. Earnings, adjusted for one-time gains and costs, came to $1.35 per share.
The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.20 per share.
The independent oil and gas company posted revenue of $2.57 billion in the period, which also topped Street forecasts. Ten analysts surveyed by Zacks expected $2.25 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CTRA at https://www.zacks.com/ap/CTRA | https://www.myjournalcourier.com/business/article/Cabot-Q2-Earnings-Snapshot-17346329.php | 2022-08-02T21:50:12 | en | 0.952195 |
The HBCU Executive Leadership Institute at CAU Announces Its Accepting Applications for the 2023 Community of Fellows
ATLANTA , Aug. 2, 2022 /PRNewswire/ -- Today, Clark Atlanta University's (CAU) Executive Leadership Institute and higher education stakeholders announced that its accepting applications for the 2023 Community of Fellows for the HBCU Executive Leadership Institute (ELI) at CAU. Since its launch in 2021, HBCU ELI has seen an increase in the number of applications, including candidates from a variety of industries ranging from education and finance to marketing and law. The growth signifies the relevancy of ELI's curriculum amid the pandemic and included the most diverse executive leadership cohort in history.
The Executive Leadership Institute is a 12-month leadership development program at Clark Atlanta University. Through interactive learning sessions with ELI faculty and discussion with education practitioners, each will build networks and develop management and leadership skills for immediate application, with the goal of advancing equity in educational outcomes for all students.
Since 2021, more than one hundred and fifty candidates applied to join the prestigious group. Over 90% of whom have an existing HBCU affiliation as alums and or administrators. Each year, ELI selects 20-30 qualified candidates.
The groundbreaking initiative continues to serve as an incubator for recruiting and developing the future presidents of over 100 Historically Black Colleges and Universities (HBCUs). The first program of its kind, ELI is preserving and strengthening HBCUs as a hub for education, opportunity and uplift in the Black community. The effort is supported by multiple donors, including the Chan Zuckerberg Institute, ECMC, and the Rich Foundation, Bank of America, UMC, among others.
Since 2021, some of the following ELI fellows have accepted promotions/appointments:
- Dr. Rochelle Ford appointed President of Dillard University. Former Dean, School of Communications at Elon University
- Dr. Josiah Sampson, promoted to Vice President for Enrollment Management at Jackson State University
- Dr. Keith Hargrove appointed Provost & Sr. VP for Academic Affairs, Tuskegee University. Former Dean, College of Engineer, Tennessee State University.
- Dr. Kara Brown appointed Assistant Vice Chancellor for Student Affairs at University of Arkansas (UA) Little Rock. Former Dean of Student Life/Dean of Student Activities, UA Pine Bluff.
- Dr. Letizia Gambrell-Boone appointed Vice President for Student Affairs. Former Director, Research Initiative and Public Hearings.
- Dr. Zakiya Brown promoted to Vice President of Student Affairs and Enrollment Management at Lincoln University of Missouri. Former CSAO/Dean of Students, Title IX Coordinator and Chief Diversity Officer.
- Dr. Braque Talley promoted by Alabama A&M University (AAMU) named as its next Vice-President for Student Affairs. Former Vice Chancellor, University of Arkansas at Pine Bluff.
- Dr. Michael J. Self, Sr. selected as Provost and Vice President of Academic Affairs at Lincoln University of Missouri. Former Assistant Provost and Dean, Metropolitan State University
ELI's robust curriculum equips fellows with the tools and insights to effectively lead an HBCU. This includes operations, budgeting, alumni relations, fundraising and development, as well as board governance and human resource management. The new 2023 cohort will participate in both virtual and in-person classes to help better equip them to fill vacant HBCU presidencies and other executive leadership positions.
"HBCUs are critical to our macroeconomy as cognitive diversity is key to global innovation" said Dr. George T. French Jr., President of Clark Atlanta University. "Through the ELI at CAU, we've established a reputation as a premier pipeline for the next generation of higher education leaders who take a thoughtful, modern approach to education innovation."
The Executive Leadership Program leverages the expertise of outstanding practitioners, including members of the HBCU ELI Advisory Board and the Council of HBCU Past Presidents, each of whom partners with ELI faculty (current and past presidents) to bring their leadership experience into the program.
According to UNCF (7/2022), HBCUs account for just 3% of US higher education institutions yet educate 10% of all Black college students.; graduate 80% of Black judges, 50% of Black doctors, and 50% of Black lawyers in the US; and award 24% of all bachelor's degrees received by African Americans in science, technology, engineering and mathematics (STEM) fields.
"The first community of fellows learned and connected in a manner that is unprecedented for executive programs, largely in part to the work of our amazing leadership team," said Dr. Phyllis Worthy Dawkins, Executive Director of the HBCU ELI at CAU and former President of Bennett College. "This unique curriculum was designed specifically for HBCUs, and we look forward to seeing the fruits of our labor. HBCUs matter today — now more than ever."
The Institute is currently accepting highly qualified applications through October 19, 2022 for the class of 2023 ELI at CAU. For program updates visit https://www.cau.edu/school-of-education/HBCU-Executive-Leadership-Institute/index.html. Join the conversation on social media @hbcueli and #hbcueli.
ELI at CAU equips high-potential leaders with tools and strategies that support the education and business goals of more than 100 Historically Black Colleges and Universities (HBCUs). Through ELI at CAU, the ability of HBCUs to survive and thrive is improved. In addition to granting thousands of degrees each year, HBCUs also boast illustrious alumni like Martin Luther King, Jr., Oprah Winfrey, and Vice President Kamala Harris, among others. For more information, join the conversation on social media @hbcueli; #hbcueli.
Established in 1988 by the historic consolidation of Atlanta University (1865) and Clark College (1869), Clark Atlanta University continues a 150-year legacy rooted in African American tradition and focused on the future. Through global innovation, educational experiences, and high-value engagement, CAU cultivates lifted lives that transform the world. Notable alumni include: James Weldon Johnson; American civil rights activist, poet, and songwriter (Lift Every Voice and Sing "The Black National Anthem"; Ralph David Abernathy Sr., American civil rights activist; Congressman Hank Johnson, Georgia District 4; Kenya Barris, American award-winning television and movie producer; Kenny Leon, Tony Award-winning Broadway Director; Jacque Reid, Emmy Award-winning Television Personality and Journalist; Brandon Thompson, Vice President of Diversity and Inclusion for NASCAR; Valeisha Butterfield Jones, Chief Diversity and Inclusion Officer at the Recording Academy. To learn more about Clark Atlanta University, visit cau.edu.
Media Contacts:
Cecilia Cheeks for ELI
[email protected]
404-909-9540
Jolene Butts Freeman, for CAU
[email protected]
SOURCE Clark Atlanta University (CAU) Executive Leadership Institute | https://www.prnewswire.com/news-releases/the-hbcu-executive-leadership-institute-at-cau-announces-its-accepting-applications-for-the-2023-community-of-fellows-301598427.html | 2022-08-02T21:50:14 | en | 0.933713 |
MONMOUTH JUNCTION, N.J. (AP) _ CytoSorbents Corp. (CTSO) on Tuesday reported a loss of $10.9 million in its second quarter.
The Monmouth Junction, New Jersey-based company said it had a loss of 25 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 14 cents per share.
The blood purification therapy company posted revenue of $8.5 million in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $9.6 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CTSO at https://www.zacks.com/ap/CTSO | https://www.lakecountystar.com/business/article/CytoSorbents-Q2-Earnings-Snapshot-17346547.php | 2022-08-02T21:50:14 | en | 0.950359 |
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