text stringlengths 65 123k | url stringlengths 25 420 | crawl_date timestamp[us, tz=UTC]date 2022-04-01 01:00:57 2022-09-19 04:34:04 |
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...SMALL CRAFT ADVISORY NOW IN EFFECT UNTIL 6 AM HST TUESDAY...
* WHAT...East to northeast winds 20 to 25 kt. Up to 30 kt over the
Alenuihaha Channel. Seas 7 to 10 feet.
* WHERE...All Hawaiian Coastal Waters.
* WHEN...Until 6 AM HST Tuesday.
* IMPACTS...Conditions will be hazardous to small craft.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
Inexperienced mariners, especially those operating smaller
vessels, should avoid navigating in these conditions.
&&
HONOLULU (KITV4)- Fire at an apartment building in the Manoa area forced eight residents from their homes, sent one man to the hospital, and left a neighbor recovering from smoke inhalation.
Residents of the burned building tell KITV4 they've lost what cannot be replaced.
"My uncle passed away. We had one photo of him. He just passed away two years ago. And we always had the photo by the door. And we always like blessed his photo, watching him as we left. I didn't even remember about it until a minute ago. Like, 'Oh my god I lost that,'" said Sarah Hickey.
Hours after a fire ripped through the second floor of apartment complex on Varsity Place, Hickey is still brought to tears. The Honolulu Fire Department says the call came in at 10:53 a.m.
"The first unit arrived at 11:01 a.m. to find smoke and flames coming from the second story," said HFD Capt. Randall Lindsey.
Only nine minutes later, the second story started to collapse. So too did the hearts of those who once lived there. Two dogs did not make it out alive.
"I think what really hurts is the loss of our fur family. That's what is really difficult. But I'm glad everyone is safe," said displaced resident Don farmer.
Hickey herself had a scare when she was notified of the fire. A neighbor was concerned her brother was inside at the time.
"It was scary because I didn't know where he was. And I didn't know if he was a sleep at the time. So at the moment I was devastated thinking he might have been home. But luckily he wasn't," said Hickey.
There were no deaths, that's the good news. The bad news is the second floor is gutted by the fire, the first floor has water damage, and four families need a new place to sleep. They don't know what tomorrow brings.
"I'm just going to try and find a new apartment to live in. Luckily I have the support of neighbors and friends here, as well as my boyfriend. We're going to be OK for a few days as we try to get it together," said Hickey.
Meanwhile the Red Cross, a local church, and neighbors have stepped up to offer different kinds of support whether it was something to drink or a chair to sit and recover. But it's going to be an uphill battle after losing all their things, and pets. A GoFundMe account is being set up for the victims.
HFD investigators say an electrical arc from an outlet on the second floor caused this accidental fire, which caused an estimated $620,000 in damage.
Do you have a story idea? Email news tips to news@kitv.com | https://www.kitv.com/news/local/residents-react-after-fire-guts-manoa-apartment-complex-displacing-eight/article_453f94f4-c9f8-11ec-9648-cf3e2c567f0f.html | 2022-05-02T20:21:47Z |
A federal judge has decided to allow the House Select Committee investigating the Capitol Hill insurrection to obtain the Republican National Committee's marketing email data leading up to January 6, 2021.
The decision -- issued late Sunday night by Trump-appointed Judge Timothy Kelly of the DC District Court -- is a significant win for the House among many ongoing court fights in which investigators are still trying to gather details related to the pro-Trump effort to overturn the 2020 election.
In the 53-page opinion, Kelly signed off on the House committee's pursuits, while rejecting several arguments Republicans and witnesses from the Trump administration have tried to make in court claiming the panel wasn't properly comprised or appropriately seeking information.
"The RNC argues that the Select Committee lacks the proper authorization to wield investigative power on behalf of the House ... But for a few reasons, especially given the House's own reading of the authorizing resolution, the Court cannot agree," Kelly wrote.
He pointed out the significance of this case, calling it an "exceedingly rare spectacle of a congressional committee subpoenaing the records of one of our country's two major political parties."
The House panel will not obtain the Republican email marketing information immediately, however. Kelly is temporarily blocking the data from being turned over to the House until at least May 5.
Matt Raymer, the chief counsel for the RNC, said it will appeal the decision.
"While the RNC strongly disagrees with this ruling, our lawsuit compelled Nancy Pelosi's January 6th Committee to dramatically narrow the subpoena's scope," Raymer said. "Nancy Pelosi's attempted seizure of her political opponents' campaign strategy cannot be allowed to stand, and we appreciate Judge Kelly continuing to temporarily block the subpoena. The RNC will continue to fight for the Constitutional rights of Republicans across the country and will appeal this decision."
The House Select Committee first demanded data about the RNC's marketing emails in late February, and the RNC sued in March to block the handover of its information. The House investigators said they wanted to look at the back-end data related to hundreds of emails from the Trump campaign and the RNC to their supporters from November 3, 2020, to January 6, 2021, because the emails suggested the election results were fraudulent and asked for donations, according to court filings.
The House is trying to learn who worked on the email campaigns, how successful they were, and also how the marketing software company, Salesforce, reviewed and analyzed the pro-Trump rallies on January 5 and 6 and communicated with GOP officials, the court record says.
The judge noted the data, which is in Salesforce's hands, won't reveal major secrets of the Republican Party's internal workings to the Democratic-held House.
"House Defendants are not seeking, and Salesforce is not producing, any disaggregated information about any of the RNC's donors, volunteers, or email recipients, including any person's personally identifiable information. Moreover, even the RNC's own confidential information that is undeniably at issue is relatively narrow in scope," Kelly wrote.
The House Select Committee continues to pursue evidence and witnesses related to the events on and leading up to the riot. Democratic Rep. Bennie Thompson announced last week that the committee will hold eight hearings in June which will be a "mixture of some prime time and some regular" hearings.
Former President Donald Trump's former lawyer Rudy Giuliani is expected to appear before the committee this month after months of negations between lawmakers and the former New York mayor, sources familiar with the matter tell CNN.
This story has been updated with additional developments.
The-CNN-Wire
™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved. | https://www.kitv.com/news/national/judge-rules-january-6-committee-can-obtain-rnc-and-trump-campaign-email-data/article_b60be63b-169a-5b93-8f4e-6feb6b66a34c.html | 2022-05-02T20:21:53Z |
15-year-old who survived car crash because of seatbelt has ‘long road to recovery’
BEAVERTON Ore. (KPTV/Gray News) - A 15-year-old boy who survived a car crash that killed two high school students in Oregon has “a long road to recovery,” authorities say.
Two other Southridge High School students and a Washington County deputy are also making a recovery after the crash in Beaverton, according to KPTV.
Alecia Delarosa is the mother of Sky Korbut. She says she hugged him goodbye before heading to work the nightshift. She got the call that he had been in an accident a few hours later.
“I always like to tell my kids that I love them, and I’ll see them later as I’m going to work and to have a good night,” she said. “It’s just unreal. One minute your kid’s giving you a hug goodbye when you’re heading out to work and the next minute you have to come to the hospital. A parent’s worst nightmare to get that call.”
She was told her son had been severely injured but was alive because he was wearing his seatbelt.
“The impact was so hard that it actually punctured his intestines,” Delarosa said. “There was bleeding that had to be stopped and then once that was stopped, they had to reattach the intestines. That was the first surgery. Second surgery, he broke his back, lower back, had a fracture so now he has two plates in his spine.”
Delarosa says Sky also fractured a femur and has several broken ribs but is awake.
“He hears us, he can shake his head,” Delarosa said. “Right now, he has a tube down his throat so he can’t use his words. He’s under a lot of medication and a lot of pain going on, but he is able to communicate with us for a little bit. He blinks his eyes to let us know he loves us. He’s a tough kid. I know he’ll pull through, but I know it’s going to be a long road to recovery”
Sky’s family says he is outgoing, loves to be outdoors, and loves to hang out with his friends.
“Sky is really fun, caring, and is such a sweetheart,” Kristin Schwing, Sky’s sister-in-law, said. “Somebody who would every time he sees you would give you a hug.”
The family is thanking the community for the outpouring of support they have received. A GoFundMe has also been set up to help pay for medical expenses.
Copyright 2022 KPTV via Gray Media Group, Inc. All rights reserved. | https://www.whsv.com/2022/05/02/15-year-old-who-survived-car-crash-because-seatbelt-has-long-road-recovery/ | 2022-05-02T20:54:02Z |
Crocs launch cereal-themed collection
Published: May. 2, 2022 at 4:03 PM EDT|Updated: 50 minutes ago
(CNN) - There’s a new product for cereal lovers who want breakfast-themed footwear.
Crocs launched a new collection inspired by Cinnamon Toast Crunch, Cocoa Puffs, Honey Nut Cheerios and Trix.
The shoes are a collaboration between Crocs, General Mills, and Foot Locker, called the “Rise n’ Style” collection. They cost between $45-70 per pair.
Right now, only the Cinnamon Toast Crunch crocs are available in stores, but they should all be in stores by July.
Copyright 2022 CNN Newsource. All rights reserved. | https://www.whsv.com/2022/05/02/crocs-launch-cereal-themed-collection/ | 2022-05-02T20:54:08Z |
Legal Aid Justice offering advice to people facing eviction
CHARLOTTESVILLE, Va. (WVIR) - The Virginia Rent Relief Program has announced it will stop taking new applications on May 15.
Now, the Legal Aid Justice Center is trying to help people who may be facing eviction.
“The main thing we are trying to get out right now is you can still apply. Even though the application window is closing on May 15, doesn’t mean that if you already have a pending application you can’t get rental assistance, so we are telling people to apply for rental assistance through the Virginia Rent Relief Program as soon as they possibly can,” Victoria Horrock, senior supervising attorney at the Legal Aid Justice, said.
If you’re behind on rent, the organization urges you to apply for rent relief assistance immediately. If you have a court date, it’s crucial that you show up.
“The other thing that people can do is until the 30th of June, tenants of large landlords are still entitled to get into a repayment agreement for any back rent that they owe to their landlords. That’s another option for those tenants of bigger landlords who have more than four payments,” Horrock said.
LAJC also recommends saving any correspondence with your landlord, especially notices.
Copyright 2022 WVIR. All rights reserved.
Do you have a story idea? Send us your news tip here. | https://www.whsv.com/2022/05/02/legal-aid-justice-offering-advice-people-facing-eviction/ | 2022-05-02T20:54:15Z |
Man charged with murder after calling police to say he ‘may have killed his wife,’ authorities say
TULSA, Okla. (Gray News) – A man in Oklahoma was arrested and charged with first-degree murder after he called police and said he “may have killed his wife,” officials said.
According to the Tulsa Police Department, officers received the call from Charles Bradley early Monday morning.
When officers responded to the home, they found Bradley’s wife dead from gunshot wounds. Police said there were no signs of forced entry into the home.
Bradley was booked into Tulsa County Jail on a first-degree murder charge. According to jail records, he is being held without bond.
Bradley’s first court appearance is scheduled for Tuesday, jail records show.
Tulsa police said they are still investigating and cannot provide further details on the case right now.
Copyright 2022 Gray Media Group, Inc. All rights reserved. | https://www.whsv.com/2022/05/02/man-charged-with-murder-after-calling-police-say-he-may-have-killed-his-wife-authorities-say/ | 2022-05-02T20:54:21Z |
President Biden to tour Alabama weapons facility as he asks Congress to approve aid to Ukraine
President Biden will tour a Lockheed Martin facility in Troy, Alabama that produces weapons like anti-tank javelins that the United States has been sending to Ukraine.
WASHINGTON (Gray DC) - President Joe Biden plans to tour a Lockheed Martin facility in Troy, Alabama Tuesday.
The facility produces weapons such as anti-tank Javelins that the U.S. has been sending Ukraine. The visit comes as Biden asks Congress to approve a $33 billion aid package to Ukraine.
Pentagon spokesman John Kirby said sending more aid to Ukraine is important now because the war is moving to the country’s eastern region.
“It’s important now because the war is different now,”” Kirby said. “It’s in a different phase.”
Lockheed Martin sent this statement about the president’s visit: “We are excited for President Biden to meet our dedicated Pike County workforce and learn more about the important work we perform for the national security of our nation and allies.”
Kirby said you can see the impact of Javelins on the battlefield.
“You see these burned-out tanks. You’re probably looking at the result of a Javelin missile. And just the United States alone has provided more than 5,000 of these Javelins.
The office of Rep. Barry Moore (R-Ala.) sent this statement: “Rep. Moore has visited the facility and spoken firsthand with its employees about their impressive operations. He could not be more supportive of the invaluable work done in Pike County for the defense of our nation and allies.”
Leadership in both parties has signaled they will support a request for more aid to Ukraine.
“I think that it will pass,” Sen. John Cornyn (R-Texas) said. “The question is whatever, what else will go along with it. I think there’s a strong bipartisan support for the humanitarian relief and certainly the weapons the Ukrainians need.”
The White House expects President Biden to speak at Lockheed Martin at 1:45 p.m. CT Tuesday.
Copyright 2022 Gray DC. All rights reserved. | https://www.whsv.com/2022/05/02/president-biden-tour-alabama-weapons-facility-he-asks-congress-approve-aid-ukraine/ | 2022-05-02T20:54:28Z |
Push to arm Ukraine putting strain on US weapons stockpile
WASHINGTON (AP) — The planes take off almost daily from Dover Air Force Base in Delaware — hulking C-17s loaded up with Javelins, Stingers, howitzers and other material being hustled to Eastern Europe to resupply Ukraine’s military in its fight against Russia.
The game-changing impact of those arms is exactly what President Joe Biden hopes to spotlight as he visits a Lockheed Martin plant in Alabama on Tuesday that builds the portable Javelin anti-tank weapons that have played a crucial role in Ukraine.
But Biden’s visit is also drawing attention to a growing concern as the war drags on: Can the U.S. sustain the cadence of shipping vast amounts of arms to Ukraine while maintaining the healthy stockpile it may need if a new conflict erupts with North Korea, Iran or elsewhere?
The U.S. already has provided about 7,000 Javelins, including some that were delivered during the Trump administration, about one-third of its stockpile, to Ukraine, according to an analysis by Mark Cancian, a senior adviser with the Center for Strategic and International Studies international security program. The Biden administration says it has given about 5,500 to Ukraine since the Russian invasion more than two months ago.
Analysts also estimate that the United States has sent about one-quarter of its stockpile of shoulder-fired Stinger missiles to Ukraine. Raytheon Technologies CEO Greg Hayes told investors last week during a quarterly call that his company, which makes the weapons system, wouldn’t be able to ramp up production until next year due to parts shortages.
“Could this be a problem? The short answer is, ‘Probably, yes,’” said Cancian, a retired Marine colonel and former government specialist on Pentagon budget strategy, war funding and procurement.
He said that Stingers and Javelins were where “we’re seeing the most significant inventory issues,” and production of both weapons systems has been limited in recent years.
The Russian invasion offers the U.S. and European defense industry a big opportunity to bolster profits as lawmakers from Washington to Warsaw are primed to increase defense spending in response to Russian aggression. Defense contractors, however, face the same supply chain and labor shortage challenges that other manufacturers are facing, along with some others that are specific to the industry.
Military spending by the U.S. and around the world was rising even before Russia’s Feb. 24 invasion. Biden’s proposed 2023 budget sought $773 billion for the Pentagon, an annual increase of about 4%.
Globally, total military spending rose 0.7% to more than $2 trillion for the first time in 2021, according to an April report from the Stockholm International Peace Research Institute. Russia ranked fifth, as its spending on weapons increased ahead of its invasion of Ukraine.
The war will mean increased sales for some defense contractors, including Raytheon, which makes the Stinger missiles Ukrainian troops have used to knock out Russian aircraft. The company is also part of a joint venture with Lockheed Martin that makes the Javelins.
Biden will visit Lockheed Martin’s facility in Troy, Ala., which has the capacity to manufacture about 2,100 Javelins per year. The trip comes as he presses Congress to quickly approve his request for an additional $33 billion in security and economic assistance for Kyiv.
The president is expected to use his remarks to highlight the importance of the Javelins and other U.S. weaponry in helping Ukraine’s military put up a vigorous fight as he makes the case to keep security and economic assistance flowing.
A White House official, who was not authorized to comment publicly and requested anonymity, said the Pentagon is working with defense contractors “to evaluate the health of weapons systems’ production lines and examine bottlenecks in every component and step of the manufacturing process.” The administration is also considering a range of options, if needed, to boost production of both Javelin and Stingers, the official said.
White House press secretary Jen Psaki said Monday that defense officials have determined that the weapons transfers have not impacted military readiness. Still, the administration has included funding in the Ukraine supplemental bill Biden introduced last week to replenish U.S. inventories of depleted weapon stockpiles.
Psaki added that Biden would also use the visit to the Javelin plant to press Congress to pass an innovation and competition bill to boost the semiconductor industry.
“Each Javelin missile requires more than 200 semiconductors to make, and boosting domestic chip manufacturing isn’t just critical to making more in America or lowering prices, it’s also a vital component of our national security,” Psaki said.
Cancian, the former government specialist on defense budget strategy, said the fact that Stingers and Javelins were not included in the most recent tranche of weapons the Biden administration announced it was sending to Ukraine could be a sign that Pentagon officials are mindful about inventory as they conduct contingency planning for other possible conflicts.
“There’s no question that whatever war plan they’re looking at there is risk associated with the depleting levels of Stingers and Javelins, and I’m sure that they’re having that discussion at the Pentagon,” he said.
The U.S. military effort to move weaponry to Eastern Europe for Ukraine’s fight has been Herculean. From Dover Air Base in Delaware, U.S. airmen have carried out nearly 70 missions to deliver some 7 million pounds of Javelins, Stingers, 155mm howitzers, helmets and other essentials to Eastern Europe since February. Col. Matt Husemann, commander of the 436th Airlift Wing, described the mission as a “whole of government approach that’s delivering hope.”
“It is awesome,” said Husemann, after providing AP with a recent tour of the airlift operation.
The lightweight but lethal Javelin has helped the Ukrainians inflict major damage on Russia’s larger and better-equipped military. As a result, the weapon has gained almost mythic regard, celebrated with a Javelin song and images of Mary Magdalene carrying a Javelin becoming a meme in Ukraine.
Lockheed Martin CEO James Taiclet said in a recent CNBC interview that demand for the Javelin and other weapon systems would increase broadly over time because of the Russian invasion. He said the company was working “to get our supply chain ramped up.”
“We have the ability to meet current production demands, are investing in increased capacity and are exploring ways to further increase production as needed,” Lockheed Martin said in a statement.
Pentagon officials recently sat down with some of the leading defense contractors, including Lockheed Martin, Raytheon, Boeing, General Dynamics, BAE Systems and Northrop Grumman to discuss efforts to ramp up production.
The big defense contractors face some serious challenges.
Raytheon, for example, can’t simply crank out Stingers to replace the 1,400 that the U.S. sent to Ukraine. Hayes, the Raytheon CEO, said in a recent conference call with analysts that the company has only limited supplies of components to make the missile. Only one undisclosed country has been buying them in recent years, and the Pentagon hasn’t bought any new ones in nearly 20 years.
Sanctions further complicate the picture. Companies must find new sources of important raw materials such as titanium, a crucial component in aerospace manufacturing that is produced in Russia.
Concerns about the Stinger stockpile have been raised by House Armed Services Committee chairman Rep. Adam Smith, D-Wash., and the top Republican on the committee, Rep. Mike Rogers of Alabama. The two in March wrote to Defense Secretary Lloyd Austin and Chairman of the Joint Chiefs of Staff Mark Milley, describing the stockpile issue as one of “urgency.”
Rogers said he remains concerned that the matter hasn’t been properly addressed.
“I’ve been asking the DoD for almost two months for a plan to replenish our Stinger stockpile as well as our Javelin launch units,” Rogers said. “I worry that without a readily available replacement or fully active production lines, we could leave Ukraine and our NATO allies in a vulnerable position.”
With about 600 employees and contract workers, the nearly 30-year-old Alabama plant Biden will visit is one of the largest employers in Pike County, home to Troy University and the birthplace of the late Rep. John Lewis of Georgia.
The factory began attracting attention soon after Russia’s invasion because of images shared on social media that showed Javelin missile tubes emblazoned with “TROY, AL” stockpiled for use by Ukrainian forces.
“We want the last thing Putin ever reads to be ‘Made in Alabama,’” Gov. Kay Ivey’s office said in a message shared on social media.
___
Reeves reported from Birmingham, Ala., and Huff from Dover Air Force Base, Delaware.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/05/02/push-arm-ukraine-putting-strain-us-weapons-stockpile/ | 2022-05-02T20:54:35Z |
VSP: Man shot, killed while eviction notice was served
PETERSBURG, Va. (WWBT) - Virginia State Police are investigating after a man was shot and killed while a sheriff’s deputy was serving an eviction notice in Petersburg.
Around 11 a.m. on May 2, a Petersburg Sheriff’s Deputy went with a landlord to serve an eviction notice to a person living at a home along Grant Avenue.
While there, the deputy asked for help from Petersburg police.
When officers and the deputy went into the home, they found the man living, there with a shotgun.
“As the law enforcement personnel engaged with the male, the shotgun was discharged, and the adult male was shot,” VSP said in a release.
The man died at the scene.
No officers were hurt, and no one else was inside the home at the time of the shooting.
Copyright 2022 WWBT. All rights reserved.
Want NBC12’s top stories in your inbox each morning? Subscribe here. | https://www.whsv.com/2022/05/02/vsp-man-shot-killed-while-eviction-notice-was-served/ | 2022-05-02T20:54:42Z |
WATCH: Man accused of trying to abduct student at bus stop
AKRON, Ohio (WOIO/Gray News) – Officers with the Akron Police Department arrested a man accused of trying to abduct a student waiting at a bus stop.
Da Aron Jackson, 29, was charged with abduction and taken to the Summit County Jail, according to police.
WOIO reports the attempted kidnapping happened around 6:25 a.m. Friday at a city bus stop.
Police say the 16-year-old girl explained she was on her way to school when Jackson approached her.
She told police Jackson walked around near her, trying to start a conversation before grabbing her from behind and trying to pull her in the direction of his vehicle, which was parked around the corner.
Akron police said the girl held onto a chain-link fence and broke free of Jackson’s grasp.
Jackson initially left with the girl’s cellphone but threw it back to her before driving away, according to police.
A spokesperson with the Ohio Department of Rehabilitation and Correction said Jackson had been released from prison just three days prior.
According to the ODRC spokesperson, Jackson was behind bars from Dec. 2013 to Sept. 2017 for an aggravated robbery conviction.
In September of 2021, he was sent back to prison for a post-release control sanction, the spokesperson said, and served the maximum amount of time allowed before being released on April 24, 2022.
Copyright 2022 WOIO via Gray Media Group, Inc. All rights reserved. | https://www.whsv.com/2022/05/02/watch-man-accused-trying-abduct-student-bus-stop/ | 2022-05-02T20:54:48Z |
SAN ANTONIO, May 2, 2022 /PRNewswire/ -- After being all-digital in 2021 due to COVID concerns, the Modular Building Institute's (MBI's) 2022 World of Modular conference and tradeshow returned in grand fashion and attracted over 1,000 in-person and digital attendees from more than 20 countries.
The modular building industry's largest and longest-running event drew modular construction professionals from around the world to network, exchange ideas, learn from experts, discuss issues, and receive well-deserved recognition at the La Cantera Resort & Spa in San Antonio, Texas.
The event featured more than 50 breakout sessions focused on a range of topics such as manufacturing efficiencies; emergency preparedness; engineering and design of modular buildings; legal, insurance, and regulatory issues; case studies; and business development topics. A digital experience was also offered for those who could not travel.
"It's been spectacular," says Mike Wilmot, president and founder of Wilmot Modular and newly-elected chair of MBI's board of directors. "We've seen so many industry experts. The industry is changing greatly and I believe that we're going to be able to do wonderful things. Great, great convention and wonderful people!"
"World of Modular has been great, says Krzysztof Droszcz, founder and owner of Poland-based iQ Module. "The perfect place to be. We've refreshed a lot of friendships and started professional relationships with some new companies as well. We have achieved exactly what we have come for. It's been great."
In addition to the breakout sessions, three keynote addresses were given featuring economic trends expert and industry-favorite Anirban Basu, nationally-recognized branding and workforce trends expert Karen McCullough, and Matt Smith, business development director at Factory_OS.
The World of Modular exhibit hall, one of the event's central attractions, was busier than ever.
"The exhibit hall was an amazing experience," says Krista Short, director of marketing for Falcon Structures. "It was a packed hall, well attended. I think anyone who was exhibiting there got to talk to a plethora of people that are going to benefit their business."
MBI recognized Andy Berube, vice president of Stack Modular, as Volunteer of the Year for his long-standing commitment to the industry and his reliable service as part of MBI's public relations committee.
Mike Rhodes, founder of Silver Creek Industries, was awarded the Outstanding Achievement Award which recognizes an individual's commitment to MBI and the commercial modular building industry.
MBI also inducted Ralph Tavares, founder of R&S Tavares Associates, into its Hall of Fame for his decades of service to the modular construction industry.
The Awards of Distinction contest highlighted over 140 modular projects with winning entries from the U.S., Canada, China, Brazil, Chile, Poland, and Australia.
Plans are already underway for next year's World of Modular conference to be held at the Bellagio Hotel in Las Vegas, Nevada, from March 29 through April 1, 2023. The 2023 event will also celebrate MBI's 40th anniversary.
"The 2023 World of Modular is going to be like nothing else," says MBI marketing director John McMullen. "I can't wait."
The Modular Building Institute (MBI) is the international non-profit trade association serving the commercial modular construction industry for over thirty-five years. As the Voice of Commercial Modular Construction™, MBI promotes the advantages of modular construction while advocating for the removal of barriers that limit growth opportunities. Through its long-standing relationships with member companies, policy makers, developers, architects, and contractors, MBI is the trusted source of information for the commercial modular construction industry. For more information on MBI and World of Modular, please visit its website: http://modular.org/
Media Contact:
John McMullen
mcmullen@modular.org
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SOURCE Modular Building Institute | https://www.whsv.com/prnewswire/2022/05/02/2022-world-modular-returns-spectacular-success/ | 2022-05-02T20:54:54Z |
COMPARES TO QUESTION ASKED 10 YEARS AGO
HILLSBOROUGH, N.C., May 2, 2022 /PRNewswire/ -- Adam & Eve and adameve.com, America's most trusted source for adult products, are back with the latest statistics from an all-new survey that compares results to the same question they asked 10 years ago: What's your favorite sex position? And the answers may surprise you.
While much has changed over the past 10 years, most adults still prefer the good old missionary position when it comes to lovemaking. In 2011, 32% of the respondents preferred missionary while 23% of 2021's respondents did. Rear entry or doggy was chosen by 23% of those polled in 2011 and 18% of respondents in 2021. Cowgirl, or female on top, was preferred by 22% of the respondents in 2011 and 12% of those polled in 2021. The spooning or side-by-side position was preferred by 6% in 2011 and 2% in 2021, and reverse cowgirl was preferred by 4% of respondents in both 2011 and 2021.
Dr. Jenni Skyler, resident sexologist at Adam & Eve, sees these numbers as a reflection of our current times. "During periods of stress or uncertainty, many people tend to cling to what they know," Skyler says. "They find comfort in the 'tried and true,' and that corresponds to lovemaking as well. It's no surprise that most couples prefer missionary – which allows face-to-face intimacy – over more acrobatic or distant positions."
Chad Davis, Marketing Director for Adam & Eve, adds, "When it comes to sex, Adam & Eve offers a wide variety of products to enhance any position, including pillows, lubricants and toys."
The web-based survey, conducted by an independent third party survey company, of over 1,000 American adults age 18 and up, was sponsored by Adam & Eve to study sexual preferences and practices.
For more information about Adam & Eve, visit their website, https://www.adameve.com. For additional information on Adam & Eve, please contact Adam & Eve Director of Public Relations Katy Zvolerin at 919.644.8100 x 3121 or katy@adameve.com.
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SOURCE adameve.com | https://www.whsv.com/prnewswire/2022/05/02/adamevecom-asks-whats-your-favorite-sex-position/ | 2022-05-02T20:55:01Z |
BETHESDA, Md., May 2, 2022 /PRNewswire/ -- AGNC Investment Corp. ("AGNC" or the "Company") (Nasdaq: AGNC) today announced financial results for the quarter ended March 31, 2022.
FIRST QUARTER 2022 FINANCIAL HIGHLIGHTS
- $(2.23) comprehensive loss per common share, comprised of:
- $0.72 net spread and dollar roll income per common share, excluding estimated "catch-up" premium amortization benefit 1
- $13.12 tangible net book value per common share as of March 31, 2022
- $0.36 dividends declared per common share for the first quarter
- -14.4% economic return on tangible common equity for the quarter
OTHER FIRST QUARTER HIGHLIGHTS
- $68.6 billion investment portfolio as of March 31, 2022, comprised of:
- 7.5x tangible net book value "at risk" leverage as of March 31, 2022
- Cash and unencumbered Agency MBS totaled approximately $3.5 billion as of March 31, 2022
- 7.9% average projected portfolio life CPR as of March 31, 2022
- 2.19% annualized net interest spread and TBA dollar roll income for the quarter, excluding estimated "catch-up" premium amortization benefit
MANAGEMENT REMARKS
"The investment environment was very challenging in the first quarter as the market faced elevated geopolitical risk, growing inflation concerns, and the expectation of significantly tighter monetary policy," said Peter Federico, the Company's President and Chief Executive Officer. "Against this backdrop, interest rates repriced materially higher, the yield curve flattened, and fixed income spreads widened. These conditions led to a risk-off sentiment that pressured equity markets and caused unprecedented price declines across fixed income markets as evidenced by the Bloomberg Aggregate Bond Index, the broadest fixed income market measure, posting its worst quarterly performance in more than 40 years.
"Major monetary policy transitions are always difficult for fixed income markets. This is especially true for the Agency MBS market given its unique role in monetary policy and the overall economy. Concerns associated with the Federal Reserve's balance sheet normalization drove Agency MBS spreads significantly wider during the quarter relative to swap and treasury hedges and were the primary driver of AGNC's -14.4% economic return for the quarter.
"Following the very significant repricing of Agency MBS over the last two quarters, we now believe that levered returns on many segments of the Agency MBS market are attractive on both an absolute and relative basis and adequately compensate investors for the risks associated with the current environment. While it is possible that Agency MBS could experience additional valuation declines due to the reduced Fed presence and seasonal new mortgage originations, such weakness would further enhance projected returns on new investments.
"As we have discussed in prior quarters, although the underperformance of Agency MBS has negatively impacted our tangible net book value in the short-run, it has significantly improved our investment outlook on our existing and new Agency MBS investments. We believe this improved outlook, combined with our portfolio positioning and attractive dividend, makes AGNC a compelling long-term investment opportunity."
"AGNC generated strong net spread and dollar roll income, excluding 'catch-up' premium amortization, of $0.72 per common share in the first quarter of 2022," stated Bernice Bell, the Company's Executive Vice President and Chief Financial Officer. "Importantly, despite the decline in tangible book value, AGNC continued to maintain a relatively conservative tangible net book value 'at risk' leverage position of 7.5x and increased our hedge ratio to 121% of our funding liabilities. Together, these factors position AGNC to benefit from wider mortgage spreads that we believe ultimately create a more favorable environment for levered Agency MBS investors."
TANGIBLE NET BOOK VALUE PER COMMON SHARE
As of March 31, 2022, the Company's tangible net book value per common share was $13.12 per share, a decrease of -16.7% for the quarter compared to $15.75 per share as of December 31, 2021. The Company's tangible net book value per common share excludes $526 million, or approximately $1.01 per share, of goodwill as of March 31, 2022 and December 31, 2021.
INVESTMENT PORTFOLIO
As of March 31, 2022, the Company's investment portfolio totaled $68.6 billion, comprised of:
- $66.9 billion of Agency MBS and TBA securities, including:
- $43.3 billion 30-year MBS,
- $19.3 billion 30-year TBA securities,
- $2.1 billion 15-year MBS,
- $0.2 billion 15-year TBA securities, and
- $1.7 billion 20-year MBS; and
- $1.7 billion of CRT and non-Agency securities.
As of March 31, 2022, 30-year and 15-year fixed-rate Agency MBS and TBA securities represented 91% and 3%, respectively, of the Company's investment portfolio, compared to 89% and 6%, respectively, as of December 31, 2021. The Company's TBA position is net of short TBA securities held as of the reporting date.
As of March 31, 2022, the Company's fixed-rate Agency MBS and TBA securities' weighted average coupon was 3.20%, compared to 2.84% as of December 31, 2021, comprised of the following weighted average coupons:
- 3.21% for 30-year fixed-rate securities;
- 3.27% for 15-year fixed rate securities; and
- 2.51% for 20-year fixed-rate securities.
The Company accounts for TBA securities and other forward settling securities as derivative instruments and recognizes TBA dollar roll income in other gain (loss), net on the Company's financial statements. As of March 31, 2022, such positions had a fair value of $19.5 billion and a GAAP net carrying value of $(609) million reported in derivative assets/(liabilities) on the Company's balance sheet, compared to $27.6 billion and $(44) million, respectively, as of December 31, 2021.
CONSTANT PREPAYMENT RATES
The Company's weighted average projected CPR for the remaining life of its Agency securities held as of March 31, 2022 decreased to 7.9% from 10.9% as of December 31, 2021. The Company's weighted average CPR for the first quarter was of 14.5%, compared to 18.6% for the prior quarter.
The weighted average cost basis of the Company's investment portfolio was 103.7% of par value as of March 31, 2022. The Company's investment portfolio generated a net premium amortization benefit of $78 million, or $0.15 per common share, for the first quarter, which includes a "catch-up" premium amortization benefit of $159 million, or $0.30 per common share, due to a decrease in the Company's CPR projections for certain securities acquired prior to the first quarter. This compares to net premium amortization cost for the prior quarter of $(138) million, or $(0.26) per common share, including "catch-up" premium amortization cost of $(44) million, or $(0.08) per common share.
ASSET YIELDS, COST OF FUNDS AND NET INTEREST RATE SPREAD
The Company's average asset yield on its investment portfolio, excluding the TBA position, was 3.55% for the first quarter, compared to 1.98% for the prior quarter. Excluding "catch-up" premium amortization, the Company's average asset yield was 2.36% for the first quarter, compared to 2.31% for the prior quarter. Including the TBA position and excluding "catch-up" premium amortization, the Company's average asset yield for the first quarter was 2.28%, compared to 2.13% for the prior quarter.
For the first quarter, the weighted average interest rate on the Company's repurchase agreements was 0.23%, compared to 0.12% for the prior quarter. For the first quarter, the Company's TBA position had an implied financing benefit of -0.49%, compared to a benefit of -0.46% for the prior quarter. Inclusive of interest rate swaps, the Company's combined weighted average cost of funds for the first quarter was a net cost of 0.09%, compared to a net benefit of -0.02% for the prior quarter.
The Company's annualized net interest spread, including the TBA position and interest rate swaps and excluding "catch-up" premium amortization, for the first quarter was 2.19%, compared to 2.15% for the prior quarter.
NET SPREAD AND DOLLAR ROLL INCOME
The Company recognized net spread and dollar roll income (a non-GAAP financial measure) for the first quarter of $0.72 per common share, excluding $0.30 per common share of "catch-up" premium amortization benefit, compared to $0.75 per common share for the prior quarter, excluding (0.08) per common share of "catch-up" premium amortization cost.
A reconciliation of the Company's net interest income to net spread and dollar roll income and additional information regarding the Company's use of non-GAAP measures are included later in this release.
LEVERAGE
As of March 31, 2022, $44.0 billion of repurchase agreements, $20.2 billion of net TBA dollar roll positions (at cost) and $0.1 billion of other debt were used to fund the Company's investment portfolio. The remainder, or approximately $0.7 billion, of the Company's repurchase agreements was used to fund purchases of U.S. Treasury securities ("U.S. Treasury repo") and is not included in the Company's leverage measurements. Inclusive of its TBA position and net payable/(receivable) for unsettled investment securities, the Company's tangible net book value "at risk" leverage ratio was 7.5x as of March 31, 2022, compared to 7.7x as of December 31, 2021. The Company's average "at risk" leverage for the first quarter was 7.8x tangible net book value, compared to 7.6x for the prior quarter.
As of March 31, 2022, the Company's repurchase agreements had a weighted average interest rate of 0.37%, compared to 0.15% as of December 31, 2021, and a weighted average remaining maturity of 64 days, compared to 63 days as of December 31, 2021. As of March 31, 2022, $18.9 billion, or 43%, of the Company's repurchase agreements were funded through the Company's captive broker-dealer subsidiary, Bethesda Securities, LLC.
As of March 31, 2022, the Company's repurchase agreements had remaining maturities of:
- $34.7 billion of three months or less;
- $6.8 billion from three to six months;
- $1.9 billion from six to twelve months; and
- $0.8 billion of greater than twelve months.
HEDGING ACTIVITIES
As of March 31, 2022, interest rate swaps, swaptions and U.S. Treasury positions equaled 121% of the Company's outstanding balance of repurchase agreements, TBA position and other debt, compared to 101% as of December 31, 2021.
As of March 31, 2022, the Company's interest rate swap position totaled $51.1 billion in notional amount, compared to $51.2 billion as of December 31, 2021. As of March 31, 2022, the Company's interest rate swap portfolio had an average fixed pay rate of 0.26%, an average receive rate of 0.30% and an average maturity of 4.0 years, compared to 0.20%, 0.05% and 4.0 years, respectively, as of December 31, 2021. As of March 31, 2022, 79% and 21% of the Company's interest rate swap portfolio were linked to the Secured Overnight Financing Rate ("SOFR") and Overnight Index Swap Rate ("OIS"), respectively.
As of March 31, 2022, the Company had payer swaptions outstanding totaling $10.3 billion, compared to $13.0 billion as of December 31, 2021. As of March 31, 2022, the Company had net short U.S. Treasury positions outstanding totaling $16.2 billion, compared to $11.2 billion as of December 31, 2021.
OTHER GAIN (LOSS), NET
For the first quarter, the Company recorded a net loss of $(1,078) million in other gain (loss), net, or $(2.06) per common share, compared to a net loss of $(254) million, or $(0.48) per common share, for the prior quarter. Other gain (loss), net for the first quarter was comprised of:
- $(342) million of net realized losses on sales of investment securities;
- $(2,532) million of net unrealized losses on investment securities measured at fair value through net income;
- $(18) million of interest rate swap periodic costs;
- $1,975 million of net gains on interest rate swaps;
- $363 million of net gains on interest rate swaptions;
- $747 million of net gains on U.S. Treasury positions;
- $152 million of TBA dollar roll income;
- $(1,386) million of net mark-to-market losses on TBA securities; and
- $(37) million of other miscellaneous losses.
OTHER COMPREHENSIVE LOSS
During the first quarter, the Company recorded other comprehensive loss of $(491) million, or $(0.94) per common share, consisting of net unrealized losses on the Company's Agency securities recognized through OCI, compared to $(110) million, or $(0.21) per common share, of other comprehensive loss for the prior quarter.
COMMON STOCK DIVIDENDS
During the first quarter, the Company declared dividends of $0.12 per share to common stockholders of record as of January 31, February 28, and March 31, 2022, totaling $0.36 per share for the quarter. Since its May 2008 initial public offering through the first quarter of 2022, the Company has declared a total of $11.4 billion in common stock dividends, or $44.68 per common share.
FINANCIAL STATEMENTS, OPERATING PERFORMANCE AND PORTFOLIO STATISTICS
The following measures of operating performance include net spread and dollar roll income; net spread and dollar roll income, excluding "catch-up" premium amortization; economic interest income; economic interest expense; estimated taxable income; and the related per common share measures and financial metrics derived from such information, which are non-GAAP financial measures. Please refer to "Use of Non-GAAP Financial Information" later in this release for further discussion of non-GAAP measures.
*Except as noted below, average numbers for each period are weighted based on days on the Company's books and records. All percentages are annualized, unless otherwise noted.
Numbers in financial tables may not total due to rounding.
- Tangible net book value per common share excludes preferred stock liquidation preference and goodwill.
- Table includes non-GAAP financial measures and/or amounts derived from non-GAAP measures. Refer to "Use of Non-GAAP Financial Information" for additional discussion of non-GAAP financial measures.
- Amount reported in gain (loss) on derivatives instruments and other securities, net in the accompanying consolidated statements of operations.
- Dollar roll income represents the price differential, or "price drop," between the TBA price for current month settlement versus the TBA price for forward month settlement. Amount includes dollar roll income (loss) on long and short TBA securities. Amount excludes TBA mark-to-market adjustments.
- The implied funding cost/benefit of TBA dollar roll transactions is determined using the "price drop" (Note 4) and market based assumptions regarding the "cheapest-to-deliver" collateral that can be delivered to satisfy the TBA contract, such as the anticipated collateral's weighted average coupon, weighted average maturity and projected 1-month CPR. The average implied funding cost/benefit for all TBA transactions is weighted based on the Company's daily average TBA balance outstanding for the period.
- The average implied asset yield for TBA dollar roll transactions is extrapolated by adding the average TBA implied funding cost (Note 5) to the net dollar roll yield. The net dollar roll yield is calculated by dividing dollar roll income (Note 4) by the average net TBA balance (cost basis) outstanding for the period.
- Amount calculated on a weighted average basis based on average balances outstanding during the period and their respective asset yield/funding cost.
- Represents periodic interest rate swap settlements. Amount excludes interest rate swap termination fees and mark-to-market adjustments.
- Cost of funds excludes other supplemental hedges used to hedge a portion of the Company's interest rate risk (such as swaptions and U.S. Treasury positions) and U.S. Treasury repurchase agreements.
- Represents interest rate swap periodic cost measured as a percent of total mortgage funding (Agency repurchase agreements, other debt and net TBA securities).
- "Catch-up" premium amortization cost/benefit is reported in interest income on the accompanying consolidated statements of operations.
- Investment securities include Agency MBS, CRT and non-Agency securities. Amounts exclude TBA and forward settling securities.
- Average repurchase agreements and other debt excludes U.S. Treasury repurchase agreements.
- Average stockholders' equity calculated as the average month-ended stockholders' equity during the quarter.
- Average tangible net book value "at risk" leverage during the period was calculated by dividing the sum of the daily weighted average Agency repurchase agreements, other debt, and TBA and forward settling securities (at cost) outstanding for the period by the sum of average stockholders' equity adjusted to exclude goodwill. Leverage excludes U.S. Treasury repurchase agreements.
- Tangible net book value "at risk" leverage as of period end was calculated by dividing the sum of the amount outstanding under repurchase agreements, other debt, net TBA position and forward settling securities (at cost), and net receivable / payable for unsettled investment securities outstanding by the sum of total stockholders' equity adjusted to exclude goodwill. Leverage excludes U.S. Treasury repurchase agreements.
- Average TBA coupon is for the long TBA position only.
- Includes forward starting swaps not yet in effect as of reported period-end.
- Economic return (loss) on tangible common equity represents the sum of the change in tangible net book value per common share and dividends declared on common stock during the period over the beginning tangible net book value per common share.
- Includes net TBA dollar roll position and, if applicable, forward settling securities.
STOCKHOLDER CALL
AGNC invites stockholders, prospective stockholders and analysts to attend the AGNC stockholder call on May 3, 2022 at 8:30 am ET. Interested persons who do not plan on asking a question and have internet access are encouraged to utilize the free webcast at www.AGNC.com. Those who plan on participating in the Q&A or do not have internet available may access the call by dialing (877) 300-5922 (U.S. domestic) or (412) 902-6621 (international). Please advise the operator you are dialing in for the AGNC Investment Corp. stockholder call.
A slide presentation will accompany the call and will be available at www.AGNC.com. Select the Q1 2022 Earnings Presentation link to download and print the presentation in advance of the stockholder call.
An archived audio of the stockholder call combined with the slide presentation will be available on the AGNC website after the call on May 3, 2022. In addition, there will be a phone recording available one hour after the call on May 3, 2022 through May 10, 2022. Those who are interested in hearing the recording of the presentation, can access it by dialing (877) 344-7529 (U.S. domestic) or (412) 317-0088 (international), passcode 9845693.
For further information, please contact Investor Relations at (301) 968-9300 or IR@AGNC.com.
ABOUT AGNC INVESTMENT CORP.
AGNC Investment Corp. is an internally-managed real estate investment trust ("REIT") that invests primarily in residential mortgage-backed securities for which the principal and interest payments are guaranteed by a U.S. Government-sponsored enterprise or a U.S. Government agency. For further information, please refer to www.AGNC.com.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements or from our historic performance due to a variety of important factors, including, without limitation, changes in interest rates, changes in MBS spreads to benchmark interest rates, changes in the yield curve, changes in prepayment rates, the availability and terms of financing, changes in the market value of the Company's assets, general economic or market conditions, and conditions in the market for Agency securities, any of which may be materially impacted by changes in the Federal Reserve's bond buying program, approaches to address the size of its bond portfolio or its monetary policy, and legislative and regulatory changes that could adversely affect the business of the Company. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements, are included in the Company's periodic reports filed with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. The Company disclaims any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise.
USE OF NON-GAAP FINANCIAL INFORMATION
In addition to the results presented in accordance with GAAP, the Company's results of operations discussed in this release include certain non-GAAP financial information, including "net spread and dollar roll income," "net spread and dollar roll income, excluding 'catch-up' premium amortization," "economic interest income" and "economic interest expense" (both components of "net spread and dollar roll income"), "estimated taxable income" and the related per common share measures and certain financial metrics derived from such non-GAAP information, such as "cost of funds" and "net interest spread."
"Net spread and dollar roll income" is measured as (i) net interest income (GAAP measure) adjusted to include TBA dollar roll income, interest rate swap periodic cost and other interest and dividend income (referred to as "adjusted net interest and dollar roll income") less (ii) total operating expense (GAAP measure). "Net spread and dollar roll income, excluding 'catch-up' premium amortization," further excludes retrospective "catch-up" adjustments to premium amortization cost due to changes in projected CPR estimates.
By providing users of the Company's financial information with such measures in addition to the related GAAP measures, the Company believes users will have greater transparency into the information used by the Company's management in its financial and operational decision-making. The Company also believes that it is important for users of its financial information to consider information related to the Company's current financial performance without the effects of certain transactions that are not necessarily indicative of its current investment portfolio performance and operations.
Specifically, in the case of "adjusted net interest and dollar roll income," the Company believes the inclusion of TBA dollar roll income is meaningful as TBAs, which are accounted for under GAAP as derivative instruments with gains and losses recognized in other gain (loss) in the Company's statement of operations, are economically equivalent to holding and financing generic Agency MBS using short-term repurchase agreements. Similarly, the Company believes that the inclusion of periodic interest rate swap settlements in such measure, which are recognized under GAAP in other gain (loss), is meaningful as interest rate swaps are the primary instrument the Company uses to economically hedge against fluctuations in the Company's borrowing costs and inclusion of periodic interest rate swap settlements is more indicative of the Company's total cost of funds than interest expense alone. In the case of "net spread and dollar roll income, excluding 'catch-up' premium amortization," the Company believes the exclusion of "catch-up" adjustments to premium amortization cost is meaningful as it excludes the cumulative effect from prior reporting periods due to current changes in future prepayment expectations and, therefore, exclusion of such "catch-up" cost or benefit is more indicative of the current earnings potential of the Company's investment portfolio. In the case of estimated taxable income (loss), the Company believes it is meaningful information as it is directly related to the amount of dividends the Company is required to distribute in order to maintain its REIT qualification status.
However, because such measures are incomplete measures of the Company's financial performance and involve differences from results computed in accordance with GAAP, they should be considered as supplementary to, and not as a substitute for, results computed in accordance with GAAP. In addition, because not all companies use identical calculations, the Company's presentation of such non-GAAP measures may not be comparable to other similarly-titled measures of other companies. Furthermore, estimated taxable income can include certain information that is subject to potential adjustments up to the time of filing the Company's income tax returns, which occurs after the end of its fiscal year.
A reconciliation of GAAP net interest income to non-GAAP "net spread and dollar roll income, excluding 'catch-up' premium amortization" and a reconciliation of GAAP net income to non-GAAP "estimated taxable income" is included in this release.
CONTACT:
Investors - (301) 968-9300
Media - (301) 968-9303
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SOURCE AGNC Investment Corp. | https://www.whsv.com/prnewswire/2022/05/02/agnc-investment-corp-announces-first-quarter-2022-financial-results/ | 2022-05-02T20:55:08Z |
– Abstract on Rett syndrome treatment through X-reactivation receives Excellence in Research Award –
– Updated preclinical safety and efficacy data will be presented for ACTX-401, a gene replacement therapy currently in a Phase 1/2 study for the treatment of IGHMBP2-related disorders –
LOWELL, Mass., May 2, 2022 /PRNewswire/ -- Alcyone Therapeutics Inc. ("Alcyone"), a biotechnology company pioneering next-generation precision gene-based therapies for complex neurological conditions, today announced the acceptance of four abstracts at the 25th American Society of Gene and Cell Therapy (ASGCT) Annual Meeting, an event being held May 16-19, 2022, at the Walter E. Washington Convention Center in Washington, D.C. and virtually.
Accepted abstracts include preclinical data from its X-reactivation gene therapy platform, an approach to correct X-linked dominant genetic disorders by reactivating the silenced X chromosome; preclinical safety and efficacy data from its gene replacement platform, which utilizes viral vectors to deliver a functional gene to compensate for a cell's missing or mutated gene; and improved efficiency of AAV gene therapy manufacturing through its platform upstream process, which is scalable and easily transferrable between multiple systems.
"The oral presentations will highlight the potential of Alcyone's discrete gene therapy platforms, X-reactivation for treatment of Rett syndrome and gene replacement for IGHMBP2-related disorders, spinal muscular atrophy with respiratory distress type 1 and Charcot Marie Tooth disease type 2S, which we are advancing in partnership with the Center for Gene Therapy at the Abigail Wexner Research Institute at Nationwide Children's Hospital," said PJ Anand, Chief Executive Officer of Alcyone Therapeutics. "We also will have a poster presentation demonstrating the scalability and multi-system transferability of our AAV production process, which is a critical piece in our gene therapy platform development."
Anand continued, "Alcyone's multidisciplinary approach to addressing complex neurological conditions is comprised of our partnered novel gene-based therapeutic platform combined with our proprietary CNS precision drug delivery and dosing technology platform, FalconTM, and leverages a scalable CMC process optimized to produce high-quality clinical material. Our three-pronged approach is designed to better address the current challenges of treating people living with severe neurological disorders."
The presentations are listed below, and the full preliminary program is available online on the ASGCT website.
Oral Presentation: A Novel Gene Therapy for Rett Syndrome through Reactivation of the Silent X Chromosome
Oral Presentation Details:
Presenting Author: Kathrin Meyer, Ph.D., Principal Investigator, Nationwide Children's Hospital and Chief Scientific Advisor, Alcyone
Session Title: Novel Therapeutic Targets to Treat CNS Disorders
Session Date/Time: Wednesday, May 18, 3:45 – 5:30 p.m. ET
Presentation Time: 4:45 – 5:00 p.m. ET
Room: Room 202
Abstract #: 837
Samantha Powers, Ph.D., from the Center for Gene Therapy at Nationwide Children's Hospital, received the Excellence in Research Award in recognition for presenting one of the top 18 abstracts submitted for the ASGCT 25th Annual Meeting by a postdoctoral fellow or student.
Oral Presentation: Multicenter AAV Gene Therapy Studies for SMARD1/CMT2S Establish Safety and Efficacy in Multiple Animal Models and Pave the Way for Initiation of a Phase I/II Clinical Trial
Oral Presentation Details:
Presenting Author: Kathrin Meyer, Ph.D., Principal Investigator, Nationwide Children's Hospital and Chief Scientific Advisor, Alcyone
Session Title: Musculo-skeletal Diseases
Session Date/Time: Monday, May 16, 10:15 a.m. – 12:00 p.m. ET
Presentation Time: 11:15 – 11:30 a.m. ET
Room: Salon G
Abstract #: 33
Poster Presentation: Development of an Upstream Process and Analytics for AAV Manufacturing
Poster Presentation Details:
Presenting Author: Desyree Jesus, Ph.D., Associate Director, CMC Analytics, Alcyone
Session Title: Vector Product Engineering, Development or Manufacturing III
Session date/time: Wednesday, May 18, 5:30 – 6:30 p.m. ET
Room: Hall D
Poster Board #: W-286
Abstract #: 1160
Poster Presentation: Evaluation of AAV9 Gene Therapy for SMARD1/CMT2S in Different Mouse Models Reveal Differences in Efficacy Dependent on Promoter Choice
Poster Presentation Details:
Presenting Author: J. Andrea Sierra Delgado, M.D., M.Sc., Chief Research Associate in Dr. Kathrin Meyer's Lab, Nationwide Children's Hospital
Session Title: Musculo-skeletal Diseases
Session Date/Time: Wednesday, May 18, 5:30 – 6:30 p.m. ET
Room: Hall D
Poster Board #: W-198
Abstract #: 1072
About Alcyone Therapeutics
Alcyone Therapeutics is a biotechnology company pioneering next-generation precision gene-based therapies for complex neurological conditions. The Company integrates innovation in neuroscience, precision dosing platforms, and manufacturing capabilities to deliver transformative therapies to patients. Alcyone leverages the synergy between FalconTM, the Company's proprietary intrathecal precision dosing and biodistribution platform that incorporates deep knowledge of cerebral spinal fluid (CSF) dynamics, computational modeling, and bioengineering, and four novel gene-based therapeutics platforms developed at the Abigail Wexner Research Institute at Nationwide Children's Hospital (AWRI). This comprehensive approach allows for the optimization of central nervous system (CNS) dosing and delivery to better target the pathophysiology and anatomy specific to various neurological diseases. Alcyone's lead programs utilize X-chromosome reactivation for X-linked disorders and targets the treatment of Rett syndrome, and gene replacement for the treatment of IGHMPB-2 related disorders including spinal muscular atrophy with respiratory distress type 1 (SMARD1) and Charcot Marie Tooth disease type 2S (CMT2S). For more information, visit www.alcyonetx.com.
About Alcyone's Strategic Collaboration with the Abigail Wexner Research Institute at Nationwide Children's Hospital
Alcyone works closely with scientists from the Center for Gene Therapy at the Abigail Wexner Research Institute at Nationwide Children's Hospital (AWRI) in Columbus, Ohio, where four discrete gene therapy platform technologies, each with novel and differentiated mechanisms of action, including X-reactivation, conventional transgene replacement, vectorized exon skipping, and promoter modulation were designed, developed, and are being advanced towards the clinic. Alcyone has optioned the four programs and is funding research to explore the potential for the clinical application of these therapeutics using FalconTM, its proprietary CNS precision drug delivery and dosing technology platform, to improve the lives of people impacted by severe neurological conditions. The research is led by Kathrin Meyer, Ph.D., and Nicolas Wein, Ph.D., Principal Investigators in the Center for Gene Therapy at AWRI. Both Dr. Meyer and Dr. Wein sit on Alcyone's Scientific Advisory Board (SAB), with Dr. Meyer serving as Chief Scientific Advisor and Chair of Alcyone's SAB.
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SOURCE Alcyone Therapeutics | https://www.whsv.com/prnewswire/2022/05/02/alcyone-announces-two-oral-presentations-its-gene-therapy-platforms-25th-american-society-gene-cell-therapy-asgct-annual-meeting/ | 2022-05-02T20:55:16Z |
ATLANTA, May 2, 2022 /PRNewswire/ -- As part of the Georgia HEART Hospital Program, Ameris Bank has donated $1,805,000 to 18 rural hospitals throughout Georgia. Ameris Bank has participated in the program since 2018, contributing more than $7,800,000 to rural Georgia hospitals.
"Hospitals and their dedicated healthcare workers have gone above and beyond, especially over the past few years, to support their patients and communities," said Ameris Bank CEO Palmer Proctor. "We are proud to support these hospitals and know they will put the funds to good use to continue delivering compassionate and quality care."
The Georgia HEART Hospital Program partners with the Georgia Rural Hospital Tax Credit bill (State Bill 258) to increase funding to rural and critical access hospitals in the state of Georgia. Each hospital can use the funds donated by Ameris Bank in the way that best meets its specific needs to provide quality healthcare to patients.
The 18 rural Georgia hospitals that received donations from Ameris Bank include: Brooks County Hospital (Quitman), Coffee Regional Medical Center (Douglas), Colquitt Regional Medical Center (Moultrie), Crisp Regional Hospital (Cordele), Donalsonville Hospital (Donalsonville), Effingham Hospital —Springfield (Springfield), Irwin County Hospital (Ocilla), Jasper Health Services, Inc. (Monticello), John D. Archbold Memorial Hospital (Thomasville), Liberty Regional Medical Center (Hinesville), Miller County Hospital (Colquitt), Phoebe Sumter Medical Center (Americus), South Georgia Medical Center - Berrien Campus (Nashville/Valdosta), South Georgia Medical Center - Lakeland Campus, Southeast Georgia Health System (St. Mary's/Brunswick), Tift Regional Medical Center (Tifton), University Hospital McDuffie (Thomson) and WellStar Sylvan Grove Hospital (Jackson).
The Georgia Rural Hospital Tax Credit enables Georgia businesses and taxpayers to redirect their Georgia income tax liability to support qualified hospitals. Participation in the Georgia HEART program is limited to Georgia rural hospitals that meet qualification criteria established by law.
About Ameris Bank
Ameris Bancorp (Nasdaq: ABCB) is a financial services company committed to bringing financial peace of mind to its communities. Headquartered in Atlanta, it operates more than 200 financial centers across the Southeast and also serves consumer and business customers nationwide through select lending channels. Ameris Bank manages more than $23 billion in assets as of December 31, 2021 and provides a full range of traditional banking and lending products, treasury and cash management, wealth management, insurance premium financing, and mortgage and refinancing services. Learn more about Ameris Bank at www.amerisbank.com.
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SOURCE Ameris Bancorp | https://www.whsv.com/prnewswire/2022/05/02/ameris-bank-donates-1805000-support-18-rural-georgia-hospitals/ | 2022-05-02T20:55:22Z |
Though more actions are needed to address PBMs' harmful business practices
WASHINGTON, May 2, 2022 /PRNewswire/ -- CMS has issued a final rule eliminating Part D plans' and PBMs' use of retroactive direct and indirect remuneration (DIR) fees beginning on January 1, 2024 (contract year 2024). The American Pharmacists Association (APhA) and many of its members submitted comments to CMS on the proposal. APhA appreciates CMS' efforts to end the uncertainty and lack of drug cost transparency at the pharmacy caused by retroactive DIR fees.
Based on APhA's members' feedback, CMS' final rule also eliminated a proposed loophole that would have left it up to the Part D plans and PBMs to determine how much, if any, of the pharmacy price concessions they would pass through to patients at the point of sale during the coverage gap in the Medicare Part D program.
Retroactive DIR fees are price concessions not reflected at the point of sale for pharmacies participating in Medicare Part D networks. The retroactive fees are assessed weeks or even months after Part D beneficiaries' prescriptions are filled, resulting in pharmacies realizing only long after the prescription was filled that they did not recoup their costs. Between 2010 and 2020, CMS reported that retroactive DIR fees increased by a staggering 107,400%. These fees also result in patients paying more at the pharmacy counter for their prescription drugs.
The final rule merely moves the fees to the point-of-sale negotiated price. It does not eliminate these fees.
"We thank our members who stepped up and sent comments to CMS to ensure that their patients' voices were heard!" said Scott J. Knoer, MS, PharmD, FASHP, APhA executive vice president and CEO. "Eliminating the retroactive use of DIR fees is a step in the right direction, but it's only the tip of the iceberg to end PBMs' business practices that are harmful to patients and hurt our nation's pharmacies."
Knoer added "APhA will continue to work to eliminate these practices in the effort to help advance health equity in rural and underserved communities and keep pharmacy doors open in these communities, where the local pharmacy may be the only health care provider for miles."
"This decision benefits patients who often have to make difficult choices about paying for their medications," said Theresa Tolle, BSPharm, FAPhA, APhA president. "This often leads to poorer health outcomes and increased health care costs."
"Although it provides some predictability for pharmacies, more action is needed to address PBMs' anticompetitive practices that are impacting the viability of neighborhood pharmacies," Tolle continued.
APhA is the only organization advancing the entire pharmacy profession. Our expert staff and strong volunteer leadership, including many experienced pharmacists, allow us to deliver vital leadership to help pharmacists, pharmaceutical scientists, student pharmacists, and pharmacy technicians find success and satisfaction in their work and advocate for changes that benefit them, their patients, and their communities. For more information, please visit www.pharmacist.com.
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SOURCE American Pharmacists Association | https://www.whsv.com/prnewswire/2022/05/02/apha-appreciates-cms-elimination-retroactive-dir-fees/ | 2022-05-02T20:55:29Z |
The Baby Brigade follows the delivery of a community petition signed by more than 650 people demanding Baystate Health respect nurses, protect patients and invest in local care
GREENFIELD, Mass., May 2, 2022 /PRNewswire/ -- Calling all past, present, and future Baystate Franklin Medical Center birthplace parents, kids, families, and friends! BFMC nurses will host a Baby Brigade outside the hospital and at Beacon Field on May 6, timed to honor Mother's Day and mark the beginning of National Nurses Week, May 6 to 12. The brigade will serve as a solidarity event as nurses negotiate a new MNA contract and will be lots of fun for all ages.
BFMC RN Baby Brigade
Time: Starts at 10:30 a.m.
Date: Friday, May 6, 2022
Location: Begins with a gathering outside Baystate Franklin Medical Center and continues with a march to Beacon Field.
Details: Featuring local treats from Greenfield cafes, kids' music by Little Roots Music, and The Art Garden leading arts and crafts.
"Our patients and our community are why Baystate Franklin nurses remain so dedicated to our work despite the enormous challenges we face," said Donna Stern, RN in the BFMC mental health unit and MNA Co-Chair. "We look forward to gathering as nurses and staff, and as families and friends, to have fun and let Baystate Health know we are in this together."
"Baystate Franklin and our birthplace is at the heart of our community," said Suzanne Love, RN in the BFMC emergency department and MNA Co-Chair. "Ahead of Mother's Day, we are looking forward to coming together and having a fun party with the community of friends and family that make up the spirit of the hospital."
The brigade follows delivery of a community petition on April 27 to Baystate Health Board of Trustees Chair Robert Bacon seeking immediate action from Baystate on valuing BFMC nurses, protecting patients and keeping care local. BFMC nurses have been negotiating a new MNA contract, their first since the COVID-19 pandemic began. Nurses are concerned about the approach Baystate Health is taking so far in negotiations, as executives refuse to commit to long-term staffing protections and have not agreed to make the improvements necessary to boost nurse recruitment and retention during these challenging times.
The petition delivery came after a March 9 virtual community forum attended by more than 100 people and featuring testimony from nurses, elected officials, and labor and community supporters. Nurses have also launched a lawn sign campaign and are holding regular banner standouts in front of Baystate Health locations.
Despite the pandemic, Baystate Health has continued to make substantial profits. The system made $44.2 million in profits in 2020 and $135 million in 2021, according to the Center for Health Information and Analysis. A significant portion of those profits are going to executive compensation. Between 2018 and 2020, CEO Dr. Mark Keroack made $6.4 million, including $2.45 million in 2020.
MassNurses.org │ Facebook.com/MassNurses │ Twitter.com/MassNurses │ Instagram.com/MassNurses
Founded in 1903, the Massachusetts Nurses Association is the largest union of registered nurses in the Commonwealth of Massachusetts. Its 23,000 members advance the nursing profession by fostering high standards of nursing practice, promoting the economic and general welfare of nurses in the workplace, projecting a positive and realistic view of nursing, and by lobbying the Legislature and regulatory agencies on health care issues affecting nurses and the public.
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SOURCE Massachusetts Nurses Association | https://www.whsv.com/prnewswire/2022/05/02/baby-brigade-may-6-outside-baystate-franklin-medical-center-honor-mothers-day-mark-beginning-national-nurses-week-bfmc-nurses-seek-fair-mna-contract/ | 2022-05-02T20:55:37Z |
BEIJING, May 2, 2022 /PRNewswire/ -- Beacon Education, the largest provider of online graduate degrees to China, is proud to announce the expansion of its partnership with Northern Arizona University through the introduction of a Chinese language online Master of Computer Science degree optimized for Chinese working professionals. With the incredible growth of our first partnership program, a Master of Computer Information Technology, the MCS program will expand NAU's portfolio to meet the growing needs of companies and the working professional market.
Beacon's comprehensive services and technology suite will continue to provide fully localized capabilities for NAU including marketing, recruitment, instructional design, translation, delivery, technology, and student support so NAU can deliver its world class personalized learning instructional model that is rapidly expanding to identify and support talented Chinese learners.
"We here at NAU are proud to expand our partnership with Beacon Education given the growth in outstanding students we have seen. Beacon's technology and services allows us to focus on teaching and learning knowing that students will have an outstanding experience. We look forward to continuing growing our partnership in the coming years," explains Gayla Stoner, Vice Provost and Dean of Online and Innovative Educational Initiatives at NAU.
"Both our corporate partners and the broader market are increasingly excited for high quality graduate degree areas such as computer science, data science, analytics, and AI. The design, content, and instruction in NAU's outstanding personalized learning program are the foundation for real enthusiasm and growth here in China," notes Michael Wang, CEO of Beacon Education. "We are excited to expand our innovative partnership and look forward to many new degrees in the future with NAU."
ABOUT NORTHERN ARIZONA UNIVERSITY
Founded in 1899, Northern Arizona University is a world-class community of nearly 30,000 students across 130 undergradute degrees and 100 graduate programs anchored in Flagstaff, Arizona. Originally a teachers' college, the university's focus on high quality teaching and learning is found deep in its commitment to building a better tomorrow through education. https://nau.edu/
ABOUT BEACON EDUCATION
Beacon is China's largest provider of online master's degrees, partnering with the world's leading universities to deliver a broad range of programs and resources. Our 35+ programs across 18+ university partners are transforming digital education in China. Beacon is proud to empower Chinese learners achieve their goals. https://www.beaconedu.com/
CONTACT:
Charles Iannuzzi
charles.iannuzzi@beaconedu.com
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SOURCE Beacon Education | https://www.whsv.com/prnewswire/2022/05/02/beacon-education-expands-partnership-with-northern-arizona-university/ | 2022-05-02T20:55:44Z |
BGC Declares Quarterly Dividend
Conference Call to Discuss Results Scheduled for May 3, 2022 at 8:00 AM ET
NEW YORK, May 2, 2022 /PRNewswire/ -- BGC Partners, Inc. (Nasdaq: BGCP) ("BGC"), a leading global brokerage and financial technology company, today reported its financial results for the quarter ended March 31, 2022.
A complete and full-text financial results press release, including information about tomorrow's financial results conference call and BGC's most recent dividend declaration, is accessible at the "Investors & Media" section under either "Investor Relations" or "BGC Press Releases" at http://www.bgcpartners.com. It is also available at http://ir.bgcpartners.com/, along with BGC's quarterly results investor presentation and supplemental Excel financial tables.
About BGC Partners, Inc.
BGC Partners, Inc. ("BGC") is a leading global brokerage and financial technology company. BGC, through its various affiliates, specializes in the brokerage of a broad range of products, including Fixed Income (Rates and Credit), Foreign Exchange, Equities, Energy and Commodities, Shipping, and Futures. BGC, through its various affiliates, also provides a wide variety of services, including trade execution, brokerage, clearing, trade compression, post-trade, information, and other back-office services to a broad range of financial and non-financial institutions. Through its brands, including FMX™, Fenics®, Fenics Market Data™, Fenics GO™, BGC®, BGC Trader™, Capitalab®, and Lucera®, BGC offers financial technology solutions, market data, and analytics related to numerous financial instruments and markets. BGC, BGC Trader, GFI, Fenics, FMX, Fenics Market Data, Capitalab, and Lucera are trademarks/service marks and/or registered trademarks/service marks of BGC and/or its affiliates.
BGC's customers include many of the world's largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms. BGC's Class A common stock trades on the Nasdaq Global Select Market under the ticker symbol "BGCP". BGC is led by Chairman of the Board and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com. You can also follow BGC at https://twitter.com/bgcpartners, https://www.linkedin.com/company/bgc-partners and/or http://ir.bgcpartners.com/Investors/default.aspx.
Discussion of Forward-Looking Statements about BGC
Statements in this document regarding BGC that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, BGC undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
Media Contact:
Karen Laureano-Rikardsen
+1 212-829-4975
Investor Contact:
Jason Chryssicas
+1 212-610-2426
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SOURCE BGC Partners, Inc. | https://www.whsv.com/prnewswire/2022/05/02/bgc-partners-reports-first-quarter-2022-financial-results/ | 2022-05-02T20:55:50Z |
NEW YORK, May 2, 2022 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today its operating results for the three months ended March 31, 2022. For the three months ended March 31, 2022 and 2021, net income was $0.26 per diluted share and $0.18 per diluted share, respectively.
Key highlights for the three months ended March 31, 2022 include:
- Executed 1.4 million square feet of new and renewal leases, with rent spreads on comparable space of 18.1%, including 0.8 million square feet of new leases, with rent spreads on comparable space of 35.9%
- Realized total leased occupancy of 92.1%, anchor leased occupancy of 94.4%, and small shop leased occupancy of 87.0%
- Reported an increase in same property NOI of 8.4%
- Reported Nareit FFO of $145.4 million, or $0.49 per diluted share
- Stabilized $28.1 million of reinvestment projects at an average incremental NOI yield of 10%, with the in process reinvestment pipeline totaling $418.9 million at an expected average incremental NOI yield of 9%
- Completed $159.5 million of acquisitions and $60.9 million of dispositions
- Received a positive credit rating outlook from S&P Global Ratings
Subsequent events:
- Completed $168.6 million of acquisitions and $17.3 million of dispositions
- Amended and restated unsecured credit facilities, increasing the total amount available to $1.75 billion, while extending the maturities and lowering pricing
- Received a credit rating upgrade from Fitch Ratings to 'BBB' from 'BBB-', with a stable outlook
- Updated previously provided NAREIT FFO per diluted share expectations for 2022 to $1.88 - $1.95 from $1.86 - $1.95 and same property NOI growth expectations for 2022 to 3.0% - 4.5% from 2.0% - 4.0%
"The portfolio transformation being driven by our value added platform is evident not only at the property level, but also across all of our operational metrics, from traffic trends to strong leasing volumes and spreads, to record ABR, to record small shop occupancy, and to fundamental growth in NOI," commented James Taylor, CEO and President. "And, importantly, our momentum continues with a robust forward leasing pipeline, continued deliveries of highly accretive reinvestment projects, and the sourcing of exciting value added acquisitions that further cluster our investments in our core markets."
FINANCIAL HIGHLIGHTS
Net Income
- For the three months ended March 31, 2022 and 2021, net income was $79.5 million, or $0.26 per diluted share, and $52.4 million, or $0.18 per diluted share, respectively.
Nareit FFO
- For the three months ended March 31, 2022 and 2021, Nareit FFO was $145.4 million, or $0.49 per diluted share, and $130.5 million, or $0.44 per diluted share, respectively. Results for the three months ended March 31, 2022 and 2021 include items that impact FFO comparability, including litigation and other non-routine legal expenses, loss on extinguishment of debt, net, and transaction expenses of $(0.0) million, or $(0.00) per diluted share, and $(3.1) million, or $(0.01) per diluted share, respectively.
Same Property NOI Performance
- For the three months ended March 31, 2022, the Company reported an increase in same property NOI of 8.4% versus the comparable 2021 period.
Dividend
- The Company's Board of Directors declared a quarterly cash dividend of $0.24 per common share (equivalent to $0.96 per annum) for the second quarter of 2022.
- The dividend is payable on July 15, 2022 to stockholders of record on July 5, 2022, representing an ex-dividend date of July 1, 2022.
PORTFOLIO AND INVESTMENT ACTIVITY
Value Enhancing Reinvestment Opportunities
- During the three months ended March 31, 2022, the Company stabilized four value enhancing reinvestment projects with a total aggregate net cost of approximately $28.1 million at an average incremental NOI yield of 10% and added eight new reinvestment projects to its in process pipeline. Projects added include three anchor space repositioning projects, one outparcel development project, and four redevelopment projects, with a total aggregate net estimated cost of approximately $74.6 million at an expected average incremental NOI yield of 8%.
- At March 31, 2022, the value enhancing reinvestment in process pipeline was comprised of 54 projects with an aggregate net estimated cost of approximately $418.9 million at an expected average incremental NOI yield of 9%. The in process pipeline includes 16 anchor space repositioning projects with an aggregate net estimated cost of approximately $73.7 million at an expected incremental NOI yield of 7% - 14%; 13 outparcel development projects with an aggregate net estimated cost of approximately $24.2 million at an expected average incremental NOI yield of 11%; and 25 redevelopment projects with an aggregate net estimated cost of approximately $321.1 million at an expected average incremental NOI yield of 9%.
- An in-depth review of a recent redevelopment project, which highlights the Company's reinvestment capabilities, Village at Newtown (Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA), can be found at this link: https://www.brixmor.com/blog/village-at-newtown-redevelopment-video.
- Follow Brixmor on LinkedIn for video updates on reinvestment projects at https://www.linkedin.com/company/brixmor.
Acquisitions
- During the three months ended March 31, 2022, the Company acquired three shopping centers and one land parcel at an existing property for a combined purchase price of $159.5 million, including:
- Subsequent to March 31, 2022, the Company acquired three shopping centers for a combined purchase price of $168.6 million, including:
- Elmhurst Crossing, an approximately 348,000 square foot grocery-anchored community shopping center located in Elmhurst, Illinois (Chicago-Naperville-Elgin, IL MSA), for $75.1 million in April 2022. Elmhurst Crossing is anchored by multiple high-performing anchors, including Whole Foods Market, At Home, and Kohl's, and has substantial value creation opportunities, including below-market in-place rents and anchor repositioning and potential densification opportunities. The center is located within ten miles of the Company's Midwest regional office in a dense, highly affluent trade area.
- North Riverside Plaza, an approximately 384,000 square foot grocery-anchored community shopping center located in North Riverside, Illinois (Chicago-Naperville-Elgin, IL MSA), for $60.0 million in April 2022. North Riverside Plaza has a 5-mile population density of over 600,000, compelling near-term leasing opportunities with several high-profile vacancies, and chain leading anchors with below-market in-place rents. Key tenants include Best Buy, Burlington, Kohl's, and Petco, as well as a future Amazon Fresh.
Dispositions
- During the three months ended March 31, 2022, the Company generated approximately $60.9 million of gross proceeds on the disposition of five shopping centers, as well as one partial property, comprised of 0.6 million square feet of gross leasable area.
- Subsequent to March 31, 2022, the Company disposed of two shopping centers, as well as one partial property, for $17.3 million of gross proceeds.
CAPITAL STRUCTURE
- During the three months ended March 31, 2022, the Company raised approximately $44.4 million in gross proceeds, excluding commissions, from the sale of approximately 1.7 million shares of common stock at an average price per share of $25.49 through its at-the-market equity offering program. As of March 31, 2022, $350.4 million of common stock remained available for issuance under the at-the-market equity offering program.
- On April 28, 2022, the Company's operating partnership, Brixmor Operating Partnership LP (the "Operating Partnership"), amended and restated its Unsecured Credit Facility and $300 Million Term Loan (the "Facilities"), increasing the total amount available under the Operating Partnership's unsecured credit facilities from $1.55 billion to $1.75 billion, while extending the maturities and lowering the pricing of the Facilities. The amendments provide for (i) revolving loan commitments of $1.25 billion (the "Revolving Facility") scheduled to mature on June 30, 2026 (extending the prior maturity date from February 28, 2023) and (ii) a continuation of the existing $300 Million Term Loan scheduled to mature on July 26, 2027 (extending the prior maturity date from July 26, 2024) and a new $200.0 million delayed draw term loan, maturing on July 26, 2027 (together, the "Term Loan Facility"). As of May 2, 2022, the Operating Partnership has not drawn any amounts under the delayed draw term loan. The Revolving Facility includes two six-month maturity extension options, the exercise of which is subject to customary conditions and the payment of a fee on the extended commitments.
GUIDANCE
- The Company has updated its previously provided NAREIT FFO per diluted share expectations for 2022 to $1.88 - $1.95 from $1.86 - $1.95 and its same property NOI growth expectations for 2022 to 3.0% - 4.5% from 2.0% - 4.0%.
- Expectations for 2022 same property NOI growth include a:
- Expectations for 2022 Nareit FFO:
- The following table provides a reconciliation of the range of the Company's 2022 estimated net income attributable to common stockholders to Nareit FFO:
CONNECT WITH BRIXMOR
- For additional information, please visit https://www.brixmor.com;
- Follow Brixmor on:
- Find Brixmor on LinkedIn at https://www.linkedin.com/company/brixmor.
CONFERENCE CALL AND SUPPLEMENTAL INFORMATION
The Company will host a teleconference on Tuesday, May 3, 2022 at 10:00 AM ET. To participate, please dial 877.705.6003 (domestic) or 201.493.6725 (international) within 15 minutes of the scheduled start of the call. The teleconference can also be accessed via a live webcast at https://www.brixmor.com in the Investors section. A replay of the teleconference will be available through midnight ET on May 17, 2022 by dialing 844.512.2921 (domestic) or 412.317.6671 (international) (Passcode: 13727467) or via the web through May 3, 2023 at https://www.brixmor.com in the Investors section.
The Company's Supplemental Disclosure will be posted at https://www.brixmor.com in the Investors section. These materials are also available to all interested parties upon request to the Company at investorrelations@brixmor.com or 800.468.7526.
NON-GAAP PERFORMANCE MEASURES
The Company presents the non-GAAP performance measures set forth below. These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP. The Company's computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance. A reconciliation of these non-GAAP performance measures to net income is presented in the attached tables.
Nareit FFO
Nareit FFO is a supplemental, non-GAAP performance measure utilized to evaluate the operating and financial performance of real estate companies. Nareit defines FFO as net income (loss), calculated in accordance with GAAP, excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated joint ventures calculated to reflect FFO on the same basis. Considering the nature of its business as a real estate owner and operator, the Company believes that Nareit FFO is useful to investors in measuring its operating and financial performance because the definition excludes items included in net income that do not relate to or are not indicative of the Company's operating and financial performance, such as depreciation and amortization related to real estate, and items which can make periodic and peer analyses of operating and financial performance more difficult, such as gains and losses from the sale of certain real estate assets and impairment write-downs of certain real estate assets.
Same Property NOI
Same property NOI is a supplemental, non-GAAP performance measure utilized to evaluate the operating performance of real estate companies. Same property NOI is calculated (using properties owned for the entirety of both periods and excluding properties under development and completed new development properties that have been stabilized for less than one year) as total property revenues (base rent, expense reimbursements, adjustments for revenues deemed uncollectible, ancillary and other rental income, percentage rents, and other revenues) less direct property operating expenses (operating costs and real estate taxes). Same property NOI excludes (i) corporate level expenses (including general and administrative), (ii) lease termination fees, (iii) straight-line rental income, net, (iv) accretion of below-market leases, net of amortization of above-market leases and tenant inducements, (v) straight-line ground rent expense, and (vi) income or expense associated with the Company's captive insurance company. Considering the nature of its business as a real estate owner and operator, the Company believes that same property NOI is useful to investors in measuring the operating performance of its property portfolio because the definition excludes various items included in net income that do not relate to, or are not indicative of, the operating performance of the Company's properties, such as depreciation and amortization and corporate level expenses (including general and administrative), lease termination fees, straight-line rental income, net, accretion of below-market leases, net of amortization of above-market leases and tenant inducements, and straight-line ground rent expense and because it eliminates disparities in NOI due to the acquisition or disposition of properties or the stabilization of completed new development properties during the period presented and therefore provides a more consistent metric for comparing the operating performance of the Company's real estate between periods.
ABOUT BRIXMOR PROPERTY GROUP
Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 380 retail centers comprise approximately 67 million square feet of prime retail space in established trade areas. The Company strives to own and operate shopping centers that reflect Brixmor's vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a proud real estate partner to over 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores.
Brixmor announces material information to its investors in SEC filings and press releases and on public conference calls, webcasts and the "Investors" page of its website at https://www.brixmor.com. The Company also uses social media to communicate with its investors and the public, and the information Brixmor posts on social media may be deemed material information. Therefore, Brixmor encourages investors and others interested in the Company to review the information that it posts on its website and on its social media channels.
SAFE HARBOR LANGUAGE
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to the Company's expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the sections entitled "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
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SOURCE Brixmor Property Group Inc. | https://www.whsv.com/prnewswire/2022/05/02/brixmor-property-group-reports-first-quarter-2022-results/ | 2022-05-02T20:55:56Z |
METRO CHICAGO, Ill., May 2, 2022 /PRNewswire/ -- Calamos Investments®* has announced monthly distributions and sources of distributions paid in May 2022 to shareholders of its seven closed-end funds (the Funds) pursuant to the Funds' respective distribution plans.
The following table provides estimates of Calamos Global Total Return Fund's and Calamos Global Dynamic Income Fund's distribution sources, reflecting YTD cumulative experience. The Funds attribute these estimates equally to each regular distribution throughout the year.
Regarding Calamos' remaining five closed-end funds, which operate under a managed distribution policy: The information below is required by an exemptive order granted to the Funds by the US Securities and Exchange Commission and includes the information sent to shareholders regarding the sources of the Funds' distributions.
The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Funds estimate the following percentages, of their respective total distribution amount per common share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal YTD cumulative distribution amount per common share for the Funds. The following table provides estimates of each Fund's distribution sources, reflecting YTD cumulative experience. The Funds attribute these estimates equally to each regular distribution throughout the year.
If the Fund(s) estimate(s) that it has distributed more than its income and capital gains, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.
The amounts and sources of distributions reported in this 19(a) notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099 DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Return figures provided below are based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution record date.
While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market. Past performance does not guarantee future results.
Monthly distributions offer shareholders the opportunity to accumulate more shares in a fund via the automatic dividend reinvestment plan. For example, if a fund's shares are trading at a premium, distributions will be automatically reinvested through the plan at NAV or 95% of the market price, whichever is greater; if shares are trading at a discount, distributions will be reinvested at the market price through an open market purchase program. Thus, the plan offers current shareholders an efficient method of accumulating additional shares with a potential for cost savings. Please see the dividend reinvestment plan for more information.
Important Notes about Performance and Risk
Past performance is no guarantee of future results. As with other investments, market price will fluctuate with the market and upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Returns at NAV reflect the deduction of the Fund's management fee, debt leverage costs and other expenses. You can purchase or sell common shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a discount which is a market price that is below their net asset value.
About Calamos
Calamos Investments is a diversified global investment firm offering innovative investment strategies including alternatives, multi-asset, convertible, fixed income, equity, and sustainable equity, currently managing more than $40 billion in assets under management. The firm offers strategies through separately managed portfolios, mutual funds, closed-end funds, private funds, and UCITS funds. Clients include major corporations, pension funds, endowments, foundations, and individuals, as well as the financial advisors and consultants who serve them. Headquartered in the Chicago metropolitan area, the firm also has offices in New York, San Francisco, Milwaukee, Portland (Oregon), and the Miami area. For more information, please visit us on LinkedIn, on Twitter @Calamos or at www.calamos.com.
*Calamos Investments LLC, referred to herein as Calamos Investments®, is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Investments LLP and Calamos Financial Services LLC.
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SOURCE Calamos Investments | https://www.whsv.com/prnewswire/2022/05/02/calamos-investments-closed-end-funds-nasdaq-chi-chy-csq-cgo-chw-ccd-cpz-announce-monthly-distributions-required-notifications-sources-distribution/ | 2022-05-02T20:56:05Z |
ADA Compliant Tools & Content Supports Inclusivity at Automotive Retailers
BALTIMORE , May 2, 2022 /PRNewswire/ - CallRevu, an industry leader in automotive call monitoring and analytics, continues to demonstrate its commitment to inclusion and accessibility with advances in its ADA compliance. CallRevu's ADA compliance tools are built directly into the platform's application, making the software accessible to everyone. The toolkit supplies utilities for various ADA concerns, such as vision impairments, cognitive disabilities, motor skills impairments, and others, providing real time modifications to the application to accommodate users with disabilities easily and effectively.
"Every year thousands of people with disabilities are not accommodated for," said Anthony Giagnacovo, CEO, CallRevu. "Having ADA-compliant content allows all marketing, operations and sales personnel at automotive retailers to equally utilize and benefit from CallRevu's innovative solutions which drive ROI and customer experience."
Through the accessibility tool menu, users can set the right profile for their needs. Examples of accessibility adjustments include setting profiles that are:
Seizure Safe – eliminates flashes and reduces color
Vision Impaired – enhances the website's visuals
Cognitive Disability – assists with reading and focusing
ADHD Friendly – more focus and fewer distractions
Blind Users – use the website with your screen reader
Keyboard Navigation (Motor) – use the website with the keyboard
"CallRevu cares about our customers, our people and our communities, which includes promoting equality and accessibility," added Giagnacovo. "We do everything with our core values of honesty, hard work, and trust in mind."
CallRevu is the only call management solution made in a dealership for dealerships. CallRevu listens to your calls so you don't have to and alerts you within minutes to mishandled sales opportunities, potential CSI issues, even phone routing and connectivity problems. Our call monitoring service helps dealers around the U.S. and Canada convert calls into appointments to improve the bottom line. We track, listen, summarize, alert, report, and coach on all phone data analytics to help dealers drive more call-to-appointment conversions.
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SOURCE CallRevu | https://www.whsv.com/prnewswire/2022/05/02/callrevu-makes-call-monitoring-platform-accessible-all/ | 2022-05-02T20:56:13Z |
TUCSON, Ariz., May 2, 2022 /PRNewswire/ -- CBOA Financial, Inc. (OTCMKTS:CBOF) (the "Company"), parent company of Commerce Bank of Arizona (the "Bank" or "CBAZ"), announced that consolidated net income for quarter ending March 31, 2022 increased 19% to $650 thousand, from $548 thousand in the fourth quarter of last year.
Chris Webster, President and CEO stated, "We are pleased to start fiscal 2022 with an exceptionally strong quarter. Pre-tax earnings of $878 thousand was 16.3% above the same quarter last year. Our lending team continues to take advantage of the positive economic conditions in the Phoenix and Tucson metropolitan markets." He further added, "The Bank's robust liquidity position allows us to fund loan growth at record low cost levels. As a result, CBAZ's Net Interest Margin remains among the highest of our peers." Webster also commented, "Credit quality and customer performance are areas of focus as monitor the challenges of inflationary pressures and increasing interest rates."
- $32 million in new loans funded during the quarter
- Non-Interest Income increased 265% compared to last quarter
- Interest expense decreased by 50% compared to Q1 2021
Non-Interest income during the quarter was aided by sales of several SBA loans to the secondary market, bolstering net income by $357 thousand.
The Bank continues to make progress on its legacy classified assets. Year-over-year, non-performing assets which include loans and OREO are down 50% from $2.6 million or 0.77% of assets to $1.2 million or 0.37% of assets.
Total assets increased by 3% to $354.9 million during the quarter ended March 31, 2022 but decreased 2.9% compared to $365.5 million a year ago.
Gross loans increased $6.9 million since fourth quarter 2021, ending the first quarter 2022 at $237 million. Total deposits increased by 4.2% to $319 million during the quarter and increased 4.4% compared to $305 million a year ago.
The allowance for loan losses totaled $3.43 million at March 2022, or 1.44% of loans, unchanged from the previous quarter.
Shareholders' equity decreased to $27.0 million at March 31, 2022, from $29.2 million the preceding quarter due to an increase in unrealized losses on securities. At March 31, 2022, tangible book value was $2.89 per share compared to $3.12 per share at December 31, 2021 and $3.02 per share a year ago. The Bank's March 31, 2022 Tier 1 Leverage ratio was 9.72%, compared to 8.41% at March 31, 2021.
Capital ratios exceeded regulatory guidelines for a well-capitalized institution under Basel III and Dodd Frank Wall Street Reform requirements at March 31, 2022 as well as during the fourth quarter of 2021. Capital ratios are presented below.
Commerce Bank of Arizona, established in 2002 in Tucson, Arizona, is a full-service community bank that caters to small-to mid-sized businesses and real estate professionals. CBAZ offers commercial clients with a variety of services ranging from U.S. Small Business Administration (SBA) financing solutions, construction loans, and commercial real estate loans. CBOA Financial, Inc. is a single-bank holding company and parent of the Bank. The Company is traded over-the-counter as CBOF. For additional information, please visit: www.commercebankaz.com.
This press release may include forward-looking statements about CBOA Financial, Inc. or Commerce Bank of Arizona. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: competition, fluctuations in interest rates, dependency on key individuals, loan defaults, geographical concentration, litigation and changes in federal laws, regulations and interpretations thereof. All forward-looking statements included in this press release are based on information available at the time of the release, and CBOA Financial, Inc. and Commerce Bank of Arizona assume no obligation to update any forward-looking statement.
Contact:
Chris Webster
President & CEO
480-253-4511
cwebster@commercebankaz.com
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- Ownership of ErisX provides Cboe with entry to digital asset spot and derivatives markets, including clearing and settlement
- Opportunity to build comprehensive digital asset market data offering, create indices and explore further derivative products
- Network of industry partners, intermediaries and market participants of all types expected to contribute to ongoing development of client-driven solutions to increase adoption of digital assets and further mature the market
CHICAGO, May 2, 2022 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced it has completed the acquisition of Eris Digital Holdings, LLC (ErisX), an operator of a U.S. based digital asset spot market, a regulated futures exchange and a regulated clearinghouse. Ownership of ErisX allows Cboe to enter the digital asset spot and derivatives marketplaces through a digital-first platform developed with industry partners to focus on robust regulatory compliance, data and transparency.
"Adding ErisX to the Cboe network is another exciting chapter in Cboe's growth story. We see enormous potential in the digital asset market and are excited to apply our blueprint of success to this burgeoning asset class," said Ed Tilly, Chairman, President and Chief Executive Officer of Cboe Global Markets. "Tom Chippas and the entire ErisX team have made significant progress bringing the regulatory framework and transparency of traditional markets to the digital asset space, and I look forward to working together, with our industry partners, to grow the digital asset market on a global scale."
Cboe plans to operate the ErisX business as a subsidiary with Thomas Chippas, Chief Executive Officer of ErisX, remaining as head of the digital asset business, reporting to Chris Isaacson, Executive Vice President and Chief Operating Officer of Cboe. In addition to operating the existing spot, derivative and clearing platforms, Cboe also intends to develop and distribute a range of digital asset data products1. Using robust market data based fundamentally on actionable bid and offer prices from the spot crypto market, Cboe Digital plans to develop a benchmark data stream to help market participants evaluate the appropriateness of crypto execution prices.
"I am incredibly proud of the ErisX team for their relentless pursuit of innovation in the digital asset space. From the beginning, our vision was to advance the digital asset spot, data, derivatives and clearing ecosystem by making regulatory compliance and operational integrity the foundation of the ErisX business," said Thomas Chippas, Chief Executive Officer of ErisX. "I couldn't be more excited for the future as we join forces with Cboe and our industry partners to leverage their collective market expertise and global resources to not only grow ErisX, but also to develop global regulatory and compliance standards that have a lasting impact on the entire digital asset space."
With Cboe, ErisX aims to be a digital asset market rooted in the exchange principles of transparency and regulatory compliance, supported by a network of intermediaries, providing client-driven solutions that help institutions fully embrace this emerging asset class. Digital assets are globally recognized and are expected to continue to benefit from a regulated derivatives market and central clearing to help mitigate counterparty risk—providing more efficient price formation, additional hedging tools, enhanced transparency, and deeper liquidity. Cboe believes meeting the demand for trading digital assets with the advantages of exchange trading is beneficial for all investors, and intermediaries have a key role to play in the ongoing development of Cboe Digital spot and derivatives markets.
"Increased retail participation has fueled record trading across equities, derivatives and digital assets, demonstrating how investors of all types want access to sustainable financial solutions," said Chris Isaacson, Executive Vice President and Chief Operating Officer of Cboe Global Markets. "Cboe is uniquely positioned to help the growing segment of retail investors access traditional and new financial markets through product innovation, education and collaboration with our industry partners and intermediaries—and now we can leverage the regulatory framework, transparency, infrastructure and data solutions of those trusted markets to further mature and expand digital asset trading and clearing for a broader user base."
Market participants, including a growing number of institutional firms, have continued to request exposure to digital assets. The ErisX platform was built with the traditional exchange principles of transparency, price discovery and regulatory controls, laying the foundation for institutional trading of digital assets. ErisX's intermediary-friendly model has brought resiliency and security to the digital asset space with physically delivered futures contracts traded at and cleared through a CFTC regulated Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO). ErisX futures contracts trade alongside its spot market on an innovative and unified platform, bringing price transparency and collateral efficiency.
Terms of the deal were not disclosed, however the company noted that the purchase price is not material from a financial perspective. ErisX is positioned to be a long-term leader as regulation is expected to play an increasingly prominent role in digital assets, and Cboe plans to make the early investments necessary to help maximize revenue growth potential over the medium and long term. Cboe anticipates ErisX will reach EBITDA profitability within two to three years, benefiting from a diversified stream of revenue drivers.
Cboe Global Markets (Cboe: CBOE), a leading provider of market infrastructure and tradable products, delivers cutting-edge trading, clearing and investment solutions to market participants around the world. The company is committed to operating a trusted, inclusive global marketplace, providing leading products, technology and data solutions that enable participants to define a sustainable financial future. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives and FX, across North America, Europe and Asia Pacific. To learn more, visit www.cboe.com.
ErisX Futures are offered through Eris Exchange, LLC, a Commodity Futures Trading Commission (CFTC) registered Designated Contract Market (DCM) and Eris Clearing, LLC, a registered Derivatives Clearing Organization (DCO). The CFTC does not have regulatory oversight authority over virtual currency products including spot market trading of virtual currencies. ErisX Spot Market is not licensed, approved or registered with the CFTC and transactions on the ErisX Spot Market are not subject to CFTC rules, regulations or regulatory oversight. ErisX Spot Market is offered through Eris Clearing, LLC, which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services and holds licenses in other U.S. states and territories. https://www.Erisx.com/disclaimer/
ErisX offers individuals and institutions a single, innovative platform to access crypto spot and futures markets. By combining professional tools, advanced technology, sophisticated regulatory oversight, and a diverse product set, ErisX offers compliant, capital markets friendly workflows to digital market participants. Backed by some of the world's largest trading firms and financial institutions, ErisX brings transparency and reliability to the digital asset class. ErisX, Eris Exchange, and the ErisX and Eris Exchange logos are trademarks of the Eris Exchange group of companies.
CBOE-C
CBOE-OE
Cboe®, Cboe Global Markets®, Cboe Volatility Index®, and VIX® are registered trademarks of Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners.
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.
We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security risks, cybersecurity risks, insider threats and unauthorized disclosure of confidential information; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; fluctuations to currency exchange rates; factors that impact the quality and integrity of our indices; the impact of the novel coronavirus ("COVID-19") pandemic; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit and default risks, associated with operating a European clearinghouse; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; our ability to manage our growth and strategic acquisitions or alliances effectively; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the accuracy of our estimates and expectations; litigation risks and other liabilities; and operating a digital asset business. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2021 and other filings made from time to time with the SEC.
We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
1 Subject to regulatory approval
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Crowdfunding partnership with Kiva provides accelerated access to capital for entrepreneurs across Oregon, Washington, California, and Idaho
PORTLAND, Ore., May 2, 2022 /PRNewswire/ -- Individuals or organizations interested in helping minority and women entrepreneurs secure a microloan to launch or grow a business can do so this Small Business Week (May 2-6) through the Umpqua Bank Loan Fund, a crowdfunding program with the nonprofit Kiva that will multiply every dollar contributed 10 times for eligible entrepreneurs in Oregon, Washington, California, and Idaho. Donations vary in size starting at $25, and anyone interested in contributing can visit www.kiva.org/team/umpquabank to learn more and donate.
Umpqua established its $1 million loan fund with Kiva earlier this year to accelerate the ability of underserved entrepreneurs to access no-cost microloans. Any entrepreneur with "social capital"—the support of family, friends or community—can qualify to set a funding goal and raise contributions on Kiva's platform. Kiva then combines total contributions into a 0% interest loan up to $15,000 that's paid back to funders over time.
According to Umpqua's Chief Marketing Communications Officer Eve Callahan, who oversees the bank's partnership with Kiva, Umpqua is leveraging Kiva's innovative crowdfunding platform and focus on storytelling to create deeper connections between aspiring entrepreneurs and ordinary people that ultimately lead to diversified community investment and prosperity.
"Umpqua recognized a unique opportunity to partner with Kiva to combine community and capital. Through the Umpqua Bank Loan Fund, we're creating a platform for entrepreneurs to share their stories and connect directly with people looking for opportunities to contribute to economic opportunity and justice," said Callahan. "Recognizing the incredible importance of small businesses to our local communities and economies, we're increasing our match to celebrate Small Business Week. We hope others will join us in helping entrepreneurs across the West Coast continue to grow by contributing any amount, small or large, that we'll match 10 times."
Since launching earlier this year, the Umpqua Bank Loan Fund has matched community members' contributions 3:1, resulting in more than $400,000 in microloans that have fully financed the needs of more than 80 BIPOC or women entrepreneurs.
Umpqua Loan Fund Open to Entrepreneurs
Eligible entrepreneurs in Oregon, Washington, California, and Idaho can apply for Umpqua's matching program by visiting the Umpqua-Kiva partnership page. The initial application process typically takes between 20 and 30 minutes.
The Fund in Action
Umpqua's loan fund has already provided microloan funding to entrepreneurs across the West Coast, including:
- In Oregon, it equipped an immigrant family business that buys and sells artisanal goods from Mexico to diversify and expand its inventory.
- In California, it helped a women owned clothing business gain access to the quality inventory needed to sustain and relaunch the brand, as well financed a non-profit helping youth avoid gun violence through positive alternatives and programs.
- In Washington, it provided a creative wedding photographer with the funding needed to purchase equipment and space to expand his business.
Entrepreneurs across Umpqua's footprint continue actively seeking funding through the bank's loan fund for accelerated access to crowdfunded microloans of varying amounts. Their stories and how they will use the capital to launch a business or add new products, equipment, and jobs in local communities can be found at www.kiva.org/team/umpquabank/loans.
About Umpqua Bank
Umpqua Bank, headquartered in Roseburg, Ore., is a subsidiary of Umpqua Holdings Corporation, and has locations across Idaho, Washington, Oregon, California, Arizona, and Nevada. Umpqua Bank has been recognized for its innovative customer experience and banking strategy by national publications including The Wall Street Journal, The New York Times, BusinessWeek, Fast Company and CNBC. The company has been recognized for eight years in a row on FORTUNE magazine's list of the country's "100 Best Companies to Work For," and was recently named by The Portland Business Journal the Most Admired Financial Services Company in Oregon for the 17th consecutive year. In addition to its retail banking presence, Umpqua Bank also owns Financial Pacific Leasing, Inc., a nationally recognized commercial finance company that provides equipment leases to businesses.
About Kiva
Kiva is a global nonprofit that brings people together to invest in lasting impact. Kiva connects individuals, institutional investors, and corporations with global opportunities to invest in humanity—when and where it will make the greatest collective impact. With as little as $25, you can help women, refugees and small businesses across the globe build a better future for individuals, their families and communities. Join two million people who have invested $1.7 billion in real dreams and real opportunity around the world.
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SOURCE Umpqua Bank | https://www.whsv.com/prnewswire/2022/05/02/celebrate-small-business-week-umpqua-bank-is-matching-microloan-contributions-10x-bipoc-women-entrepreneurs/ | 2022-05-02T20:56:32Z |
Centerspace Reports First Quarter 2022 Financial Results and Affirms Core FFO Guidance
Published: May. 2, 2022 at 4:30 PM EDT|Updated: 26 minutes ago
MINNEAPOLIS, May 2, 2022 /PRNewswire/ -- Centerspace (NYSE: CSR) announced today its financial and operating results for the three months ended March 31, 2022. The tables below show Net Income, Funds from Operations ("FFO")1, and Core FFO1, all on a per share basis, for the three months ended March 31, 2022; Same-Store Revenues, Expenses, and Net Operating Income ("NOI")1 over comparable periods; and Same-Store Weighted-Average Occupancy for each of the three months ended March 31, 2022, December 31, 2021, and March 31, 2021.
Highlights
Net Loss was $(0.68) per diluted share for the first quarter of 2022, compared to a Net Loss of $(0.49) per diluted share for the same period of 2021;
Core FFO increased 3.2% to $0.98 per diluted share for the three months ended March 31, 2022, compared to $0.95 for the three months ended March 31, 2021;
Same-store revenues increased by 8.6% for the first quarter of 2022 compared to the first quarter of 2021;
Same-store new lease rates were 6.9% for the first quarter of 2022, compared to 0.7% in the same period the prior year. Same-store renewal lease over lease rates were 9.6% for the first quarter of 2022, compared to 4.0% in the same period the prior year. Same-store blended lease over lease rates were 7.9% for the first quarter of 2022, compared to 2.0% for the same period the prior year;
Continued to grow the portfolio through the addition of 4 communities totaling 397 homes in the Minneapolis, Minnesota region; and
Continued to strengthen the balance sheet by issuing 321,000 common shares under the ATM program for net proceeds of $31.7 million.
Acquisitions and Dispositions
During the quarter, Centerspace acquired a portfolio of three communities in the Minneapolis, Minnesota region totaling 267 apartment homes for an aggregate purchase price of $68.1 million. The company also acquired Noko Apartments in Minneapolis for an aggregate purchase price of $46.4 million. The company previously financed the construction and mezzanine loan.
Subsequent Events
Following the end of the quarter, Centerspace paid off $22.3 million in mortgages. The Company does not have significant debt maturities over the next three years with only 5% of total debt maturing through the first quarter of 2025.
Balance Sheet
At the end of the first quarter, Centerspace had $223.3 million of total liquidity on its balance sheet, consisting of $210.0 million available under the lines of credit and cash and cash equivalents of $13.3 million.
Revised 2022 Financial Outlook
Centerspace revised its 2022 financial outlook and affirms its Core FFO guidance. For additional information, see S-14 of the Supplemental Financial and Operating Data for the quarter ended March 31, 2022 included at the end of this release. These ranges should be considered in their entirety. The revised outlook is:
Upcoming Events
On May 17, 2022, at 9:00 a.m. CDT, Centerspace will be holding its 2022 Annual Meeting of Shareholders live via the Internet. Shareholders can participate in and/or vote at the Annual Meeting via live webcast over the internet at www.virtualshareholdermeeting.com/CSR2022. Shareholders must enter their 16-digit control number found in their proxy materials, either on the Notice of Internet Availability of Proxy Materials, the proxy card, or in the instructions that accompanied the proxy materials to enter the 2022 Annual Meeting. The company urges the shareholders to vote and submit proxies in advance of the Annual Meeting by one of the methods described in the proxy materials for the Annual Meeting. The Annual Meeting webcast will begin promptly at 9:00 a.m. CDT. On the day of the Annual Meeting, the company recommends that you log into its virtual meeting at least 15 minutes prior to the scheduled start time to ensure you can access the meeting.
Earnings Call
Supplemental Information
Supplemental Operating and Financial Data for the quarter ended March 31, 2022 included herein ("Supplemental Information"), is available in the Investors section on Centerspace's website at www.centerspacehomes.com or by calling Investor Relations at 701-837-7104. Non-GAAP financial measures and other capitalized terms, as used in this earnings release, are defined and reconciled in the Supplemental Financial and Operating Data, which accompanies this earnings release.
About Centerspace
Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, as of March 31, 2022, Centerspace owned 83 apartment communities consisting of 14,838 apartment homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Centerspace was named a Top Workplace for 2021 by the Minneapolis Star Tribune. For more information, please visit www.centerspacehomes.com.
Forward-Looking Statements
Certain statements in this press release and the accompanying Supplemental Operating and Financial Data are based on the company's current expectations and assumptions, and 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. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial conditions, or plans expressed or implied by the forward-looking statements. Although the company believes the expectations reflected in its forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be achieved. Such risks, uncertainties, and other factors that might cause such differences include, but are not limited to those risks and uncertainties detailed from time to time in Centerspace's filings with the Securities and Exchange Commission, including the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" contained in its Annual Report on Form 10-K for the year ended December 31, 2021, in its subsequent quarterly reports on Form 10-Q, and in other public reports. The company assumes no obligation to update or supplement forward-looking statements that become untrue due to subsequent events.
CENTERSPACE NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (unaudited)
This release contains certain non-GAAP financial measures. The non-GAAP financial measures should not be considered a substitute for operating results determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The definitions and calculations of these non-GAAP financial measures, as calculated by us, may not be comparable to non-GAAP financial measures reported by other REITs that do not define each of the non-GAAP financial measures exactly as Centerspace does.
The company provides certain information on a same-store and non-same-store basis. Same-store apartment communities are owned or in service for substantially all of the periods being compared, and, in the case of newly-constructed properties, have achieved a target level of physical occupancy of 90%. On the first day of each calendar year, Centerspace determines the composition of its same-store pool for that year as well as adjusts the previous year, which allows us to evaluate full period-over-period operating comparisons for existing apartment communities and their contribution to net income. The company believes that measuring performance on a same-store basis is useful to investors because it enables evaluation of how a fixed pool of its communities are performing year-over-year. Centerspace uses this measure to assess whether or not the company has been successful in increasing NOI, renewing the leases on existing residents, controlling operating costs, and making prudent capital improvements.
Reconciliation of Operating Income (Loss) to Net Operating Income
Net operating income, or NOI, is a non-GAAP financial measure which the company defines as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation, amortization, financing, property management overhead, casualty losses, and general and administrative expenses. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders, or cash flow from operating activities as a measure of financial performance.
Reconciliation of Same-Store Controllable Expenses to Total Property Operating Expenses, Including Real Estate Taxes
Same-store controllable expenses exclude real estate taxes and insurance, in order to provide a measure of expenses that are within management's control, and is used for the purposes of budgeting, business planning, and performance evaluation. This is a non-GAAP financial measure and should not be considered an alternative to total expenses or total property operating expenses.
Reconciliation of Net Income (Loss) Available to Common Shareholders to Funds From Operations and Core Funds From Operations
Centerspace believes that FFO, which is a non-GAAP financial measure used as a standard supplemental measure for equity real estate investment trusts, is helpful to investors in understanding its operating performance, primarily because its calculation does not assume that the value of real estate assets diminishes predictably over time, as implied by the historical cost convention of GAAP and the recording of depreciation.
Centerspace uses the definition of FFO adopted by the National Association of Real Estate Investment Trusts, Inc. ("Nareit"). Nareit defines FFO as net income or loss calculated in accordance with GAAP, excluding:
depreciation and amortization related to real estate;
gains and losses from the sale of certain real estate assets; and
impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.
The exclusion in Nareit's definition of FFO of gains and losses from the sale of real estate assets and impairment write-downs helps to identify the operating results of the long-term assets that form the base of the company's investments, and assists management and investors in comparing those operating results between periods.
Due to the limitations of the Nareit FFO definition, Centerspace has made certain interpretations in applying this definition. The company believes that all such interpretations not specifically identified in the Nareit definition are consistent with this definition. Nareit's FFO White Paper 2018 Restatement clarified that impairment write-downs of land related to a REIT's main business are excluded from FFO and a REIT has the option to exclude impairment write-downs of assets that are incidental to its main business.
While FFO is widely used by Centerspace as a primary performance metric, not all real estate companies use the same definition of FFO or calculate FFO in the same way. Accordingly, FFO presented here is not necessarily comparable to FFO presented by other real estate companies. FFO should not be considered as an alternative to net income or any other GAAP measurement of performance, but rather should be considered as an additional, supplemental measure. FFO also does not represent cash generated from operating activities in accordance with GAAP, nor is it indicative of funds available to fund all cash flow needs, including the ability to service indebtedness or make distributions to shareholders.
Core Funds from Operations ("Core FFO") is FFO as adjusted for non-routine items or items not considered core to business operations. By further adjusting for items that are not considered part of core business operations, the company believes that Core FFO provides investors with additional information to compare core operating and financial performance between periods. Core FFO should not be considered as an alternative to net income, or any other GAAP measurement of performance, but rather should be considered an additional supplemental measure. Core FFO also does not represent cash generated from operating activities in accordance with GAAP, nor is it indicative of funds available to fund the company's cash needs, including its ability to service indebtedness or make distributions to shareholders. Core FFO is a non-GAAP and non-standardized financial measure that may be calculated differently by other REITs and should not be considered a substitute for operating results determined in accordance with GAAP.
Reconciliation of Net Income (Loss) Available to Common Shareholders to Adjusted EBITDA
Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, gain/loss on sale of real estate and other investments, impairment of real estate investments, gain/loss on extinguishment of debt, gain/loss from involuntary conversion; and other non-routine items or items not considered core to business operations. The company considers Adjusted EBITDA to be an appropriate supplemental performance measure because it permits investors to view income from operations without the effect of depreciation, the cost of debt, or non-operating gains and losses. Adjusted EBITDA is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP.
Reconciliation of Net Income (Loss) Available to Common Shareholders to FFO and Core FFO
The following table presents reconciliations of Net income (loss) available to common shareholders to FFO and Core FFO, which are non-GAAP financial measures described in greater detail under "Non-GAAP Financial Measures and Reconciliations." They should not be considered as alternatives to net income or any other GAAP measurement of performance, but rather should be considered as an additional, supplemental measure. FFO and Core FFO also do not represent cash generated from operating activities in accordance with GAAP, nor are they indicative of funds available to fund all cash needs, including the ability to service indebtedness or make distributions to shareholders. The outlook and projections provided below are based on current expectations and are forward-looking.
Reconciliation of Operating Income to Net Operating Income
Net operating income, or NOI, is a non-GAAP financial measure which the company defines as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation, amortization, financing, property management overhead, casualty losses, and general and administrative expenses. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders, or cash flow from operating activities as a measure of financial performance.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.whsv.com/prnewswire/2022/05/02/centerspace-reports-first-quarter-2022-financial-results-affirms-core-ffo-guidance/ | 2022-05-02T20:56:40Z |
DENVER, May 2, 2022 /PRNewswire/ - (TSX: CWEB) (OTCQX: CWBHF) Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company"), the market leader in cannabidiol (CBD) hemp extract wellness products, will report its first-quarter financial results after the close of trading on May 16, 2022. A conference call to discuss the results is scheduled for the following day at 11:00 a.m. Eastern Time. To participate in the call, please dial 1-416-764-8659 or 1-888-664-6392 approximately 10 minutes before the conference call.
A recording of the call will be available through May 23, 2022. To listen to a replay of the earnings call please dial 1-416-764-8677 or 1-888-390-0541 and provide conference ID 55137632. A webcast of the call will also be accessible through the investor relations section of the Company's website.
Subscribe to Charlotte's Web investor news.
Charlotte's Web Holdings, Inc., a Certified B Corporation headquartered in Denver, is the market leader in innovative hemp extract wellness products under a family of brands which includes Charlotte's Web™, CBD Medic™, CBD Clinic™, and Harmony Hemp™. Charlotte's Web branded premium quality products start with proprietary hemp genetics that are 100-percent American farm grown and manufactured into hemp extracts containing naturally occurring phytocannabinoids including cannabidiol ("CBD"), CBC, CBG, terpenes, flavonoids, and other beneficial hemp compounds. The Company's CW Labs R&D division, advances hemp science at two centers of excellence in Louisville, Colorado, and the Hauptmann Woodward Research Institute at the University at Buffalo, part of the State University of New York (SUNY) network. Charlotte's Web product categories include full-spectrum hemp CBD oil tinctures (liquid products), CBD gummies (sleep, stress, exercise recovery), CBD capsules, CBD topical creams and lotions, as well as CBD pet products for dogs. Through its vertically integrated business model, Charlotte's Web maintains stringent control over product quality and consistency. Charlotte's Web products are distributed to more than 15,000 retail, over 8,000 health care practitioners, and online through the Company's website at www.CharlottesWeb.com.
Charlotte's Web is a science-driven and a socially and environmentally conscious company. It is committed to using business as a force for good and a catalyst for innovation. Charlotte's Web donates a portion of its pre-tax earnings to numerous charitable organizations in support of the greater good.
Charlotte's Web Holdings, Inc.
THE WORLD'S MOST TRUSTED HEMP EXTRACT™
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SOURCE Charlotte's Web Holdings, Inc. | https://www.whsv.com/prnewswire/2022/05/02/charlottes-web-q1-2022-earnings-call-webcast-notice/ | 2022-05-02T20:56:47Z |
First of its kind security label will enable retailers to effectively protect metallic merchandise
THOROFARE, N.J., May 2, 2022 /PRNewswire/ -- Solving one of the perennial problems associated with protecting merchandise using RF-based Electronic Article Surveillance (EAS) systems, Checkpoint Systems has today announced it has developed a unique security label specifically for metallic items.
Delivering a shrink reduction of up to 50% during trails with leading US and European retailers, the Checkpoint RF Metal™ Label will give retailers even more options when it comes to protecting metallic items.
Protecting at-risk items
Historically, hardware items like paint tins, drill bits and wrenches, as well as food and beauty products packaged in metallic materials, like foil and cans, have been difficult to protect without using defensive tactics, such as display cabinets. This is because the metallic material on such products absorbs the RF energy, making it harder to detect items passing out of the store.
With over 50 years' experience developing innovative solutions that meet the demands of retailers around the world, Checkpoint has revealed another industry first, becoming the only security label supplier with a dedicated solution to address this age-old concern.
Outstanding trial results
During a series of trials at retailers around the world, the Metal Label delivered incredible results – reducing shrinkage across all product types, including canned tuna, baby formula, deodorants, face creams and foil-lined coffee products. Over a six-week period, one line saw shrinkage reduce by as much as 85% by simply applying the new label, while shrink was at least halved on most other products.
The Metal Label can be quickly applied in-store or at source and can be used on most metallic object to create a strong visual deterrent. It will give retailers peace of mind that their at-risk items can now be displayed in prime positions whilst still being protected. And, importantly, it will not impact the customer experience, with the small label having minimal effect on the visual appearance of products.
Ivan Gosling, Global Product Manager at Checkpoint Systems, commented:
"This label is a game-changer for retailers. Since RF technology was introduced, there has always been a problem protecting metallic merchandise. Some retailers have learned to live with it, others have resorted to defensive measures, such as display cabinets, which naturally affect customer engagement and subsequently sales. The Metal Label is enabling most types of metallic items to now be protected in open display environments, and shrinkage can be cut significantly."
Checkpoint's RF Metal Label is available immediately.
About Checkpoint Systems, Inc. (www.checkpointsystems.com)
About CCL Industries
CCL Industries Inc., a world leader in specialty label and packaging solutions for global corporations, small businesses and consumers, employs approximately 19,000 people and operates 150 facilities in 25 countries on six continents with corporate offices in Toronto, Canada, and Framingham, Massachusetts. For more information, visit www.cclind.com.
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SOURCE Checkpoint Systems, Inc. | https://www.whsv.com/prnewswire/2022/05/02/checkpoint-reveals-new-rf-label-that-slashes-shrink-metallic-items-by-up-50/ | 2022-05-02T20:56:54Z |
HONG KONG, May 2, 2022 /PRNewswire/ -- On April 27, 2022, China Natural Resources, Inc. (NASDAQ: CHNR) (the "Company") received a letter from the Listing Qualifications Department of The Nasdaq Capital Market ("Nasdaq") notifying the Company that it is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2), because the closing bid price of the Company's common shares was below the minimum of $1.00 per share for a period of 30 consecutive business days. This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. The notification has no immediate effect on the listing of the Company's common shares, which will continue to trade uninterrupted on Nasdaq under the ticker "CHNR".
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until October 24, 2022 (the "Compliance Period"), to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share of the Company's common shares is at least $1.00 for a minimum of ten consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.
In the event the Company does not regain compliance with the minimum bid price requirement by October 24, 2022, the Company may be eligible for an additional 180-calendar-day grace period.
About China Natural Resources:
China Natural Resources, Inc., a British Virgin Islands corporation, through its operating subsidiaries in the People's Republic of China (the "PRC"), is currently engaged in the wastewater treatment industry in the PRC, and the acquisition and exploitation of mining rights in Inner Mongolia, including preliminary exploration for nickel, lead, silver and other nonferrous metals, and is actively exploring further business opportunities in the healthcare sector, natural resources sector and other sectors.
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SOURCE China Natural Resources, Inc. | https://www.whsv.com/prnewswire/2022/05/02/china-natural-resources-receives-nasdaq-notification-regarding-minimum-bid-requirements/ | 2022-05-02T20:57:04Z |
OAKLAND, Calif., May 2, 2022 /PRNewswire/ -- The Clorox Company (NYSE: CLX) today reported results for the third quarter of fiscal year 2022, which ended March 31, 2022.
Third-Quarter Fiscal Year 2022 Summary
Following is a summary of key third-quarter results. All comparisons are with the third quarter of fiscal year 2021 unless otherwise stated.
- Net sales increased 2% to $1.8 billion compared to flat sales in the year-ago quarter. Net sales growth reflects higher shipments across all reportable segments. Organic sales1 also grew 2%. The three-year average growth rate for net sales was up 5%.
- Gross margin decreased 760 basis points to 35.9% from 43.5% in the year-ago quarter, due mainly to higher manufacturing and logistics and commodity costs, partially offset by the benefits of pricing and cost savings initiatives.
- Diluted net earnings per share (diluted EPS) increased 347% to $1.21 from a 49-cent loss in the year-ago quarter, due mainly to the noncash impairment in the Vitamins, Minerals and Supplements business during the year-ago period.
- Adjusted EPS1 decreased 19% to $1.31 from $1.62 in the year-ago quarter, due mainly to lower gross margin, partially offset by lower advertising spending and higher net sales. This amount excludes 10 cents related to investments in the company's long-term strategic digital capabilities and productivity enhancements.
- Year-to-date net cash provided by operations decreased 49% to $451 million from $893 million in the year-ago period.
"We saw continued strong demand for our products this quarter and delivered sequential gross margin improvement against the backdrop of a volatile and challenging environment," said CEO Linda Rendle. "While cost inflation continues to increase and uncertainty remains, we're seeing the strength and resiliency of our brands driving benefits across the business, and the actions we're taking to rebuild margin are gaining momentum. We're confident that our strategic choices and focus on operational performance position us well over the long term to create value for all our stakeholders."
This press release includes certain non-GAAP financial measures. See "Non-GAAP Financial Information" at the end of this press release for more details.
Strategic and Operational Highlights
The following are highlights of business and ESG achievements in the third quarter:
- Grew overall market share, including a third straight quarter of double-digit gains for Clorox disinfecting wipes.
- Continued to execute cost-justified pricing actions across the vast majority of the portfolio.
- Launched innovation including Kingsford flavor boosters for charcoal and pellet grills, building on our Kingsford Signature Flavors platform; Glad compostable drawstring bags in Canada; Glad to Be Green 50% ocean bound plastic recycled trash bags in Australia; and Glad ForceFlex Plus with Clorox trash bags in Eucalyptus and Peppermint fragrance, which taps into scent trends.
- Signed a multiyear agreement that makes Clorox the official cleaning and disinfecting product partner of ASM Global, a venue and event management company whose portfolio includes the Moscone Center, Barclays Center, Oakland Arena, McCormick Place and many other event spaces. ASM Global facilities will use Clorox disinfecting wipes, hand sanitizer and electrostatic sprayers to help provide cleaner and safer environments.
- Announced a new 12-year virtual power purchase agreement — the company's second — supporting a continued commitment to 100% renewable electricity for the company's U.S. and Canada operations.
- Named to the 2022 JUST Capital-CNBC list of America's Most JUST Companies (announced Jan. 10) and Barron's 100 Most Sustainable U.S. Companies list, as selected by Calvert Research (ranked No. 2 overall; announced Feb. 11).
Key Segment Results
The following is a summary of key third-quarter results by reportable segment. All comparisons are with the third quarter of fiscal year 2021, unless otherwise stated.
Health and Wellness (Cleaning; Professional Products; Vitamins, Minerals and Supplements)
- Net sales decreased 3%, with 3 points of benefit from pricing more than offset by 3 points of unfavorable mix and 3 points of higher trade spending.
- Segment pretax earnings increased 146% (or a 42% decrease on an adjusted basis2), primarily due to the noncash impairment of the VMS business in the year-ago period, partially offset by higher manufacturing and logistics costs and lower net sales.
Household (Bags and Wraps, Grilling, Cat Litter)
- Net sales were up 6%, reflecting increases in two of three businesses, driven primarily by 4 points from the benefit of pricing and a 2-point increase in volume.
- Segment pretax earnings decreased 5%, primarily due to higher commodity as well as manufacturing and logistics costs, partially offset by higher net sales and lower advertising spending.
Lifestyle (Food, Natural Personal Care, Water Filtration)
- Net sales increased 4%, reflecting growth in all three businesses. The increase was driven primarily by 6 points of volume growth, which was partially offset by 2 points of unfavorable price mix.
- Segment pretax earnings decreased 3%, mainly due to higher commodity as well as manufacturing and logistics costs, partially offset by lower advertising spending and higher net sales.
International (Sales Outside the U.S.)
- Net sales increased 1%, driven by 4 points of price mix and 2 points of higher volume, primarily from cleaning and disinfecting and cat litter products, which were partially offset by 5 points of unfavorable foreign exchange. Organic sales growth was 6%.
- Segment pretax earnings increased 3%, largely from net sales growth, which was partially offset by higher commodity costs.
Fiscal Year 2022 Outlook
The company updated its outlook to reflect the following:
- Net sales are still expected to decrease 1% to 4% (organic sales decrease of 1% to 4%), reflecting a 7% sales decrease in the first half of fiscal year 2022 as the company lapped 27% growth in that period and sales growth in the back half of this fiscal year.
- Gross margin is now expected to decrease up to 800 basis points, primarily due to higher than previously anticipated commodity and manufacturing and logistics costs.
- Selling and administrative expenses are now expected to be at 14% to 15% of net sales, reflecting about 1 point of impact from the company's strategic investments in digital capabilities and productivity enhancements.
- Advertising and sales promotion spending remains at about 10% of net sales, reflecting the company's ongoing commitment to invest behind its brands.
- Effective tax rate continues to be between 22% and 23%, with the year-over-year increase primarily reflecting the lapping of several one-time benefits in the prior fiscal year.
- Diluted EPS is now expected to be between $3.60 and $3.85, or a decrease between 35% and 31%, respectively.
- Adjusted EPS is now expected to be between $4.05 and $4.30, or a decrease between 44% and 41%, respectively. The company's adjusted EPS outlook excludes the long-term strategic investment in digital capabilities and productivity enhancements to provide greater visibility into the underlying operating performance of the business.
- Of the company's approximately $90 million investment in long-term strategic digital capabilities and productivity enhancements in fiscal year 2022, about $73 million, or 45 cents, is still expected to flow through to the profit and loss statement, mostly in selling and administrative expenses.
Clorox Earnings Conference Call Schedule
At approximately 4:15 p.m. ET today, Clorox will post prepared management remarks regarding its third-quarter fiscal year 2022 results.
At 5 p.m. ET today, the company will host a live Q&A audio webcast with CEO Linda Rendle and Chief Financial Officer Kevin Jacobsen to discuss the results.
Links to the live (and archived) webcast, press release and prepared remarks can be found at Clorox Quarterly Results.
For More Detailed Financial Information
Visit the company's Quarterly Results for the following:
- Supplemental unaudited volume and sales growth information
- Supplemental unaudited gross margin driver information
- Supplemental unaudited cash flow information and free cash flow reconciliation
- Supplemental unaudited reconciliation of earnings before interest and taxes (EBIT) and adjusted EBIT
- Supplemental unaudited reconciliation of adjusted earnings per share
Note: Percentage and basis-point, or point, changes noted in this press release are calculated based on rounded numbers, except for per-share data and the effective tax rate.
The Clorox Company
The Clorox Company (NYSE: CLX) is a leading multinational manufacturer and marketer of consumer and professional products with about 9,000 employees worldwide and fiscal year 2021 sales of $7.3 billion. Clorox markets some of the most trusted and recognized consumer brand names, including its namesake bleach and cleaning products; Pine-Sol® cleaners; Liquid-Plumr® clog removers; Poett® home care products; Fresh Step® cat litter; Glad® bags and wraps; Kingsford® grilling products; Hidden Valley® dressings and sauces; Brita® water-filtration products; Burt's Bees® natural personal care products; and RenewLife®, Rainbow Light®, Natural Vitality CALM™, and NeoCell® vitamins, minerals and supplements. The company also markets industry-leading products and technologies for professional customers, including those sold under the CloroxPro™ and Clorox Healthcare® brand names. More than 80% of the company's sales are generated from brands that hold the No. 1 or No. 2 market share positions in their categories.
Clorox is a signatory of the United Nations Global Compact and the Ellen MacArthur Foundation's New Plastics Economy Global Commitment. The company has been broadly recognized for its corporate responsibility efforts, included on the Barron's 2022 100 Most Sustainable Companies list, 2022 Bloomberg Gender-Equality Index, the Human Rights Campaign's 2022 Corporate Equality Index and the 2021 Parity.org Best Places for Women to Advance list, among others. In support of its communities, The Clorox Company and its foundations contributed about $20 million in combined cash grants, product donations and cause marketing in fiscal year 2021. For more information, visit TheCloroxCompany.com and follow the company on Twitter at @CloroxCo.
CLX-F
Forward-Looking Statements
This press release contains "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, including, among others, statements related to the expected or potential impact of the novel coronavirus (COVID-19) pandemic, and the related responses of governments, consumers, customers, suppliers, employees and the company, on our business, operations, employees, financial condition and results of operations, and any such forward-looking statements, whether concerning the COVID-19 pandemic or otherwise, involve risks, assumptions and uncertainties. Except for historical information, statements about future volumes, sales, organic sales growth, foreign currencies, costs, cost savings, margins, earnings, earnings per share, diluted earnings per share, foreign currency exchange rates, tax rates, cash flows, plans, objectives, expectations, growth or profitability are forward-looking statements based on management's estimates, beliefs, assumptions and projections. Words such as "could," "may," "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "will," "predicts," and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic and financial performance are intended to identify such forward-looking statements. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed. Important factors that could affect performance and cause results to differ materially from management's expectations are described in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Annual Report on Form 10-K for the fiscal year ended June 30, 2021, as updated from time to time in the company's Securities and Exchange Commission filings. These factors include, but are not limited to: intense competition in the company's markets; the impact of the changing retail environment, including the growth of alternative retail channels and business models, and changing consumer preferences; the impact of COVID-19 on the availability of, and efficiency of the supply, manufacturing and distribution systems for, the company's products, including any significant disruption to such systems; on the demand for the company's products; and on worldwide, regional and local adverse economic conditions, including increased risk of inflation; volatility and increases in the costs of raw materials, energy, transportation, labor and other necessary supplies or services; risks related to supply chain issues and product shortages as a result of increased supply chain dependencies due to an expanded supplier network and a reliance on certain single-source suppliers; risks relating to the significant increase in demand for disinfecting and other products due to the COVID-19 pandemic continuing; dependence on key customers and risks related to customer consolidation and ordering patterns; risks related to the company's use of and reliance on information technology systems, including potential security breaches, cyber-attacks, privacy breaches or data breaches that result in the unauthorized disclosure of consumer, customer, employee or company information, or service interruptions, especially at a time when a large number of the company's employees are working remotely and accessing its technology infrastructure remotely; the ability of the company to drive sales growth, increase prices and market share, grow its product categories and manage favorable product and geographic mix; risks relating to acquisitions, new ventures and divestitures, and associated costs, including for asset impairment charges related to, among others, intangible assets, including trademarks and goodwill, in particular the impairment charges relating to the carrying value of the company's Vitamins, Minerals and Supplements business; and the ability to complete announced transactions and, if completed, integration costs and potential contingent liabilities related to those transactions; the company's ability to maintain its business reputation and the reputation of its brands and products; lower revenue, increased costs or reputational harm resulting from government actions and compliance with regulations, or any material costs imposed by changes in regulation; the ability of the company to successfully manage global political, legal, tax and regulatory risks, including changes in regulatory or administrative activity; the operations of the company and its suppliers being subject to disruption by events beyond the company's control, including work stoppages, cyber-attacks, weather events or natural disasters, political instability or uncertainty, disease outbreaks or pandemics, such as COVID-19, and terrorism; risks related to international operations and international trade, including foreign currency fluctuations, such as devaluations, and foreign currency exchange rate controls; changes in governmental policies, including trade, travel or immigration restrictions, new or additional tariffs, and price or other controls; labor claims and civil unrest; inflationary pressures, particularly in Argentina; impact of the United Kingdom's exit from the European Union; potential negative impact and liabilities from the use, storage and transportation of chlorine in certain international markets where chlorine is used in the production of bleach; widespread health emergencies, such as COVID-19; and the possibility of nationalization, expropriation of assets or other government action; the impact of macroeconomic and geopolitical trends and events, including the unfolding situation in Ukraine and its regional and global ramifications and the effects of inflation; the ability of the company to innovate and to develop and introduce commercially successful products, or expand into adjacent categories and countries; the impact of product liability claims, labor claims and other legal, governmental or tax proceedings, including in foreign jurisdictions and in connection with any product recalls; the ability of the company to implement and generate cost savings and efficiencies, and successfully implement its business strategies; the accuracy of the company's estimates and assumptions on which its financial projections, including any sales or earnings guidance or outlook it may provide from time to time, are based; risks related to additional increases in the estimated fair value of The Procter & Gamble Company's interest in the Glad business; the performance of strategic alliances and other business relationships; the company's ability to attract and retain key personnel; the impact of Environmental, Social, and Governance issues, including those related to climate change and sustainability on our sales, operating costs or reputation; environmental matters, including costs associated with the remediation and monitoring of past contamination, and possible increases in costs resulting from actions by relevant regulators, and the handling and/or transportation of hazardous substances; the company's ability to effectively utilize, assert and defend its intellectual property rights, and any infringement or claimed infringement by the company of third-party intellectual property rights; the effect of the company's indebtedness and credit rating on its business operations and financial results and the company's ability to access capital markets and other funding sources; the company's ability to pay and declare dividends or repurchase its stock in the future; the impacts of potential stockholder activism; and risks related to any litigation associated with the exclusive forum provision in the company's bylaws.
The company's forward-looking statements in this press release are based on management's current views, beliefs, assumptions and expectations regarding future events and speak only as of the date of this press release. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws.
Non-GAAP Financial Information
- This press release contains non-GAAP financial information related to organic sales growth/(decrease), adjusted EPS, and Health and Wellness adjusted segment pretax earnings decrease for the third quarter of fiscal year 2022 as well as organic sales growth/(decrease) and adjusted EPS outlook for fiscal year 2022.
- Clorox defines organic sales growth/(decrease) as GAAP net sales growth/(decrease) excluding the effect of foreign exchange rate changes and any acquisitions or divestitures.
- Organic sales growth/(decrease) outlook for fiscal year 2022 excludes the impact of foreign currency exchange rate changes, which the company currently expects to have only a limited impact on GAAP net sales growth/(decrease).
- Management believes that the presentation of organic sales growth/(decrease) is useful to investors because it excludes sales from any acquisitions and divestitures, which results in a comparison of sales only from the businesses that the company was operating and expects to continue to operate throughout the relevant periods, and the company's estimate of the impact of foreign exchange rate changes, which are difficult to predict and out of the control of the company and management. However, organic sales growth/(decrease) may not be the same as similar measures provided by other companies due to potential differences in methods of calculation or differences in which items are incorporated into these adjustments.
- Adjusted EPS is defined as diluted earnings per share that excludes or has otherwise been adjusted for significant items that are nonrecurring or unusual.
- Adjusted effective tax rate is defined as the effective tax rate that excludes or has otherwise been adjusted for significant items that are nonrecurring or unusual. The company's GAAP effective tax rate for the third quarter of fiscal year 2022 and 2021 was 23.9% and -1.4%, respectively. Adjusted effective tax rate for the third quarter of fiscal year 2021 was 23.2%, which reflects an increase of 24.6% related to the impact of a $329 noncash impairment charge in the third quarter of fiscal year 2021.
- Both adjusted EPS and adjusted effective tax rate are supplemental information that management uses to help evaluate the company's historical and prospective financial performance. Management believes that by adjusting for certain nonrecurring or unusual items, such as significant losses/(gains) related to acquisitions, impairment charges and other nonrecurring or unusual items, investors and management are able to gain additional insight into the company's underlying operating performance on a consistent basis over time. However, adjusted EPS and adjusted effective tax rate may not be the same as similar measures provided by other companies due to potential differences in methods of calculation or differences in which items are incorporated into these adjustments.
- Adjusted segment pretax earnings decrease is defined as a decrease in earnings (losses) before income taxes excluding the impact of certain nonrecurring or unusual items. Adjusted segment pretax earnings decrease for the Health and Wellness segment for the third quarter of fiscal year 2022 was 42%, which reflects a 188% deduction related to the impact of the $329 noncash impairment charge in the third quarter of fiscal year 2021 from the 146% GAAP pretax earnings increase in the Health and Wellness segment for the third quarter of fiscal year 2022. The percentage changes are compared to the year-ago period. Management believes that the presentation of the adjusted segment pretax earnings decrease for the Health and Wellness segment is useful to investors to assess operating performance on a consistent basis by removing the impact of charges it believes do not directly reflect the performance of the segment's underlying operations.
- The reconciliation tables below refer to the equivalent GAAP measures adjusted as applicable for the following items:
Digital Capabilities and Productivity Enhancements Investment
As announced in August 2021, the company plans to invest approximately $500 million over a five-year period in transformative technologies and processes. This investment, which began in the first quarter of fiscal year 2022, includes replacement of the company's enterprise resource planning system and transitioning to a cloud-based platform as well as the implementation of a suite of other digital technologies. Together it is expected that these implementations will generate efficiencies and transform the company's operations in the areas of supply chain, digital commerce, innovation, brand building and more over the long term.
Of the total $500 million investment, approximately 55% is expected to represent incremental operating costs primarily recorded within selling and administrative expenses to be adjusted from reported EPS for purposes of disclosing adjusted EPS over the course of the next five years. Approximately 70% of these incremental operating costs are expected to be related to the implementation of the ERP, with the remaining costs primarily related to the implementation of complementary technologies.
Due to the nature, scope and magnitude of this investment, these costs are considered by management to represent incremental transformational costs above the historical normal level of spending for information technology to support operations. Since these strategic investments, including incremental operating costs, will cease at the end of the investment period, are not expected to recur in the foreseeable future, and are not considered representative of the company's underlying operating performance, the company's management believes presenting these costs as an adjustment in the non-GAAP results provides additional information to investors about trends in the company's operations and is useful for period-over-period comparisons. It also allows investors to view underlying operating results in the same manner as they are viewed by company management.
The following tables provide reconciliations of organic sales growth/(decrease) (non-GAAP) to net sales growth/(decrease), the most comparable GAAP measure:
The following tables provide reconciliations of adjusted diluted earnings per share (non-GAAP) to diluted earnings per share, the most comparable GAAP measure:
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SOURCE The Clorox Company | https://www.whsv.com/prnewswire/2022/05/02/clorox-reports-q3-fiscal-year-2022-results-updates-outlook/ | 2022-05-02T20:57:10Z |
Solid production, agent productivity and capital return; $100 million in share repurchases
CARMEL, Ind., May 2, 2022 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today announced that for the quarter ended March 31, 2022, net income was $112.3 million, or $0.93 per diluted share, compared to $147.4 million, or $1.08 per diluted share, in 1Q21. Net operating income (1) in 1Q22 was $51.1 million, or $0.42 per diluted share, compared to $75.2 million, or $0.55 per diluted share, in 1Q21.
"Our results in the first quarter continued to demonstrate the strength and resilience of our business," said Gary C. Bhojwani, chief executive officer. "From a production standpoint, we generated increases in four of our five growth scorecard metrics and delivered sharp improvement in agent productivity, while returning significant capital to our shareholders."
"Earnings were pressured by market volatility in the quarter and we saw several factors begin to normalize, including moderation in our alternative investment returns and a trend back toward pre-pandemic claims levels in certain of our healthcare products. Adjusting for these factors and an increase in non-deferrable advertising expense, our underlying margins and earnings remained stable."
"While economic uncertainty is likely to persist, CNO is well-positioned to navigate prevailing market conditions and capitalize on the growth opportunities in front of us."
First Quarter 2022 Highlights
- Earnings per diluted share of $0.93 in 1Q22, compared to $1.08 in 1Q21
- Operating (1) EPS of $0.42 in 1Q22, compared to $0.55 in 1Q21
- Pre-tax operating earnings of $68.0 million in 1Q22, compared to $96.9 million (or $104.7 million excluding significant items) in 1Q21, reflecting:
- Total new annualized premiums (NAP) (4) up 2% from 1Q21
- Direct-to-consumer life insurance NAP (4) up 16% from 1Q21
- Annuity collected premiums up 13% from 1Q21
- Returned $116.1 million to shareholders in the form of share repurchases ($100.0 million) and dividends ($16.1 million); reduced weighted average share count by 11% since 1Q21
- Book value per share was $31.48, down 14% from 1Q21; book value per diluted share, excluding accumulated other comprehensive income (2), was $27.70, up 12% from 1Q21
- Return on equity (ROE) of 8.1%; operating ROE, as adjusted (6), of 11.2%
INSURANCE OPERATIONS
Annuity products accounted for 24 percent of the Company's margin for the quarter.
Annuity premiums collected increased 13 percent and annuity account values increased 8 percent in 1Q22 compared to 1Q21.
Health products accounted for 66 percent of the Company's insurance margin for the quarter and 65 percent of insurance policy income.
Life products accounted for 10 percent of the Company's insurance margin for the quarter and 34 percent of insurance policy income.
Sales of health products were down 3 percent and sales of life products were up 5 percent in 1Q22 compared to 1Q21.
Total allocated expenses were $144.8 million, up 3 percent from the year-ago quarter.
Total insurance margins were favorably impacted by approximately $16 million and $22 million in the quarters ended March 31, 2022 and 2021, respectively, due to the estimated impacts of COVID-19.
Total annuity margins were favorably impacted by approximately nil and $1 million in the quarters ended March 31, 2022 and 2021, respectively, due to the estimated impacts of COVID-19.
Total health margins were favorably impacted by approximately $32 million and $40 million in the quarters ended March 31, 2022 and 2021, respectively, due to the estimated impacts of COVID-19.
Total life margins were unfavorably impacted by approximately $16 million and $19 million in the quarters ended March 31, 2022 and 2021, respectively, due to the estimated impacts of COVID-19.
The fair value of CNO's available for sale fixed maturity portfolio was $23.5 billion compared with an amortized cost of $23.0 billion. Net unrealized gains were comprised of gross unrealized gains of $1.2 billion and gross unrealized losses of $647 million. The allowance for credit losses was $36.6 million at March 31, 2022.
At both amortized cost and fair value, 92 percent of fixed maturities, available for sale, were rated "investment grade".
Non-Operating Items
Net investment losses in 1Q22 were $7.1 million (net of related amortization) including the unfavorable change in the allowance for credit losses of $30.7 million which was recorded in earnings. Net investment gains in 1Q21 were $3.6 million (net of related amortization) including the favorable change in the allowance for credit losses of $9.6 million which was recorded in earnings.
During 1Q22 and 1Q21, we recognized a decrease in earnings of $25.5 million and $6.4 million, respectively, due to the net change in market value of investments recognized in earnings.
During 1Q22 and 1Q21, we recognized an increase in earnings of $90.8 million and $82.1 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities related to our fixed index annuities, net of related amortization. Such amounts include the impacts of changes in market interest rates used to determine the derivative's estimated fair value.
In 1Q22 and 1Q21, other non-operating items included an increase in earnings of $22.7 million and $13.2 million, respectively, for the mark-to-market change in the agent deferred compensation plan liability which was impacted by changes in the underlying actuarial assumptions used to value the liability. We recognize the mark-to-market change in the estimated value of this liability through earnings as assumptions change.
Statutory (based on non-GAAP measures) and GAAP Capital Information
Our consolidated statutory risk-based capital ratio was estimated at 365% at March 31, 2022, reflecting estimated 1Q22 statutory operating income of $30 million and the payment of insurance company dividends to the holding company of $69.6 million during 1Q22.
During the first quarter of 2022, we repurchased $100.0 million of common stock under our securities repurchase program. We repurchased 4.1 million common shares at an average cost of $24.65 per share. As of March 31, 2022, we had 117.2 million shares outstanding and had authority to repurchase up to an additional $266.9 million of our common stock. During 1Q22, dividends paid on common stock totaled $16.1 million.
Unrestricted cash and investments held by our holding company were $192 million at March 31, 2022, compared to $249 million at December 31, 2021.
Book value per common share was $31.48 at March 31, 2022 compared to $43.69 at December 31, 2021. Book value per diluted share, excluding accumulated other comprehensive income (2), was $27.70 at March 31, 2022, compared to $26.86 at December 31, 2021.
The debt-to-capital ratio was 23.6 percent and 17.8 percent at March 31, 2022 and December 31, 2021, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (3) was 25.6 percent at both March 31, 2022 and December 31, 2021.
Return on equity for the trailing four quarters ended March 31, 2022 and 2021, was 8.1% and 9.6%, respectively. Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income and net operating loss carryforwards (6) for the trailing four quarters ended March 31, 2022 and 2021, was 10.7% and 11.7%, respectively.
In this news release, CNO includes non-GAAP measures to enhance investors' understanding of management's view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing broader perspective. CNO's definitions of non-GAAP measures may differ from other companies' definitions. More detailed information including various GAAP and non-GAAP measurements are located at CNOinc.com in the Investors section under SEC Filings.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements within the meaning of federal securities laws. These prospective statements reflect management's current expectations, but are not guarantees of future performance. Accordingly, please refer to CNO's cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company's Form 10-K for the year ended December 31, 2021 and any subsequent Form 10-Q or Form 10-K on file with the Securities and Exchange Commission and on the Company's website at CNOinc.com in the Investors section. CNO specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.
EARNINGS RELEASE CONFERENCE CALL WEBCAST:
The Company will host a conference call to discuss results on May 3, 2022 at 11:00 a.m. Eastern Time. During the call, we will be referring to a presentation that will be available at the Investors section of the company's website.
To participate by dial-in, please register at http://www.directeventreg.com/registration/event/7976502. Upon registering, you will be provided with call details and a registrant ID used to track attendance on the conference call. Reminders will also be sent to registered participants via email.
For those investors who prefer to listen to the call online, we will be broadcasting the call live via webcast. The event can be accessed through the Investors section of the company's website: ir.CNOinc.com. Participants should go to the website at least 15 minutes before the event to register and download any necessary audio software.
ABOUT CNO FINANCIAL GROUP
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, financial services, and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $35 billion in total assets. Our 3,400 associates, 4,400 exclusive agents and 4,700 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
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SOURCE CNO Financial Group | https://www.whsv.com/prnewswire/2022/05/02/cno-financial-group-reports-first-quarter-2022-results/ | 2022-05-02T20:57:17Z |
MARLBOROUGH, Mass., May 2, 2022 /PRNewswire/ -- Concentric Energy Advisors, Inc. ("Concentric"), a leading management consulting and financial advisory services firm focusing on the North American energy and water industries, is pleased to announce that it is celebrating 20 years of client service.
After working together as REED Consulting Group, which was formed in 1988, the team evolved into Concentric Energy Advisors in 2002. Concentric has been a part of some of the most significant events affecting the energy and water industries and has conducted over 2200 projects for more than 750 clients.
Over its many years, Concentric's focus has never wavered from providing economic and financial advisory services delivered by the most passionate, experienced, and dedicated consultants in the energy space.
"As I reflect on the last twenty years of our industry, I am amazed by all we have accomplished together," said John J. Reed, Chairman and CEO. "We built on the values and success of REED Consulting Group and created a consultancy that has helped guide the energy industry through the enormous changes of the past two decades, and this anniversary is a testament to that success. We are now positioned and eager to continue our role at the forefront of change for many more years."
Mr. Reed added that, "Our clients are the heart of our business, and we would not be celebrating today without them. On behalf of the entire Concentric team, thank you to our clients who have continued to entrust us with their projects. As we look forward, I am reminded of how much the energy landscape has changed and the extraordinary depth of experience we offer our clients. I am confident that through the commitment of our employees we will continue to advance our mission of energy, service, and trust."
Learn more about employment opportunities and life at Concentric by visiting the careers page, and stay in touch by subscribing to the Concentric Connection.
About Concentric Energy Advisors:
Concentric Energy Advisors specializes in management consulting and financial advisory services focusing on the North American energy and water industries. Through its subsidiaries, CE Capital Advisors and Concentric Advisors ULC, Concentric provides capital market advisory support and consulting services in Canada.
Media Contact:
Wendy Preston
wpreston@ceadvisors.com
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SOURCE Concentric Energy Advisors | https://www.whsv.com/prnewswire/2022/05/02/concentric-energy-advisors-celebrates-twenty-years-energy-service-trust/ | 2022-05-02T20:57:25Z |
HOUSTON, May 2, 2022 /PRNewswire/ -- Coterra Energy Inc. (NYSE: CTRA) ("Coterra" or the "Company") today reported first-quarter 2022 financial and operating results. On October 1, 2021, Coterra announced that the merger involving the Company, which was formerly named Cabot Oil & Gas Corporation ("Cabot"), and Cimarex Energy Co. ("Cimarex"), was completed (the "Merger"). Referenced results for the three months ended March 31, 2021 reflect only legacy Cabot. Referenced results for the three months ended March 31, 2022 reflect the combined Company.
Thomas E. Jorden, Chief Executive Officer and President, commented, "The combination of solid execution in our program and robust commodity prices resulted in an outstanding quarter for the company. We are pleased to deliver another meaningful dividend to our owners in addition to executing on the first phase of our share repurchase program. With strong cash flow generation, superb asset performance, and balanced commodity exposure, Coterra is fulfilling the promise that led to our formation."
First-Quarter 2022 Highlights
- Net income for first-quarter 2022 totaled $608 million, or $0.75 per share; adjusted net income (non-GAAP) for first-quarter 2022, excluding non-recurring items, was $818 million, or $1.01 per share.
- Generated cash flow from operating activities of $1,322 million.
- Discretionary cash flow totaled $1,232 million (non-GAAP).
- Generated free cash flow of $961 million (non-GAAP).
- Total equivalent production of 630 MBoepd, at the high-end of guidance.
Shareholder Return Highlights
- Total quarterly shareholder return equal to $0.83 per share, including $0.60 per share quarterly dividend (payable in May) and $0.23 per share of buybacks (executed in first quarter). The total return equals 50 percent of first-quarter 2022 cash flow from operating activities and 69 percent of free cash flow (non-GAAP).
- On May 2, 2022, Coterra's Board of Directors (the "Board") approved a total quarterly dividend equal to $0.60 per share ($0.15 base, $0.45 variable), and will be paid on May 25, 2022 to holders of record on May 13, 2022.
- Executed on $1.25 billion share repurchase program, repurchased 7.6 million shares at a total cost of $184 million, all of which settled during first-quarter 2022. The average repurchase price during the quarter was $24.16 per share.
Activity Outlook
- Maintaining full-year 2022 capital investment guidance of $1,400 to $1,500 million, which is less than 30 percent of projected cash flow from operating activities at recent strip prices.
- Maintaining full-year 2022 production and cost guidance.
Thomas E. Jorden, commented, "Coterra is positioned to deliver on its 2022 plan. We remain focused on capital discipline, execution, and maximizing return on capital. Adhering to that disciplined approach, we are reiterating our full-year 2022 capital and production guidance. At the recent commodity strip, the Company's full-year 2022 free cash flow is estimated to approach $4.5 billion."
Jorden added, "We also remain focused on shareholder returns. Based on results during the quarter, we returned 69 percent of our first-quarter free cash flow, which includes 50 percent in the form of cash dividends and 19 percent in the form of share buybacks. We remain committed to returning 50 percent plus of free cash flow via base plus variable dividends, supplemented by share buybacks and potential future debt reduction."
See "Supplemental non-GAAP Financial Measures" below for descriptions of the above non-GAAP measures as well as reconciliations of these measures to the associated GAAP measures.
First-Quarter 2022 Summary
First-quarter 2022 total equivalent production averaged 630 thousand barrels of oil equivalent per day (MBoepd), at the high-end of guidance. Oil production averaged 83.1 thousand barrels per day (MBopd), exceeding the high-end of guidance, and natural gas production averaged 2,850 million cubic feet per day (MMcfpd), at the high-end of guidance.
Coterra's average realized prices for oil, natural gas and natural gas liquids (NGLs) for first-quarter 2022, excluding the effect of commodity derivatives, were $93.45 per barrel (Bbl), $4.33 per thousand cubic feet (Mcf), and $37.87 per Bbl, respectively. Including the effect of commodity derivatives, average realized prices for oil and natural gas for first-quarter 2022 were $76.15 per Bbl and $4.17 per Mcf, respectively.
Generated Strong Cash Flow
For first-quarter 2022, Coterra reported cash flow from operating activities of $1,322 million. First-quarter 2022 discretionary cash flow (non-GAAP) was $1,232 million and free cash flow (non-GAAP) totaled $961 million, both of which are inclusive of merger-related costs.
Coterra incurred a total of $326 million of capital expenditures in first-quarter 2022, including $314 million of drilling and completion capital.
Strong Financial Position
Coterra maintains a strong financial position with investment-grade credit ratings and substantial liquidity. As of March 31, 2022, Coterra had total long-term debt of $3.1 billion with a principal amount of $2.9 billion, and no substantial maturities until 2024. The Company exited the quarter with a cash balance of $1.4 billion and no debt outstanding under its revolving credit facility. Coterra's net debt to EBITDAX ratio (non-GAAP) at March 31, 2022 was 0.50x. The Company's net debt to combined EBITDAX ratio (non-GAAP) was 0.41x at March 31, 2022.
Outlook
Coterra is currently running six rigs and two completion crews in the Permian Basin. The Company is currently running three rigs in the Marcellus and plans to run one to two completion crews in second-quarter 2022. Coterra is currently running two rigs and one completion crew in the Anadarko Basin, and expects to release one drilling rig and its completion crew in June 2022. Coterra is maintaining its previously announced 2022 capital expenditure guidance of $1,400 to $1,500 million, supported by the Company's procurement of key materials and services in 2022.
Production volumes in second-quarter 2022 are expected to average between 605 and 625 MBoepd, with oil volumes estimated to average between 82.0 and 84.0 MBopd. Natural gas volumes in the second quarter are projected to average between 2,725 and 2,775 MMcfpd.
Delivering Returns to Shareholders
Based on first-quarter 2022 free cash flow (non-GAAP), Coterra's Board today declared a quarterly base plus variable dividend of $0.60 per share. The base plus variable dividend reflects a $0.15 per share base component and a variable component of $0.45 per share, on the Company's common stock. The combined base plus variable dividend represents 36 percent of cash flow from operating activities in first-quarter 2022, or 50 percent of free cash flow (non-GAAP). The combined base and variable dividend is payable on May 25, 2022, to shareholders of record as of the close of business on May 13, 2022.
Following the Company's announcement of its $1.25 billion share repurchase program in late February, Coterra repurchased 7.6 million shares through March 31, 2022 at a total cost of $184 million, an additional 14 percent return of first-quarter 2022 cash flow from operating activities, or 19 percent of free cash flow (non-GAAP). The average repurchase price in first-quarter 2022 was $24.16 per share. Coterra entered second-quarter 2022 with an outstanding share repurchase authorization of $1,066 million, or approximately five percent of the Company's current market capitalization. The Company entered the second quarter with a Rule 10b5-1 plan in place, and will provide details of share repurchase activity in the quarter with its second-quarter 2022 financial and operating results.
The timing and volume of share repurchases under this authorization will be determined by management, at its discretion. Management expects its share repurchase program to be driven by relative and intrinsic value opportunities. The share repurchase program is supplemental to the Company's base plus variable dividend strategy.
Committed to Sustainability and ESG Leadership
Coterra believes that environmental, social and governance (ESG) performance and strong corporate governance practices are foundational to its success. In adopting its first executive compensation program post-Merger, Coterra focused on aligning the program with governance best practices, including the addition of ESG goals in its short-term incentive plan metrics. Coterra included three ESG metrics in its 2022 short-term incentive targets, which make up 15 percent of its total short-term incentive potential. The 2022 targets include:
- Methane emissions intensity between 0.033 and 0.038 percent in 2022, versus 0.038 percent in 2021,
- Greenhouse gas emissions intensity between 5.20 and 5.94 metric tons CO2e per MBoe in 2022, versus 5.84 metric tons CO2e per MBoe in 2021, and
- Total company flare intensity between 0.118 and 0.131 percent in 2022, compared to 0.141 percent in 2021.
The 2021 results noted above are preliminary figures. Additional information regarding Coterra's 2022 targets and current environmental initiatives is available in the Company's most recent presentation, which can be accessed on the "Events & Presentations" page under the "Investors" section of the Company's website at www.coterra.com.
First-Quarter 2022 Conference Call
Coterra will host a conference call tomorrow, Tuesday, May 3, 2022, at 9:00 AM CT (10:00 AM ET), to discuss first-quarter 2022 financial and operating results.
Conference Call Information
Date: Tuesday, May 3, 2022
Time: 10:00 AM ET / 9:00 AM CT
Dial-in (for callers in the U.S. and Canada): (888) 550-5424
Int'l dial-in: (646) 960-0819
Conference ID: 3813676
The live audio webcast and related earnings presentation can be accessed on the "Events & Presentations" page under the "Investors" section of the Company's website at www.coterra.com. The webcast will be archived and available at the same location after the conclusion of the live event.
About Coterra Energy
Coterra is a premier exploration and production company based in Houston, Texas with focused operations in the Permian Basin, Marcellus Shale and Anadarko Basin. We strive to be a leading producer, delivering returns with a commitment to sustainability leadership. Learn more about us at www.coterra.com.
Cautionary Statement Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of federal securities laws. Forward-looking statements are not statements of historical fact and reflect Coterra's current views about future events. Such forward-looking statements include, but are not limited to, statements about returns to shareholders, enhanced shareholder value, future financial and operating performance and goals and commitment to sustainability and ESG leadership, strategic pursuits and goals and other statements that are not historical facts contained in this press release. The words "expect," "project," "estimate," "believe," "anticipate," "intend," "budget," "plan," "predict," "potential," "possible," "may," "should," "could," "would," "will," "strategy," "outlook" and similar expressions are also intended to identify forward-looking statements. We can provide no assurance that the forward-looking statements contained in this press release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the risk that the recently combined businesses will not integrate successfully; the risk that the cost savings and any other synergies may not be fully realized or may take longer to realize than expected; the volatility in commodity prices for crude oil and natural gas; the effect of future regulatory or legislative actions, including the risk of new restrictions with respect to well spacing, hydraulic fracturing, natural gas flaring, seismicity, produced water disposal, or other oil and natural gas development activities; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time on integration-related issues; the continuing effects of the COVID-19 pandemic and the impact thereof on Coterra's business, financial condition and results of operations; actions by, or disputes among or between, the Organization of Petroleum Exporting Countries and other producer countries; market factors; market prices (including geographic basis differentials) of oil and natural gas; impacts of inflation; labor shortages and economic disruption (including as a result of the coronavirus pandemic or geopolitical disruptions such as the war in Ukraine); the presence or recoverability of estimated reserves; the ability to replace reserves; environmental risks; drilling and operating risks; exploration and development risks; competition; the ability of management to execute its plans to meet its goals; and other risks inherent in Coterra's businesses. In addition, the declaration and payment of any future dividends, whether regular base quarterly dividends, variable dividends or special dividends, will depend on Coterra's financial results, cash requirements, future prospects and other factors deemed relevant by Coterra's Board. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to Coterra's annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other filings with the SEC, which are available on Coterra's website at www.coterra.com.
Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Except to the extent required by applicable law, Coterra does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
Operational Data
The tables below provide a summary of production volumes, price realizations and operational activity by region and units costs for the Company for the periods indicated:
Derivatives Information
The table below summarizes the Company's outstanding derivative contracts as of May 2, 2022.
As of March 31, 2022, the Company had the following outstanding financial commodity derivatives:
In early second-quarter 2022, the Company entered into the following outstanding financial commodity derivatives:
Supplemental Non-GAAP Financial Measures (Unaudited)
We report our financial results in accordance with accounting principles generally accepted in the United States (GAAP). However, we believe certain non-GAAP performance measures may provide financial statement users with additional meaningful comparisons between current results and results of prior periods. In addition, we believe these measures are used by analysts and others in the valuation, rating and investment recommendations of companies within the oil and natural gas exploration and production industry. See the reconciliations below that compare GAAP financial measures to non-GAAP financial measures for the periods indicated.
We have also included herein certain forward-looking non-GAAP financial measures. Due to the forward-looking nature of these non-GAAP financial measures, we cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future impairments and future changes in capital. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Reconciling items in future periods could be significant.
Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings Per Share
Adjusted Net Income and Adjusted Earnings per Share are presented based on our management's belief that these non-GAAP measures enable a user of financial information to understand the impact of identified adjustments on reported results. Adjusted Net Income is defined as net income plus gain and loss on sale of assets, non-cash gain and loss on derivative instruments, stock-based compensation expense, severance expense, merger-related expenses and tax effect on selected items. Adjusted Earnings per Share is defined as Adjusted Net Income divided by weighted-average common shares outstanding. Additionally, we believe these measures provide beneficial comparisons to similarly adjusted measurements of prior periods and use these measures for that purpose. Adjusted Net Income and Adjusted Earnings per Share are not measures of financial performance under GAAP and should not be considered as alternatives to net income and earnings per share, as defined by GAAP.
Reconciliation of Discretionary Cash Flow and Free Cash Flow
Discretionary Cash Flow is defined as cash flow from operating activities excluding changes in assets and liabilities. Discretionary Cash Flow is widely accepted as a financial indicator of an oil and gas company's ability to generate available cash to internally fund exploration and development activities, return capital to shareholders through dividends and share repurchases, and service debt and is used by our management for that purpose. Discretionary Cash Flow is presented based on our management's belief that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies that use the full cost method of accounting for oil and gas producing activities or have different financing and capital structures or tax rates. Discretionary Cash Flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating activities or net income, as defined by GAAP, or as a measure of liquidity.
Free Cash Flow is defined as Discretionary Cash Flow less cash paid for capital expenditures. Free Cash Flow is an indicator of a company's ability to generate cash flow after spending the money required to maintain or expand its asset base, and is used by our management for that purpose. Free Cash Flow is presented based on our management's belief that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies. Free Cash Flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flow from operating activities or net income, as defined by GAAP, or as a measure of liquidity.
Reconciliation of EBITDAX
EBITDAX is defined as net income plus interest expense, other expense, income tax expense and benefit, depreciation, depletion, and amortization (including impairments), exploration expense, gain and loss on sale of assets, non-cash gain and loss on derivative instruments, stock-based compensation expense and merger-related expense. EBITDAX is presented on our management's belief that this non-GAAP measure is useful information to investors when evaluating our ability to internally fund exploration and development activities and to service or incur debt without regard to financial or capital structure. Our management uses EBITDAX for that purpose. EBITDAX is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating activities or net income, as defined by GAAP, or as a measure of liquidity.
The Combined EBITDAX calculation below is reflective of legacy Cabot and Cimarex EBITDAX from April 1, 2021 through September 30, 2021, plus Coterra EBITDAX from September 30, 2021 through March 31, 2022. Legacy Cimarex operated under the full cost accounting method, unlike legacy Cabot, now Coterra, which operates under the successful efforts accounting method. This difference in accounting methodologies leads to differences in the calculation of company financials and the figures below should not be relied on to predict future performance of the combined business, which operates under the successful efforts accounting method.
Reconciliation of Net Debt
The total debt to total capitalization ratio is calculated by dividing total debt by the sum of total debt and total stockholders' equity. This ratio is a measurement which is presented in our annual and interim filings and our management believes this ratio is useful to investors in assessing our leverage. Net Debt is calculated by subtracting cash and cash equivalents from total debt. The Net Debt to Adjusted Capitalization ratio is calculated by dividing Net Debt by the sum of Net Debt and total stockholders' equity. Net Debt and the Net Debt to Adjusted Capitalization ratio are non-GAAP measures which our management believes are also useful to investors when assessing our leverage since we have the ability to and may decide to use a portion of our cash and cash equivalents to retire debt. Our management uses these measures for that purpose. Additionally, as our planned expenditures are not expected to result in additional debt, our management believes it is appropriate to apply cash and cash equivalents to reduce debt in calculating the Net Debt to Adjusted Capitalization ratio.
Reconciliation of Net Debt to EBITDAX
Net debt to EBITDAX is defined as net debt divided by trailing twelve month EBITDAX. Net debt to EBITDAX is a non-GAAP measure which our management believes is useful to investors when assessing our credit position and leverage.
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SOURCE Coterra Energy Inc. | https://www.whsv.com/prnewswire/2022/05/02/coterra-energy-reports-first-quarter-2022-results-announces-quarterly-dividend-provides-update-share-repurchase-program/ | 2022-05-02T20:57:32Z |
ATLANTA, May 2, 2022 /PRNewswire/ -- Cousins Properties (NYSE: CUZ) announced today that is has closed on a new five-year, $1 billion unsecured credit facility. This new facility replaces the Company's existing facility, which was scheduled to mature in January 2023. Financial covenants within the new facility remain generally unchanged while the borrowing spread was improved between five and fifteen basis points, depending on the Company's leverage profile. The current borrowing spread is 90 basis points over adjusted SOFR.
"We appreciate the ongoing support we have received from our banking group. This facility provides Cousins with ample liquidity and financial flexibility to continue executing our Sun Belt trophy offce strategy," said Colin Connolly, President and Chief Executive Officer of Cousins.
J.P. Morgan Chase Bank, N.A., BofA Securities, Inc. and Truist Securities, Inc. served as Joint Lead Arrangers and Joint Bookrunners. Bank of America, N.A. serves as Administrative Agent and J.P. Morgan Chase Bank, N.A. serves as Syndication Agent. Truist Bank, PNC Bank, National Association, Morgan Stanley Senior Funding, Inc., U.S. Bank National Association, Wells Fargo Bank, National Association, and TD Bank, National Association serve as Documentation Agents. First Horizon Bank serves as a participant lender.
Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office buildings located in high growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing, and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets, and opportunistic investments. For more information, please visit www.cousins.com.
CONTACT:
Roni Imbeaux
Vice President, Finance & Investor Relations
Cousins Properties
404-407-1104
rimbeaux@cousins.com
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SOURCE Cousins Properties | https://www.whsv.com/prnewswire/2022/05/02/cousins-properties-closes-1-billion-unsecured-revolving-credit-facility/ | 2022-05-02T20:57:39Z |
YARDLEY, Pa., May 2, 2022 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) announced today that its Board of Directors has elected Timothy J. Donahue, President and Chief Executive Officer, as its Chairman.
Mr. Donahue, in his current role since 2016 and with the Company since 1990, replaces John W. Conway in the Chairman's role. Mr. Conway, the previous President and Chief Executive Officer from 2000 through 2015, served at Crown since 1974 and as Board Chairman since 2001.
About Crown Holdings, Inc.
Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets. World headquarters are located in Yardley, Pennsylvania. For more information, visit www.crowncork.com.
For more information, contact:
Thomas T. Fischer, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720
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SOURCE Crown Holdings, Inc. | https://www.whsv.com/prnewswire/2022/05/02/crown-holdings-inc-elects-timothy-j-donahue-chairman-board/ | 2022-05-02T20:57:46Z |
IRVING, Texas, May 2, 2022 /PRNewswire/ -- Darling Ingredients Inc. (NYSE: DAR) will release first quarter 2022 financial results on Tuesday, May 10, 2022. A press release will be issued via PR Newswire and available at 4 p.m. CT. Additionally, a slide presentation will be available on the investor relations section of the company's website at http://www.darlingii.com.
Randall C. Stuewe, Chairman and Chief Executive Officer, and Brad Phillips, Executive Vice President and Chief Financial Officer, will host a teleconference and webcast at 8 a.m. CT, Wednesday, May 11, 2022.
Due to historically high call volume, the company is offering participants the opportunity to register in advance for the conference through the following link: https://dpregister.com/sreg/10165125/f2203a629b.
Registered participants will receive an email with a calendar reminder and a dial-in number and PIN that will allow them immediate access to the call on May 11, 2022.
Participants who do not wish to pre-register for the call may dial in using 844-868-8847 (U.S. callers), or 412-317-6593 (international callers) and ask for the "Darling Ingredients" call. A replay will be available two hours after completion of the call through May 18, 2021. To access the replay, please dial 877-344-7529 (U.S. callers), 855-669-9658 (Canada) and 412-317-0088 (International callers) and reference passcode 8161187. The live webcast and archived replay also can be accessed on the Company's web site at http://ir.darlingii.com.
About Darling
Darling Ingredients Inc. (NYSE: DAR) is the largest publicly traded company turning food waste into sustainable products and a leading producer of renewable energy. Recognized as a sustainability leader, the company operates 250 plants in 17 countries and repurposes nearly 10% of the world's meat industry waste streams into value-added products, such as green energy, renewable diesel, collagen, fertilizer, animal proteins and meals and pet food ingredients. To learn more, visit darlingii.com. Follow us on LinkedIn.
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SOURCE Darling Ingredients Inc. | https://www.whsv.com/prnewswire/2022/05/02/darling-ingredients-inc-release-first-quarter-2022-financial-results/ | 2022-05-02T20:57:53Z |
SCHAUMBURG, Ill., May 2, 2022 /PRNewswire/ -- Pets bring so much to our lives every day, and during National Pet Week (May 1-7), the American Veterinary Medical Association (AVMA) is providing pet owners with tips and resources to help them return the favor and make sure their pets are living happy, healthy lives.
National Pet Week, which takes place every year during the first full week of May, was established in 1981 by the AVMA and the Auxiliary to the AVMA to celebrate the pets in our lives and promote responsible pet ownership.
"Whether companion, comedian, confidant, or protector, our pets are always there for us, but not everyone is aware of all the things their pets need from them," said Dr. Jose Arce, president of the AVMA. "That's why, in addition to celebrating the bond between us and our pets, National Pet Week encourages pet owners to be certain to provide their best friends with everything needed for a happy, healthy life."
Pet owners are encouraged to visit AVMA.org/PetWeek for more information on ways to celebrate their pets and resources to help them provide appropriate care. The AVMA is also offering an official National Pet Week toolkit for veterinarians to utilize in observing the week with their staff and clients. The AVMA has created new videos that clinics can use or share as part of their National Pet Week celebration.
Each day of National Pet Week focuses on a different topic essential to responsible pet ownership. This year's themes include:
Sunday - Choose well: Commit for life
While the prospect of adding a pet to the family may be exciting, it's important that people are not impulsive or careless when bringing a new pet into their homes. Select the pet that's right for your family's lifestyle and make a commitment to that pet for its life. Even if you have already welcomed a pet into your home, your veterinarian can help you better understand the social and healthcare needs of your individual pet. View AVMA's resources on selecting a pet for your family.
Monday - Socialize now: New doesn't have to be scary
Socialization is the process of preparing a dog or cat to enjoy interactions and be comfortable with other animals, people, places and activities. Ideally, socialization should begin during the "sensitive period" which is between 3 and 14 weeks of age for puppies, and 3 and 9 weeks of age for kittens. View AVMA's resources on socializing dogs and cats, as well as a video on socializing pets.
Tuesday – Nutrition and exercise matter
With more than half of dogs and cats in the United States considered overweight or obese, and humans plagued by this issue as well, the AVMA encourages pets and their owners to get regular exercise— together. This not only improves cardiovascular health, maintains a healthy weight, and supports good mental health for both owner and pet, but it strengthens the human-animal bond. For tips on walking, running, or starting another exercise program with your pet, visit avma.org/Walking, and watch AVMA's National Pet Week video on the importance of proper pet nutrition.
Wednesday - Love your pet? See your vet!
Everybody loves their pet, yet many pet owners do not take their pets to the veterinarian unless they are visibly sick or injured. Pets often hide signs of illness. Regular check-ups are vital to catching health problems early. Not only can early treatment mean better health for your pet, it can also save you money. View AVMA's money tips for caring pet owners.
Thursday – Travel with care
Many people may be planning on traveling this summer, making up for previous trips cancelled due to the pandemic. Traveling with pets requires advance planning and coordination to keep everybody safe. Whether you're taking a short car trip or flying to another state or country, getting your pet safely to your destination requires special planning and precautions. Plan ahead, and know exactly what's needed when you travel with pets of different species. View AVMA's pets in vehicles resources, and see AVMA's new National Pet Week video on safe pet travel.
Friday – Emergencies happen: Be prepared
Include your pets in your family's emergency plan. The AVMA offers a step-by-step guide to assembling emergency kits and plans for a variety of pets and animals.
Saturday – Plan for their care: Give them a lifetime of love
Thanks to better care, pets are living longer now than they ever have before – but as pets get older, they need extra care and attention. Regular veterinary examinations can detect problems in older pets before they become advanced or life-threatening, and improve the chances of a longer and healthier life for your pet. Visit the AVMA's page for senior pets to find out what is 'normal' and what may signal a reason for concern about an aging pet. Contrary to popular belief, dogs do not age at a rate of seven human years for each year in dog years. Download the AVMA Pets Age Faster chart to check how your pet's real age compares with yours.
View AVMA's "Lifetime of care for a lifetime of love" National Pet Week video.
About the American Veterinary Medical Association
Serving more than 99,500 member veterinarians, the AVMA is the nation's leading representative of the veterinary profession, dedicated to improving the health and wellbeing of animals, humans and the environment. Founded in 1863 and with members in every U.S. state and territory and more than 60 countries, the AVMA is one of the largest veterinary medical organizations in the world. Informed by our members' unique scientific training and clinical knowledge, the AVMA supports the crucial work of veterinarians and advocates for policies that advance the practice of veterinary medicine and improve animal and human health.
FOR MORE INFORMATION
Michael San Filippo
Media Relations Manager
American Veterinary Medical Association
Cell/text: 847-732-6194
msanfilippo@avma.org
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SOURCE American Veterinary Medical Association | https://www.whsv.com/prnewswire/2022/05/02/during-national-pet-week-avma-shares-tips-provide-lifetime-love/ | 2022-05-02T20:57:59Z |
SANTIAGO, Chile, May 2, 2022 /PRNewswire/ -- Enel Américas (NYSE: ENIA), announced today that its 2021 Annual Report on Form 20-F has been filed with the United States Securities and Exchange Commission on April 29, 2021.
Enel Américas is a company engaged in the electricity generation and distribution businesses in Argentina, Brazil, Colombia, Peru, Costa Rica, Guatemala and Panamá. Our consolidated assets and operating revenues were US$ 35.0 billion and US$16.1 billion respectively, in 2021.
The document is available on Enel Américas' website at www.enelamericas.com in the Investor Relations Section, and can also be downloaded from the SEC's web page at www.sec.gov.
For further information, please contact us:
Contact us at:
ir.enelamericas@enel.com
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SOURCE Enel Américas | https://www.whsv.com/prnewswire/2022/05/02/enel-amricas-announces-filing-2021-annual-report-form-20-f/ | 2022-05-02T20:58:06Z |
ST. LOUIS, May 2, 2022 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) announced that its Board of Directors declared a dividend on its common stock of $0.30 per share. The dividend will be payable on June 17, 2022 to shareholders of record as of the close of business on May 25, 2022.
About Energizer Holdings, Inc.
Energizer Holdings, Inc. ("Energizer", NYSE: ENR), headquartered in St. Louis, Missouri, is one of the world's largest manufacturers and distributors of primary batteries, portable lights, and auto care appearance, performance, refrigerant, and fragrance products. Our portfolio of globally recognized brands includes Energizer®, Armor All®, Eveready®, Rayovac®, STP®, Varta®, A/C Pro®, Refresh Your Car!®, California Scents®, Driven®, Bahama & Co.®, LEXOL®, Eagle One®, Nu Finish®, Scratch Doctor®, and Tuff Stuff®. As a global branded consumer products company, Energizer's mission is to lead the charge to deliver value to our customers and consumers better than anyone else. Visit www.energizerholdings.com for more details.
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SOURCE Energizer Holdings, Inc. | https://www.whsv.com/prnewswire/2022/05/02/energizer-holdings-inc-declares-quarterly-dividend-its-common-stock/ | 2022-05-02T20:58:12Z |
Production of green hydrogen to begin in 2025 at former NuStar Storage Terminal in Point Tupper
PORT HAWKESBURY, NS, May 2, 2022 /PRNewswire/ - EverWind Fuels LLC ("EverWind"), a private developer of green hydrogen and ammonia production, storage facilities and transportation assets, has announced that it has acquired the NuStar storage terminal in Point Tupper, Nova Scotia ("Point Tupper"). EverWind intends to expand and develop the Point Tupper site to be the location of a regional green hydrogen hub for Eastern Canada, including new green hydrogen and ammonia production facilities. These facilities will create new clean energy jobs, help support Nova Scotia's carbon emissions reduction targets, and establish Nova Scotia as a global leader in the production of green hydrogen for domestic and export markets.
"As part of the clean energy transition, we are proud to invest in Nova Scotia and support the province in unlocking the immense opportunity presented by green hydrogen," said Trent Vichie, CEO of EverWind Fuels. "The development of green hydrogen is an essential tool in the fight against climate change. Expansion of the Point Tupper site will support significant economic development in the region that can attract billions of dollars in new investment, create new jobs, and help make Nova Scotia and Canada global leaders in this exciting industry."
As an alternative fuel, green hydrogen produced at the site is expected to help provide a green fuel for Nova Scotia and support carbon emissions reduction by over one million tonnes a year by 2025. By 2030, the project could reduce domestic and international carbon emissions by more than four million tonnes a year through the production of green hydrogen.
The Point Tupper site is ideally positioned to produce green hydrogen as early as 2025, supported by significant existing in-place infrastructure. Point Tupper has an existing ice-free, deep-water port with 27-meter depth and two berths which are capable of accommodating the largest vessels in the world. The port is the deepest in Nova Scotia and the surrounding region. In addition, the Point Tupper site has existing rail loading facilities and is adjacent to pipeline networks to support domestic and regional markets. Electricity transmission is available at the site as well as 7.7 million barrels of liquids storage and abundant freshwater, which is adjacent to the site.
The site is operated by a highly qualified, 70-person team trained to protect the surrounding environment and deliver safe operations. In addition, EverWind has engaged a world-class group of partners to support development of the initial phases of the project, including:
- Hatch, a global multidisciplinary management, engineering, and development consultancy, is supporting overall engineering design and working with Strum Consulting on the permitting work for the site.
- NEL, a global company providing solutions for the production, storage, and distribution of hydrogen is leading detailed engineering for the supply of electrolysers. "We are excited to be selected for this important and ambitious project", says Jon André Løkke, CEO.
- KBR, a global science, technology, and engineering company, is supplying the technology for the green ammonia production unit.
In addition, CIBC Capital Markets and Citi are acting as EverWind's joint financial advisors. International law firm Shearman & Sterling LLP and Canadian firm McInnes Cooper are acting as EverWind's legal counsels.
As part of a staged development, EverWind Fuels also intends to partner with offshore wind developers to further expand production over time, which aligns with the joint announcement by the Canadian and Nova Scotia governments in April 2022 to expand the mandate of Nova Scotia's offshore energy regime, to support the transition to a clean economy, and to create sustainable jobs.
"Onshore facilities, like Point Tupper, will be key to unlocking this important industry and we are excited to play our part," said Vichie. "We are confident that this is both the right place and the right time to pursue this development," said Vichie. "Governments across Canada are embracing green hydrogen and green ammonia as key parts of Canada's clean energy future and, with this investment, we are excited to support the development of a regional hydrogen hub in Eastern Canada."
EverWind Fuels is committed to undertake engagement with Indigenous and local communities, governments and local business and planning organizations to ensure feedback is incorporated throughout the development of the project.
"We have been engaging with communities, businesses and local organisations, and governments at every level early on in this project because we know it is a critical part of the process," said Vichie. "We are working with Indigenous-owned consulting firms to ensure our engagement with Mi'kmaq communities and organizations is done thoughtfully and in the spirit of listening. This engagement and consultation activities will increase in the coming months."
For more information of the project, visit www.everwindfuels.com.
EverWind is a private developer of green hydrogen and ammonia production, storage facilities, and associated transportation assets. EverWind is led by Trent Vichie, a co-founder of Stonepeak Infrastructure Partners. EverWind's executive team members have previously held CEO and C-Suite positions at various infrastructure, private equity, renewable power, utilities, terminals, and marine logistics companies. The team's prior investment experience totals more than $45 billion in capital projects spanning over 20 years.
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SOURCE EverWind Fuels | https://www.whsv.com/prnewswire/2022/05/02/everwind-fuels-establish-regional-green-hydrogen-hub-nova-scotia-reducing-carbon-emissions-bringing-clean-energy-jobs-nova-scotia/ | 2022-05-02T20:58:19Z |
Pandemic continues to impact K-12 instructional sphere
ROCKVILLE, Md., May 2, 2022 /PRNewswire/ -- According to a just-published report by SIMBA Information, K-12 education received three rounds of stimulus funding in 2021-2022 totaling more than $190 billion. In the report, PreK-12 Policy and Budget Outlook 2022-2023, SIMBA Information found that the majority of K-12 learning was taking place in person under guidelines provided by the US Department of Education and the CDC.
However, other forms of instruction – including partially or completely remote learning – are still being used to meet the needs of students; as such, schools have developed partnerships and programs to fit these modes of instruction.
The PreK-12 Policy & Budget Outlook 2022-2023 analyzes and provides information on the continued effects of the COVID-19 pandemic and the impact that federal and state funding policy have had on education. Also covered in the report are the continued growth in career and technical education, policies and funding to enhance technology infrastructure, as well as the growth in social and emotional learning (SEL) policies
The report lays out data and trends in how the US federal government is funding education. For example, education is continuing to shift away from traditional print materials. Expenditures for elementary and secondary schools were $640 billion for the 2021-2022 school year, according to the National Center for Educational Statistics of the Department of Education; K-12 expenditures are equivalent to 3.41% of U.S. taxpayer income. State and local K-12 education funding equals 3.61% of total educational spending, with states contributing a total of $344 billion.
Also covered is the current administration's efforts to provide financial support to all state education agencies via the CARES Act which allowed $1.9 trillion in American Rescue Plan (ARP) funds to be partially released to state education agencies for reopening schools in accordance with updated COVID-19 guidelines. The funding provided under the Biden-Harris administration more than doubles past appropriations
In addition to examining the funding and policy trends, the report examines specific focus policy areas, such as Title 1 Funding as the administration works to support Native American and African American populations to remove educational access barriers. Policies include an increase of $20 billion to further fund both the Title I Equity Grants program, as well as Title I financial support in general.
Rounding out the key issues covered in the report are: historical perspective on policy & funding; updated guidelines for reopening schools; Title 1 and disadvantaged populations; classroom connectivity; and trends in federal & state ESSER implementation including promotion of the switch to digital, and a focus on computer science and student privacy and security. Also covered are state education overviews including a trend in the focus on digital and media literacy, as well as career and technical education.
About Simba Information
Simba Information is widely recognized as the authority for market intelligence in the media and publishing industries. Its extensive information network delivers top quality, independent perspectives on the people, events, and alliances shaping the industry. Simba routinely assists clients and the press with publishing and media industry analysis. Follow us on Twitter and LinkedIn
Please direct all media inquiries to:
Corinne Gangloff
+1.440.842.2400
cgangloff@marketresearch.com
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SOURCE Simba Information | https://www.whsv.com/prnewswire/2022/05/02/federal-education-funding-continues-grow-targeting-covid-19-learning-losses-other-educational-priorities/ | 2022-05-02T20:58:26Z |
Strength in global agriculture and focus on pricing more than offset significant cost and FX headwinds
First Quarter 2022 Highlights
- Revenue of $1.35 billion, an increase of 13 percent versus Q1 2021 and up 16 percent organically1
- Consolidated GAAP net income of $212 million, up 16 percent versus Q1 2021
- Adjusted EBITDA of $355 million, up 16 percent versus Q1 2021
- Consolidated GAAP earnings of $1.64 per diluted share, up 17 percent versus Q1 2021
- Adjusted earnings per diluted share of $1.88, up 23 percent versus Q1 2021
Full-Year Outlook2
- Maintains revenue outlook of $5.25 to $5.55 billion, reflecting 7 percent growth at the midpoint versus 2021
- Maintains adjusted EBITDA outlook of $1.32 to $1.48 billion, reflecting 6 percent growth at the midpoint versus 2021
- Updates adjusted earnings per diluted share outlook to $6.70 to $8.00, reflecting 6 percent growth at the midpoint versus 2021, excluding any impact from potential 2022 share repurchases
- Maintains free cash flow outlook of $515 to $735 million
- Continues to expect to repurchase $500 to $600 million of FMC shares in 2022
PHILADELPHIA, May 2, 2022 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today reported first quarter 2022 revenue of $1.35 billion, an increase of 13 percent versus first quarter 2021, driven by strong demand and global pricing actions. Excluding a 3 percent headwind from foreign exchange, year-over-year sales grew 16 percent organically. On a GAAP basis, the company reported earnings of $1.64 per diluted share in the first quarter, an increase of 17 percent versus first quarter 2021. First quarter adjusted earnings were $1.88 per diluted share, an increase of 23 percent versus first quarter 2021.
"FMC delivered a strong first quarter driven by robust demand, proactive pricing actions across all regions as well as our responsive supply chain," said Mark Douglas, FMC president and chief executive officer. "Raw material, packaging and logistics availability as well as rising input and labor costs continued to be substantial headwinds, exacerbated by renewed COVID disruptions in China and the war in Ukraine. However, strength in global agriculture and our focus on pricing actions helped FMC more than offset these challenges."
FMC revenue growth was driven by an 8 percent contribution from volume and an 8 percent contribution from price, offset partially by a 3 percent headwind from foreign currencies, especially in EMEA. The strong volume growth was in part due to supply uncertainty in the industry, which resulted in customers placing orders in advance to secure material.
North America had a record quarter with broad-based sales growth of 30 percent versus first quarter 2021. Volume and price gains were robust across several crops including tree fruits, nuts, vines, corn and soy. Canada grew a record-breaking 60 percent year-over-year driven by low channel inventories for insecticides and robust demand for selective herbicides.
Latin America sales grew 31 percent year-over-year in the quarter, driven by robust volume growth in soybean, corn and sugarcane as well as price increases and a 6 percent currency tailwind. The region's results were also driven by selective herbicide and insecticide growth along with strong pricing actions in Brazil. Additionally, Argentina and the Andean countries saw double-digit growth in the quarter.
In Asia, revenue increased 2 percent year-over-year in the quarter. Growth was driven by price increases and strength in Australia and ASEAN countries offset by reduction in rice acres in India and unfavorable FX of 3 percent for the region in the quarter.
Sales in EMEA grew 11 percent organically versus prior year period and was flat including FX impact from the weakening of the Turkish lira, the euro and other European currencies. Sales growth was primarily driven by strong pricing actions across the region as well as demand for products such as Rynaxypyr™ active ingredient for corn and top fruit and herbicides for sunflowers.
Globally, Plant Health continued its growth momentum with biological product line sales growing 15 percent in the quarter compared to previous year.
FMC first quarter adjusted EBITDA was $355 million, an increase of 16 percent from the prior-year period. This increase was driven primarily by pricing gains across all regions and volume gains led by Latin America and North America. The favorable price and volume gains more than offset significant cost inflation, as well as currency headwinds.
Full Year 2022 and Second Quarter Outlook2
Despite the volatile supply environment, the company continues to forecast solid growth in revenue and EBITDA and maintains its guidance ranges as a result. FMC's full-year 2022 revenue is forecasted to be in the range of $5.25 billion to $5.55 billion, representing an increase of 7 percent at the midpoint versus 2021 driven by volume and price growth in all regions partially offset by foreign currency impact, particularly in EMEA. Full-year adjusted EBITDA is expected to be in the range of $1.32 billion to $1.48 billion, representing 6 percent year-over-year growth at the midpoint. Sustained cost inflation, supply disruptions and FX continue to be substantial challenges, with further potential for headwinds from the company's decision to cease operations and business in Russia. 2022 adjusted earnings per share are now expected to be in the range of $6.70 to $8.00 per diluted share, representing an increase of 6 percent year-over-year at the midpoint. Interest expense is now expected to be $125 million to $145 million due to rising interest rates. Adjusted earnings per share exclude any impact from potential 2022 share repurchases and assumes weighted average diluted shares outstanding (WADSO) of approximately 127 million. Full-year free cash flow is expected to be $515 million to $735 million.
FMC saw customer demand advanced into the first quarter due to concerns about supply availability in the industry. Considering the very strong first quarter, second quarter revenue is expected to be in the range of $1.31 billion to $1.39 billion, which is up 9 percent at the midpoint compared to second quarter 2021. Adjusted EBITDA is forecasted to be in the range of $330 million to $370 million, representing a 1 percent increase at the midpoint. Significant cost inflation and FX are expected to be headwinds in the second quarter. FMC expects adjusted earnings per diluted share to be in the range of $1.70 to $2.00 in the second quarter, which represents a 2 percent increase at the midpoint versus second quarter 2021. Midpoint of Q2 guidance combined with Q1 actual results implies 11 percent increase in first half sales, 8 percent increase in first half EBITDA and 11 percent increase in first half EPS compared to the same period last year.
"Considering our Q1 outperformance combined with Q2 guidance, FMC remains on track to deliver robust first half revenue and EBITDA growth, despite persistent costs and FX headwinds. We expect costs will keep increasing in the second quarter but will be offset by solid volume growth and pricing actions. FMC continues to meet our customer's demand despite supply chain and logistics disruptions around the globe, impacts of the war in Ukraine and the challenges of renewed COVID shutdowns in China," said Douglas.
^ EPS estimates assume 127 million diluted shares for full year and 127 million diluted shares for Q2. Outlook for EPS and WADSO does not include the impact of any share repurchases that may take place in 2022
Company Decision to Cease Operations and Business in Russia
FMC has discontinued its operations and business in Russia. Early in the war, FMC took substantial measures to reduce its operations and business in Russia. The company suspended new capital investments, marketing, and advertising; discontinued R&D activities; stopped imports of all products; and suspended development of new products and business. However, increasing reports of potential war crimes, human rights abuses and other atrocities cannot be ignored. Our values as a company and the realities of unprecedented sanctions no longer allow FMC to operate and grow our business in Russia.
Supplemental Information
The company will post supplemental information on the web at https://investors.fmc.com, including its webcast slides for tomorrow's earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
FMC Corporation is a global agricultural sciences company dedicated to helping growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC's innovative crop protection solutions – including biologicals, crop nutrition, digital and precision agriculture – enable growers, crop advisers and turf and pest management professionals to address their toughest challenges economically while protecting the environment. With approximately 6,400 employees at more than 100 sites worldwide, FMC is committed to discovering new herbicide, insecticide and fungicide active ingredients, product formulations and pioneering technologies that are consistently better for the planet. Visit fmc.com to learn more and follow us on LinkedIn® and Twitter®.
Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. FMC, the FMC logo, and Rynaxypyr are trademarks of FMC Corporation or an affiliate.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. Currently, one of the most significant factors is the potential adverse effect of the current COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of FMC, which is substantially influenced by the potential adverse effect of the pandemic on FMC's customers and suppliers and the global economy and financial markets. The extent to which COVID-19 impacts us will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Additional factors include, among other things, the risk factors included within FMC's 2021 Form 10-K filed with the SEC. Moreover, investors are cautioned to interpret many of these factors as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic.
FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com/investors. Such terms include adjusted EBITDA, adjusted earnings, free cash flow and organic revenue growth. In addition, we have also provided on our website reconciliations of non-GAAP terms to the most directly comparable GAAP term.
- Organic revenue growth (non-GAAP) excludes the impact of foreign currency changes.
- Although we provide forecasts for adjusted earnings per share, adjusted EBITDA and free cash flow (non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided.
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All financial figures are in Canadian dollars unless otherwise noted
CALGARY, AB, May 2, 2022 /PRNewswire/ - Gibson Energy Inc. announced today its financial and operating results for the three months ended March 31, 2022.
"We are pleased to report a strong start to 2022 from both an operational and financial perspective, with the Infrastructure segment delivering another steady quarter, Marketing performance slightly above our outlook and the continued advancement of numerous discussions around the potential sanction of tankage, additional phases of the DRU and energy transition-aligned opportunities," said Steve Spaulding, President and Chief Executive Officer. "We remain focused on other key aspects of our business including, advancing sustainability and ESG at Gibson, continuing to maintain a very solid financial position, as well as returning capital to shareholders through the repurchase of $22 million in Gibson common shares through the end of April and increasing our dividend by six percent during the quarter."
Financial Highlights:
- Revenue of $2,688 million in the first quarter, a $1,079 million or 67% increase over the first quarter of 2021, a result of higher commodity prices and volumes increasing contribution from the Marketing segment
- Infrastructure Adjusted EBITDA(1) of $109 million in the first quarter, in-line with the first quarter of 2021, with an increase from the DRU being in-service in the current quarter largely offsetting the first quarter of 2021 having benefitted from the reversal of an accrual pertaining to a regulatory matter
- Marketing Adjusted EBITDA(1) of $21 million in the first quarter, a $17 million increase over the first quarter of 2021, reflecting a strengthening environment for Refined Products and the Crude Marketing business benefitting from increased market volatility
- Adjusted EBITDA(1) on a consolidated basis of $121 million in the first quarter, an $18 million or 17% increase over the first quarter of 2021, as result of the factors described above
- Net Income of $52 million in the first quarter, a $19 million or 59% increase over the first quarter of 2021, due to the factors described above partly offset by higher income tax expense in the current quarter
- Distributable Cash Flow(1) of $79 million in the first quarter, a $15 million or 24% increase over the first quarter of 2021, a result of the factors described above
- Dividend Payout ratio(2) on a trailing twelve-month basis of 68%, below Gibson's 70% – 80% target range
- Net Debt to Adjusted EBITDA ratio(2) at March 31, 2022 of 2.7x, below the Company's 3.0x – 3.5x target range
Strategic Developments and Highlights:
- Repurchased 776,100 shares for an aggregate $19 million in the first quarter of 2022, with additional repurchases subsequent to the quarter to reach $22 million year to date, reflecting the Company's commitment to both its capital allocation philosophy and desire to return capital to shareholders given its strong financial position
- Announced that Gibson's Board of Directors approved a quarterly dividend of $0.37 per common share, an increase of $0.02 per common share or 6%, beginning with the dividend payable in April
- Added by Global Listed Infrastructure Organization to its benchmark Index, where its member-investors across the world manage approximately US$145 billion in assets
- Subsequent to the quarter, placed the Biofuels Blending Project at its Edmonton Terminal into service ahead of schedule and within budgeted capital on a fixed-fee basis and a 25-year term
- Subsequent to the quarter, renewed the Company's principal $750 million syndicated credit facility, which features sustainability-linked terms, extending its maturity into 2027
Management's Discussion and Analysis and Financial Statements
The 2022 first quarter Management's Discussion and Analysis and unaudited Condensed Consolidated Financial Statements provide a detailed explanation of Gibson's financial and operating results for the three months ended March 31, 2022, as compared to the three months ended March 31, 2021. These documents are available at www.gibsonenergy.com and at www.sedar.com.
Earnings Conference Call & Webcast Details
A conference call and webcast will be held to discuss the 2022 first quarter financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Tuesday, May 3, 2022.
The conference call dial-in numbers are:
- 416-764-8659 / 1-888-664-6392
- Conference ID: 08819166
This call will also be broadcast live on the Internet and may be accessed directly at the following URL:
The webcast will remain accessible for a 12-month period at the above URL. Additionally, a digital recording will be available for replay two hours after the call's completion until May 17, 2022, using the following dial-in numbers:
- 416-764-8677 / 1-888-390-0541
- Replay Entry Code: 819166#
Annual General and Special Meeting & Webcast Details
Gibson is holding its annual meeting of shareholders on Tuesday, May 3, 2022 at 10:00am Mountain Time (12:00 noon Eastern Time). Due to the ongoing nature of the COVID-19 pandemic, this meeting will be held as a virtual-only meeting conducted via live audio webcast to ensure the upmost safety for our attendees. Shareholders will have an equal opportunity to participate at the virtual-only meeting regardless of their geographic location. Participants are encouraged to register for the live audio webcast at least 10 minutes prior to the presentation start time.
Following the conclusion of the formal proceedings of Gibson's annual shareholder meeting, Mr. Steve Spaulding, President and Chief Executive Officer, will address shareholders and provide brief remarks on the current state of the business and discuss the highlights of the Company's key initiatives.
The live audio webcast can be accessed using the following URL:
- https://web.lumiagm.com/453779509
- Password: gibson2022
The webcast will remain accessible for a 12-month period at the above URL.
Additionally, information and materials related to the annual general meeting of shareholders can be accessed using the following URL:
Supplementary Information
Gibson has also made available certain supplementary information regarding the 2022 first quarter financial and operating results, available at www.gibsonenergy.com.
About Gibson
Gibson Energy Inc. ("Gibson" or the "Company") (TSX: GEI), is a Canadian-based liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products. Headquartered in Calgary, Alberta, the Company's operations are focused around its core terminal assets located at Hardisty and Edmonton, Alberta, and include the Moose Jaw Facility and an infrastructure position in the U.S.
Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements). These statements relate to future events or future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "aim", "target", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast", "pursue", "potential" and "capable" and similar expressions are intended to identify forward-looking statements. The forward-looking statements reflect Gibson's beliefs and assumptions with respect to, among other things, future operating and financial results, future growth in worldwide demand for crude oil and petroleum products; crude oil prices; no material defaults by the counterparties to agreements with Gibson; Gibson's ability to obtain qualified personnel, owner-operators, lease operators and equipment in a timely and cost-efficient manner; the regulatory framework governing taxes and environmental matters in the jurisdictions in which Gibson conducts and will conduct its business; operating costs; future capital expenditures to be made by Gibson; Gibson's ability to obtain financing for its capital programs on acceptable terms; the Company's future debt levels; the impact of increasing competition on the Company; the impact of changes in government policies on Gibson; the impact of future changes in accounting policies on the Company's consolidated financial statements; the demand for crude oil and petroleum products and Gibson's operations generally; the Company's ability to successfully implement the plans and programs disclosed in Gibson's strategy, including advancing energy transition-aligned opportunities and its sustainability and ESG goals and other assumptions inherent in management's expectations in respect of the forward-looking statements identified herein.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Gibson believe these statements to be reasonable, no assurance can be given that the results or events anticipated in these forward-looking statements will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. Actual results or events could differ materially from those anticipated in these forward-looking statements as a result of, among other things, risks inherent in the businesses conducted by Gibson; competitive factors in the industries in which Gibson operates; prevailing global and domestic financial market and economic conditions; world-wide demand for crude oil and petroleum products; volatility of commodity prices, currency and interest rates fluctuations; product supply and demand; operating costs and the accuracy of cost estimates; exposure to counterparties and partners, including ability and willingness of such parties to satisfy contractual obligations in a timely manner; future capital expenditures; capital expenditures by oil and gas companies; production of crude oil; decommissioning, abandonment and reclamation costs; changes to Gibson's business plans or strategy; ability to access various sources of debt and equity capital, generally, and on terms acceptable to Gibson; changes in government policies, laws and regulations, including environmental and tax laws and regulations; competition for employees and other personnel, equipment, material and services related thereto; dependence on certain key suppliers and key personnel; reputational risks; acquisition and integration risks; risks associated with the Hardisty DRU project; capital project delivery and success; risks associated with Gibson's use of technology; ability to obtain regulatory approvals necessary for the conduct of Gibson's business; the availability and cost of employees and other personnel, equipment, materials and services; labour relations; seasonality and adverse weather conditions, including its impact on product demand, exploration, production and transportation; inherent risks associated with the exploration, development, production and transportation of crude oil and petroleum products; risks related to widespread epidemics or pandemic outbreaks, including the COVID-19 pandemic and government responses related thereto, and the impact thereof to the other risks inherent in the businesses conducted by Gibson; risks related to actions of OPEC and non-OPEC countries, including the effect thereof on the demand for crude oil and petroleum products and commodity prices; and political developments around the world, including the areas in which Gibson operates, the development and performance of technology and new energy efficient products, services and programs including but not limited to the use of zero-emission and renewable fuels, carbon capture and storage, electrification of equipment powered by zero-emission energy sources and utilization and availability of carbon offsets, many of which are beyond the control of Gibson. Readers are cautioned that the foregoing lists are not exhaustive. For an additional discussion of material risk factors relating to Gibson and its operations, please refer to those included in Gibson's Annual Information Form dated February 22, 2022 as filed on SEDAR and available on the Gibson website at www.gibsonenergy.com.
For further information, please contact:
Mark Chyc-Cies
Vice President, Strategy, Planning & Investor Relations
Phone: (403) 776-3146
Email: mark.chyc-cies@gibsonenergy.com
Specified Financial Measures
This press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company's performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.
For further details on these specified financial measures, including relevant reconciliations, see the "Specified Financial Measures" section of the Company's MD&A for the period ended March 31, 2022, which is incorporated by reference herein and is available on Gibson's SEDAR profile at www.sedar.com and Gibson's website at www.gibsonenergy.com.
a) Adjusted EBITDA
Noted below is the reconciliation to the most directly comparable GAAP measures of the Company's segmented and consolidated adjusted EBITDA for the three months and years ended March 31, 2022 and 2021:
b) Distributable Cash Flow
The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities:
c) Dividend Payout Ratio
d) Net Debt To Adjusted EBITDA Ratio
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All financial figures are in Canadian dollars unless otherwise noted
CALGARY, AB, May 2, 2022 /PRNewswire/ - Gibson Energy Inc. announced today that its Board of Directors has approved a quarterly dividend of $0.37 per common share payable on July 15, 2022, to shareholders of record at the close of business June 30, 2022. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Gibson's dividends are subject to Canadian withholding tax.
About Gibson
Gibson Energy Inc. ("Gibson" or the "Company") (TSX: GEI), is a Canadian-based liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products. Headquartered in Calgary, Alberta, the Company's operations are focused around its core terminal assets located at Hardisty and Edmonton, Alberta, and include the Moose Jaw Facility and an infrastructure position in the U.S.
Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.
For further information, please contact:
Mark Chyc-Cies
Vice President, Strategy, Planning & Investor Relations
Phone: (403) 776-3146
Email: mark.chyc-cies@gibsonenergy.com
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SOURCE Gibson Energy Inc. | https://www.whsv.com/prnewswire/2022/05/02/gibson-energy-declares-dividend/ | 2022-05-02T20:58:45Z |
NASHVILLE, Tenn., May 2, 2022 /PRNewswire/ -- 05/02/2022 – Smarter Faster Payments 2022 Conference – Glenbrook Partners, a leading strategy consulting firm focused exclusively on the payments industry, has announced the expansion of its Global and Fast Payments Practices with the promotion of Cici Northup to Associate Partner and the addition of Joanna Wisniecka to the team.
"We have assisted governments, financial institutions, and non-profit organizations around the world in the work to modernize their payments infrastructure", said Elizabeth McQuerry, a partner at Glenbrook. "This is an exciting moment in the payments industry. Enhancing our team allows us to take this expertise to new markets and to companies eager to advantage themselves in implementing lower cost payment systems with higher availability and faster funds access."
Northup, who has been instrumental in Glenbrook's work in emerging markets, has helped design and develop multiple fast payments systems and financial inclusion strategies for countries in Africa and Asia. Northup added, "We understand the complexities of obtaining the right results for all stakeholders – consumers, merchants, financial institutions, and regulators – to achieve greater efficiency and broader financial inclusion with these systems. This requires bringing all perspectives to the table and understanding the aspirational and practical aspects of rules, systems, and processes."
Northup holds a Master's in Business Administration from the University of Washington, Foster School of Business and a Bachelor of Arts in Psychology from Columbia University. She began her career as an analyst at Blue Research, a market research firm, where she led the design phase, analysis, and reporting of qualitative, quantitative, and mixed method research projects.
Wisniecka brings additional expertise in payments strategy, policy and building digital financial services to Glenbrook. During her fourteen year tenure at the Federal Reserve Bank of New York, she conducted supervision of payments processing activities at large financial institutions, focused on strategy and product management for the Fedwire Securities and Funds Service, and contributed to business case analysis for what has become FedNow. After the Federal Reserve, Wisniecka led transaction banking, products, and services at a commercial bank in Myanmar, and a United Nations-funded financial inclusion program. "Bringing a global, inclusive perspective to the design and development of digital financial systems is paramount to the success of these systems," noted Wisniecka.
Wisniecka holds a Master's Degree in International Relations from Johns Hopkins University School of Advanced International Studies and a Bachelors in Economics from New York University. She joins Glenbrook as a Global Engagement Manager.
About Glenbrook Partners
Glenbrook is a payments consulting, education, and research firm that brings to our financial services and financial technology clients the unique combination of specialized skills in payments, many years of hands-on experience in the field, and a wide network of professional relationships. The firm helps clients with strategy definition, product development, and the application of technology to solve leading edge problems in the financial services industry. For more information, visit http://www.glenbrook.com/.
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SOURCE Glenbrook Partners | https://www.whsv.com/prnewswire/2022/05/02/glenbrook-partners-expands-expertise-global-faster-payments/ | 2022-05-02T20:58:52Z |
SAN MATEO, Calif., May 2, 2022 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) today announced that it will present at the following investor conferences:
- The Needham 17th Annual Technology & Media Conference on Monday, May 16, 2022 at 3:00 pm Eastern Time
- The J.P. Morgan 50th Annual Global Technology, Media and Communications Conference on Tuesday, May 24, 2022 at 9:30 am Eastern Time
Webcasts of the events will be available live and accessible for replay on the "Events & Presentations" section of the Company's website at http://investor.gopro.com.
About GoPro, Inc. (NASDAQ: GPRO)
Celebrating its 20th anniversary in 2022, GoPro helps the world to capture and share itself in immersive and exciting ways.
For more information, visit GoPro.com. Open roles can be found on our careers page. Members of the press can access official logos and imagery on our press portal. GoPro customers can submit their photos and videos to GoPro Awards for an opportunity to be featured on GoPro's social channels and receive gear and cash awards. Connect with GoPro on Facebook, Instagram, LinkedIn, TikTok, Twitter, YouTube, and GoPro's blog The Current.
GoPro, HERO and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries.
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SOURCE GoPro, Inc. | https://www.whsv.com/prnewswire/2022/05/02/gopro-present-upcoming-investor-conferences/ | 2022-05-02T20:58:58Z |
Transactions meaningfully increase GridTek's electric transmission and distribution services footprint across the Northeastern, Mid-Atlantic, Southeastern and Southwestern U.S., positioning the Company to capitalize on future growth opportunities in partnership with First Reserve
MELBOURNE, Fla. and STAMFORD, Conn. and HOUSTON, May 2, 2022 /PRNewswire/ -- GridTek Utility Services ("GridTek" or the "Company"), a leading provider of electrical transmission and distribution maintenance, repair and upgrade services for utility and industrial customers, and a First Reserve portfolio company, today announced it has successfully signed and closed on the simultaneous acquisitions of American Power, LLC ("American Power") and Valiant Energy Services, LLC ("Valiant") (collectively, the "Transactions"). The Transactions are expected to nearly double the size of the GridTek platform, fueling the Company's expansion of electric distribution maintenance service offerings in the Northeastern and Southwestern U.S.
Pro forma for the Transactions, GridTek is expected to generate over $350 million in annual revenues, and serve a broad and diverse customer base of nearly 100 different investor-owned utilities, electric cooperatives and municipalities across the U.S. The Company maintains its focus of being a peer-leading and safety-oriented provider of a broad suite of electric utility infrastructure maintenance, repair, installation and upgrade services.
GridTek's President and Chief Executive Officer, Richard Schwartz, commented, "We are tremendously excited to announce the addition of these two industry-leading companies to the GridTek platform, joining Southeast Power Corporation, C&C Power Line and Precision Foundations. The addition of American Power and Valiant provides our utility and industrial customers with increased access to services, expertise and scale as they modernize their power grid infrastructure and transition to renewable energy. We continue to be fully dedicated to safe operations, with a keen focus on exceeding the expectations of our customers and employees."
Jeff Quake, Managing Director at First Reserve, commented, "These acquisitions highlight First Reserve's continued commitment to building leading platforms which play a crucial role in maintaining and enhancing mission-critical infrastructure amidst an increasingly diversified domestic power generation mix. We continue to believe that GridTek is extraordinarily well positioned to participate in supportive long-term trends driven by increased focus on ESG, sustainability and asset integrity."
GridTek Utility Services (fka The Goldfield Corporation) is a leading provider of electrical transmission and distribution maintenance services engaged in the maintenance of electrical infrastructure for the utility industry and industrial customers. For more information about the Company, please visit the Company's website at: https://gridtekus.com/.
First Reserve is a private equity firm exclusively focused on investing across diversified energy, infrastructure, and general industrial end-markets. Founded in 1983, First Reserve has 38 years of industry insight, and has cultivated a network of global relationships. First Reserve has raised more than $32 billion of aggregate capital since inception. Its investment and operational experience have been built from over 700 transactions, including platform investments and add-on acquisitions, on six continents. The firm's portfolio companies have operated globally in over 60 countries and span the entire energy and industrial spectrum. Learn more at: www.firstreserve.com.
For further information, please contact:
Jonathan Keehner / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
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SOURCE First Reserve | https://www.whsv.com/prnewswire/2022/05/02/gridtek-utility-services-announces-acquisitions-american-power-valiant-energy-services/ | 2022-05-02T20:59:05Z |
DES PLAINES, Ill., May 2, 2022 /PRNewswire/ -- GTI Energy announced today that President and Chief Executive Officer David C. Carroll will retire from the company effective August 1, 2022, and Dr. Paula Gant, GTI Energy's Senior Vice President of Corporate Strategy and Innovation, will assume the company's leadership as President and CEO effective July 5, 2022.
The GTI Energy Board of Directors, chaired by Ms. Rebecca Ranich, is composed of senior industry executives and globally recognized thought leaders. Ms. Ranich will remain in this leadership role.
"It's been an honor and a privilege to lead this important organization over the last 15 years," said Mr. Carroll. "During a period of unprecedented growth, our engineers and scientists have made countless contributions to advancing the state of energy technology. I'm confident that under Paula's leadership, the company will continue to play a major role in fostering the global energy transition to a lower carbon future. Sincere thanks and best wishes go to my many colleagues at GTI Energy who have shared this wonderful journey."
"The Board thanks David for his significant impact on the business. He transformed GTI Energy from a regulatory-focused R&D organization to a global brand with a diversified business portfolio. Through his leadership the company dramatically expanded its size, scope, and impact, supporting the energy industry across all market segments," said Ms. Ranich. "Paula has the vision, experience, and ambition to expand GTI Energy – building on this strong foundation to develop and deploy the next generation of solutions needed in our global energy portfolio to address climate, economic, and national security threats. The Board of Directors looks forward to working with Paula to realize these objectives."
Since joining GTI Energy in 2019, Dr. Gant has led efforts to enhance the creation and market impact of technology-based energy and environmental solutions. Prior to joining GTI Energy, she held leadership roles at the U.S. Department of Energy, where she administered natural gas export regulation, R&D programs executed by the National Energy Technology Lab, and international clean energy deployment initiatives. She previously led policy, regulatory affairs, and strategy at the American Gas Association and at Duke Energy Corporation.
"Under David's leadership, GTI Energy has delivered innovative solutions to consequential energy challenges. I am honored by the opportunity to build on the value and trust he established," stated Dr. Gant. "Our team is committed to developing the solutions needed for economy-wide deep decarbonization of energy systems that meet the needs of communities around the globe. Our mission is vital, and I am grateful to be working with this team of purpose-driven professionals to create impact."
GTI Energy is a leading research and training organization. Our trusted team works to scale impactful solutions that shape energy transitions by leveraging gases, liquids, infrastructure, and efficiency. We embrace systems thinking, open learning, and collaboration to develop, scale, and deploy the technologies needed for low-carbon, low-cost energy systems. www.gti.energy
For media requests, please contact:
Diane Miller, GTI Marketing Communications Director 847-768-0683; dmiller@gti.energy
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SOURCE GTI Energy | https://www.whsv.com/prnewswire/2022/05/02/gti-energys-president-ceo-david-carroll-announces-retirement-dr-paula-gant-assume-leadership-role/ | 2022-05-02T20:59:12Z |
Published: May. 2, 2022 at 4:05 PM EDT|Updated: 54 minutes ago
Revenue up 32% year over year
Cable Access revenue up 98% year over year
Record backlog and deferred revenue, up 81% year over year
SAN JOSE, Calif., May 2, 2022 /PRNewswire/ -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the first quarter of 2022.
"Harmonic delivered another strong quarter, with revenue up 32% year over year and solid operating profit, driven by Cable Access segment revenue growth of 98% and Video segment gross margin expansion," said Patrick Harshman, president and chief executive officer of Harmonic. "Robust bookings resulted in a record backlog and deferred revenue at quarter end, demonstrating continuing competitive market momentum and growth visibility."
Q1 Financial and Business Highlights
Financial
Revenue: $147.4 million, up 32% year over year
Gross margin: GAAP 46.9% and non-GAAP 47.3%, compared to GAAP 49.4% and non-GAAP 50.4% in the year ago period
Operating income: GAAP income $2.5 million and non-GAAP income $11.3 million, compared to GAAP loss $3.8 million and non-GAAP income $5.1 million in the year ago period
Net income: GAAP net loss $1.5 million and non-GAAP net income of $8.9 million, compared to GAAP net loss $6.1 million and non-GAAP net income $4.5 million in the year ago period
Adjusted EBITDA: $14.5 million income compared to $9.1 million income in the year ago period
EPS: GAAP net loss per share of $0.01 and non-GAAP net income per share of $0.08, compared to GAAP net loss per share of $0.06 and non-GAAP net income per share of $0.04 in the year ago period
Cash: $100.7 million, relatively flat year over year
Business
CableOS® solution commercially deployed with 77 customers, up 45% year over year
CableOS deployments scaled to 6.1 million served cable modems, up 100% year over year
Video SaaS revenue increased 75.3% year over year
Explanations regarding our use of non-GAAP financial measures and related definitions, and reconciliations of our GAAP and non-GAAP measures, are provided in the sections below entitled "Use of Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliations".
Conference Call Information
Harmonic will host a conference call to discuss its financial results at 2:00 p.m. Pacific (5:00 p.m. Eastern) on Monday, May 2, 2022. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. An audio version of the webcast will be available by calling +1.574.990.1032 or +1.800.240.9147 (conference ID 2079336). A replay will be available after 5:00 p.m. PT on the same web site or by calling +1.404.537.3406 or +1.855.859.2056 (conference ID 2079336).
About Harmonic Inc.
Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized cable access and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The Company revolutionized cable access networking via the industry's first virtualized cable access solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers' homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen. More information is available at www.harmonicinc.com.
Legal Notice Regarding Forward-Looking Statements
This press release contains 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, including statements related to our expectations regarding: net revenue, gross margins, operating expenses, operating income (loss), Adjusted EBITDA, tax expense and tax rate, EPS and cash. Our expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, in no particular order, the following: the market and technology trends underlying our Video and Cable Access businesses will not continue to develop in their current direction or pace; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the potential impact of the Covid-19 pandemic on our operations or the operations of our supply chain or our customers; the impact of general economic conditions on our sales and operations; the mix of products and services sold in various geographies and the effect it has on gross margins; delays or decreases in capital spending in the cable, satellite, telco, broadcast and media industries; customer concentration and consolidation; our ability to develop new and enhanced products in a timely manner and market acceptance of our new or existing products; losses of one or more key customers; risks associated with our international operations; exchange rate fluctuations of the currencies in which we conduct business; risks associated with our CableOS and VOS product solutions; dependence on various video and broadband industry trends; inventory management; the lack of timely availability or the impact of increases in the prices of parts or raw materials necessary to produce our products; the effect of competition, on both revenue and gross margins; difficulties associated with rapid technological changes in our markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; and the effect on our business of natural disasters. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Harmonic's filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K for the year ended December 31, 2021, our most recent Quarterly Report on Form 10-Q and our Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP" or referred to herein as "reported"). However, management believes that certain non-GAAP financial measures provide management and other users with additional meaningful financial information that should be considered when assessing our ongoing performance. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, establish operating budgets, set internal measurement targets and make operating decisions.
These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Harmonic's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Harmonic's results of operations in conjunction with the corresponding GAAP measures.
The Company believes that the presentation of non-GAAP measures when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the Company's reported results prepared in accordance with GAAP.
The non-GAAP measures presented here are: Gross profit, operating expenses, income (loss) from operations, non-operating expenses and net income (loss) (including those amounts as a percentage of revenue), Adjusted EBITDA and net income (loss) per diluted share. The presentation of non-GAAP information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP, and is not necessarily comparable to non-GAAP results published by other companies. A reconciliation of the historical non-GAAP financial measures discussed in this press release to the most directly comparable historical GAAP financial measures is included with the financial statements provided with this press release. The non-GAAP adjustments described below have historically been excluded from our GAAP financial measures.
Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:
Stock-based compensation - Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance excluding stock-based compensation expenses. We believe that management is limited in its ability to project the impact stock-based compensation would have on our operating results. In addition, for comparability purposes, we believe it is useful to provide a non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of our core business and to facilitate the comparison of our results to the results of our peer companies.
Amortization of intangibles - A portion of the purchase price of our acquisitions is generally allocated to intangible assets, and is subject to amortization. However, Harmonic does not acquire businesses on a predictable cycle. Additionally, the amount of an acquisition's purchase price allocated to intangible assets and the term of its related amortization can vary significantly and is unique to each acquisition. Therefore, we believe that the presentation of non-GAAP financial measures that adjust for the amortization of intangible assets provides investors and others with a consistent basis for comparison across accounting periods.
Restructuring and related charges - Harmonic from time to time incurs restructuring charges which primarily consist of employee severance, one-time termination benefits related to the reduction of its workforce, lease exit costs, and other costs. These charges are associated with material business shifts. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.
Non-cash interest expense and other expenses related to convertible notes and other debt - We record the amortization of issuance costs as non-cash interest expense. We believe that excluding these costs provides meaningful supplemental information regarding operational performance and liquidity, along with enhancing investors' ability to view the Company's results from management's perspective. In addition, we believe excluding these costs from the non-GAAP measures facilitates comparisons to our historical operating results and comparisons to peer company operating results.
Discrete tax items and tax effect of non-GAAP adjustments - The income tax effect of non-GAAP adjustments relates to the tax effect of the adjustments that we incorporate into non-GAAP financial measures in order to provide a more meaningful measure of non-GAAP net income.
Depreciation - Depreciation expense, along with interest, tax and stock-based compensation expense, restructuring charges and amortization of intangible assets, is excluded from Adjusted EBITDA because we do not believe depreciation and the other items relate to the ordinary course of our business or are reflective of our underlying business performance.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc. | https://www.whsv.com/prnewswire/2022/05/02/harmonic-announces-first-quarter-2022-results/ | 2022-05-02T20:59:19Z |
WASHINGTON, May 2, 2022 /PRNewswire/ -- The International Association of Plumbing and Mechanical Officials® (IAPMO) strongly supports The Healthy Drinking Water Affordability Act, or The Healthy H2O Act, which would provide grants for water testing and treatment technology directly to individuals, nonprofits and local governments in rural communities.
Introduced by U.S. Sen. Tammy Baldwin (D-Wisconsin), The Healthy H2O Act would provide grants for water quality testing and the purchase and installation of point-of-use or point-of-entry water quality improvement systems that remove or significantly reduce contaminants from drinking water.
Communities across the United States face threats to their drinking water from a number of contaminants, including lead, arsenic, nitrates, volatile organic compounds (VOCs), PFOA, PFOS, hexavalent chromium-6, and others. While public water systems monitor for these threats and treat water before it is distributed to points of use, nearly 43 million households primarily in rural communities rely exclusively on groundwater delivered through private wells for their drinking water. This water is not subject to the same regular oversight and testing for contamination, which can delay identification of and response to health threats.
"Every Wisconsin community deserves access to clean drinking water and an environment free of toxic chemicals. Across our state, communities are struggling to identify and treat known and emerging chemicals that endanger our health, especially for children," Baldwin said. "My legislation will cut costs and expand access to water testing and treatment for families in rural communities so that when we turn on the faucet, we can be confident our drinking water is safe."
Through its Community Plumbing Challenges (CPC), IAPMO's nonprofit organization, the International Water, Sanitation and Hygiene Foundation (IWSH), collaborates with local governments, nonprofit organizations and volunteer tradespeople to identify and address water and sanitation-related issues in rural areas where access to clean, safe water and sanitation is limited or compromised. Baldwin invited IAPMO Director of Workforce Training and Development/IWSH North America Project Manager Randy Lorge, who has been integral to the success of CPCs in South Africa, Indonesia, and the United States, to be her virtual guest for President Biden's State of the Union address March 2.
"IAPMO believes that everyone should have access to clean water and sanitation. This is why we support the introduction of The Healthy H2O Act and applaud Senator Baldwin for her leadership on this issue," said Dain Hansen, IAPMO's executive vice president of Government Relations. "IAPMO has long championed solutions around the globe that lead to lasting quality water and sanitation services. Today, many communities across the United States face challenges with their drinking water — an issue that is only compounded in underserved neighborhoods. Water filtration technologies play an important role meeting those challenges immediately. We recognize this as an essential piece of legislation that helps our country take a critical step in closing the clean drinking water access gap in the U.S."
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SOURCE International Association of Plumbing and Mechanical Officials (IAPMO) | https://www.whsv.com/prnewswire/2022/05/02/iapmo-supports-us-sen-baldwins-healthy-drinking-water-affordability-act/ | 2022-05-02T20:59:26Z |
First Quarter GAAP Revenue of $113.5 Million Grows 21% year over year
First Quarter Loss from Operations of $3.7 Million and Adjusted EBITDA of $43.6 Million
SALT LAKE CITY, May 2, 2022 /PRNewswire/ -- Instructure Holdings, Inc. (Instructure) (NYSE: INST), the makers of the Canvas Learning Management System, today announced financial results for the first quarter ended March 31, 2022.
"Instructure delivered a combination of strong, double-digit top line growth and record margins during the first quarter," said Steve Daly, Instructure CEO. "Canvas continues to displace legacy LMS solutions worldwide and our Instructure Learning Platform strategy gained further traction during the quarter, with especially strong growth across our assessments portfolio. More recently, we welcomed the Concentric Sky team to Instructure as we work to help educational institutions better serve the non-traditional online market, an estimated $5 billion opportunity for Instructure. We look forward to the opportunity to bring more value to our clients, partners and shareholders in the months and years ahead."
Financial Highlights:
- GAAP Revenue of $113.5 million, an increase of 21% year over year, or 26% year over year normalizing for the Bridge divestiture
- Allocated Combined Receipts*, or ACR, of $114.0 million, an increase of 15% year over year, or 20% year over year normalizing for the Bridge divestiture
- Operating loss of $3.7 million, or negative 3.2% of revenue, and Non-GAAP operating income* of $42.5 million, or 37.3% of ACR
- GAAP net loss of $5.5 million and Adjusted EBITDA* of $43.6 million, or 38.2% of ACR
- Cash flow from operations of negative $65.9 million and Adjusted Unlevered Free Cash Flow* of negative $60.3 million
- For the twelve months ended March 31, 2022, cash flow from operations of $97.9 million and Adjusted Unlevered Free Cash Flow* of $143.1 million
*See "Non-GAAP Financial Measures" for information regarding the Company's use of non-GAAP financial measures as well as reconciliations to the most closely comparable GAAP measures in this press release.
Business and Operating Highlights:
- Beginning in the first quarter, all 23 California State University (CSU) institutions, with a combined enrollment of over 485,000 students, had selected Instructure as their LMS provider. We now provide CSU universities with Canvas LMS as well as a number of additional Instructure Learning Platform solutions, including Studio, Impact, and Pathways.
- Prince George's Community College (PGCC) in Maryland selected Canvas to replace the legacy LMS incumbent. PGCC wanted to ensure a seamless transition for students first entering college, especially first-generation students. As the leading provider of K-12 and higher education solutions, Canvas was uniquely positioned to serve PGCC's needs.
- Spring Branch Independent School District in Houston chose Canvas to serve the 33,000 students enrolled across its 47-school district. For Spring Branch Independent School District, continuity with regional higher education institutions, as well as Canvas's strong reputation in the wider Texas education community, were key factors in its decision to go with Canvas.
- We signed an agreement with Universidade Presbiteriana Mackenzie for Canvas to replace their open source solution as their next-generation LMS. After 14 years with the incumbent, Universidade Presbiteriana Mackenzie chose Canvas because it met their need for a modern platform with an intuitive user experience across both desktop and mobile that would allow them to remain EdTech leaders in the Brazilian higher education market.
- In April, we announced the acquisition of Concentric Sky, whose Badgr technology serves as the default micro-credentialing tool within Canvas LMS. Badgr's stackable digital credentialing technology enables millions of non-traditional learners to demonstrate to potential employers the skills and achievements they have earned from over 25,000 organizations in 160 countries. We expect our rebranded Canvas Badges and Canvas Credentials offerings to advance our strategy to address the $5 billion non-traditional online market opportunity.
Business Outlook
Based on information as of today, May 2, 2022, the Company is issuing the following financial guidance.
Second Quarter Fiscal 2022:
- Revenue is expected to be in the range of $110.2 million to $111.2 million
- ACR is expected to be in the range of $110.5 million to $111.5 million
- Non-GAAP operating income* is expected to be in the range of $35.8 million to $36.8 million
- Adjusted EBITDA* is expected to be in the range of $37.0 million to $38.0 million
- Non-GAAP net income* is expected to be in the range of $30.9 million to $31.9 million
Full Year 2022:
- Revenue is expected to be in the range of $460.9 million to $464.9 million
- ACR is expected to be in the range of $461.8 million to $465.8 million
- Non-GAAP operating income* is expected to be in the range of $160.1 million to $164.1 million
- Adjusted EBITDA* is expected to be in the range of $164.8 million to $168.8 million
- Non-GAAP net income* is expected to be in the range of $143.5 million to $147.5 million
- Adjusted unlevered free cash flow* is expected to be in the range of $185.0 million to $189.0 million
*ACR, Non-GAAP operating income, Adjusted EBITDA, non-GAAP net income and adjusted unlevered free cash flow are non-GAAP measures. See "Non-GAAP Financial Measures" for a reconciliation of ACR to the most closely comparable GAAP measure. Instructure is unable to provide guidance, or a reconciliation, for operating loss and net loss, the most closely comparable GAAP measures with respect to non-GAAP operating income, Adjusted EBITDA, non-GAAP net income and adjusted unlevered free cash flow because Instructure cannot provide a meaningful or accurate calculation or estimation of certain reconciling items without unreasonable effort. This is due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including stock-based compensation and amortization of acquisition related intangibles. Thus, Instructure is unable to present a quantitative reconciliation of non-GAAP guidance to GAAP guidance because such information is not available.
Conference Call Information
Instructure's management team will hold a conference call to discuss our first quarter results today, May 2, 2022 at 5:00 p.m. ET. The conference call can be accessed by dialing (888) 330-2384 from the United States and Canada or (240) 789-2701 internationally with conference ID 1348899. A live webcast and replay of the conference call can be accessed from the investor relations page of Instructure's website at ir.instructure.com. An archived replay of the webcast will be available following the conclusion of the call.
About Instructure
Instructure (NYSE: INST) is an education technology company dedicated to elevating student success, amplifying the power of teaching, and inspiring everyone to learn together. Today the Instructure Learning Platform supports more than 30 million educators and learners around the world. Learn more at www.instructure.com.
Non-GAAP Financial Measures
Instructure has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). In addition to Instructure's results determined in accordance with GAAP, Instructure believes the following non-GAAP measures are useful in evaluating its operating performance and liquidity. Instructure believes that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies.
A reconciliation of Instructure's historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.
ACR. We define ACR as the combined receipts of our Company and companies that we have acquired allocated to the period of service delivery. We calculate ACR as the sum of (i) revenue and (ii) the impact of fair value adjustments to acquired unearned revenue related to Thoma Bravo's acquisition of Instructure (the "Take-Private Transaction") and the Certica Holdings, LLC ("Certica"), Eesysoft Software International B.V. (which was rebranded to "Impact by Instructure" or "Impact" subsequent to acquisition), and Kimono LLC (which was rebranded to "Elevate Data Sync" subsequent to acquisition) acquisitions where we do not believe such adjustments are reflective of our ongoing operations. Management uses this measure to evaluate organic growth of the business period over period, as if the Company had operated as a single entity and excluding the impact of acquisitions or adjustments due to purchase accounting.
Non-GAAP Operating Income. We define non-GAAP operating income as loss from operations excluding the impact of stock-based compensation, restructuring, transaction and sponsor related costs, amortization of acquisition-related intangibles, and the impact of fair value adjustments to acquired unearned revenue relating to the Take-Private Transaction and the Certica, Impact and Elevate Data Sync acquisitions that we do not believe are reflective of our ongoing operations. We believe non-GAAP operating income is useful in evaluating our operating performance compared to that of other companies in our industry, as this metric generally eliminates the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance.
Non-GAAP Net Income. We define non-GAAP net income as net loss excluding the impact of stock-based compensation, amortization of acquisition-related intangibles, the impact of fair value adjustments to acquired unearned revenue relating to the Take-Private Transaction and the Certica, Impact and Elevate Data Sync acquisitions, restructuring, transaction and sponsor related costs that we do not believe are reflective of our ongoing operations. We believe Non-GAAP net income is useful in evaluating our operating performance compared to that of other companies in our industry, as this metric generally eliminates the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance. Basic non-GAAP net income per common share attributable to common stockholders is computed by dividing non-GAAP net income attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted non-GAAP net income per common share attributable to common stockholders is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period.
Adjusted EBITDA. EBITDA is defined as earnings before debt-related costs, including interest and loss on debt extinguishment, benefit for taxes, depreciation, and amortization. We further adjust EBITDA to exclude certain items of a significant or unusual nature, including stock-based compensation, restructuring, transaction and sponsor related costs, amortization of acquisition-related intangibles, and the impact of fair value adjustments to acquired unearned revenue relating to the Take-Private Transaction and the Certica, Impact and Elevate Data Sync acquisitions. Although we exclude the amortization of acquisition-related intangibles from this non-GAAP measure, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.
Free Cash Flow, Unlevered Free Cash Flow and Adjusted Unlevered Free Cash Flow. We define free cash flow as net cash used in operating activities less purchases of property and equipment and intangible assets, net of proceeds from disposals of property and equipment. We define unlevered free cash flow as free cash flow adjusted for cash paid for interest on outstanding debt and cash settled stock-based compensation. We define adjusted unlevered free cash flow as unlevered free cash flow adjusted for restructuring, transaction and sponsor related costs paid in cash. We believe free cash flow and adjusted unlevered free cash flow facilitate period-to-period comparisons of liquidity. We consider free cash flow and adjusted unlevered free cash flow to be important measures because they measure the amount of cash we generate and reflect changes in working capital.
Non-GAAP Cost of Revenue and Non-GAAP Operating Expenses. We define non-GAAP cost of revenue and non-GAAP operating expenses as GAAP cost of revenue and GAAP operating expenses, respectively, excluding the impact of stock-based compensation, restructuring, transaction and sponsor related costs, and amortization of acquisition-related intangibles, that we do not believe are reflective of our ongoing operations.
Non-GAAP Gross Profit. We define non-GAAP gross profit as gross profit excluding the impact of stock-based compensation, restructuring, transaction and sponsor related costs, amortization of acquisition-related intangibles, and fair value adjustments to deferred revenue in connection with purchase accounting, that we do not believe are reflective of our ongoing operations.
Forward-Looking Statements
This press release contains, and statements made during the above referenced conference call will contain, "forward-looking" statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's financial guidance for the second quarter of 2022 and for the full year ending December 31, 2022, the Company's growth, customer demand and application adoption, the Company's research and development efforts and future application releases, and the Company's expectations regarding future revenue, expenses, cash flows and net income or loss.
These statements are not guarantees of future performance, but are based on management's expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include the following: risks associated with future stimulus packages approved by the U.S. federal government; failure to continue our recent growth rates; our ability to acquire new customers and successfully retain existing customers; the effects of increased usage of, or interruptions or performance problems associated with, our learning platform; the impact on our business and prospects from the effects of the current COVID-19 pandemic; our history of losses and expectation that we will not be profitable for the foreseeable future; the impact of adverse general and industry-specific economic and market conditions; and changes in the spending policies or budget priorities for government funding of Higher Education and K-12 institutions.
These and other important risk factors are described more fully in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Report on Form 10-Q and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. All information provided in this press release and in the conference call is as of the date hereof and Instructure undertakes no duty to update this information except as required by law.
For More Information:
Media Relations:
Brian Watkins
Corporate Communications
Instructure
(801) 610-9722
brian.watkins@instructure.com
Investor Relations:
Denise Garcia
Alex Liloia
Hayflower Partners
(646) 918-4041
investors@instructure.com
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SOURCE Instructure Holdings, Inc. | https://www.whsv.com/prnewswire/2022/05/02/instructure-announces-first-quarter-2022-financial-results/ | 2022-05-02T20:59:32Z |
BOSTON, May 2, 2022 /PRNewswire/ - The five John Hancock closed-end funds listed below declared their monthly distributions today as follows:
Declaration Date: May 2, 2022
Ex Date: May 11, 2022
Record Date: May 12, 2022
Payment Date: May 31, 2022
Premium Dividend Fund (the "Fund") declared its monthly distribution pursuant to the Fund's managed distribution plan (the "PDT Plan"). Under the PDT Plan, the Fund makes monthly distributions of an amount equal to $0.0975 per share. This amount will be paid monthly until further notice.
Distributions under the PDT Plan may consist of net investment income, net realized long-term capital gains, net realized short-term capital gains and, to the extent necessary, return of capital.
The Fund may also make additional distributions (i) for purposes of not incurring federal income tax on investment company taxable income and net capital gain of the Fund, if any, not included in such regular distributions and (ii) for purposes of not incurring federal excise tax on ordinary income and capital gain net income, if any, not included in such regular monthly distributions.
The Board may amend the terms of the PDT Plan or terminate the PDT Plan at any time.
Tax-Advantaged Dividend Income Fund (the "Fund") declared its monthly distribution pursuant to the Fund's managed distribution plan (the "HTD Plan"). Under the HTD Plan, the Fund makes monthly distributions of an amount equal to $0.1380 per share. This amount will be paid monthly until further notice.
Distributions under the HTD Plan may consist of net investment income, net realized long-term capital gains, net realized short-term capital gains and, to the extent necessary, return of capital.
The Fund may also make additional distributions (i) for purposes of not incurring federal income tax on investment company taxable income and net capital gain of the Fund, if any, not included in such regular distributions and (ii) for purposes of not incurring federal excise tax on ordinary income and capital gain net income, if any, not included in such regular monthly distributions.
The Board may amend the terms of the HTD Plan or terminate the HTD Plan at any time.
*****
A portion of a Fund's current distribution may include sources other than net investment income, including a return of capital. Investors should understand that a return of capital is not a distribution from income or gains of a Fund. As required under the Investment Company Act of 1940, a notice with the estimated components of the distribution will be sent to shareholders at the time of payment if it does not consist solely of net investment income. Such notice will also be posted to the Funds' website at www.jhinvestments.com. The notice should not be used to prepare tax returns as the estimates indicated in the notice may differ from the ultimate federal income tax characterization of distributions. After the end of each calendar year, investors will be sent a Form 1099-DIV informing them how to report distributions received during that year for federal income tax purposes.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
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SOURCE John Hancock Investment Management | https://www.whsv.com/prnewswire/2022/05/02/john-hancock-closed-end-funds-declare-monthly-distributions/ | 2022-05-02T20:59:39Z |
NEW BRUNSWICK, N.J., May 2, 2022 /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) will participate in the Bernstein 38th Annual Strategic Decisions Conference on Wednesday, June 1st, at the New York Hilton Midtown in New York. Joaquin Duato, Chief Executive Officer will represent the Company in a session scheduled at 10:00 a.m. (Eastern Time).
This webcast will be available to investors and other interested parties by accessing the Johnson & Johnson website at www.investor.jnj.com.
A webcast replay will be available approximately 48-hrs after the live webcast.
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SOURCE Johnson & Johnson | https://www.whsv.com/prnewswire/2022/05/02/johnson-amp-johnson-participate-bernstein-38th-annual-strategic-decisions-conference/ | 2022-05-02T20:59:46Z |
NEWTON, Mass., May 2, 2022 /PRNewswire/ -- Karyopharm Therapeutics Inc. (Nasdaq: KPTI), a commercial-stage pharmaceutical company pioneering novel cancer therapies, today announced that in connection with the hiring of Reshma Rangwala, Executive Vice President, Chief Medical Officer, the Compensation Committee of Karyopharm's Board of Directors (the "Compensation Committee") granted a stock option to purchase 100,000 shares of Karyopharm's common stock and 65,000 restricted stock units ("RSUs") to Dr. Rangwala, with a grant date of April 29, 2022.
The Compensation Committee also granted stock options to purchase an aggregate of 36,800 shares of Karyopharm's common stock and an aggregate of 25,400 RSUs to twelve newly-hired employees. These equity awards were granted as of April 29, 2022 pursuant to the Company's 2022 Inducement Stock Incentive Plan.
These equity awards were granted pursuant to the Company's 2022 Inducement Stock Incentive Plan as an inducement material to the new employees entering into employment with Karyopharm in accordance with Nasdaq Listing Rule 5635(c)(4). Each of the stock options has an exercise price of $6.10 per share, the closing price of Karyopharm's common stock on April 29, 2022. Each stock option will vest over four years, with 25% of the total number of shares underlying the stock option vesting on the one-year anniversary of the applicable employee's employment commencement date and 1/48th of the total number of shares vesting monthly thereafter. Each RSU award will vest over four years, with 25% percent of the shares underlying the RSU award vesting on each of the four consecutive anniversaries of the applicable employee's employment commencement date. The vesting of each inducement award is subject to the employee's continued service as an employee of, or other service provider to, Karyopharm through the applicable vesting dates. In addition, each stock option and RSU award will be immediately exercisable in full if, on or prior to the first anniversary of the consummation of a "change in control event," the employee's employment is terminated for "good reason" by the employee or terminated without "cause" by Karyopharm (as such terms are defined in the applicable stock option or RSU agreement).
About Karyopharm Therapeutics
Karyopharm Therapeutics Inc. (Nasdaq: KPTI) is a commercial-stage pharmaceutical company pioneering novel cancer therapies. Since its founding, Karyopharm has been the industry leader in oral Selective Inhibitor of Nuclear Export (SINE) compound technology, which was developed to address a fundamental mechanism of oncogenesis: nuclear export dysregulation. Karyopharm's lead SINE compound and first-in-class, oral exportin 1 (XPO1) inhibitor, XPOVIO® (selinexor), is approved in the U.S. and marketed by the Company in three oncology indications and has received regulatory approvals in various indications in a growing number of ex-U.S. territories and countries, including Europe and the United Kingdom (as NEXPOVIO®), China and Singapore. Karyopharm has a focused pipeline targeting multiple high unmet need cancer indications, including in endometrial cancer, myelodysplastic syndromes and myelofibrosis. For more information about our people, science and pipeline, please visit www.karyopharm.com, and follow us on Twitter at @Karyopharm and LinkedIn.
XPOVIO® and NEXPOVIO® are registered trademarks of Karyopharm Therapeutics Inc.
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SOURCE Karyopharm Therapeutics Inc. | https://www.whsv.com/prnewswire/2022/05/02/karyopharm-therapeutics-reports-inducement-grants-under-nasdaq-listing-rule-5635c4/ | 2022-05-02T20:59:53Z |
- Sales of $512 million increased 6 percent year-over-year; 8 percent on an organic basis
- Earnings per diluted share (EPS) of $0.42 and adjusted EPS of $0.47
- Strong operating leverage drove significant improvement in operating margin
- Repurchased $15 million of common stock in the quarter; $50 million year-to-date
PITTSBURGH, May 2, 2022 /PRNewswire/ -- Kennametal Inc. (NYSE: KMT) (the "Company") today reported results for its fiscal 2022 third quarter ended March 31, 2022, with earnings per diluted share (EPS) of $0.42, compared with $0.26 in the prior year quarter, and adjusted EPS of $0.47, compared with adjusted EPS of $0.32 in the prior year quarter.
"We posted strong results again this quarter marked by solid operating leverage that delivered approximately 300 basis points of adjusted operating margin improvement. These results demonstrate disciplined execution of our Commercial and Operational Excellence initiatives and timely pricing actions to cover inflation," said Christopher Rossi, President and CEO.
Rossi continued, "We are experiencing broad-based demand in most of our end-markets, despite short-term challenges in China related to COVID-19 and ongoing headwinds in Transportation. Given the confidence we have in our strategy to deliver improved margins and shareholder value over the long term, we continue to move forward with our share repurchase program."
Fiscal 2022 Third Quarter Key Developments
Sales of $512 million increased 6 percent from $485 million in the prior year quarter, reflecting organic growth of 8 percent and a favorable business days effect of 2 percent, partially offset by an unfavorable currency exchange effect of 4 percent.
Operating income was $53 million, or 10.4 percent of sales, compared to $40 million, or 8.2 percent of sales, in the prior year quarter. The increase in operating income was due primarily to organic sales growth, favorable pricing, approximately $3 million of incremental simplification/modernization benefits and favorable product mix, partially offset by higher raw material costs of approximately $13 million and higher manufacturing costs resulting from COVID-19 absenteeism and higher depreciation. Adjusted operating income was $58 million, or 11.4 percent margin, compared to $42 million, or 8.6 percent margin, in the prior year quarter.
Reported EPS in the current quarter includes restructuring and related charges of $0.03 per share and charges related to Russian and Ukrainian operations of $0.02 per share. Reported EPS in the prior year quarter includes restructuring and related charges of $0.02 per share, the effects of the early debt extinguishment of $0.08 per share and differences in annual projected tax rates of $0.08 per share, partially offset by a discrete tax benefit of $0.12 per share.
The reported effective tax rate (ETR) for the quarter was 28.3 percent and the adjusted ETR was 27.7 percent (both provisions on income), compared to reported ETR of 8.0 percent (benefit on income) and adjusted ETR of 20.6 percent (provision on income) in the prior year quarter. The year-over-year change in the reported ETR is due primarily to higher pretax income in the current year, discrete tax benefits recorded in the prior year quarter related to the early debt extinguishment, a provision to return adjustment and geographical mix. The year-over-year change in the adjusted ETR is due primarily to higher pretax income in the current year, a discrete tax benefit recorded in the prior year quarter related to a provision to return adjustment and geographical mix.
Year-to-date net cash flow provided by operating activities was $93 million compared to $139 million in the prior year period. The change in net cash flow provided by operating activities was driven primarily by higher net income that was more than offset by working capital adjustments primarily resulting from higher sales and raw material costs. Year-to-date free operating cash flow (FOCF) was $34 million compared to $46 million in the prior year period. The decrease in FOCF was driven primarily by working capital adjustments as a result of higher sales and raw material costs, partially offset by higher net income and lower net capital expenditures.
During the quarter, the Company repurchased $15 million of Kennametal common stock under its share repurchase program. Year-to-date the Company has repurchased $50 million of common stock under the $200 million three-year program.
Outlook
The Company's expectations for the fourth quarter of fiscal 2022 and the full year are as follows:
Quarterly Outlook:
- Sales expected to be $510 million to $530 million
- Adjusted operating income expected to be at least $55 million
Annual Outlook:
- Strong operating leverage for the full year
- Prior year temporary cost controls of approximately $25 million (affected first half only)
- Free operating cash flow now expected to be approximately 75 percent of adjusted net income, due primarily to higher working capital from lower-than-expected sales because of COVID-19 shutdowns in China and the broader European effects from the conflict in Ukraine
- Capital spending now expected to be approximately $105 million
- Primary working capital now expected to remain around 31 percent of sales by year-end
- Adjusted ETR is expected to be 26 - 28 percent
The Company will provide more details regarding its Outlook during its quarterly earnings conference call.
Segment Results
Metal Cutting sales of $314 million increased 2 percent from $308 million in the prior year quarter, driven by organic growth of 5 percent and a favorable business days effect of 2 percent, partially offset by an unfavorable currency exchange effect of 5 percent. Operating income was $30 million, or 9.6 percent of sales, compared to $23 million, or 7.4 percent of sales, in the prior year quarter. The increase in operating income was due primarily to organic sales growth, favorable pricing, approximately $3 million of incremental simplification/modernization benefits and favorable product mix, partially offset by higher manufacturing costs resulting from COVID-19 absenteeism and higher depreciation, and higher raw material costs of approximately $2 million. Adjusted operating income was $35 million, or 11.1 percent margin, compared to $25 million, or 8.2 percent margin, in the prior year quarter.
Infrastructure sales of $198 million increased 12 percent from $177 million in the prior year quarter, driven by organic growth of 12 percent and a favorable business days effect of 1 percent, partially offset by an unfavorable currency exchange effect of 1 percent. Operating income was $24 million, or 11.9 percent of sales, compared to $18 million, or 10.4 percent of sales, in the prior year quarter. The increase in operating income was due primarily to organic sales growth and favorable pricing, partially offset by higher raw material costs of approximately $12 million. Adjusted operating income was $24 million, or 12.0 percent margin, compared to $18 million, or 10.1 percent margin, in the prior year quarter.
Dividend Declared
Kennametal also announced that its Board of Directors declared a quarterly cash dividend of $0.20 per share. The dividend is payable on May 24, 2022 to shareholders of record as of the close of business on May 10, 2022.
The Company will host a conference call to discuss its third quarter fiscal 2022 results on Tuesday, May 3, 2022 at 8:00 a.m. Eastern Time. The conference call will be broadcast via real-time audio on the Kennametal website at www.kennametal.com. Once on the homepage, select "About Us", "Investor Relations" and then "Events."
This earnings release contains non-GAAP financial measures. Reconciliations and descriptions of all non-GAAP financial measures are set forth in the tables that follow.
Certain statements in this release may be forward-looking in nature, or "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. Forward-looking statements are statements that do not relate strictly to historical or current facts. For example, statements about Kennametal's outlook for earnings, sales volumes, cost controls, cash flow, capital expenditures, working capital and effective tax rate for fiscal year 2022 and our expectations regarding future growth and financial performance are forward-looking statements. Any forward-looking statements are based on current knowledge, expectations and estimates that involve inherent risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, our actual results could vary materially from our current expectations. There are a number of factors that could cause our actual results to differ from those indicated in the forward-looking statements. They include: uncertainties related to changes in macroeconomic and/or global conditions, including as a result of Russia's invasion of Ukraine and the imposition of sanctions; uncertainties related to the effects of the ongoing COVID-19 pandemic, including the emergence of more contagious or virulent strains of the virus, its impacts on our business operations, financial results and financial position and on the industries in which we operate and the global economy generally, including as a result of travel restrictions, business and workforce disruptions associated with the pandemic; other economic recession; our ability to achieve all anticipated benefits of restructuring, simplification and modernization initiatives; our foreign operations and international markets, such as currency exchange rates, different regulatory environments, trade barriers, exchange controls, and social and political instability, including the conflict in Ukraine; changes in the regulatory environment in which we operate, including environmental, health and safety regulations; potential for future goodwill and other intangible asset impairment charges; our ability to protect and defend our intellectual property; continuity of information technology infrastructure; competition; our ability to retain our management and employees; demands on management resources; availability and cost of the raw materials we use to manufacture our products; product liability claims; integrating acquisitions and achieving the expected savings and synergies; global or regional catastrophic events; demand for and market acceptance of our products; business divestitures; energy costs; commodity prices; labor relations; and implementation of environmental remediation matters. Many of these risks and other risks are more fully described in Kennametal's latest annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission. We can give no assurance that any goal or plan set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements, which speak only as of the date made. We undertake no obligation to release publicly any revisions to forward-looking statements as a result of future events or developments.
About Kennametal
With over 80 years as an industrial technology leader, Kennametal Inc. delivers productivity to customers through materials science, tooling and wear-resistant solutions. Customers across aerospace, earthworks, energy, general engineering and transportation turn to Kennametal to help them manufacture with precision and efficiency. Every day approximately 8,600 employees are helping customers in more than 60 countries stay competitive. Kennametal generated $1.8 billion in revenues in fiscal 2021. Learn more at www.kennametal.com. Follow @Kennametal: Twitter, Instagram, Facebook, LinkedIn and YouTube.
NON-GAAP RECONCILIATIONS (UNAUDITED)
In addition to reported results under generally accepted accounting principles in the United States of America (GAAP), the following financial highlight tables include, where appropriate, a reconciliation of adjusted results including: operating income and margin; ETR; net income attributable to Kennametal; diluted EPS; Metal Cutting operating income and margin; Infrastructure operating income and margin; FOCF; and consolidated and segment organic sales growth (all of which are non-GAAP financial measures), to the most directly comparable GAAP financial measures. Adjustments for the three months ended March 31, 2022 include restructuring and related charges, charges related to Russian and Ukrainian operations and differences in projected annual tax rates. Adjustments for the three months ended March 31, 2021 include restructuring and related charges, effects of early debt extinguishment, discrete tax benefits and differences in projected annual tax rates. For those adjustments that are presented 'net of tax', the tax effect of the adjustment can be derived by calculating the difference between the pre-tax and the post-tax adjustments presented. The tax effect on adjustments is calculated by preparing an overall tax calculation including the adjustments and then a tax calculation excluding the adjustments. The difference between these calculations results in the tax impact of the adjustments.
Management believes that presentation of these non-GAAP financial measures provides useful information about the results of operations of the Company for the current and past periods. Management believes that investors should have available the same information that management uses to assess operating performance, determine compensation and assess the capital structure of the Company. These non-GAAP financial measures should not be considered in isolation or as a substitute for the most comparable GAAP financial measures. Investors are cautioned that non-GAAP financial measures used by management may not be comparable to non-GAAP financial measures used by other companies. Reconciliations and descriptions of all non-GAAP financial measures are set forth in the disclosures below.
Reconciliations to the most directly comparable GAAP financial measures for the following forward-looking non-GAAP financial measures for the fourth quarter or full fiscal year of 2022 have not been provided, including but not limited to: FOCF, adjusted operating income, adjusted net income, adjusted ETR and primary working capital. The most comparable GAAP financial measures are net cash flow from operating activities, operating income, net income attributable to Kennametal, ETR and working capital (defined as current assets less current liabilities), respectively. Primary working capital is defined as accounts receivable, net plus inventories, net minus accounts payable. Because the non-GAAP financial measures on a forward-looking basis are subject to uncertainty and variability as they are dependent on many factors - including, but not limited to, the effect of foreign currency exchange fluctuations, impacts from potential acquisitions or divestitures, gains or losses on the potential sale of businesses or other assets, restructuring costs, asset impairment charges, gains or losses from early extinguishment of debt, the tax impact of the items above and the impact of tax law changes or other tax matters - reconciliations to the most directly comparable forward-looking GAAP financial measures are not available without unreasonable effort.
Free Operating Cash Flow (FOCF)
FOCF is a non-GAAP financial measure and is defined by the Company as net cash flow provided by operating activities (which is the most directly comparable GAAP financial measure) less capital expenditures plus proceeds from disposals of fixed assets. Management considers FOCF to be an important indicator of the Company's cash generating capability because it better represents cash generated from operations that can be used for dividends, debt repayment, strategic initiatives (such as acquisitions) and other investing and financing activities.
Organic Sales Growth
Organic sales growth is a non-GAAP financial measure of sales growth (which is the most directly comparable GAAP measure) excluding the effects of acquisitions, divestitures, business days and foreign currency exchange from year-over-year comparisons. Management believes this measure provides investors with a supplemental understanding of underlying sales trends by providing sales growth on a consistent basis. Management reports organic sales growth at the consolidated and segment levels.
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SOURCE Kennametal Inc. | https://www.whsv.com/prnewswire/2022/05/02/kennametal-announces-fiscal-2022-third-quarter-results/ | 2022-05-02T20:59:59Z |
CARTHAGE, Mo., May 2, 2022 /PRNewswire/ --
- Record 1Q sales1 of $1.32 billion, a 15% increase vs 1Q21
- Record 1Q EBIT of $138 million, up $10 million vs 1Q21
- Record 1Q EPS of $.66, an increase of $.02 vs 1Q21
- 2022 guidance unchanged: sales of $5.3–$5.6 billion; EPS of $2.70–$3.00
Diversified manufacturer Leggett & Platt reported record first quarter sales1 of $1.32 billion, a 15% increase versus first quarter last year.
- Organic sales2 were up 13%
- Acquisitions, net of divestitures, increased sales 2%
First quarter EBIT was $138 million, a first quarter record. EBIT was up $10 million or 8% from first quarter 2021 EBIT.
- EBIT increased primarily from metal margin expansion in our Steel Rod business and pricing discipline in the Furniture, Flooring & Textile Products segment, partially offset by lower volume primarily in the Bedding segment, higher raw material and transportation costs in Automotive generally, and production inefficiencies and related premium freight costs in a North American Automotive facility
- EBIT margin was 10.4%, down from 11.1% in the first quarter of 2021
First quarter EPS was $.66, also a first quarter record. EPS increased $.02 versus first quarter 2021 EPS, reflecting higher EBIT partially offset by higher tax rate ($.03/share) and interest expense ($.01/share).
CEO COMMENTS
President and CEO Mitch Dolloff commented, "We delivered another quarter of record sales1 and EPS, as well as improved cash from operations. Our employees around the world once again successfully managed an incredibly dynamic operating environment. Our full year guidance remains unchanged as we balance strong first quarter results, which were in line with our expectations, with continuing macro market uncertainties, including supply chain constraints, inflation, tighter monetary policy, the invasion of Ukraine, and COVID lockdowns in China.
"The hard work and dedication of our employees have positioned us well, both competitively and financially, to capitalize on long-term opportunities in our various end markets. Our enduring fundamentals give us confidence in our ability to continue creating long-term value for our shareholders."
DEBT, CASH FLOW, AND LIQUIDITY
- Net Debt3 was 2.32x trailing 12-month adjusted EBITDA3
- Operating cash flow was $39 million in the first quarter, an increase of $50 million versus first quarter 2021, primarily from lower working capital increases this year as we began to return to more normal levels of inventory
- Capital expenditures were $19 million
- Total liquidity was $1.5 billion
DIVIDEND
- In February, Leggett & Platt's Board of Directors declared a $.42 first quarter dividend, two cents higher than last year's first quarter dividend
- At an annual indicated dividend of $1.68 per share, the yield is 4.7% based upon Friday's closing stock price of $35.63 per share
STOCK REPURCHASES
- Repurchased .6 million shares at an average price of $37.17
- Issued .7 million shares through employee benefit plans
- Shares outstanding at the end of the first quarter were 133.5 million
2022 GUIDANCE
- Full year 2022 sales and EPS guidance unchanged
- Sales are expected to be $5.3–$5.6 billion, +4% to +10% versus 2021
- Flat to down mid-single digits in Bedding Products Segment
- Up mid- to high-single digits in Specialized Products Segment
- Roughly flat in Furniture, Flooring & Textile Products Segment
- EPS is expected to be $2.70–$3.00
- Based on this framework, EBIT margin should be 10.5% to 11.0%
- Additional expectations unchanged:
SEGMENT RESULTS – First Quarter 2022 (versus 1Q 2021)
Bedding Products –
- Trade sales increased 19%
- The Kayfoam acquisition completed in June 2021 contributed 4% to sales
- Divestitures of small operations in Drawn Wire and International Bedding decreased sales by 1%
- EBIT increased $12 million, primarily from higher metal margin, partially offset by lower volume and lower overhead absorption as production and inventory levels were adjusted to meet reduced demand
Specialized Products –
- Trade sales increased 2%
- EBIT decreased $15 million, primarily from higher raw material and transportation costs in Automotive generally, and production inefficiencies and related premium freight costs in a North American Automotive facility
Furniture, Flooring & Textile Products –
- Trade sales increased 17%
- EBIT increased $14 million, primarily from pricing discipline
SLIDES AND CONFERENCE CALL
A set of slides containing summary financial information is available from the Investor Relations section of Leggett's website at www.leggett.com. Management will host a conference call at 7:30 a.m. Central (8:30 a.m. Eastern) on Tuesday, May 3. The webcast can be accessed from Leggett's website. The dial-in number is (201) 689-8341; there is no passcode.
Second quarter results will be released after the market closes on Monday, August 1, 2022, with a conference call the next morning.
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FOR MORE INFORMATION: Visit Leggett's website at www.leggett.com.
COMPANY DESCRIPTION: Leggett & Platt (NYSE: LEG) is a diversified manufacturer that designs and produces a broad variety of engineered components and products that can be found in most homes and automobiles. The 139-year-old Company is comprised of 15 business units, approximately 20,000 employees, and 130 manufacturing facilities located in 17 countries.
Leggett & Platt is the leading U.S.-based manufacturer of: a) bedding components; b) automotive seat support and lumbar systems; c) specialty bedding foams and private label finished mattresses; d) components for home furniture and work furniture; e) flooring underlayment; f) adjustable beds; and g) bedding industry machinery.
FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements," including, but not limited to, volume growth; acquisition and divestiture activity; the amount of sales, EPS, capital expenditures, depreciation and amortization, net interest expense, fully diluted shares, operating cash flow; our EBIT margin, effective tax rate, amount of dividends, and raw material-related price increases. Such forward-looking statements are expressly qualified by the cautionary statements described in this provision and reflect only the beliefs of Leggett or its management at the time the statement is made. Because all forward-looking statements deal with the future, they are subject to risks, uncertainties and developments which might cause actual events or results to differ materially from those envisioned or reflected in any forward-looking statement. Moreover, we do not have, and do not undertake, any duty to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement was made. Some of these risks and uncertainties include: the adverse impact on our sales, earnings, liquidity, cash flow, costs, and financial condition caused by the COVID-19 pandemic which has had, and depending on the length and severity of the pandemic and the percentage of the population vaccinated and effectiveness of any vaccines, could, in varying degrees, negatively impact (a) the demand for our products and our customers' products, growth rates in the industries in which we participate, and opportunities in those industries, (b) our manufacturing facilities' ability to remain open and fully operational, obtain necessary raw materials and parts, maintain appropriate labor levels and ship finished products to customers, (c) our ability to collect trade and other notes receivables in accordance with their terms, (d) impairment of goodwill and long-lived assets, (e) restructuring-related costs, and (g) our ability to access the commercial paper market or borrow under our revolving credit facility, including compliance with restrictive covenants that may limit our operational flexibility and our ability to timely pay our debt; adverse impact from Russia's invasion of Ukraine; adverse impact from supply chain disruptions; our ability to deleverage; our ability to manage working capital; increases or decreases in our capital needs, which may vary depending on acquisition or divestiture activity, our working capital needs and capital expenditures; market conditions; price and product competition from foreign and domestic competitors; cost and availability of raw materials (including microchips and chemicals) due to supply chain disruptions or otherwise, labor, and energy costs; cash generation sufficient to pay the dividend; cash repatriation from foreign accounts; our ability to pass along raw material cost increases through increased selling prices; changing tax rates; increased trade costs; cybersecurity breaches; customer losses and insolvencies; disruption to our steel rod mill; foreign currency fluctuation; the imposition or continuation of anti-dumping duties on innersprings, steel wire rod and mattresses; data privacy; climate change and ESG obligations; litigation risks; and risk factors in the "Forward-Looking Statements" and "Risk Factors" sections in Leggett's most recent Form 10-K and Form 10-Q reports filed with the SEC.
CONTACT: Investor Relations, (417) 358-8131 or invest@leggett.com
Susan R. McCoy, Senior Vice President, Investor Relations
Cassie J. Branscum, Senior Director, Investor Relations
____________________
1 Sales from continuing operations
2 Trade sales excluding acquisitions/divestitures in the last 12 months
3 Please refer to attached tables for Non-GAAP Reconciliations
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SOURCE Leggett & Platt | https://www.whsv.com/prnewswire/2022/05/02/leggett-amp-platt-reports-record-1q-results/ | 2022-05-02T21:00:06Z |
HARRISBURG, Pa., May 2, 2022 /PRNewswire/ -- LINKBANCORP, Inc. (OTC Pink: LNKB) (the "Company"), the parent company of The Gratz Bank, including its LINKBANK division (the "Bank") reported net income of $1.524 million, or $0.15 per diluted share, for the quarter ended March 31, 2022.
First Quarter Highlights
- The Company crossed $1 billion in total assets
- First quarter organic loan growth of $29 million, exclusive of PPP loans
- Noninterest bearing deposits grew $36 million since December 31, 2021
- Net interest margin expands to 3.40%
Andrew Samuel, Chief Executive Officer, commented, "We are very pleased by the results of our first quarter free of merger-related charges related to the combination with GNB Financial Services, Inc., crossing over the $1 billion threshold and demonstrating growing earnings potential as we begin to recognize economies of scale and increasing operating leverage." He continued, "Key additions within areas experiencing varying levels of market disruption, including the York and Delaware Valley markets, are expected to help fuel further loan and earnings growth and complement the strong performance of our core Capital, Lancaster and Gratz Regions."
Total assets were $1.036 billion at March 31, 2022 compared to $932.8 million at December 31, 2021 and $443.8 million at March 31, 2021.1 Deposits and net loans as of March 31, 2022 totaled $862.2 million and $727.6 million, respectively, compared to deposits and net loans of $771.7 million and $711.7 million, respectively, at December 31, 2021 and $388.8 million and $233.1 million, respectively, at March 31, 2021. The $15.8 million increase in net loans from December 31, 2021 includes $29 million in primarily commercial organic loan growth including the impact of forgiven loans under the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP), which declined $13.2 million to $10.6 million at March 31, 2022. The $90.5 million increase in deposits from December 31, 2021 was driven largely by a $20 million increase in brokered deposits and $35.9 million increase in noninterest bearing demand accounts. Technology enhancements, such as digital account opening, continue to provide increased opportunities for the Bank to acquire new client relationships that service clients in a more efficient and cost effective manner.
As of March 31, 2022, the Company's non-performing assets were $1.2 million, representing 0.12% of total assets. Non-performing assets at March 31, 2022 excluded purchased credit impaired loans with a balance of $5.6 million, inclusive of $4.1 million in loans held for sale. The allowance for loan losses measured 0.47% of total loans, or approximately 0.91% of the non-purchased portfolio, at March 31, 2022. The total reserve when including the allowance for loan losses and the credit fair value adjustment made to loans acquired in the merger totaled $10.1 million or approximately 1.38% of the combined portfolio at March 31, 2022.
Net interest income for the first quarter of 2022 increased to $7.5 million compared to $7.1 million in the fourth quarter of 2021 primarily as a result of average asset growth. Net interest income does not include recognition of any fees from SBA PPP loans, which were included in purchase accounting adjustments in connection with the GNB Financial merger. Net interest margin increased to 3.40% in the first quarter of 2022 from 3.30% in the fourth quarter of 2021. The increase in net interest margin was primarily a result of an increase in yield on loans. Non-interest income increased from $581 thousand in the fourth quarter of 2021 to $711 thousand in the first quarter of 2022, driven largely by a gain on the sale of an SBA loan.
Noninterest expense for the first quarter of 2022 totaled $6.1 million, compared to $6.8 million for the three months ended December 31, 2021, primarily due to the absence of merger related expenses. Salaries and employee benefits expense remained relatively steady quarter over quarter, with a slight increase to $3.7 million for the first quarter of 2022 compared to $3.6 million for the prior quarter. This increase reflected compensation costs related to the Bank's expansion in the Delaware Valley and York markets in addition to certain strategic hires to support continued growth.
Shareholders' equity decreased from $109.6 million at December 31, 2021 to $106.3 million at March 31, 2022 due to a $4.1 million decrease in accumulated other comprehensive income (loss) as a result of unrealized losses on available-for-sale securities due to the increase in interest rates. The unrealized loss was partially offset by net income less dividends declared.
On April 8, 2022, the Company completed a $20.0 million private placement of Fixed-to-Floating Rate Subordinated Notes due 2032, structured to qualify as Tier 2 capital for regulatory capital purposes. The Company subsequently contributed $15 million of the proceeds to the Bank as additional capital.
ABOUT LINKBANCORP, Inc.
LINKBANCORP, Inc. was formed in 2018 with a mission to positively impact lives through community banking. Its subsidiary bank, The Gratz Bank, is a Pennsylvania state-chartered bank serving individuals, families, nonprofits and business clients throughout Central and Southeastern Pennsylvania through 10 client solutions centers of The Gratz Bank and LINKBANK, a division of The Gratz Bank. LINKBANCORP, Inc. common stock is traded over the counter (OTC Pink) under the symbol "LNKB". For further company information, visit ir.linkbancorp.com.
Forward Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of current or historical fact and involve substantial risks and uncertainties. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions can be used to identify forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: costs or difficulties associated with newly developed or acquired operations; changes in general economic trends, including inflation and changes in interest rates; increased competition; changes in consumer demand for financial services; our ability to control costs and expenses; adverse developments in borrower industries and, in particular, declines in real estate values; changes in and compliance with federal and state laws that regulate our business and capital levels; our ability to raise capital as needed; and the effects of the COVID-19 pandemic and actions taken by governments, businesses and individuals in response. The Company does not undertake, and specifically disclaims, any obligation to publicly revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. Accordingly, you should not place undue reliance on forward-looking statements.
Contact:
Nicole Ulmer
Corporate and Investor Relations Officer
717.803.8895
IR@linkbancorp.com
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SOURCE LINKBANCORP, INC. | https://www.whsv.com/prnewswire/2022/05/02/linkbancorp-inc-announces-first-quarter-2022-financial-results/ | 2022-05-02T21:00:17Z |
PHILADELPHIA, May 2, 2022 /PRNewswire/ -- Livent Corporation (NYSE: LTHM) today announced that it has agreed to double its ownership interest to 50% in Nemaska Lithium Inc. ("Nemaska"), a fully integrated lithium hydroxide development project located in Québec, Canada. Livent will issue 17,500,000 shares of its common stock to The Pallinghurst Group ("Pallinghurst") and its investors to acquire their half of Québec Lithium Partners ("QLP"). Livent already owns the other half of QLP. Following the close of the transaction, QLP will become a wholly owned subsidiary of Livent, and Livent will in turn own 50% of Nemaska through QLP. Investissement Québec ("IQ") will remain the owner of the remaining 50% interest in Nemaska.
"Livent is committed to the success of the Nemaska lithium project and increasing its ownership reflects this commitment," said Paul Graves, president and chief executive officer of Livent. "We believe that Nemaska, as a large and low-cost integrated lithium hydroxide project, will be an important part of the supply of sustainable critical battery materials. Nemaska will further strengthen Livent's global footprint and is strategically located to serve growing lithium demand in North America and Europe. We will continue to work closely alongside the Government of Québec to ensure that Nemaska becomes a leading supplier of battery-grade hydroxide. The progress of Nemaska to its current advanced stage of engineering would not have been possible without the critical contributions of Pallinghurst and we look forward to continuing to work with them on further development of Nemaska, as a major investor in Livent."
Livent will continue to have responsibilities with Nemaska in the development and future production and commercialization of the project. Further information regarding its investment will be provided during Livent's upcoming earnings call on May 3rd, 2022.
"Nemaska has made significant progress with its strategic plans under QLP's leadership. We will merge our interests in an all-share transaction and our investors are excited to continue to be exposed to Nemaska as long-term shareholders in Livent," said Arne H. Frandsen and Andrew Willis, Co-Founders and Managing Partners of Pallinghurst. "We are committed to the success of Nemaska through our investment in Livent, as part of the development of Pallinghurst's broader battery materials presence in Québec."
For the past eighteen months, the Nemaska team and its shareholders have invested significant resources in securing the future of Nemaska, including progressing an optimization study focused on improving and enhancing the entire value chain from mine to battery grade materials. In doing so, it has ensured a strong focus on sustainability and a zero-carbon footprint through the use of green hydroelectric power and the implementation of strong ESG principles. The conclusion of this optimization study and a final construction decision are expected by the end of the third quarter of this year. Nemaska is expected to be a fully integrated asset with 34,000 metric tons of nameplate capacity of battery-grade lithium hydroxide with first production in 2025.
The transaction will fully settle all financial obligations of Livent towards Pallinghurst. The closing of the transaction is subject to customary conditions, including, among other things, the expiration of certain notice periods required by applicable law.
About Livent For nearly eight decades, Livent has partnered with its customers to safely and sustainably use lithium to power the world. Livent is one of only a small number of companies with the capability, reputation, and know-how to produce high-quality finished lithium compounds that are helping meet the growing demand for lithium. The Company has one of the broadest product portfolios in the industry, powering demand for green energy, modern mobility, the mobile economy, and specialized innovations, including light alloys and lubricants. Livent has a combined workforce of approximately 1,100 full-time, part-time, temporary, and contract employees and operates manufacturing sites in the United States, England, India, China and Argentina. For more information, visit Livent.com.
About The Pallinghurst Group Pallinghurst is a leading private investor in the global natural resources sector. Pallinghurst's firm focus is on investing in the entire value-chain of sustainably sourced battery and fuel-cell materials. It is a partnership that prides itself on being an active investor, always participating in the management and development of the companies and assets it invests in. Since its formation, Pallinghurst has deployed in excess of US$2 billion of equity in responsibly developing, building and operating major resource projects in North America, Europe, Africa and Australia. In addition to lithium, currently, it has investments in platinum, graphite and nickel companies. More information about Pallinghurst is available at www.pallinghurst.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this news release are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "will continue to," "will likely result," "should," "expect," "expects," "intends," "plans," "anticipates," "believe," "believes," "estimates," "predicts," "potential," "continue," "could," "forecast," "future," "is confident that," "plans," or "projects," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about Livent, may include projections of Livent's future financial performance, Livent's anticipated growth strategies and anticipated trends in Livent's business, including without limitation, our capital expansion plans and development of the Nemaska project. These statements are only predictions based on Livent's current expectations and projections about future events. There are important factors that could cause Livent's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Additional factors that could cause Livent's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements include a decline in the growth in demand for electric vehicles; increased supply chain disruptions in the electric vehicle manufacturing industry; volatility in the price for performance lithium compounds; adverse global economic conditions; competition; quarterly and annual fluctuations of our operating results; risks relating to Livent's planned production expansion and related capital expenditures, including any further suspension of our expansion efforts; the potential development and adoption of battery technologies that do not rely on performance lithium compounds as an input; liquidity and access to credit; reduced customer demand, or delays in growth of customer demand, for higher performance lithium compounds; the success of Livent's research and development efforts; risks inherent in international operations and sales, including political, financial and operational risks specific to Argentina, China and other countries where Livent has active operations; customer concentration and the delay or loss of, or significant reduction in orders from, large customers; failure to satisfy customer quality standards; increases in the price of energy and raw materials or broader global inflationary pressures; employee attraction and retention; union relations; cybersecurity breaches; our ability to protect our intellectual property rights; the lack of proven reserves; legal and regulatory proceedings; including any shareholder lawsuits; compliance with environmental, health and safety laws; changes in tax laws; risks related to ownership of our common stock, including price fluctuations and lack of dividends; events outside our control that could prevent us from achieving our sustainability goals; as well as the other factors described under the caption entitled "Risk Factors" in Livent's 2020 Form 10-K filed with the Securities and Exchange Commission on February 28, 2022 and our subsequent Forms 10-Q filed with the Securities and Exchange Commission. Although Livent believes the expectations reflected in the forward-looking statements are reasonable, Livent cannot guarantee future results, level of activity, performance or achievements. Moreover, neither Livent nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Livent is under no duty to update any of these forward-looking statements after the date of this news release to conform its prior statements to actual results or revised expectations.
# # #
Media Contact: Juan Carlos Cruz +1.215.299.6725
juan.carlos.cruz@livent.com
Investor Contact: Daniel Rosen +1.215.299.6208
daniel.rosen@livent.com
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SOURCE Livent Corporation | https://www.whsv.com/prnewswire/2022/05/02/livent-announces-agreement-double-its-ownership-stake-nemaska-lithium-50-percent/ | 2022-05-02T21:00:28Z |
NEW YORK, May 2, 2022 /PRNewswire/ -- Marpai, Inc. ("Marpai") (Nasdaq: MRAI), a deep learning technology company transforming third-party administration (TPA) in the self-funded health insurance market, will host a conference call and webcast on Thursday, May 12 at 8:30 a.m. ET to answer questions about the Company's operational and financial highlights for its first quarter 2022. The Company will report its first quarter results after the close of trading on Wednesday, May 11, 2022.
Event: Marpai Q1 2022 Financial Results Conference Call
Date: Thursday, May 12, 2022
Time: 8:30 a.m. Eastern Time
Live Call: US: 1-866-652-5200 / CAN: 1-855-669-9657 / INT TOLL: 1-412-902-4216
Webcast: https://app.webinar.net/weABj0MVL1g
About Marpai, Inc.
Marpai, Inc. (Nasdaq: MRAI) is a technology company bringing AI-powered health plan services to employers providing health benefits to employees. Primarily competing within the $22B TPA (Third Party Administrator) sector serving self-funded health plans and representing over $1T in annual health care claims, Marpai's SMART services focus on reducing claims costs, lowering reinsurance premiums, and elevating care quality for plan members. Marpai's proprietary deep learning algorithms predict potential near-term health events for members to prevent costly claims and improve health outcomes. Operating nationwide, Marpai offers access to provider networks including Aetna and Cigna, and partners with brokers and consultants. For more information, visit www.marpaihealth.com.
Forward-looking Statements
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties, including statements regarding anticipated fourth-quarter results. Forward-looking statements can be identified through the use of words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "can," "could", "will", "potential", "should," "goal" and variations of these words or similar expressions. For example, Marpai is using forward looking statements when it discusses the expected timing of the release of its first quarter results. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Marpai's current expectations and speak only as of the date of this release. Actual results may differ materially from Marpai's current expectations depending upon a number of factors. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business. Except as required by law, Marpai does not undertake any responsibility to revise or update any forward-looking statements whether as a result of new information, future events, or otherwise.
More detailed information about Marpai and the risk factors that may affect the realization of forward-looking statements is set forth in Marpai's filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC's website at http://www.sec.gov.
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SOURCE Marpai | https://www.whsv.com/prnewswire/2022/05/02/marpai-host-first-quarter-financial-results-call-may-12-2022/ | 2022-05-02T21:00:34Z |
CHAMBERSBURG, Pa., May 2, 2022 /PRNewswire/ -- Martin's® Famous Potato Rolls and Bread, known for its hamburger and hot dog buns, announces the re-launch of its popular, food-focused "Summer Fun Season" campaign!
This year, Martin's is highlighting a classic summer food category each month and giving away a corresponding sweepstakes prize:
- May – BBQ
- June – Burgers
- July – Hot Dogs
"We are so excited to hone in on everyone's favorite foods this summer!" says Becky Vega, Marketing Specialist at Martin's. "Martin's Potato Rolls are the perfect accompaniment to BBQ, burgers, and hot dogs, and we can't wait to bring our audience amazing recipes, resources, and content highlighting all of these items!"
To learn more about the prizes, enter for the chance to win, and grab delicious summer recipes, visit: https://www.MartinsSummerFun.com.
The Sweepstakes are open to all legal residents of the contiguous United States who are 18 years of age or older at the time of entry, subject to the Official Rules. Full prize details, conditions, and sweepstakes rules are available at: https://potatorolls.com/sweepstakes-rules/ .
Martin's Famous Pastry Shoppe, Inc.® is a family owned and operated consumer goods company headquartered in Chambersburg, PA, with a second bakery in Valdosta, GA. The Martin's company focuses on baking high-quality bread and roll products using high-quality ingredients. They are rigorously dedicated to extraordinary taste, quality, and customer service that proudly represents their legacy of cherished eating experiences and truly sets them apart from their competitors. Since the 1950s, the business has expanded from a home garage business into two commercial baking plants and continues to grow and flourish in areas of established distribution. For more information, visit: www.potatorolls.com.
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SOURCE Martin's Famous Pastry Shoppe, Inc. | https://www.whsv.com/prnewswire/2022/05/02/martins-summer-fun-season-is-back-its-third-year/ | 2022-05-02T21:00:42Z |
In new role as Meadows Senior Fellow Dr. Heller will bring his NeuroAffective Relational Model and clinical expertise to MBH's proven treatment programs
WICKENBURG, Ariz., May 2, 2022 /PRNewswire/ -- Meadows Behavioral Healthcare announced today that it has finalized an agreement with Dr. Laurence Heller to join their team as a Meadows Senior Fellow. His NeuroAffective Relational Model (NARM), developed over the course of his 45-year clinical career, is a powerful approach to addressing adverse childhood experiences and complex trauma.
"We are thrilled to welcome Dr. Heller to the team. We have long been familiar with his important work developing the NeuroAffective Relational Model, which fits seamlessly into MBH's treatment approach," said Sean Walsh, CEO of Meadows Behavioral Healthcare. "We look forward to having Larry more directly involved in bringing NARM to our clinicians and patients."
Meadows Senior Fellows are some of the nation's top addiction and recovery experts, and they provide ongoing direction, consultation, and training for staff as well as interacting with patients. They work together to ensure that The Meadows Model is the most clinically comprehensive and nurturing program available today. Meadows Behavioral Healthcare's network of specialized behavioral healthcare programs provide evidence-based treatment for those struggling with emotional trauma, drug and alcohol addiction, sex addiction, eating disorders, psychiatric disorders, and co-occurring conditions.
A renowned clinical professional and bestselling author, Dr. Heller is a natural fit to join the work Meadows Behavioral Healthcare is already doing. NARM's method of psychotherapy specifically aimed at treating attachment, relational, and developmental trauma enhances the work already being done across our Meadows programs.
For more information on Dr. Heller, visit drlaurenceheller.com.
For more information on Meadows Behavioral Healthcare, visit meadowsbh.com.
For more information, contact:
Carrie Steffenson
602-740-2565
media@meadowsbh.com
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SOURCE Meadows Behavioral Healthcare | https://www.whsv.com/prnewswire/2022/05/02/meadows-behavioral-healthcare-announces-partnership-with-narm-creator-laurence-heller-phd/ | 2022-05-02T21:00:49Z |
BALTIMORE, May 2, 2022 /PRNewswire/ -- Medifast, Inc. (NYSE: MED), the global company behind one of the fastest-growing health and wellness communities, OPTAVIA®, today reported results for the first quarter ended March 31, 2022.
First Quarter 2022 Highlights Compared to the Prior-Year Period
- Revenue increased 22.6% to $417.6 million
- 21.7% growth in the number of active earning OPTAVIA Coaches to 63,900
- Revenue per active earning OPTAVIA Coach increased 1.3% to $6,536
- Net income increased 1.7% to $41.8 million
- Earnings per diluted share ("EPS") of $3.59, an increase of 3.8%
- Annual revenue guidance raised to $1.78 billion to $1.84 billion and full-year EPS to $14.60 to $16.05
"Record quarterly revenues, sharp acceleration in coach metrics and an increase in our annual financial guidance are powerful indications of the underlying strength of our business. We have record numbers of independent active earning OPTAVIA Coaches, helping us drive robust product demand and rapidly increasing digital engagement, and bolstering OPTAVIA to the #1 revenue share position among publicly traded companies in the weight management industry in the United States," said Dan Chard, Chairman and Chief Executive Officer of Medifast. "We continue to take advantage of significant opportunities to further leverage our technological innovation and infrastructure. Through deeper integration of key technologies and data analytics, we are enhancing the OPTAVIA customer experience and enabling significant productivity gains for OPTAVIA Coaches. All of this creates strong potential for further expansion into the broader health and wellness sector. We have a clear growth vision, and a solid platform to drive additional long-term value for our stockholders."
First Quarter 2022 Results
First quarter 2022 revenue increased 22.6% to $417.6 million from $340.7 million for the first quarter of 2021. The total number of active earning OPTAVIA Coaches increased 21.7% to 63,900 compared to 52,500 for the first quarter of 2021. The average revenue per active earning OPTAVIA Coach was $6,536 compared to $6,454 for the first quarter of 2021, an increase of 1.3%. The year-over-year growth in revenue was primarily driven by the increase in the number of active earning OPTAVIA Coaches and in the productivity per active earning OPTAVIA Coach.
Gross profit increased 21.6% to $302.3 million from $248.5 million for the first quarter of 2021. The increase in gross profit was primarily attributable to higher revenue. The Company's gross profit as a percentage of revenue was 72.4% compared to 73.0% in the first quarter of 2021. The decrease in gross profit as a percentage of revenue was primarily due to a customer acquisition program and higher product and shipping costs resulting from inflation in raw ingredient costs, and freight and labor costs.
Selling, general, and administrative expenses ("SG&A") increased 26.3% to $247.2 million compared to $195.7 million for the first quarter of 2021. As a percentage of revenue, SG&A increased 170 basis points year-over-year to 59.2% of revenue, as compared to 57.5% for the first quarter of 2021. The increase in SG&A was primarily due to higher OPTAVIA Coach compensation expense, increased salaries and benefits-related expenses for employees, incremental costs related to continued investment in information technology and distribution infrastructure, and increased credit card fees resulting from higher sales.
Income from operations increased 4.3% to $55.1 million from $52.8 million in the prior-year period. As a percentage of revenue, income from operations was 13.2% for the first quarter of 2022 compared to 15.5% in the prior-year period.
The effective tax rate was 24.0% for the first quarter of 2022 compared to 22.3% in the prior-year period. The increase in the effective tax rate was primarily driven by a decrease in the tax benefit of stock compensation and other items as well as an increase in the state income tax rate.
In the first quarter of 2022, net income was $41.8 million, or $3.59 per diluted share, based on approximately 11.6 million shares of common stock outstanding. In the first quarter of 2021, net income was $41.1 million, or $3.46 per diluted share, based on approximately 11.9 million shares of common stock outstanding.
Balance Sheet
The Company's balance sheet remains strong with cash, cash equivalents and investment securities of $122.1 million as of March 31, 2022 compared to $109.5 million at December 31, 2021. As of March 31, 2022, the Company remained free of interest-bearing debt.
The company paid a quarterly cash dividend of $16.7 million, or $1.42 per share, on February 8, 2022, to stockholders of record as of the close of business on December 21, 2021. On March 17, 2022, the Company declared a quarterly dividend of $1.64 per share payable on May 9, 2022, a 15.5% increase per share over the dividend paid in the first quarter of 2021. Also during the first quarter of 2022, the Company used $10.0 million to repurchase 50,464 shares of common stock. There were approximately 2.0 million shares remaining under the Company's stock repurchase program as of March 31, 2022.
Outlook
The Company increased annual guidance and now expects full-year 2022 revenue to be in the range of $1.78 billion to $1.84 billion, up from the previously announced range of $1.72 billion to $1.79 billion. The Company expects full-year 2022 EPS to be in the range of $14.60 to $16.05, up from the previously announced range of $14.50 to $16.00. The revised full-year 2022 earnings guidance assumes a 24.25% to 25.25% effective tax rate. The earnings guidance excludes a one-time second quarter 2022 donation to the Ukrainian refugees.
Conference Call Information
The conference call is scheduled for today, Monday, May 2, 2022 at 4:30 p.m. ET. The call will be broadcast live over the Internet, hosted at the Investor Relations section of Medifast's website at www.MedifastInc.com or directly at https://app.webinar.net/7Bryj5YjlMv and will be archived online and available through May 9, 2022. In addition, listeners may dial (855) 560-2579.
A telephonic playback will be available from 6:30 p.m. ET, May 2, 2022, through May 9, 2022. Participants can dial (877) 344-7529 to hear the playback and enter passcode 3464242.
About Medifast®:
Medifast (NYSE: MED) is the global company behind one of the fastest-growing health and wellness communities, OPTAVIA®, which offers scientifically developed products, clinically proven plans and the support of independent OPTAVIA Coaches and a Community to help Customers achieve Lifelong Transformation, One Healthy Habit at a Time®. As the publicly traded market leader by revenue in the U.S. $7 billion weight management industry, the company has impacted more than 2 million lives through its Community of OPTAVIA Coaches, who teach Customers how to develop holistic healthy habits through the proprietary Habits of Health® Transformational System. Medifast was recognized in 2022 as one of America's Best Mid-Sized Companies by Forbes, in 2020 and 2021 as one of FORTUNE's 100 Fastest-Growing Companies and was named to Forbes' 100 Most Trustworthy Companies in America list in 2017. For more information, visit MedifastInc.com or OPTAVIA.com and follow @Medifast on Twitter.
MED-F
Forward Looking Statements
Please Note: This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by use of phrases or terminology such as "intend," "anticipate," "expects" or other similar words or the negative of such terminology. Similarly, descriptions of Medifast's objectives, strategies, plans, goals or targets contained herein are also considered forward-looking statements. These statements are based on the current expectations of the management of Medifast and are subject to certain events, risks, uncertainties and other factors. Some of these factors include, among others, risks associated with Medifast's direct-to-consumer business model, the impact of rapid growth on Medifast's systems, disruptions in Medifast's supply chain, Medifast's inability to continue to develop new products, effectiveness of Medifast's advertising and marketing programs, including use of social media by independent OPTAVIA Coaches, Medifast's inability to maintain and grow the network of independent OPTAVIA Coaches, the departure of one or more key personnel, Medifast's inability to protect against online security risks, to protect its brand, to protect against product liability claims, Medifast's planned growth into domestic and international markets, adverse publicity associated with Medifast's products, Medifast's inability to continue declaring dividends, fluctuations of Medifast's common stock market price, the impact of the COVID-19 pandemic on Medifast's results, the severity, length and ultimate impact of the COVID-19 pandemic on people and economies, increases in competition, litigation, consequences of other geopolitical events, natural disasters, acts of war, or climate change, activist investors, regulatory changes, inflation, labor shortages, market conditions and resulting impact on consumer spending, and a failure of internal control over financial reporting. Although Medifast believes that the expectations, statements and assumptions reflected in these forward-looking statements are reasonable, it cautions readers to always consider all of the risk factors and any other cautionary statements carefully in evaluating each forward-looking statement in this release, as well as those set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and other filings filed with the United States Securities and Exchange Commission, including its current reports on Form 8-K. All of the forward-looking statements contained herein speak only as of the date of this release.
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SOURCE Medifast, Inc. | https://www.whsv.com/prnewswire/2022/05/02/medifast-inc-announces-first-quarter-2022-financial-results/ | 2022-05-02T21:00:55Z |
- Las Vegas Strip Resorts and Regional Operations Adjusted Property EBITDAR increased 47% and 48%, respectively, compared to the first quarter of 2019 and maintained margin growth over 2019 in both the Las Vegas and Regional markets
- Announced offer to acquire global online gaming company LeoVegas for a total tender value of approximately $607 million
- Repurchased $2.8 billion of shares of common stock since January 2021
- Closed transaction with MGP to VICI and continue to pursue a commercial gaming license in New York and development of an Integrated Resort in Osaka, Japan
LAS VEGAS, May 2, 2022 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended March 31, 2022.
"We delivered a strong first quarter in our domestic operations driven by weekend demand and a better mix of business. Our midweek business is improving with each quarter and our group base is growing after a tough January. The results demonstrate the robust demand for our gaming entertainment offerings with the backdrop of increased sports and entertainment programming in the Las Vegas market," said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International. "We reached another milestone in the completion of our asset light strategy with the closing of the VICI transaction, allowing us to simplify our corporate structure and bolster our liquidity while deploying capital into growth projects with the highest shareholder return. We announced this morning the tender offer for 100% of the shares of LeoVegas which will allow us to expand into international online gaming with a world class management team, strong IT platform and growth prospects. We remain focused on achieving our vision to be the world's premier gaming entertainment company."
"Our strong liquidity position, coupled with our confidence in the long-term recovery of our core business, has allowed us to continue to focus on maximizing long-term shareholder value. To that end, we continued to repurchase our stock in the first quarter, reaching over $1.0 billion during the first quarter of 2022 and we repaid $1.0 billion of notes in March," said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts International. "We are disciplined in our approach to capital deployment and are focused on maintaining a strong balance sheet with adequate liquidity, while at the same time pursuing growth opportunities with the greatest return to shareholders."
First Quarter 2022 Financial Highlights:
Consolidated Results
- Consolidated net revenues of $2.9 billion compared to $1.6 billion in the prior year quarter, an increase of 73%. The current quarter benefited from the inclusion of the operating results of Aria and Vdara (collectively "Aria") due to its consolidation in September 2021 and was negatively affected by a decrease in business volume and travel due to the spread of the omicron variant in the early part of the quarter; however, results improved over the prior year quarter which was negatively affected by midweek property and hotel closures, lower business volume and travel activity, and operational restrictions due to the COVID-19 pandemic primarily at the Las Vegas Strip Resorts;
- Net loss attributable to MGM Resorts of $18 million compared to net loss attributable to MGM Resorts of $332 million in the prior year quarter, and net income attributable to MGM Resorts of $31 million in the first quarter of 2019;
- Diluted loss per share of $0.06 in the current quarter compared to diluted loss per share of $0.69 in the prior year quarter;
- Adjusted diluted earnings per share ("Adjusted EPS")(1) of $0.01 in the current quarter compared to an Adjusted EPS loss per share of $0.68 in the prior year quarter; and
- Consolidated Adjusted EBITDAR(2) of $670 million and Consolidated Adjusted EBITDAR margin(2) of 23.5% in the current quarter.
Las Vegas Strip Resorts
- Net revenues of $1.7 billion in the current quarter compared to $545 million in the prior year quarter, an increase of 205%. The current quarter benefited from the inclusion of Aria and was negatively affected by a decrease in business volume and travel due to the spread of the omicron variant in the early part of the quarter; however, the prior year quarter was negatively affected by midweek property and hotel closures at certain properties, lower business volume and travel activity, and operational restrictions due to the COVID-19 pandemic;
- Same-store net revenues (adjusted for acquisitions/dispositions, as further described in our discussion of non-GAAP measures in footnote 2 below) of $1.4 billion in the current quarter, a decrease of 1% compared to the first quarter of 2019;
- Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues(3) of $1.7 billion compared to $544 million in the prior year quarter, an increase of 204%;
- Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Net Revenues(3) of $1.3 billion compared to $1.4 billion in the first quarter of 2019, a decrease of 2%;
- Adjusted Property EBITDAR(2) of $594 million in the current quarter compared to $108 million in the prior year quarter, an increase of 449%;
- Same-Store Adjusted Property EBITDAR(2) of $472 million in the current quarter compared to $391 million in the first quarter of 2019, an increase of 21%;
- Adjusted Property EBITDAR margin(2) of 35.7% in the current quarter compared to 19.8% in the prior year quarter, an increase of 1,586 basis points;
- Same-Store Adjusted Property EBITDAR margin(2) of 35.0% in the current quarter compared to 28.6% in the first quarter of 2019, an increase of 638 basis points;
- Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR(2) of $587 million in the current quarter compared to $107 million in the prior year quarter, an increase of 448%; and
- Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Adjusted Property EBITDAR(2) of $464 million compared to $396 million in the first quarter of 2019, an increase of 17%.
Regional Operations
- Net revenues of $891 million in the current quarter compared to $711 million in the prior year quarter, an increase of 25%, and an increase of 11% compared to $804 million in the first quarter of 2019. The prior year quarter was negatively affected by midweek hotel closures at certain properties and operational restrictions;
- Adjusted Property EBITDAR of $313 million in the current quarter compared to $242 million in the prior year quarter, an increase of 29%, and an increase of 48% compared to $212 million in the first quarter of 2019; and
- Adjusted Property EBITDAR margin of 35.2% in the current quarter compared to 34.0% in the prior year quarter, an increase of 115 basis points, and an increase of 882 basis points compared to 26.3% in the first quarter of 2019 due primarily to an increase in revenues and realized benefits of the Company's costs savings initiatives.
MGM China
- Net revenues of $268 million in the current quarter compared to $296 million in the prior year quarter, a decrease of 9%, and a decrease of 63% compared to $734 million in the first quarter of 2019. The current and prior year quarter were significantly impacted by travel and entry restrictions in Macau; and
- Adjusted Property EBITDAR loss of $26 million in the current quarter compared to Adjusted Property EBITDAR of $5 million in the prior year quarter, and $193 million in the first quarter of 2019. The current quarter included a charge of $18 million related to litigation reserves.
Adjusted Diluted Earnings Per Share
The following table reconciles diluted loss per share ("EPS") to Adjusted EPS (approximate EPS impact shown, per share; positive adjustments represent charges to income):
Las Vegas Strip Resorts
The following table shows key gaming statistics for Las Vegas Strip Resorts:
The following table shows key hotel statistics for Las Vegas Strip Resorts:
Regional Operations
The following table shows key gaming statistics for Regional Operations:
MGM China
The following table shows key gaming statistics for MGM China:
License fee expense was $5 million in each of the current quarter and prior year quarter.
Corporate Expense
Corporate expense, including share-based compensation for corporate employees, increased to $111 million in the first quarter of 2022, from $78 million in the prior year quarter, partially due to an increase in payroll expense as the prior year quarter reflected the impact of temporary closures due to the pandemic. The current quarter also included $9 million in transaction costs.
Unconsolidated Affiliates
The following table summarizes information related to the Company's share of operating loss from unconsolidated affiliates:
MGM Growth Properties
During the first quarter of 2022, the Company made rent payments to MGM Growth Properties Operating Partnership LP ("MGP Operating Partnership") in the amount of $218 million and received distributions of $58 million from the MGP Operating Partnership. On April 14, 2022, MGM Growth Properties LLC ("MGP") paid a dividend of $83 million and the Company concurrently received a $59 million distribution.
MGM Resorts Dividend and Share Repurchases
On May 2, 2022, the Company's Board of Directors approved a quarterly dividend of $0.0025 per share. The dividend will be payable on June 15, 2022 to holders of record on June 10, 2022.
On March 2, 2022 the Company announced that its Board of Directors had authorized a new $2.0 billion stock repurchase program, which is in addition to the Company's existing February 2020 $3.0 billion stock repurchase plan. During the first quarter of 2022, the Company repurchased approximately 23 million shares of its common stock at an average price of $42.92 per share for an aggregate amount of $1.0 billion, pursuant to the February 2020 $3.0 billion stock repurchase plan. The aggregate remaining availability under the March 2022 $2.0 billion stock repurchase program and February 2020 $3.0 billion stock repurchase program was $2.2 billion as of March 31, 2022. All shares repurchased under the Company's program have been retired.
Conference Call Details
MGM Resorts will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of the results followed by a question and answer session. In addition, supplemental slides will be posted prior to the start of the call on MGM's Investor Relations website at http://investors.mgmresorts.com.
The call will be accessible via the Internet through http://investors.mgmresorts.com/investors/events-and-presentations/ or by calling 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 9652143.
A replay of the call will be available through May 9, 2022. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 6483627.
1."Adjusted EPS" is diluted earnings or loss per share adjusted to exclude preopening and start-up expenses, property transactions, net, loss related to equity investment, foreign currency loss related to MGM China's U.S. dollar-denominated debt, mark-to-market adjustments related to MGP's unhedged interest rate swaps, and mark-to-market adjustments related to CityCenter's unhedged interest rate swaps recorded within non-operating items from unconsolidated affiliates.
Adjusted EPS is a non-GAAP measure and is presented solely as a supplemental disclosure to reported GAAP measures because management believes this measure is useful in providing period-to-period comparisons of the results of the Company's continuing operations to assist investors in reviewing the Company's operating performance over time. Management believes that while certain items excluded from Adjusted EPS may be recurring in nature and should not be disregarded in evaluating the Company's earnings performance, it is useful to exclude such items when comparing current performance to prior periods because these items can vary significantly depending on specific underlying transactions or events. Also, management believes certain excluded items, and items further discussed in footnote 2 below, may not relate specifically to current operating trends or be indicative of future results. Adjusted EPS should not be construed as an alternative to GAAP earnings per share as an indicator of the Company's performance. In addition, Adjusted EPS may not be defined in the same manner by all companies and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. A reconciliation of Adjusted EPS to diluted earnings per share can be found under "Adjusted Diluted Earnings Per Share" included in this release.
2."Adjusted EBITDAR" is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, restructuring costs (which represents costs related to severance, accelerated stock compensation expense, and consulting fees directly related to the operating model component of the MGM 2020 Plan), rent expense associated with triple net operating and ground leases, and income from unconsolidated affiliates related to investments in real estate ventures.
"Adjusted Property EBITDAR" is the Company's reportable segment GAAP measure, which management utilizes as the primary profit measure for its reportable segments and underlying operating segments. Adjusted Property EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, rent expense associated with triple-net operating and ground leases, income from unconsolidated affiliates related to investments in real estate ventures, and property transactions, net, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment, and rent expense related to the master lease with MGP that eliminates in consolidation.
"Same-Store Adjusted Property EBITDAR" is Adjusted Property EBITDAR further adjusted to exclude the Adjusted Property EBITDAR of acquired operating segments from the date of acquisition through the end of the reporting period and to exclude the Adjusted Property EBITDAR of disposed operating segments from the beginning of the reporting period through the date of disposition. Accordingly, the Company has excluded the Adjusted Property EBITDAR of Aria for periods subsequent to its acquisition on September 27, 2021 and the Adjusted Property EBITDAR of Circus Circus Las Vegas for periods prior to its disposition on December 19, 2019 in Same-Store Adjusted Property EBITDAR for the periods included in this release.
Same-Store Adjusted Property EBITDAR is a non-GAAP measure and is presented solely as a supplemental disclosure to reported GAAP measures because management believes this measure is useful in providing meaningful period-to-period comparisons of the results of the Company's operations for operating segments that were consolidated by the Company for the full period presented to assist investors in reviewing the Company's operating performance over time. Same-Store Adjusted Property EBITDAR should not be viewed as a measure of overall operating performance, considered in isolation, or as an alternative to the Company's reportable segment GAAP measure or net income, or to any other measure determined in accordance with generally accepted accounting principles, because this measure is not presented on a GAAP basis, and is provided for the limited purposes discussed herein. In addition, Same-Store Adjusted Property EBITDAR may not be defined in the same manner by all companies and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies, and such differences may be material. A reconciliation of the Company's reportable segment Adjusted Property EBITDAR GAAP measure to Same-Store Adjusted Property EBITDAR is included in the financial schedules in this release.
"Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR" and "Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Adjusted Property EBITDAR" are supplemental non-GAAP financial measures, that, in addition to the reasons described above for the presentation of Adjusted Property EBITDAR and Same-Store Adjusted Property EBITDAR, are presented to adjust for the impact of certain variances in table games win percentages compared to the mid-point of the expected ranges. Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR and Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Adjusted Property EBITDAR are calculated by applying a win percentage of 30.0% for Baccarat and 21.0% for non-Baccarat games to the respective table games drops for the quarter, which represents the mid-point of the expected ranges of 25.0% to 35.0% for Baccarat and 19.0% to 23.0% for non-Baccarat at the Las Vegas Strip Resorts properties. Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Adjusted Property EBITDAR excludes the Adjusted Property EBITDAR of acquired operating segments from the date of acquisition through the end of the reporting period and the Adjusted Property EBITDAR of disposed operating segments from the beginning of the reporting period through the date of disposition, and also excludes the hold adjustment related to such acquired and disposed operating segments for the respective periods. Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR and Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Adjusted Property EBITDAR are also adjusted for the gaming taxes, bad debt expense, discounts and other incentives that would have been incurred or avoided when applying the win percentages noted above to the respective gaming volumes. Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR and Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Adjusted Property EBITDAR should not be viewed as a measure of overall operating performance, considered in isolation, or as an alternative to the Company's reportable segment GAAP measure or net income, or to any other measure determined in accordance with generally accepted accounting principles, because this measure is not presented on a GAAP basis, and is provided for the limited purposes discussed herein. In addition, Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR and Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Adjusted Property EBITDAR may not be defined in the same manner by all companies and, as a result, may not be comparable to similarly titled non-GAAP financials measures of other companies, and such differences may be material. A reconciliation of the Company's reportable segment Adjusted Property EBITDAR GAAP measure to Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Adjusted Property EBITDAR is included in the financial schedules in this release.
Adjusted EBITDAR information is a non-GAAP measure that is a valuation metric, should not be used as an operating metric, and is presented solely as a supplemental disclosure to reported GAAP measures because management believes this measure is widely used by analysts, lenders, financial institutions, and investors as a principal basis for the valuation of gaming companies. Management believes that while items excluded from Adjusted EBITDAR may be recurring in nature and should not be disregarded in evaluation of the Company's earnings performance, it is useful to exclude such items when analyzing current results and trends. Also, management believes excluded items may not relate specifically to current trends or be indicative of future results. For example, preopening and start-up expenses will be significantly different in periods when the Company is developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within the Company's resorts, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period. In addition, management excludes rent expense associated with triple net operating leases and ground leases. Management believes excluding rent expense associated with triple net operating leases and ground leases provides useful information to analysts, lenders, financial institutions, and investors when valuing the Company, as well as comparing the Company's results to other gaming companies, without regard to differences in capital structure and leasing arrangements since the operations of other gaming companies may or may not include triple net operating leases or ground leases. However, as discussed herein, Adjusted EBITDAR should not be viewed as a measure of overall operating performance, an indicator of the Company's performance, considered in isolation, or construed as an alternative to operating income or net income, or as an alternative to cash flows from operating activities, as a measure of liquidity, or as an alternative to any other measure determined in accordance with generally accepted accounting principles, because this measure is not presented on a GAAP basis and excludes certain expenses, including the rent expense associated with the Company's triple net operating and ground leases, and are provided for the limited purposes discussed herein. In addition, other companies in the gaming and hospitality industries that report Adjusted EBITDAR may calculate Adjusted EBITDAR in a different manner and such differences may be material. The Company has significant uses of cash flows, including capital expenditures, interest payments, taxes, real estate triple net lease and ground lease payments, and debt principal repayments, which are not reflected in Adjusted EBITDAR.
A reconciliation of GAAP net income (loss) to Adjusted EBITDAR is included in the financial schedules in this release.
3."Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues" and "Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Net Revenues" are additional supplemental non-GAAP financial measures that are presented to adjust Las Vegas Strip Resorts net revenues for the impact of certain variances in table games win percentages compared to the mid-point of the expected ranges, as described in footnote 2 above. Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Net Revenues excludes the net revenues of acquired operating segments from the date of acquisition through the end of the reporting period and the net revenues of disposed operating segments from the beginning of the reporting period through the date of disposition, and also excludes the hold adjustment related to such acquired and disposed operating segments for the respective periods. Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues and Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Net Revenues are also adjusted for the discounts and other incentives that would have been incurred or avoided when applying the win percentages noted in footnote 2 above to the respective gaming volumes. Management believes Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues and Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Net Revenues present consistent measures in providing period-to-period comparisons and are useful measures in assisting investors in evaluating the Company's operating performance, and that Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Net Revenues is useful in providing meaningful period-to-period comparisons of the results of the Company's operations for operating segments that were consolidated by the Company for the full period presented to assist investors in reviewing the Company's operating performance over time. Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues and Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Net Revenues should not be construed as alternatives to GAAP net revenues or to any other measure determined in accordance with generally accepted accounting principles and may not be defined in the same manner by all companies and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies, and such differences may be material. Reconciliations of GAAP net revenues to Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues and Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Net Revenues are included in the financial schedules in this release.
4. REVPAR is hotel revenue per available room.
* * *
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers U.S. sports betting and online gaming through market-leading brands, including BetMGM and partypoker. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its "Focused on What Matters: Embracing Humanity and Protecting the Planet" philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on Twitter as well as Facebook and Instagram.
Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company's expectations regarding the closing of its announced transactions and any benefits expected to be received from such transactions, future results, including the continued impact of COVID-19 pandemic on its results of operations and the duration of such impact, expectations regarding the Company's liquidity position, the Company's ability to execute on its strategic plans and growth projects, including obtaining commercial gaming in New York, the development of an integrated resort in Japan, the closing of the LeoVegas transaction, and positioning BetMGM as a leader in sports betting and iGaming, and the Company's ability to return capital to shareholders (including the timing and amount of any share repurchases or dividends). These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the continued impact of the COVID-19 pandemic on the Company's business, the effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.
MGM RESORTS CONTACTS:
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SOURCE MGM Resorts International | https://www.whsv.com/prnewswire/2022/05/02/mgm-resorts-international-reports-first-quarter-2022-financial-operating-results/ | 2022-05-02T21:01:02Z |
PITTSBURGH, May 2, 2022 /PRNewswire/ -- The Board of Directors of MSA Safety Incorporated (NYSE: MSA) today declared a second quarter dividend of 46 cents per share on common stock, payable June 10, 2022 to shareholders of record on May 16, 2022. This represents a 4 percent increase from the previous quarterly dividend of 44 cents. MSA has increased its dividend annually for more than 50 consecutive years.
The Board also declared a dividend of 56-1/4 cents per share on preferred stock, payable June 1, 2022 to shareholders of record on May 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.
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SOURCE MSA Safety | https://www.whsv.com/prnewswire/2022/05/02/msa-safety-increases-quarterly-dividend/ | 2022-05-02T21:01:09Z |
BOCA RATON, Fla., May 2, 2022 /PRNewswire/ -- The leading conference in the workers compensation industry begins next Monday, May 9, with the opening of the National Council on Compensation Insurance (NCCI) Annual Issues Symposium (AIS). Nearly 900 workers compensation insurance executives and system stakeholders are expected from May 9–11 at the JW Marriott Orlando, Grande Lakes in Florida. The full AIS agenda is now available.
NCCI President and CEO Bill Donnell will open the two-day symposium and reflect on the resilience of our system, the evolving landscape of workers and the workplace, and the ways in which workers compensation is challenged to be even better.
Chief Actuary Donna Glenn will deliver the highly anticipated State of the Line Report and reveal the latest workers compensation financial results.
Expect additional insights from these NCCI experts:
- Katherine Williamson, director of data science: "Workers Compensation Catastrophes"
- Leonard Herk, senior economist, and Carolyn Wise, associate actuary: "The Great Reshuffle"
- Barry Lipton, senior actuary: "Why Wage Inflation Matters"
- Sean Cooper, senior actuary, and Raji Chadarevian, director of medical regulation and informatics: "The Medical Dilemma"
"We have structured AIS to help carrier executives, state regulators, and other industry partners make well-informed decisions that support a healthy workers compensation system," said Donnell.
AIS 2022 will also include sessions with Roger Ferguson, former vice chair of the Federal Reserve System, Robert Hartwig, an industry veteran from the University of South Carolina, and James Guszcza, an expert on predictive analytics and artificial intelligence from Stanford University.
AIS 2022—The Insights You Trust highlights the industry demand for actionable intelligence and expert analysis. For more information, check out: ncci.com/AIS.
Founded in 1923, the mission of the National Council on Compensation Insurance (NCCI) is to foster a healthy workers compensation system. In support of this mission, NCCI gathers data, analyzes industry trends, and provides objective insurance rate and loss cost recommendations. These activities—combined with a comprehensive set of tools and services—make NCCI the source you trust for workers compensation information.
Media Contact:
Cristine Pike
Director, Public Relations and Communications, NCCI
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SOURCE NCCI | https://www.whsv.com/prnewswire/2022/05/02/ncci-annual-issues-symposium-leading-workers-compensation-conference-returns-orlando-may-9/ | 2022-05-02T21:01:15Z |
ARLINGTON, Va., May 2, 2022 /PRNewswire/ -- In light of the rising rates of teen depression and anxiety in the United States, today, the Association of State and Territorial Health Officials (ASTHO) is releasing a new report outlining 10 high-level strategies to improve behavioral health in schools. Per recent data from the CDC, among adolescents aged 12-17 years, 15% had a major depressive episode, 37% had persistent feelings of sadness or hopelessness, 19% seriously considered attempting suicide, and 16% made a suicide plan.
"Youth rates of anxiety and depression have been climbing at an alarming rate," said ASTHO CEO Michael Fraser. "The COVID-19 pandemic amplified these trends as many students were isolated from their friends, teachers, and mentors for months at a time. America's youth needs to be supported, and there is no better place to do this than within our schools."
ASTHO, in partnership with CDC Healthy Schools Branch, convened a School Behavioral Health Advisory Committee to identify policy gaps and strategies for delivering behavioral health services in schools. This advisory committee identified 10 strategies school leaders can implement to improve mental health among their students.
The 10 strategies include:
- Collaborate with the Department of Education on a comprehensive mental health framework to guide student well-being, such as the Multi-Tiered System of Supports Framework
- Utilize shared and inclusive language when communicating work around school behavioral health.
- Use a strength-based approach when collecting, analyzing, and disseminating data highlighting the role of student connectedness and resiliency.
- Harmonize data sources between cross-sector agencies to understand a complete picture of youth behavioral health.
- Assemble a cross-sector team with representation across all relevant sectors and levels of implementation.
- Improve the capacity of the traditional and non-traditional school workforce to address behavioral health.
- Expand Medicaid reimbursement in school settings, by removing state restrictions on school health services, to align with national Free Care Reversal Guidance.
- Expand school telehealth service provision.
- Leverage recent federal school health funding to support school behavioral health services.
- Braid/layer funding to support a shared risk and protective factors approach to youth behavioral health.
"Youth are suffering now more than ever as we continue to see the impact of the pandemic on their development and well-being," said Sharon Hoover, Ph.D., professor with the Division of Child and Adolescent Psychiatry of the University of Maryland School of Medicine and co-director with the National Center for School Mental Health. "To promote the mental health of all children and adolescents, and to recognize and address mental health challenges early and effectively, state behavioral health officials must support young people where they are. Schools are an essential place to promote the well-being of all youth and to conduct early identification and treatment for those experiencing mental health challenges."
The COVID-19 pandemic deepened existing inequities and increased exposure to variety of risk factors that may negatively impact the health and education of youth. However, changes in state and federal policies both before and during the pandemic have created opportunities for improving health equity and increasing behavioral health service access for youth. States can leverage cross-sector collaboration between education, Medicaid, health agencies, and community partners to address the behavioral health needs of youth.
View the full report here: Improving Youth Behavioral Health Through School-Based Strategies.
ASTHO is the national nonprofit organization representing the public health agencies of the United States, the U.S. territories and Freely Associated States, and Washington, D.C., as well as the more than 100,000 public health professionals these agencies employ. ASTHO members, the chief health officials of these jurisdictions, are dedicated to formulating and influencing sound public health policy and to ensuring excellence in public health practice.
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SOURCE Association of State and Territorial Health Officials | https://www.whsv.com/prnewswire/2022/05/02/new-astho-report-outlines-10-strategies-improve-behavioral-health-schools/ | 2022-05-02T21:01:22Z |
GAITHERSBURG, Md., May 2, 2022 /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX), a biotechnology company dedicated to developing and commercializing next-generation vaccines for serious infectious diseases, today announced it will report its first quarter 2022 financial results and operational highlights on Monday, May 9, 2022, following the close of U.S. financial markets. Details of the event and replay are as follows:
- Participants will be prompted to request to join the Novavax, Inc. call.
- To ensure a timely connection, it is recommended that participants join at least 10 minutes prior to the scheduled webcast.
About Novavax
Novavax, Inc. (Nasdaq: NVAX) is a biotechnology company that promotes improved health globally through the discovery, development and commercialization of innovative vaccines to prevent serious infectious diseases. The company's proprietary recombinant technology platform harnesses the power and speed of genetic engineering to efficiently produce highly immunogenic nanoparticles designed to address urgent global health needs. NVX-CoV2373, the company's COVID-19 vaccine, has received conditional authorization from multiple regulatory authorities globally, including the European Commission and the World Health Organization. The vaccine is also under review by multiple regulatory agencies worldwide. In addition to its COVID-19 vaccine, Novavax is also currently evaluating a COVID-seasonal influenza combination vaccine in a Phase 1/2 clinical trial, which combines NVX-CoV2373 and NanoFlu*, its quadrivalent influenza investigational vaccine candidate. These vaccine candidates incorporate Novavax' proprietary saponin-based Matrix-M™ adjuvant to enhance the immune response and stimulate high levels of neutralizing antibodies.
For more information, visit www.novavax.com and connect with us on Twitter, LinkedIn, Instagram and Facebook.
*NanoFlu identifies a recombinant hemagglutinin (HA) protein nanoparticle influenza vaccine candidate produced by Novavax. This investigational candidate was evaluated during a controlled phase 3 trial conducted during the 2019-2020 influenza season.
Contacts:
Investors
Novavax, Inc.
Alex Delacroix | 240-268-2022
ir@novavax.com
Media
Alison Chartan | 240-720-7804
Laura Keenan Lindsey | 202-709-7521
media@novavax.com
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SOURCE Novavax, Inc. | https://www.whsv.com/prnewswire/2022/05/02/novavax-host-conference-call-discuss-first-quarter-2022-financial-results-operational-highlights-may-9-2022/ | 2022-05-02T21:01:29Z |
Declares Second Quarter Dividend
TULSA, Okla., May 2, 2022 /PRNewswire/ -- ONE Gas, Inc. (NYSE: OGS) today announced its first quarter 2022 financial results, affirmed its 2022 financial guidance and declared its quarterly dividend.
FIRST QUARTER 2022 FINANCIAL RESULTS & HIGHLIGHTS
- First quarter 2022 net income was $98.9 million, or $1.83 per diluted share, compared with $95.6 million, or $1.79 per diluted share, in the first quarter 2021;
- Actual heating degree days across the Company's service areas were 5,699 in the first quarter 2022, 9% colder than normal and 2% colder than the same period last year; and
- The board of directors declared a quarterly dividend of $0.62 per share, or $2.48 per share on an annualized basis, payable on June 1, 2022, to shareholders of record at the close of business on May 16, 2022.
"In the first quarter, our maintenance and growth capital programs were both on track, underscoring the opportunities created by the location of our assets," said Robert S. McAnnally, president and chief executive officer. "In the current environment, we remain focused on our long-term strategy, which includes a commitment to safely operating our assets, expanding service to new customers, and managing costs."
FIRST QUARTER 2022 FINANCIAL PERFORMANCE
ONE Gas reported operating income of $140.8 million in the first quarter 2022, compared with $130.3 million in the first quarter 2021, which primarily reflects:
- an increase of $15.1 million from new rates;
- a decrease of $2.4 million in bad debt expense; and
- an increase of $2.6 million in residential sales due to net customer growth.
These increases were partially offset by:
- an increase of $3.7 million in outside service costs; and
- an increase of $2.2 million in employee-related costs.
For the first quarter 2022, other expense, net, increased $3.7 million compared with the same period last year. Other expense, net, includes $2.8 million of expense and $0.6 million of income for the quarters ended March 31, 2022, and 2021, respectively, related to the Company's non-qualified employee benefit plans. In addition, there is $0.8 million and $0.6 million of related expense in operations and maintenance expense for the quarters ended March 31, 2022, and 2021, respectively. In total, these non-cash expenses, which are not included in guidance, were $3.6 million higher for the quarter than the prior year.
Income tax expense includes a credit for amortization of the regulatory liability associated with excess accumulated deferred income taxes (EDIT) of $7.9 million and $8.1 million for the three-month periods ended March 31, 2022, and 2021, respectively.
Capital expenditures and asset removal costs were $122.9 million for the first quarter 2022 compared with $109.0 million in the same period last year. The increase was due primarily to expenditures for system integrity and extension of service to new areas.
REGULATORY ACTIVITIES UPDATE
Securitization
In Oklahoma, the Oklahoma Development Finance Authority (ODFA) received a hearing before the Oklahoma Supreme Court on April 13, 2022, seeking validation of the bond issuance. If the Oklahoma Supreme Court issues a ruling that validates the bond issuance by the ODFA complies with the Oklahoma securitization statute and the laws of Oklahoma, the ODFA will continue the process to issue the securitized bonds associated with the Oklahoma Natural Gas financing order. Pending a ruling from the Oklahoma Supreme Court, the financing order requests the ODFA to issue bonds and provide the net proceeds to Oklahoma Natural Gas as soon as feasible in 2022. At March 31, 2022, Oklahoma Natural Gas has deferred approximately $1.3 billion in extraordinary costs attributable to Winter Storm Uri.
In Kansas, on March 31, 2022, Kansas Gas Service submitted its application for a financing order to the Kansas Corporation Commission (KCC) as contemplated by the settlement reached on its financial plan. Kansas Gas Service has requested approval to issue securitized bonds to recover extraordinary costs resulting from Winter Storm Uri and flexibility to recover the costs over 5, 7, 10 or 12 years. The KCC has until Sept. 27, 2022, to review the application and issue a financing order if it deems the issuance of securitized bonds to be appropriate. If the KCC approves the financing order, the Company can begin the process to issue the securitized bonds. At March 31, 2022, Kansas Gas Service has deferred approximately $335.6 million in extraordinary costs, net of penalties billed, attributable to Winter Storm Uri.
In Texas, the Texas Public Finance Authority has begun the process to issue securitized bonds, which by statute, must be issued no later than Aug. 7, 2022. At March 31, 2022, Texas Gas Service has deferred approximately $248.3 million in extraordinary costs associated with Winter Storm Uri, which includes $50.7 million attributable to the West Texas service area. Pursuant to the approved settlement order, in January 2022, Texas Gas Service began collecting the extraordinary costs, including carrying costs, attributable to the West Texas service area from those customers over a three year period.
Other Regulatory Updates
In March 2022, Oklahoma Natural Gas filed its first annual Performance-Based Rate Change (PBRC) application following the general rate case that was approved in November 2021. The filing is for a calendar year 2021 test year and includes a requested base rate increase of $19.7 million, energy efficiency program incentive of $2.3 million and an estimated $9.1 million credit associated with EDIT. If approved, new rates are expected to become effective in the third quarter 2022, and EDIT is expected to be credited to customers in 2023.
In February 2022, Texas Gas Service made Gas Reliability Infrastructure Program (GRIP) filings for all customers in the Central-Gulf Service Area, requesting a $9.1 million increase to be effective in June 2022.
In March 2022, Texas Gas Service made GRIP filings for all customers in the West Texas service area, requesting a $5.0 million increase to be effective in July 2022.
In April 2022, Texas Gas Service filed its annual Cost-of-Service Adjustment filing for the incorporated area of the Rio Grande Valley service area, requesting an increase of $2.9 million. If approved, new rates will become effective in August 2022.
2022 FINANCIAL GUIDANCE
ONE Gas affirmed its financial guidance issued on Jan. 18, 2022, with 2022 net income and earnings per share expected to be in the range of $215 million to $227 million, and $3.96 to $4.20 per diluted share. Capital expenditures, including asset removal costs, are expected to be approximately $650 million for 2022.
EARNINGS CONFERENCE CALL AND WEBCAST
The ONE Gas executive management team will conduct a conference call on Tuesday, May 3, 2022, at 11 a.m. Eastern Daylight Time (10 a.m. Central Daylight Time). The call also will be carried live on the ONE Gas website.
To participate in the telephone conference call, dial 888-254-3590, passcode 9128072, or log on to www.onegas.com/investors and select Events and Presentations.
If you are unable to participate in the conference call or the webcast, a replay will be available on the ONE Gas website, www.onegas.com, for 30 days. A recording will be available by phone for seven days. The playback call may be accessed at 888-203-1112, passcode 9128072.
ONE Gas, Inc. (NYSE: OGS) is a 100% regulated natural gas utility, and trades on the New York Stock Exchange under the symbol "OGS." ONE Gas is included in the S&P MidCap 400 Index and is one of the largest natural gas utilities in the United States.
Headquartered in Tulsa, Oklahoma, ONE Gas provides a reliable and affordable energy choice to more than 2.3 million customers in Kansas, Oklahoma and Texas. Its divisions include Kansas Gas Service, the largest natural gas distributor in Kansas; Oklahoma Natural Gas, the largest in Oklahoma; and Texas Gas Service, the third largest in Texas, in terms of customers.
For more information and the latest news about ONE Gas, visit onegas.com and follow its social channels: @ONEGas, Facebook, LinkedIn and YouTube.
Some of the statements contained and incorporated in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. The forward-looking statements relate to our anticipated financial performance, liquidity, management's plans and objectives for our future operations, our business prospects, the outcome of regulatory and legal proceedings, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. 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 include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "should," "goal," "forecast," "guidance," "could," "may," "continue," "might," "potential," "scheduled," "likely," and other words and terms of similar meaning.
One should not place undue reliance on forward-looking statements, which are applicable only as of the date of this news release. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, markets, products, services and prices. 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:
- our ability to recover costs (including operating costs and increased commodity costs related to Winter Storm Uri in February 2021), income taxes and amounts equivalent to the cost of property, plant and equipment, regulatory assets and our allowed rate of return in our regulated rates;
- cyber-attacks, which, according to experts, have increased in volume and sophistication since the beginning of the COVID-19 pandemic, or breaches of technology systems that could disrupt our operations or result in the loss or exposure of confidential or sensitive customer, employee or Company information; further, increased remote working arrangements as a result of the pandemic have required enhancements and modifications to our IT infrastructure (e.g. Internet, Virtual Private Network, remote collaboration systems, etc.), and any failures of the technologies, including third-party service providers, that facilitate working remotely could limit our ability to conduct ordinary operations or expose us to increased risk or effect of an attack;
- our ability to manage our operations and maintenance costs;
- the concentration of our operations in Kansas, Oklahoma, and Texas;
- changes in regulation of natural gas distribution services, particularly those in Oklahoma, Kansas and Texas;
- the economic climate and, particularly, its effect on the natural gas requirements of our residential and commercial customers;
- the length and severity of a pandemic or other health crisis, such as the outbreak of COVID-19, including the impact to our operations, customers, contractors, vendors and employees, the effectiveness of vaccine campaigns (including the COVID-19 vaccine campaign) on our workforce and customers and the effect of other measures or mandates that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address the pandemic or other health crisis, which could (as with COVID-19) precipitate or exacerbate one or more of the above-mentioned and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period;
- competition from alternative forms of energy, including, but not limited to, electricity, solar power, wind power, geothermal energy and biofuels;
- conservation and energy efficiency efforts of our customers;
- adverse weather conditions and variations in weather, including seasonal effects on demand and/or supply, the occurrence of severe storms in the territories in which we operate, and climate change, and the related effects on supply, demand, and costs;
- indebtedness could make us more vulnerable to general adverse economic and industry conditions, limit our ability to borrow additional funds and/or place us at competitive disadvantage compared with competitors;
- our ability to secure reliable, competitively priced and flexible natural gas transportation and supply, including decisions by natural gas producers to reduce production or shut-in producing natural gas wells and expiration of existing supply and transportation and storage arrangements that are not replaced with contracts with similar terms and pricing;
- our ability to complete necessary or desirable expansion or infrastructure development projects, which may delay or prevent us from serving our customers or expanding our business;
- operational and mechanical hazards or interruptions;
- adverse labor relations;
- the effectiveness of our strategies to reduce earnings lag, revenue protection strategies and risk mitigation strategies, which may be affected by risks beyond our control such as commodity price volatility, counterparty performance or creditworthiness and interest rate risk;
- the capital-intensive nature of our business, and the availability of and access to, in general, funds to meet our debt obligations prior to or when they become due and to fund our operations and capital expenditures, either through (i) cash on hand, (ii) operating cash flow, or (iii) access to the capital markets and other sources of liquidity;
- our ability to obtain capital on commercially reasonable terms, or on terms acceptable to us, or at all;
- limitations on our operating flexibility, earnings and cash flows due to restrictions in our financing arrangements;
- cross-default provisions in our borrowing arrangements, which may lead to our inability to satisfy all of our outstanding obligations in the event of a default on our part;
- changes in the financial markets during the periods covered by the forward-looking statements, particularly those affecting the availability of capital and our ability to refinance existing debt and fund investments and acquisitions to execute our business strategy;
- actions of rating agencies, including the ratings of debt, general corporate ratings and changes in the rating agencies' ratings criteria;
- changes in inflation and interest rates;
- our ability to recover the costs of natural gas purchased for our customers, including those related to Winter Storm Uri and any related financing required to support our purchase of natural gas supply, including the securitized financings currently contemplated in each of our jurisdictions;
- impact of potential impairment charges;
- volatility and changes in markets for natural gas and our ability to secure additional and sufficient liquidity on reasonable commercial terms to cover costs associated with such volatility;
- possible loss of local distribution company franchises or other adverse effects caused by the actions of municipalities;
- payment and performance by counterparties and customers as contracted and when due, including our counterparties maintaining ordinary course terms of supply and payments;
- changes in existing or the addition of new environmental, safety, tax and other laws to which we and our subsidiaries are subject, including those that may require significant expenditures, significant increases in operating costs or, in the case of noncompliance, substantial fines or penalties;
- the effectiveness of our risk-management policies and procedures, and employees violating our risk-management policies;
- the uncertainty of estimates, including accruals and costs of environmental remediation;
- advances in technology, including technologies that increase efficiency or that improve electricity's competitive position relative to natural gas;
- population growth rates and changes in the demographic patterns of the markets we serve, and economic conditions in these areas' housing markets;
- acts of nature and the potential effects of threatened or actual terrorism and war, including recent events in Europe;
- the sufficiency of insurance coverage to cover losses;
- the effects of our strategies to reduce tax payments;
- the effects of litigation and regulatory investigations, proceedings, including our rate cases, or inquiries and the requirements of our regulators as a result of the Tax Cuts and Jobs Act of 2017;
- changes in accounting standards;
- changes in corporate governance standards;
- discovery of material weaknesses in our internal controls;
- our ability to comply with all covenants in our indentures and the ONE Gas Credit Agreement, a violation of which, if not cured in a timely manner, could trigger a default of our obligations;
- our ability to attract and retain talented employees, management and directors, and shortage of skilled-labor;
- unexpected increases in the costs of providing health care benefits, along with pension and postemployment health care benefits, as well as declines in the discount rates on, declines in the market value of the debt and equity securities of, and increases in funding requirements for, our defined benefit plans; and
- our ability to successfully complete merger, acquisition or divestiture plans, regulatory or other limitations imposed as a result of a merger, acquisition or divestiture, and the success of the business following a merger, acquisition or divestiture.
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 could also have material adverse effects on our future results. These and other risks are described in greater detail in Part 1, Item 1A, Risk Factors, in our Annual Report. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.
APPENDIX
Analyst Contact:
Brandon Lohse
918-947-7472
Media Contact:
Leah Harper
918-947-7123
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Hailed by colleagues as an expert in both software law and insurance technology, Deal joins OneShield's Executive Team as the company continues to expand.
MARLBOROUGH, Mass., May 2, 2022 /PRNewswire/ -- OneShield Software (OneShield.com) is pleased to announce the appointment of David Deal as Chief Legal Officer (CLO). Deal comes to OneShield following his role as CLO and COO for Trōv - a global insurtech startup recently purchased by Travelers Insurance. His prior experience includes General Counsel for One Inc., Senior Corporate Counsel for Apple Inc., Senior Director/Counsel for Allianz of America, Chief Legal and Compliance Officer for GeoVera Holdings, Inc. (one of the largest specialty homeowner and insurance carriers in the US), and Senior Counsel with the global AM100 law firm Holland & Knight.
He is widely known and respected in the insurance and insure-technology industries, having spoken regularly over the years at NAPSLO, ACIC, AICP, ARIAS, and other top insurance trade organizations, and speaker at the International Bar Association. Over the last 20 years, he has operated at nearly every level of the insurance and insurance-technology industries, having been a licensed broker in every state in the USA for admitted and surplus lines, appointed as special counsel by the General Counsel of the largest workers' compensation carrier in the USA, and managed legal matters across 40 countries.
"David is a true 'unicorn.' His combination of deep expertise and experience across the intersection of legal, insurance, and technology matters are incredibly rare and will be a great asset to OneShield, our customers, and our ecosystem partners as we continue to grow," says OneShield CEO Cameron Parker. "David is a welcome addition to our leadership team, not only for his deep professional expertise but also for his alignment with our company values of kindness, accountability, and growth."
Responsible for leading all of OneShield's legal matters, Deal joins the company at a critical juncture of accelerated client growth and product investment.
"It's an exciting time to be joining OneShield, and I look forward to this opportunity," Deal commented. "I'm a problem solver at heart and take great pride in being a business partner and a legal advisor. As such, I look forward to working closely and collaborating with Cameron and his team."
For more information or to schedule a media interview, please contact:
Janice Merkley
VP, Marketing
OneShield Software
T: +1 774-348-1000
E: Jmerkley@oneshield.com
About OneShield
OneShield provides solutions for P&C insurers and MGAs of all sizes. Deployed in the cloud, our portfolio of standalone, subscription and As-a-Service products includes enterprise-class policy management, billing, claims, rating, product configuration, business intelligence, and smart analytics. OneShield automates and simplifies the complexities of core systems with targeted solutions, seamless upgrades, collaborative implementations, and lower total cost of ownership. With corporate headquarters in Marlborough, MA, and offices in India, OneShield has 80+ products in production across P&C and specialty insurance markets.
For more information, visit www.OneShield.com
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NEW YORK, May 2, 2022 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) announced today that its board of directors has declared a quarterly cash dividend on the Company's common stock of $0.30 per share payable on June 30, 2022, to shareholders of record at the close of business on June 3, 2022.
OUTFRONT leverages the power of technology, location and creativity to connect brands with consumers outside of their homes through one of the largest and most diverse sets of billboard, transit, and mobile assets in North America. Through its technology platform, OUTFRONT will fundamentally change the ways advertisers engage audiences on-the-go.
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Revenues of $373.5 million
Operating income of $28.5 million
Net loss attributable to OUTFRONT Media Inc. of $0.1 million
Adjusted OIBDA of $70.2 million
AFFO attributable to OUTFRONT Media Inc. of $35.5 million
Quarterly dividend of $0.30 per share, payable June 30, 2022
NEW YORK, May 2, 2022 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) today reported results for the quarter ended March 31, 2022.
"Q1 was another strong quarter, with total revenues up 44% year-over-year. High demand for our billboards, both static and digital, drove U.S. Billboard revenues up to levels nearly 20% above 2019," said Jeremy Male, Chairman and Chief Executive Officer of OUTFRONT Media. "Looking forward, we continue to see robust growth driven by all areas of our business."
Notes: See exhibits for reconciliations of non-GAAP financial measures; 1) "per share" means per common share for diluted earnings per weighted average share; 2) References to "Net income (loss)", "Net income (loss) per share", "FFO" and "AFFO" mean "Net income (loss) attributable to OUTFRONT Media Inc.", "Net income (loss) attributable to OUTFRONT Media Inc. per common share", "FFO attributable to OUTFRONT Media Inc." and "AFFO attributable to OUTFRONT Media Inc.," respectively; 3) Diluted weighted average shares outstanding.
First Quarter 2022 Results
Consolidated
Reported revenues of $373.5 million increased $114.3 million, or 44.1%, for the first quarter of 2022 as compared to the same prior-year period.
Reported billboard revenues of $298.2 million increased $74.6 million, or 33.4%, due primarily to higher average revenue per display (yield) compared to the same prior-year period, which was affected by the impact of the ongoing novel coronavirus ("COVID-19") pandemic on customer advertising expenditures and overall demand for our services.
Reported transit and other revenues of $75.3 million increased $39.7 million, or 111.5%, due primarily to an increase in yield compared to same prior-year period, which was affected by the impact of the COVID-19 pandemic on customer advertising expenditures and overall demand for our services, partially offset by the loss of a transit franchise contract.
Total operating expenses of $212.8 million increased $35.2 million, or 19.8%, due primarily to costs associated with higher billboard and transit revenues and higher guaranteed minimum annual payments to the New York Metropolitan Transportation Authority (the "MTA"). Selling, General and Administrative expenses ("SG&A") of $98.4 million increased $21.9 million, or 28.6%, due primarily to higher compensation-related expenses and a higher provision for doubtful accounts.
Adjusted OIBDA of $70.2 million increased $59.1 million compared to the same prior-year period.
Segment Results
U.S. Media
Reported and organic revenues of $354.2 million increased $108.8 million, or 44.3%, due primarily to an increase in yield compared to same prior-year period, which was affected by the impact of the COVID-19 pandemic on customer advertising expenditures and overall demand for our services. Billboard revenues increased 33.4% and Transit and other revenues increased 115.2% for the same reasons.
Operating expenses increased $33.3 million, or 20.0%, due primarily to costs associated with the increase in revenue, as well as higher guaranteed minimum annual payments to the MTA. SG&A expenses increased $20.0 million, or 36.6%, due primarily to higher compensation-related costs, including commissions, salaries and bonuses, and a higher provision for doubtful accounts.
Adjusted OIBDA of $80.1 million increased $55.5 million compared to the same prior-year period.
Other
Reported revenues of $19.3 million increased $5.5 million, or 39.9%, due primarily to an improvement in Canada relative to the impact of COVID-19 on customer advertising expenditures and overall demand for our services in the same prior-year period.
Operating expenses increased $1.9 million, or 16.5%, due primarily to costs associated with higher billboard and transit revenues. SG&A expenses increased $1.0 million, or 23.3%, driven primarily by higher compensation-related costs, including commissions in Canada.
Adjusted OIBDA of $0.6 million increased $2.6 million compared to the same prior-year period.
Corporate
Corporate costs, excluding stock-based compensation, decreased $1.0 million, or 8.7%, to $10.5 million, due primarily to the impact of market fluctuations on an equity-linked retirement plan offered by the company to certain employees, partially offset by higher compensation-related expenses.
Interest Expense
Net interest expense was $30.7 million, including amortization of deferred financing costs of $1.6 million, as compared to $34.6 million in the same prior-year period, including amortization of deferred financing costs of $1.9 million. The decrease was primarily due to a lower outstanding average debt balance. The weighted average cost of debt at March 31, 2022 and March 31, 2021 was 4.3%.
Income Taxes
The benefit for income taxes was $2.1 million compared to $4.7 million in the same prior-year period. Cash paid for income taxes in the three months ended March 31, 2022 was $2.1 million.
Net Loss Attributable to OUTFRONT Media Inc.
Net loss attributable to OUTFRONT Media Inc. was $0.1 million compared to a Net loss attributable to OUTFRONT Media Inc. of $67.7 million in the same prior-year period. Diluted weighted average shares outstanding were 152.0 million compared to 144.8 million for the same prior-year period. Net loss attributable to OUTFRONT Media Inc. per common share for diluted earnings per weighted average share was $0.04 compared to a Net loss attributable to OUTFRONT Media Inc. per common share for diluted earnings per weighted average share of $0.52 in the same prior-year period.
FFO & AFFO
FFO attributable to OUTFRONT Media Inc. was $41.8 million compared to a deficit of $30.4 million in the same prior-year period, due primarily to higher operating income, a loss on extinguishment of debt in 2021, and higher amortization of direct lease acquisition costs. AFFO attributable to OUTFRONT Media Inc. was $35.5 million compared to a deficit of $24.5 million in the same prior-year period, due primarily to higher operating income.
Cash Flow & Capital Expenditures
Net cash flow provided by operating activities was $20.5 million for the three months ended March 31, 2022, compared to a net cash flow used for operating activities of $10.8 million during the same prior-year period. Total capital expenditures increased $7.5 million, or 79.8%, to $16.9 million for the three months ended March 31, 2022, compared to the same prior-year period.
Dividends
In the three months ended March 31, 2022, we paid cash dividends of $51.5 million, including $49.2 million on our common stock and vested restricted share units granted to employees, $2.2 million on our Series A Convertible Perpetual Preferred Stock (the "Series A Preferred Stock") and $0.1 million on our Class A equity interests of a subsidiary that controls our Canadian business. We announced on May 2, 2022, that our board of directors has approved a quarterly cash dividend on our common stock of $0.30 per share payable on June 30, 2022, to stockholders of record at the close of business on June 3, 2022.
Balance Sheet and Liquidity
As of March 31, 2022, our liquidity position included unrestricted cash of $355.7 million and $495.9 million of availability under our $500.0 million revolving credit facility, net of $4.1 million of issued letters of credit against the letter of credit facility sublimit under the revolving credit facility. During the three months ended March 31, 2022, no shares of our common stock were sold under our at-the-market equity offering program, of which $232.5 million remains available. As of March 31, 2022, the maximum number of shares of our common stock that could be required to be issued on conversion of the outstanding shares of the Series A Preferred Stock was approximately 7.8 million shares. Total indebtedness as of March 31, 2022 was $2.7 billion, excluding $26.4 million of debt issuance costs, and includes a $600.0 million term loan and $2.1 billion of senior unsecured notes.
COVID-19 Impact
Though we remain able to continue to sell and service our displays with no significant disruption, governmental restrictions have eased in most of our markets and most of our markets have commenced their economic recoveries, our transit businesses are still experiencing the significant impact of the COVID-19 pandemic. There still remains uncertainty around the severity and duration of the COVID-19 pandemic and the measures that may be taken in response to the COVID-19 pandemic. If the measures that were taken in response to the COVID-19 pandemic in 2020 and 2021 are reimplemented in a manner that reduces foot traffic, roadway traffic, commuting, transit ridership and overall target advertising audiences in the markets in which we do business, there could be a significant impact on our business. We continue to monitor the evolving situation and guidance from federal, state and local public health authorities and may take actions based on their recommendations. When the COVID-19 pandemic subsides, there can be no assurances as to the time it may take to generate total revenues, particularly in our U.S. Media segment and with respect to our transit and other business, at pre-COVID-19 pandemic levels. Accordingly, the Company cannot reasonably estimate the full impact of the COVID-19 pandemic on our business, financial condition and results of operations at this time, which may be material.
As a result of the impact of the COVID-19 pandemic on our business and results of operations, we expect our key performance indicators and total revenues to incrementally improve in 2022 as compared to 2021, but some key performance indicators will continue to be materially lower in 2022 than pre-COVID-19 pandemic levels. We expect total revenues in 2022 to approach or potentially surpass pre-COVID-19 pandemic levels based on our current expectation of strong performance in total billboard revenues in our U.S. Media segment. We expect total transit and other revenues in our U.S. Media segment to incrementally improve in 2022, but still remain materially below pre-COVID-19 pandemic levels until 2023. We also expect Adjusted OIBDA to incrementally improve in 2022, driven by improvements in our transit and other business, but remain below pre-COVID-19 pandemic levels. We expect total expenses to increase in 2022 as compared to 2021, and exceed pre-COVID-19 pandemic levels. In particular, we expect billboard property lease expenses, such as rental expenses, and posting, maintenance and other expenses, as a percentage of revenues, to be consistent with pre-COVID-19 pandemic levels. We expect transit franchise expenses, such as transit franchise payments, as a percentage of revenues, to decrease in 2022 as compared to 2021, but be higher in 2022 than pre-COVID-19 pandemic levels, primarily due to the guaranteed minimum annual payment amounts owed to the MTA and other transit franchise partners as total transit and other revenues incrementally improve in the future. Results for the three months ended March 31, 2022, are not indicative of the results that may be expected for the fiscal year ending December 31, 2022.
Conference Call
We will host a conference call to discuss the results on May 2, 2022 at 4:30 p.m. Eastern Time. The conference call numbers are 800-263-0877 (U.S. callers) and 664-828-8143 (International callers) and the passcode for both is 3050946. Live and replay versions of the conference call will be webcast in the Investor Relations section of our website, www.OUTFRONTmedia.com.
Supplemental Materials
In addition to this press release, we have provided a supplemental investor presentation which can be viewed on our website, www.OUTFRONTmedia.com.
About OUTFRONT Media Inc.
OUTFRONT leverages the power of technology, location and creativity to connect brands with consumers outside of their homes through one of the largest and most diverse sets of billboard, transit, and mobile assets in North America. Through its technology platform, OUTFRONT will fundamentally change the ways advertisers engage audiences on-the-go.
Non-GAAP Financial Measures
In addition to the results prepared in accordance with generally accepted accounting principles in the United States ("GAAP") provided throughout this document, this document and the accompanying tables include non-GAAP financial measures as described below. We calculate organic revenues as reported revenues excluding the impact of foreign currency exchange rates ("non-organic revenues"). We provide organic revenues to understand the underlying growth rate of revenue excluding the impact of non-organic revenue items. Our management believes organic revenues are useful to users of our financial data because it enables them to better understand the level of growth of our business period to period. We calculate and define "Adjusted OIBDA" as operating income (loss) before depreciation, amortization, net (gain) loss on dispositions, stock-based compensation and restructuring charges. We calculate Adjusted OIBDA margin by dividing Adjusted OIBDA by total revenues. Adjusted OIBDA and Adjusted OIBDA margin are among the primary measures we use for managing our business, evaluating our operating performance and planning and forecasting future periods, as each is an important indicator of our operational strength and business performance. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of Adjusted OIBDA and Adjusted OIBDA margin, as supplemental measures, are useful in evaluating our business because eliminating certain non-comparable items highlight operational trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management's opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier for users of our financial data to compare our results with other companies that have different financing and capital structures or tax rates. When used herein, references to "FFO" and "AFFO" mean "FFO attributable to OUTFRONT Media Inc." and "AFFO attributable to OUTFRONT Media Inc.," respectively. We calculate FFO in accordance with the definition established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO reflects net income (loss) attributable to OUTFRONT Media Inc. adjusted to exclude gains and losses from the sale of real estate assets, depreciation and amortization of real estate assets, amortization of direct lease acquisition costs and the same adjustments for our equity-based investments and non-controlling interests, as well as the related income tax effect of adjustments, as applicable. We calculate AFFO as FFO adjusted to include cash paid for direct lease acquisition costs as such costs are generally amortized over a period ranging from four weeks to one year and therefore are incurred on a regular basis. AFFO also includes cash paid for maintenance capital expenditures since these are routine uses of cash that are necessary for our operations. In addition, AFFO excludes restructuring charges and losses on extinguishment of debt, as well as certain non-cash items, including non-real estate depreciation and amortization, stock-based compensation expense, accretion expense, the non-cash effect of straight-line rent, amortization of deferred financing costs and the same adjustments for our non-controlling interests, along with the non-cash portion of income taxes and the related income tax effect of adjustments, as applicable. We use FFO and AFFO measures for managing our business and for planning and forecasting future periods, and each is an important indicator of our operational strength and business performance, especially compared to other real estate investment trusts ("REITs"). Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of FFO and AFFO, as supplemental measures, are useful in evaluating our business because adjusting results to reflect items that have more bearing on the operating performance of REITs highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management's opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier to compare our results to other companies in our industry, as well as to REITs. Since organic revenues, Adjusted OIBDA, Adjusted OIBDA margin, FFO and AFFO are not measures calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, revenues, operating income (loss) and net income (loss) attributable to OUTFRONT Media Inc., the most directly comparable GAAP financial measures, as indicators of operating performance. These measures, as we calculate them, may not be comparable to similarly titled measures employed by other companies. In addition, these measures do not necessarily represent funds available for discretionary use and are not necessarily a measure of our ability to fund our cash needs.
Please see Exhibits 4-6 of this release for a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures.
Cautionary Statement Regarding Forward-Looking Statements
We have made statements in this document that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as "believes," "expects," "could," "would," "may," "might," "will," "should," "seeks," "likely," "intends," "plans," "projects," "predicts," "estimates," "forecast" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions related to our capital resources, portfolio performance and results of operations, including but not limited to the impact of the COVID-19 pandemic on our capital resources, portfolio performance and results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: declines in advertising and general economic conditions, including declines caused by the COVID-19 pandemic; the severity and duration of the COVID-19 pandemic and any other pandemics, and the impact on our business, financial condition and results of operations; competition; government regulation; our ability to implement our digital display platform and deploy digital advertising displays to our transit franchise partners, including interruptions and reductions in demand caused by the impact of the COVID-19 pandemic; losses and costs resulting from recalls and product liability, warranty and intellectual property claims; our ability to obtain and renew key municipal contracts on favorable terms; taxes, fees and registration requirements; decreased government compensation for the removal of lawful billboards; content-based restrictions on outdoor advertising; seasonal variations; acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations; dependence on our management team and other key employees; diverse risks in our Canadian business; experiencing a cybersecurity incident; changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies; asset impairment charges for our long-lived assets and goodwill; environmental, health and safety laws and regulations; our substantial indebtedness; restrictions in the agreements governing our indebtedness; incurrence of additional debt; interest rate risk exposure from our variable-rate indebtedness; our ability to generate cash to service our indebtedness; cash available for distributions; hedging transactions; the ability of our board of directors to cause us to issue additional shares of stock without common stockholder approval; certain provisions of Maryland law may limit the ability of a third party to acquire control of us; our rights and the rights of our stockholders to take action against our directors and officers are limited; our failure to remain qualified to be taxed as a REIT; REIT distribution requirements; availability of external sources of capital; we may face other tax liabilities even if we remain qualified to be taxed as a REIT; complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive opportunities; our ability to contribute certain contracts to a taxable REIT subsidiary ("TRS"); our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT; REIT ownership limits; complying with REIT requirements may limit our ability to hedge effectively; failure to meet the REIT income tests as a result of receiving non-qualifying income; the Internal Revenue Service may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; establishing operating partnerships as part of our REIT structure; and other factors described in our filings with the Securities and Exchange Commission (the "SEC"), including but not limited to the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 24, 2022. All forward-looking statements in this document apply as of the date of this document or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors of new information, data or methods, future events or other changes.
EXHIBITS
NOTES TO EXHIBITS
PRIOR PERIOD PRESENTATION CONFORMS TO CURRENT REPORTING CLASSIFICATIONS.
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Environmentally Friendly Carpet Cleaning Franchise Continues National Expansion
LAKEWOOD, Colo., May 2, 2022 /PRNewswire/ -- Oxi Fresh Carpet Cleaning, one of the nation's greenest and fastest-growing carpet cleaning franchises, is looking to continue expanding the brand across Rhode Island. The rapidly growing franchise company has three available territories in Providence, Newport, and Woonstock as well as other territories across the state.
"We can't wait to increase our positive impact across Rhode Island as local communities get to experience our fast-drying, eco-friendly carpet cleaning process," said Matt Kline, Director of Franchise of Development.
Over the past year, Oxi Fresh has awarded dozens of new franchise locations throughout Indiana, Kentucky, Minnesota, Texas, California, Washington, Virginia, North Carolina, Oklahoma, Tennessee, Pennsylvania, Massachusetts, Nebraska, Georgia, Florida, New York, Nevada, and British Columbia. This recent expansion puts the company ever closer to 500 locations across the U.S. and Canada.
Oxi Fresh Carpet Cleaning – An Innovative Franchise
The carpet cleaning franchise company has, since first opening in 2006, stood out in its industry. Their rapid growth is due to many factors, and chief among them is consumers' love of the company's green, fast-drying cleaning system. Rather than rely on traditional steam cleaning practices that saturate carpets, Oxi Fresh employs a low-moisture cleaning method that utilizes the power of oxygen.
"We've created an environmentally friendly cleaning system that combines the best equipment with the highest quality products," said Jonathan Barnett, founder and CEO. "It can erase years of dirt with ease while also drying in just about one hour. What more could you want from a carpet cleaning?"
But the cleaning system, as we mentioned earlier, is just one factor behind the brand's growth. The company has also committed to providing its carpet cleaning franchisees with advanced business support tools. These include a centralized Scheduling Center, a specialized CRM designed for their business, automated marketing tools, and more. With these modern tools, Oxi Fresh's franchisees have the opportunity to focus on business development rather than mere daily tasks.
"As we continue to grow in the Northeast, we're excited to meet more Rhode Island entrepreneurs interested in our carpet cleaning franchise and customers looking for a cleaning," said Mr. Barnett. "Both will get to see what a modern carpet cleaning company can do."
About Oxi Fresh Carpet Cleaning®
Through innovative products and modern technology, Oxi Fresh Carpet Cleaning offers green carpet cleanings and exceptional results. The company's powerful combination of knowledgeable people, innovative technology, and strong processes has landed the brand in Entrepreneur magazine's Franchise 500, ranked in Inc. magazine's Inc. 500|5000, and saw them named as one of "America's Best Franchises to Buy," by Forbes magazine. Oxi Fresh has over 460 locations throughout the United States and Canada, with more locations currently in development. For more information, visit oxifresh.com.
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Marlborough, Mass., May 2, 2022 /PRNewswire/ -- Phio Pharmaceuticals Corp. (Nasdaq: PHIO), a clinical stage biotechnology company developing the next generation of therapeutics based on its proprietary self-delivering RNAi (INTASYL™) therapeutic platform, announced today that it will present new preclinical data on PH-894 for use in adoptive cell therapy (ACT) at the American Society for Gene and Cell Therapy (ASGCT) 25th Annual Meeting, which is being held May 16-19, 2022 in-person in Washington, D.C. and virtually.
Logo - https://mma.prnewswire.com/media/786567/Phio_Pharmaceuticals_Logo.jpg
Poster Details are as follows:
About Phio Pharmaceuticals Corp.
Phio Pharmaceuticals Corp. (Nasdaq: PHIO) is a clinical stage biotechnology company developing the next generation of immuno-oncology therapeutics based on its self-delivering RNAi (INTASYL™) therapeutic platform. The Company's efforts are focused on silencing tumor-induced suppression of the immune system through its proprietary INTASYL platform with utility in immune cells and the tumor microenvironment. The Company's goal is to develop powerful INTASYL therapeutic compounds that can weaponize immune effector cells to overcome tumor immune escape, thereby providing patients a powerful new treatment option that goes beyond current treatment modalities. For additional information, visit the Company's website, www.phiopharma.com.
Contact Phio Pharmaceuticals Corp.
ir@phiopharma.com
Investor Contact
Ashley R. Robinson
LifeSci Advisors
arr@lifesciadvisors.com
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SOURCE Phio Pharmaceuticals Corp. | https://www.whsv.com/prnewswire/2022/05/02/phio-pharmaceuticals-announces-upcoming-presentation-ph-894-data-asgct-25th-annual-meeting-2022/ | 2022-05-02T21:02:10Z |
Preclinical data to be presented supports potential of anti-c-kit CAR-T cells as a highly specific and less toxic conditioning regimen for hematopoietic stem cell transplantation
SAN DIEGO, May 2, 2022 /PRNewswire/ -- Poseida Therapeutics, Inc. (Nasdaq: PSTX), a clinical-stage biopharmaceutical company utilizing proprietary genetic engineering platform technologies to create cell and gene therapeutics with the capacity to cure, today announced that preclinical data highlighting the use of anti-c-kit CAR-T cells, P-ckit-ALLO1 as a preconditioning agent to enable hematopoietic stem cell (HSC) transplants, will be presented at the American Society of Gene and Cell Therapy (ASGCT) 25th Annual Meeting, being held in Washington, D.C. and virtually on May 16-19, 2022.
The Company's anti-c-kit CAR-T program leverages its proprietary piggyBac® Gene Delivery System and Cas-CLOVER™ Site-specific Gene Editing System to develop fully allogeneic CAR-T cells targeting human c-kit which is highly expressed on HSCs, as well as on myeloid malignancies such as acute myeloid leukemia (AML), meaning the treatment can be used for either HSC transplant conditioning or as a treatment for AML. In addition to the CAR gene, the piggyBac transposon includes a selection marker for generation of a pure CAR+ product and a proprietary fast-acting safety switch enabling rapid clearance of the reactive CAR-T cells prior to donor HSC transplant.
Presentation details:
Poster Presentation: Anti-c-kit CAR-T Cells Enable HSC Engraftment in a Humanized Model of Stem Cell Transplant Conditioning
Session Title: Cell Therapies II
Session Date/Time: Tuesday, May 17, 2022, 5:30 – 6:30 PM ET
Poster Board Number: Tu-239
Location: Walter E. Washington Convention Center, Hall D
Abstract Number: 734
About Poseida Therapeutics, Inc.
Poseida Therapeutics is a clinical-stage biopharmaceutical company dedicated to utilizing our proprietary genetic engineering platform technologies to create next generation cell and gene therapeutics with the capacity to cure. We have discovered and are developing a broad portfolio of product candidates in a variety of indications based on our core proprietary platforms, including our non-viral piggyBac® DNA Delivery System, Cas-CLOVER™ Site-specific Gene Editing System and nanoparticle- and AAV-based gene delivery technologies. Our core platform technologies have utility, either alone or in combination, across many cell and gene therapeutic modalities and enable us to engineer our portfolio of product candidates that are designed to overcome the primary limitations of current generation cell and gene therapeutics. To learn more, visit www.poseida.com and connect with us on Twitter and LinkedIn.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the potential benefits of Poseida's technology platforms and product candidates, Poseida's plans and strategy with respect to developing its technologies and product candidates, and anticipated timelines and milestones with respect to Poseida's development programs and manufacturing activities. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Poseida's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with development and regulatory approval of novel product candidates in the biopharmaceutical industry and the other risks described in Poseida's filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. Poseida undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
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TARRYTOWN, N.Y., May 2, 2022 /PRNewswire/ -- Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) will webcast management participation as follows:
- BofA Securities Healthcare Conference at 1:20 p.m. PT (4:20 p.m. ET) on Tuesday, May 10, 2022
- Goldman Sachs 43rd Annual Global Healthcare Conference at 8:40 a.m. PT (11:40 a.m. ET) on Tuesday, June 14, 2022
The sessions may be accessed from the "Investors & Media" page of Regeneron's website at https://investor.regeneron.com/events-and-presentations. Replays of the webcasts will be archived on the Company's website for at least 30 days.
About Regeneron
Regeneron is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led for nearly 35 years by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous FDA-approved treatments and product candidates in development, almost all of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, pain, hematologic conditions, infectious diseases and rare diseases.
Regeneron is accelerating and improving the traditional drug development process through our proprietary VelociSuite® technologies, such as VelocImmune®, which uses unique genetically-humanized mice to produce optimized fully-human antibodies and bispecific antibodies, and through ambitious research initiatives such as the Regeneron Genetics Center, which is conducting one of the largest genetics sequencing efforts in the world.
For more information, please visit www.Regeneron.com or follow @Regeneron on Twitter.
Contact Information:
Ryan Crowe
914.847.8790
ryan.crowe@regeneron.com
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SOURCE Regeneron Pharmaceuticals, Inc. | https://www.whsv.com/prnewswire/2022/05/02/regeneron-announces-investor-conference-presentations/ | 2022-05-02T21:02:24Z |
LA-based cybersecurity and threat intelligence company is among the country's fastest-growing companies with a 150% CAGR
LOS ANGELES, May 2, 2022 /PRNewswire/ -- Resecurity®, a Los Angeles-based cybersecurity company providing managed threat detection & response, was recently recognized by Financial Times as one of the top 500 fastest-growing companies in the Americas. Resecurity claimed a spot in the top 100 fastest-growing companies achieving 150% CAGR and 1,462% AGR between 2017 and 2020, crediting their global expansion and R&D investments over the past several years.
The global pandemic, digitalization and geopolitical tensions have led to record numbers of cyber incidents, resulting in exponential growth in the cybersecurity market. The global cybersecurity market was valued at USD 181.12 billion in 2021 and is predicted to reach $307.70 billion in 2026 at a CAGR of 11.2%.[1] Organizational security needs, government regulations and market innovations including artificial intelligence, SaaS solutions and machine learning are expected to fuel this rapid growth.
Resecurity provides a unified SaaS-based cybersecurity platform for endpoint protection, risk management, and threat intelligence for enterprises and government agencies. The innovative platform allows administrators to reduce potential blind spots and security gaps by quickly seeing in-depth analysis and specific artifacts obtained through the dark web, botnets activity, network intelligence and high-quality threat intelligence data. Resecurity also works with cybersecurity research partners to help understand, analyze and combat the latest online threats targeting individuals and organizations.
"Resecurity's ranking as one of the fastest-growing companies in the Americas validates our business strategy and R&D investments into SaaS-delivered solutions in the past several years, but the critical role cybersecurity will continue to play in today's market," said Gene Yoo, CEO of Resecurity. "Now more than ever, organizations and governments need the latest cybersecurity data and threat intelligence at their fingertips. Resecurity is dedicated to providing the cutting-edge and actionable cyber risk management and threat intelligence solutions they need to secure their most important assets and data."
Resecurity was ranked No. 60 in FT's 2022 fastest-growing companies list alongside fellow technology leaders including Zoom, Lyft, Pinterest and CloudBolt. The recognition follows recent recognition by Inc. Magazine as one of the fastest-growing private companies in the U.S. and by the 2022 Cyber Excellence Awards as a Gold winner for the Cyber Threat Intelligence (CTI) Platform and solutions for Digital Risk Management (DRM).
The FT list was compiled with Statista, a research company, ranking 500 companies in the Americas that have the highest growth in publicly disclosed revenues between 2017 and 2020.[2] To qualify, the company must have: revenue of at least $100,000 generated in 2017, revenue of at least $1.5mn generated in 2020, revenue growth between 2017 and 2020 that was primarily organic, headquartered in one of 20 American countries and serve as an independent entity.
To learn more about Resecurity, visit https://resecurity.com/.
About Resecurity
Resecurity® is a cybersecurity company that delivers a unified platform for endpoint protection, risk management, and cyber threat intelligence. Known for providing best-of-breed data-driven intelligence solutions, Resecurity's services and platforms focus on early-warning identification of data breaches and comprehensive protection against cybersecurity risks. Founded in 2016, it has been globally recognized as one of the world's most innovative cybersecurity companies with the sole mission of enabling organizations to combat cyber threats regardless of how sophisticated they are. Most recently, Resecurity was named one of the Top 10 fastest-growing private cybersecurity companies in Los Angeles, California by Inc. Magazine. An official member of Infragard, AFCEA, NDIA, SIA and FS-ISAC. To learn more about Resecurity, visit https://resecurity.com.
[1] Accessed on 4/30/2022: https://www.thebusinessresearchcompany.com/report/cybersecurity-global-market-report
[2] Accessed on 4/30/22: https://www.ft.com/content/6ee8f978-a2e0-4644-b7c7-0718a334adb7
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BEIJING, May 2, 2022 /PRNewswire/ -- ReTo Eco-Solutions, Inc. (NASDAQ: RETO) ("ReTo" or the "Company") a provider of technology solutions and operation services for intelligent ecological environments and roadside assistance services and software development services in China, today announced its audited financial results for the fiscal year ended December 31, 2021.
Financial Highlights for the Fiscal Year 2021
- Total revenue for the fiscal year 2021 decreased by 57% to $3.6 million, primarily due to slowdown of construction industry, and disruption in the supply chains and reduced demand for the products caused by continuous impact of COVID-19.
- Gross profit for the fiscal year 2021 decreased by 81% to $0.4 million. Gross margin was 11% for the fiscal year 2021, as compared with 24% for the prior year.
- Loss from operations was $12.0 million for the fiscal year 2021, compared to loss from operations of $6.6 million for the prior year.
- Total net loss attributable to ReTo was $21.1 million, compared to net loss of $11.8 million for the prior year.
Mr. Hengfang Li, ReTo's Chairman and Chief Executive Officer, said, " With decreases in both revenues and margins, our 2021 results reflected continued challenges facing our business. Since 2021, there has been resurgences of COVID-19 cases caused by new variants such as Delta and Omicron in multiple cities in China, as well as across the world. The COVID-19 pandemic has had a significant impact on the construction sector, which is sensitive to economic cycles. Furthermore, there was a wave of financially less sound real estate companies in China facing challenges with their financing. Construction investments were also cut or delayed due to financial tightness and market pessimism in the sector. As such, our revenue from machinery and equipment sales decreased by 54% from fiscal 2019 to fiscal 2020, and further decreased by 72% in fiscal 2021. Sales of our environmental-friendly construction materials decreased by 37% from fiscal 2019 to fiscal 2020, and further decreased by 7% in fiscal 2021.
"Looking ahead, as the near-term challenges across the construction sector remain, we will be actively transforming our strategy and accelerating upgrade of our business model to focus on ecological and environmental protection business driven by science and technologies. Leveraging the newly acquired IoT technologies, as well as our experience and expertise in existing ecological engineering service and equipment business, we will continue to integrate the IoT technologies, ecological restoration technologies and new ecological materials into our environmental business chain with an aim to deliver quality services and projects. We believe this will enable us to improve the company's performance in 2022 and thereby strengthen our own business operations and market position. "
Financial Results for the Fiscal Year 2021
Revenues
Our total revenues from continuing operations decreased by approximately $4.7 million, or 57%, to approximately $3.6 million for the year ended December 31, 2021 from approximately $8.3 million for the year ended December 31, 2020. Among our total revenues, revenue from third party customers decreased by approximately $4.8 million or 59% from approximately $8.1 million in 2020 to approximately $3.3 million in 2021, while revenue from related party customers increased by $52,970 or 23% from $228,814 in 2020 to $281,784 in 2021. The significant decrease in our total revenue from continuing operations in fiscal 2021 as compared to fiscal 2020 was mainly due to slowdown of construction industry due to financial tightness, and continuous impact of COVID-19 also caused disruption in our supply chains and less demand for our products.
Revenue from machinery and equipment sales in our continuing operations decreased by approximately $4.7 million, or 72%, from approximately $6.5 million for the year ended December 31, 2020 to approximately $1.8 million for the year ended December 31, 2021.
Sales of our environmental-friendly construction materials in our continuing operations decreased by approximately $0.1 million or 7% for the year ended December 31, 2021 as compared to the year ended December 31, 2020.
Municipal construction includes such projects known as sponge city projects. Our environmental-friendly construction materials such as brick and block may be used in these municipal construction projects as required by local governments. Revenue from municipal construction projects in our continuing operations increased by approximately $35,000 in fiscal 2021 as compared to fiscal 2020.
Cost of Revenues
Our total cost of revenues from our continuing operations decreased by approximately $3.1 million or 49% to approximately $3.2 million for the year ended December 31, 2021 from approximately $6.3 million for the year ended December 31, 2020. Cost of revenues from third party customers decreased by approximately $3.2 million or 51% from approximately $6.2 million in 2020 to approximately $3.0 million in 2021, while cost of revenues from related party customers increased by $27,019 or 18% from $148,034 in 2020 to $175,053 million in 2021. The decrease in our total cost of revenue was in line with revenue decrease. As a percentage of revenues, the cost of revenues increased to 89% in fiscal 2021 from 76% in fiscal 2020 due to increase in purchase price of raw materials and labor costs.
Gross Profit (Loss)
Our gross profit from our continuing operations decreased by approximately $1.6 million, or 81%, to approximately $0.4 million for the year ended December 31, 2021 from approximately $2.0 million for the year ended December 31, 2020. Gross profit margin for our continuing operations was 11% for fiscal 2021, as compared with 24% for fiscal 2020. The decrease in gross profit margin from our continuing operations was primarily attributable to significant decrease in gross profit in machinery and equipment segment due to the deteriorated market environment.
Gross profit for machinery and equipment products in our continuing operations decreased by approximately $1.7 million to approximately $0.3 million for the year ended December 31, 2021 as compared to $2.0 million for the year ended December 31, 2020. Gross profit margins for this segment were 17% and 31%, for fiscal 2021 and 2020, respectively. The decrease in gross profit was mainly due to the fact that we had to offer more competitive prices for our products in light of the challenging market environment resulting from the COVID-19 pandemic which resulted in financial tightness and slowdown of the construction industry and thereby reduced demand for our products.
Gross profit for construction materials in our continuing operations was approximately $0.1 million for the year ended December 31, 2021 compared to a gross loss of approximately $0.1 million for the year ended December 31, 2020. The gross profit margin for this segment was approximately 6% for the year ended December 31, 2021 as compared to negative 7% for the year ended December 31, 2020. The increase in gross margin was mainly due to the reverse of approximately $0.1 million in inventory valuation, which caused decrease in our cost of revenue.
Gross profit (loss) for the municipal construction project segment for our continuing operations was approximately ($0.01) million and $0.1 million for the years ended December 31, 2021 and 2020, respectively.
Selling Expenses
For fiscal 2021, our selling expenses for our continuing operations were approximately $0.8 million, representing a 24% decrease from approximately $1.1 million in fiscal 2020. As a percentage of sales, our selling expenses were 23% and 13% for the years ended December 31, 2021 and 2020, respectively. The decrease was mainly due to less marketing activities and shipping and handling fees associated with decreased sales in fiscal 2021.
General and Administrative Expenses
For fiscal 2021, our general and administrative expenses from our continuing operations were approximately $4.7 million, representing an increase of approximately $0.7 million compared to approximately $4.0 million in fiscal 2020. The increase in general and administrative expenses was mainly due to increased share-based compensation for services and consulting and professional fees. As a percentage of revenues, general and administrative expenses were 128% and 48% of our total revenues for the years ended December 31, 2021 and 2020, respectively.
Bad Debt Expenses
For fiscal 2021, our bad debt expenses from our continuing operations were approximately $2.3 million, representing an increase of approximately $1.4 million as compared to approximately $0.9 million in fiscal 2020. We incurred significant bad debt expenses on uncollectible accounts receivable and advance payments due to slower or delayed payments from customers and delayed fulfillment of suppliers who were adversely affected by the COVID-19 pandemic and faced shortage in working capital.
Research and Development Expenses
Our research and development expenses from our continuing operations were approximately $0.3 million and $0.3 million for the years ended December 31, 2021 and 2020, respectively.
Change in Fair Value in Convertible Debt
During the year ended December 31, 3021, loss from change in fair value in convertible debt amounted to approximately $1.9 million. There were no changes in fair value of convertible debt in the fiscal years 2020.
Net Loss
Our net loss from continuing operations attributable to ReTo Eco-Solutions was $19.5 million in fiscal 2021, compared with net loss of $4.2 million in fiscal 2020.
About ReTo Eco-Solutions, Inc.
Founded in 1999, ReTo Eco-Solutions, Inc., through its proprietary technologies, systems and solutions, is striving to bring clean water and fertile soil to communities worldwide. The Company offers a full range of products and services, ranging from the production of environmentally-friendly construction materials, environmental protection equipment, and manufacturing equipment used to produce environmentally-friendly construction materials, to project consulting, design, and installation for the improvement of ecological environments, such as ecological soil restoration through solid waste treatment. Through its subsidiary REIT Mingde and Hainan Yile IoT, a high-tech enterprise in Hainan Province, the Company provides roadside assistance services to drivers within Hainan Province through its network of tow providers automotive repair services and other service providers, and is also engaged in the design, development and sales of customized software solutions. For more information, please visit: http://en.retoeco.com
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate," or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company's statements regarding: ReTo's goal and strategies; ReTo's future business development, financial condition and results of operations; expected changes in ReTo's revenues, costs or expenses; industry landscape of, and trends in, the construction industry; ReTo's expectations regarding demand for, and market acceptance of, its services; the impact of COVID-19 pandemic, extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; and assumptions underlying or related to any of the foregoing Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the construction industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
ReTo Eco-Solutions, Inc.
Giorgio Zhao
Beijing Phone: +86-010-64827328
ir@retoeco.com or 310@reit.cc
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SOURCE ReTo Eco-Solutions, Inc. | https://www.whsv.com/prnewswire/2022/05/02/reto-eco-solutions-reports-fiscal-year-2021-financial-results/ | 2022-05-02T21:02:37Z |
OKLAHOMA CITY, May 2, 2022 /PRNewswire/ -- Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian", the "Company", "we" or "our"), announced that last week it completed an amendment to its senior secured revolving credit facility ("Credit Facility").
Credit Facility Amendment Highlights:
- Extended the facility maturity from September 2023 to April 2026
- Increased the borrowing base by 14% from $175 million to $200 million
- Rebalanced allocations among six lenders in the syndicate
- Relaxed minimum hedging requirements to allow for more discretionary hedging decisions when the Company is less levered
As of April 29, 2022, the Company had $63MM drawn on the credit facility with $137MM of availability.
The amended Credit Facility now includes hedging requirements that are based on both facility utilization as well as the Company's leverage ratio, reducing minimum thresholds required when utilization and leverage are reduced. At the current level, the Company is required to have in place commodity hedges covering 25% of forecasted PDP production volumes for a period of 24 months forward, down from a requirement of 50% of forecasted PDP volumes under the prior Credit Facility agreement.
The management team and board of directors of Riley Permian extend their gratitude to the banking syndicate partners for their continued support.
Riley Permian is a growth-oriented, independent oil and natural gas company focused on the acquisition, exploration, development and production of oil, natural gas, and natural gas liquids. For more information please visit www.rileypermian.com.
Investor Contact:
Rick D' Angelo
405-438-0126
IR@rileypermian.com
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SAN JOSE, Calif., May 2, 2022 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the fiscal second quarter ended April 2, 2022 and outlook for its fiscal third quarter ending July 2, 2022.
Second Quarter Fiscal 2022 Financial Highlights
- Revenue: $1.91 billion, exceeded outlook
- GAAP operating margin: 4.3%
- GAAP diluted EPS: $0.83
- Non-GAAP(1) operating margin: 5.0%
- Non-GAAP diluted EPS: $1.14, exceeded outlook
Additional Second Quarter Highlights
- Cash flow from operations: $79 million
- Free cash flow: $52 million
- Share repurchases: 2.8 million for approximately $109 million
- Ending cash and cash equivalents: $560 million
- Non-GAAP pre-tax ROIC: 27.9%
"We are pleased with our second quarter financial results. Strong demand across our end-markets and solid execution from our teams were key contributors to revenue and non-GAAP earnings per share growth," stated Jure Sola, Chairman and Chief Executive Officer.
"The team continues to show great resilience in this dynamic market. We are focused on the fundamentals and we are confident in our business model. Based on our outlook for the third quarter and our strong performance in the first half of the fiscal year, we remain committed to revenue and non-GAAP earnings per share growth and solid cash generation for fiscal 2022," concluded Sola.
Expanded Share Repurchase Program
Sanmina's Board of Directors has authorized the repurchase of up to an additional $200 million of Sanmina's common stock. The stock repurchase program has no expiration date. As of April 2, 2022, approximately $111 million remained available under the current repurchase program. The expansion of this program is consistent with Sanmina's capital allocation priorities.
Third Quarter Fiscal 2022 Outlook
The following outlook is for the fiscal third quarter ending July 2, 2022. These statements are forward-looking and actual results may differ materially.
- Revenue between $1.825 billion to $1.925 billion
- GAAP diluted earnings per share between $0.88 to $0.98
- Non-GAAP diluted earnings per share between $1.05 to $1.15
The statements above concerning our financial outlook for the third quarter of fiscal year 2022 constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, most notably ongoing supply chain constraints, including those resulting from the continuing impacts of the COVID-19 pandemic, and geopolitical uncertainty, including from the conflict in Ukraine. Other factors that could cause our results to differ from our outlook include adverse changes to the key markets we target; significant uncertainties that can cause our future sales and net income to be variable; reliance on a small number of customers for a substantial portion of our sales; risks arising from our international operations; and the other factors set forth in the Company's annual and quarterly reports filed with the Securities Exchange Commission ("SEC").
The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.
Company Conference Call Information
Sanmina will hold a conference call to review its financial results for the second quarter on
at
(
). The access numbers are: domestic 866-891-4420 and international 201-383-2868. The conference will also be webcast live over the Internet. You can log on to the live webcast at
Additional information in the form of a slide presentation is available on Sanmina's website at
. A replay of the conference call will be available for 48-hours. The access numbers are: domestic 855-859-2056 and international 404-537-3406, access code is 9288568
.
About Sanmina
Sanmina Corporation, a Fortune 500 company, is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the communications networks, cloud solutions, industrial, defense, medical and automotive markets. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com.
Sanmina Contact
Paige Melching
SVP, Investor Communications
408-964-3610
Schedule 1
The statements above and financial information provided in this earnings release include non-GAAP measures of operating income, operating margin, net income, diluted earnings per share and pre-tax return on invested capital (ROIC). Management excludes from these measures stock-based compensation, restructuring, acquisition and integration expenses, impairment charges, amortization charges and other unusual or infrequent items, as adjusted for taxes, as more fully described below.
Management excludes these items principally because such charges or benefits are not directly related to the Company's ongoing core business operations. We use such non-GAAP measures in order to (1) make more meaningful period-to-period comparisons of the Company's operations, both internally and externally, (2) guide management in assessing the performance of the business, internally allocating resources and making decisions in furtherance of Company's strategic plan, (3) provide investors with a better understanding of how management plans and measures the business and (4) provide investors with a better understanding of our ongoing, core business. The material limitations to management's approach include the fact that the charges, benefits and expenses excluded are nonetheless charges, benefits and expenses required to be recognized under GAAP and, in some cases, consume cash which reduces the Company's liquidity. Management compensates for these limitations primarily by reviewing GAAP results to obtain a complete picture of the Company's performance and by including a reconciliation of non-GAAP results to GAAP results in its earnings releases.
Additional information regarding the economic substance of each exclusion, management's use of the resultant non-GAAP measures, the material limitations of management's approach and management's methods for compensating for such limitations is provided below.
Stock-based Compensation Expense, which consists of non-cash charges for the estimated fair value of equity awards granted to employees and directors, is excluded in order to permit more meaningful period-to-period comparisons of the Company's results since the Company grants different amounts and value of equity awards each quarter. In addition, given the fact that competitors grant different amounts and types of equity awards and may use different valuation assumptions, excluding stock-based compensation permits more accurate comparisons of the Company's core results with those of its competitors.
Restructuring, Acquisition and Integration Expenses, which consist of severance, lease termination costs, exit costs and other charges primarily related to closing and consolidating manufacturing facilities and those associated with the acquisition and integration of acquired businesses, are excluded because such charges (1) can be driven by the timing of acquisitions and exit activities which are difficult to predict, (2) are not directly related to ongoing business results and (3) do not reflect expected future operating expenses. In addition, given the fact that the Company's competitors complete acquisitions and adopt restructuring plans at different times and in different amounts than the Company, excluding these charges or benefits permits more accurate comparisons of the Company's core results with those of its competitors. Items excluded by the Company may be different from those excluded by the Company's competitors and restructuring and integration expenses include both cash and non-cash expenses. Cash expenses reduce the Company's liquidity. Therefore, management also reviews GAAP results including these amounts.
Impairment Charges, which consist of non-cash charges, are excluded because such charges are non-recurring and do not reduce the Company's liquidity. In addition, given the fact that the Company's competitors may record impairment charges at different times, excluding these charges permits more accurate comparisons of the Company's core results with those of its competitors.
Amortization Charges, which consist of non-cash charges impacted by the timing and magnitude of acquisitions of businesses or assets, are also excluded because such charges do not reduce the Company's liquidity. In addition, such charges can be driven by the timing of acquisitions, which is difficult to predict. Excluding these charges permits more accurate comparisons of the Company's core results with those of its competitors because the Company's competitors complete acquisitions at different times and for different amounts than the Company.
Other Unusual or Infrequent Items, such as charges or benefits associated with distressed customers, expenses, charges and recoveries relating to certain legal matters, gains and losses on sales of assets, deferred tax adjustments and discrete tax items, are excluded because such items are typically non-recurring, difficult to predict or not directly related to the Company's ongoing or core operations and are therefore not considered by management in assessing the current operating performance of the Company and forecasting earnings trends. However, items excluded by the Company may be different from those excluded by the Company's competitors. In addition, these items include both cash and non-cash expenses. Cash expenses reduce the Company's liquidity. Management compensates for these limitations by reviewing GAAP results including these amounts.
Adjustments for Taxes, which consist of the tax effects of the various adjustments that we exclude from our non-GAAP measures, and adjustments related to deferred tax and discrete tax items. Including these adjustments permits more accurate comparisons of the Company's core results with those of its competitors. We determine the tax adjustments based upon the various applicable effective tax rates. In those jurisdictions in which we do not expect to realize a tax cost or benefit (due to a history of operating losses or other factors), a reduced tax rate is applied.
Logo - https://mma.prnewswire.com/media/10544/SANMINA_CORPORATION_LOGO.jpg
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SOURCE Sanmina Corporation | https://www.whsv.com/prnewswire/2022/05/02/sanmina-reports-second-quarter-fiscal-2022-financial-results/ | 2022-05-02T21:02:51Z |
2022 Q1 HIGHLIGHTS compared to the corresponding period of 2021:
- Revenues were $14.0 million, an increase of $0.8 million, or 6%, compared to $13.2 million
- Net income was $3.4 million, or $0.50 per basic share and $0.41 per diluted share, compared to $4.9 million, or $0.73 per basic share and $0.60 per diluted share
- Cash at March 31, 2022 increased to $38.4 million from $26.5 million
SANTA CLARA, Calif., May 2, 2022 /PRNewswire/ -- Semler Scientific, Inc. (Nasdaq: SMLR), a company that provides technology solutions to improve the clinical effectiveness and efficiency of healthcare providers, today reported financial results for the three months ended March 31, 2022.
"Our goal is for QuantaFlo® to become the standard of care for testing multiple cardiovascular diseases, including peripheral arterial disease (PAD)," said Doug Murphy-Chutorian, M.D., chief executive officer of Semler Scientific. "We are closer to achieving our goal now that an independently conducted, peer-reviewed study in a Medicare Advantage population using QuantaFlo® to screen for undetected and asymptomatic PAD identified patients who have increased risks for mortality and major adverse cardiovascular events (MACE) at three-year follow-up."
FINANCIAL RESULTS
For the quarter ended March 31, 2022, compared to the corresponding period of 2021, Semler Scientific reported:
- Revenues of $14.0 million, an increase of $0.8 million, or 6%, compared to $13.2 million
- Cost of revenues of $1.0 million, a decrease of $0.6 million or 39%, compared to $1.6 million. As a percentage of revenues, cost of revenues was 7% compared to 12%
- Total operating expenses, which includes cost of revenues, of $10.1 million, compared to $7.2 million an increase of $2.9 million or 41%
- Pre-tax net income of $3.9 million, a decrease of $2.1 million, or 35%, compared to $6.0 million. As a percentage of revenues, pre-tax net income was 28% compared to 46%
- Net income of $3.4 million, or $0.50 per basic share and $0.41 per diluted share, a decrease of $1.5 million, or 31% compared to net income of $4.9 million, or $0.73 per basic share and $0.60 per diluted share. As a percentage of revenues, net income was 24% compared to 37%
FIRST QUARTER 2022 MAJOR ACCOMPLISHMENTS
Among the achievements during 2022 to date were:
- Consecutive quarterly profitability since the fourth quarter of 2017.
- Cash position increased to $38.4 million.
- Up to $20.0 million stock buyback program initiated.
Semler Scientific's two largest customers comprised 35.4% and 31.7% of quarterly revenues.
2022 Financial Guidance
In 2022, Semler Scientific expects continued profitability and generation of cash from operating activities, as well as increased spending to support anticipated growth in its business. Semler Scientific believes that the second quarter revenue will range from $14.2 million to $15.2 million and operating expense, which includes cost of revenue, will range from $10.0 million to $10.5 million. Semler Scientific believes that the annual revenue in 2022 will range from $58.0 million to $60.0 million and operating expense, which includes cost of revenue, will range from $44.0 million to $46.0 million.
OTHER SUBSEQUENT EVENTS
Semler Scientific's in-house product development team has extended QuantaFlo® to be used as an aid to identify patients who would benefit from further evaluation for another underlying cardiovascular disease. Semler Scientific believes this extension of QuantaFlo® makes it more clinically useful to assist the medical community, including Medicare Advantage providers.
"The goal is to make QuantaFlo® even more valuable to our current base and potential new customers in the identification and care of patients with chronic diseases," concluded Dr. Murphy-Chutorian.
Notice of Conference Call
Semler Scientific will host a conference call today at 4:30 p.m. ET. The call will address results of the first quarter ended March 31, 2022, as well as provide a business update on its market outlook and strategies for the near-term future.
Participants are encouraged to pre-register for the conference call using the following link: https://dpregister.com/sreg/10164883/f20a2716c7. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. Those without internet access or who are unable to pre-register may dial in by calling:
Domestic callers: (866) 777‑2509
International callers: (412) 317‑5413
Please specify to the operator that you would like to join the "Semler Scientific Call." The conference call will be archived on Semler Scientific's website at www.semlerscientific.com.
About Semler Scientific, Inc.:
Semler Scientific, Inc. is a company that provides technology solutions to improve the clinical effectiveness and efficiency of healthcare providers. Semler Scientific's mission is to develop, manufacture and market innovative products and services that assist its customers in evaluating and treating chronic diseases. Semler Scientific's patented and U.S. Food and Drug Administration (FDA), cleared product, QuantaFlo®, is a rapid point-of-care test that measures arterial blood flow in the extremities to aid in the diagnosis of cardiovascular diseases, such as peripheral arterial disease (PAD). QuantaFlo® is used by Semler Scientific's customers to more comprehensively evaluate their patients for risk of mortality and major adverse cardiovascular events (MACE), associated with a positive QuantaFlo® test. Semler Scientific has an agreement with a private company to exclusively market and distribute Insulin Insights™, an FDA-cleared software product that recommends optimal insulin dosing for diabetic patients in the United States, including Puerto Rico, except for selected accounts, and it made investments in this private software company and in another private company whose product, Discern™, is a test for early Alzheimer's disease. Semler Scientific continues to develop additional complementary innovative products in-house, and seeks out other arrangements for additional products and services that it believes will bring value to its customers and to the company. Semler Scientific believes its current products and services, and any future products or services that it may offer, positions it to provide valuable information to its customer base, which in turn permits them to better guide patient care. Additional information about Semler Scientific can be found at www.semlerscientific.com.
Forward-Looking Statements
This press release contains "forward-looking" statements. Such statements can be identified by, among other things, the use of forward-looking language such as the words "goal," "may," "will," "intend," "expect," "anticipate," "estimate," "project," "would," "could" or words with similar meaning or the negatives of these terms or by the discussion of strategy or intentions. The forward-looking statements in this release include statements regarding QuantaFlo® becoming standard of care for cardiovascular disease testing, continued profitability and cash generation from operations and spending, projected quarterly and annual revenue and operating expenses, and the expected benefits of QuantaFlo® extension, including to the medical community, among others. Such forward-looking statements are subject to a number of risks and uncertainties that could cause Semler Scientific's actual results to differ materially from those discussed here, such as whether or not insurance plans and other customers will continue to license its cardiovascular testing products, whether or not it will be able to successfully expand its product offering, whether or not QuantaFlo® can successfully test another cardiovascular disease, as well as Semler Scientific's ability to continue to control expenses and preserve cash and meet its projected revenue and operating expense targets, whether or not the seasonality trends identified in the first quarter will continue, as well as continued uncertainty created by the ongoing COVID‑19 pandemic, including any new variants, along with those risk factors detailed in Semler Scientific's SEC filings. These forward-looking statements involve assumptions, estimates, and uncertainties that reflect current internal projections, expectations or beliefs. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. All forward-looking statements contained in this press release are qualified in their entirety by these cautionary statements and the risk factors described above. Furthermore, all such statements are made as of the date of this release and Semler Scientific assumes no obligation to update or revise these statements unless otherwise required by law.
INVESTOR CONTACT:
Susan A. Noonan
S.A. Noonan Communications
susan@sanoonan.com
917 513 5303
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SOURCE Semler Scientific, Inc. | https://www.whsv.com/prnewswire/2022/05/02/semler-reports-first-quarter-2022-financial-results/ | 2022-05-02T21:02:57Z |
Investment to be used to improve pipeline safety and allow for the transportation of hydrogen and carbon dioxide
HOUSTON, May 2, 2022 /PRNewswire/ -- Smartpipe Technologies announced today that Enbridge Inc. has invested US$6.6 million in Smartpipe's innovative pipeline technology, designed to improve the safety and versatility of existing pipeline infrastructure.
With Smartpipe's patented technology, a high-strength, composite internal pipeline liner is pulled through an existing pipeline to increase its structural integrity and allow for improved monitoring through the use of an embedded fiber optics line that allows for instant pipeline monitoring and leak detection. Smartpipe's non-metallic construction delivers a high degree of improved safety and reliability, with engineered safety factors exceeding twice those of new standard steel pipelines. In addition to improving safety, Smartpipe's technology can support hydrogen and carbon dioxide energy infrastructure needed in the energy transition.
Due to the technology's trenchless installation method, an important application will likely be in upgrading existing aging steel pipelines currently in use, particularly in hard to access locations where excavation activities may be disruptive to landowners or the surrounding community.
"Enbridge has been a solid partner in the development of this technology," said Gary Littlestar, Smartpipe Technologies' CEO. "Public safety and environmental security have been our foundation from inception, and these core values align perfectly with our partner, Enbridge."
Smartpipe's strategy is to support pipeline companies as they shift to transporting more sustainable forms of energy in the future throughout their existing pipeline infrastructure.
"This is a very exciting technology that can improve the safety of existing pipelines and support the transportation of low carbon energy sources such as hydrogen, demonstrating how our assets can be a bridge to a cleaner energy future," said Caitlin Tessin, Enbridge's Vice President of Strategy and Market Innovation. "Enbridge is always interested in investing in technology that build on its safety leadership and improve the sustainability of its existing pipeline system. This investment is an excellent example of how we are doing just that."
Together, the teams at Smartpipe and Enbridge have already developed a high-pressure composite line pipe of 16" in diameter, which Enbridge funded with a US$9.5 million investment between 2013 to 2015. The two companies will now begin work on an up to 24" diameter Smartpipe.
Smartpipe is currently working with several companies to test this technology and assess its suitability for use within their existing pipeline systems.
Smartpipe Technologies is an emerging technology company, based in Houston, Texas, delivering the largest diameter, patented, state of the art non-metallic pipeline systems for the energy industry. Smartpipe's embedded real-time fiber-optic monitoring and multi-sensor inline inspection systems, unique to Smartpipe, deliver on the promise of environmental security and public safety in the operation of every Smartpipe® installation. Smartpipe Technologies is privately owned and funded. For more information, visit www.smart-pipe.com or contact us at info@smart-pipe.com.
Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 30 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.9 million retail customers in Ontario and Quebec; and Renewable Power Generation, which owns approximately 1,766 MW (net) in renewable power capacity in North America and Europe. The Company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
Smartpipe Technologies
Phone: 281-945-5700
Email: info@smart-pipe.com
Enbridge Media
Phone: (888) 992-0997
Email: media@enbridge.com
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SOURCE Smartpipe Technologies | https://www.whsv.com/prnewswire/2022/05/02/smartpipe-technologies-receives-us66-million-investment-enbridge-develop-innovative-pipeline-technology/ | 2022-05-02T21:03:04Z |
DETROIT, May 2, 2022 /PRNewswire/ -- You may have seen the attention that Southwest T of 263 has been attracting to the cannabis industry through launching several series with HYMAN cannabis. HYMAN is excited to inform you that they have yet another series underway, known as The CODE "I did it for y'all" which symbolizes the sacrifices made to get where the 263 group is today. HYMAN is known for launching collaborations that people are able to connect with. This is why HYMAN continues to work with the 263 group as we feel our collaborative campaigns exemplify deep ties and a shared love for Detroit. While these collaborations exhibit an appreciation for lifestyle and culture, they also work towards reforming the stigma tied to medical and recreational cannabis.
Together, HYMAN and Southwest T have launched three exemplary campaigns. The first campaign, known as Black Magic "Walk by faith, not by sight" with the strains: Black Magic, Cake, Gelato, Flame and Kush. The second campaign, known as Loyalty "Let no man separate what we create" with the strains: Apple Runtz and Truffle Runtz. The third campaign, known as Death B4 Dishonor "After us, there will be none" with the strains: Runtz, Gello, Giscotti, Jetlato, Pound Cake and Cookies. This Friday, May 6th, Southwest T and HYMAN plan to officially launch "The CODE", available at select retailers in Michigan. These projects have helped showcase how cannabis can be incorporated into one's everyday lifestyle while also working together to destigmatize not only the cannabis industry, but also prior drug related crimes for individuals.
"The CODE represents the principles of the streets that had evolved into a legitimate corporation: honor, respect, loyalty and integrity. 263 is BMF. BMF is 263. That is never to be misunderstood" says a leading member of 263. "The quote 'I did it for y'all' speaks to the struggles we had to face in order to see our people and our culture be great."
Last week, STARZ began filming the highly anticipated season two of "BMF" – inspired by the true story of the two famous brothers, Big Meech and Southwest T. The show highlights how their unwavering belief in family loyalty would be the foundation of their partnership and the crux of their eventual estrangement. Curtis "50 Cent" Jackson produced "BMF" which premiered on 9.26.21, just 2 days after the release of Southwest T's "Death B4 Dishonor" cannabis campaign with HYMAN. Season one tells the story of how the brothers brought their family up with their charismatic leadership. We are eager to announce how "The CODE" aligns with the release of season two.
Attached is the official asset pack for your use: HERE
Available at select retailers Friday, May 6th.
Amazing Budz | Adrian
Bazonzoes | Lansing
Bazonzoes | Walled Lake
Breeze | Hazel Park
Cannabis King | Burton
Cloud | Ann Arbor
Cloud | Muskegon
Cloud | New Baltimore
Cloud | Utica
Dispo | Bay City
Elite | Jackson
Fire Creek | Battle Creek
Fire Creek | Bay City
First Class | Camden
First Class | Lansing
Flower Bowl | Inkster
Green Culture | Flint
Green Door | Detroit
Hashish Boyz | Bay City
Herbology | River Rouge
HOD 8 Mile | Detroit
HOD Fort St | Detroit
HOD Gratiot | Detroit
HOD Livernois | Livernois
HOD Centerline | Detroit
HOD Ypsi | Ypsilanti
Jars | Battle Creek
Jars | Grand Rapids
Jars | Lansing
Jars | Mt Morris
Jars | Mt Pleasant
Jars | Owosso
Jars | Packard
Jars | River Rouge
Jars | Saugatuck
Joylogy | Wayne
Joyology | Burton
Joyology | Centerline
Joyology | Quincy
Joyology | Reading
Michigan Pure Green
Plan B | Detroit
Puff | Hamtramck
Puff | Madison Heights
Puff | Utica
Rush | Hazel Park
The Refinery | Kalamazoo
Turtle Pie | River Rouge
Ryli N. Kant
HYMAN Cannabis Director of Public Relations
(989) 574 - 6498
rkant@medfarms.com
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SOURCE HYMAN | https://www.whsv.com/prnewswire/2022/05/02/southwest-t-263-plans-launch-another-legendary-series-known-code-with-hyman-cannabis/ | 2022-05-02T21:03:10Z |
BERLIN, May 2, 2022 /PRNewswire/ -- Spark Networks SE (NASDAQ: LOV), a leading social dating platform for meaningful relationships, today announced that it will release its financial results for its 2022 first quarter ended March 31, 2022, on Monday, May 9, 2022, after the close of market.
Management will host a conference call and live webcast for analysts and investors on May 9, 2022, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to discuss the company's financial results.
To access the live call, dial 1-888-349-0106 (US) or +1 412-902-0131 (International) and ask to join the Spark Networks' call.
A live and archived webcast of the conference call will be accessible on the Investor Relations section of the company's website at https://investor.spark.net/investor-relations/home. In addition, a phone replay will be available approximately two hours following the end of the call, and it will remain available for one week. To access the call replay dial 1-877-344-7529 (US) or +1 412-317-0088 (International) and enter the replay passcode: 3630144.
About Spark Networks SE:
Spark Networks SE (NASDAQ: LOV) is a leading social dating platform for meaningful relationships focusing on the 40+ demographic and faith-based affiliations. Spark's widening portfolio of premium and freemium dating apps include Zoosk, EliteSingles, SilverSingles, Christian Mingle, Jdate, and JSwipe, among others. Spark is headquartered in Berlin, Germany, with offices in New York and Utah.
For More Information
Investor Contact:
MKR Investor Relations, Inc.
Todd Kehrli or Joo-Hun Kim
lov@mkr-group.com
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SOURCE Spark Networks SE | https://www.whsv.com/prnewswire/2022/05/02/spark-networks-report-2022-first-quarter-financial-results-may-9-2022/ | 2022-05-02T21:03:17Z |
SAN JOSE, Calif., May 2, 2022 /PRNewswire/ -- Young innovators got creative and loud with The Tech Challenge: Kinetic Commotion, presented by Amazon on April 30 and May 1. This year, the annual youth engineering design program asked teams of students to design a device that uses stored energy to create a series of sounds. Teams used materials like wind-up toys, dominoes, balloons, windchimes and xylophones to build devices they demonstrated for judges in a virtual showcase last weekend.
"The Tech Challenge gave me a better understanding of the engineering systems process by actually experiencing it," said Christine Ryu, a ninth-grader who enjoyed learning how to use a miter saw to build their project. "It's a really fun, social and active way to meet new people and get the creative juices flowing."
More than 1,000 students participated in the main program this year along with thousands more who got a taste of engineering through mini-activities and other offerings. The signature program of The Tech invites teams of students in Grades 4 to 12 to use engineering design to solve a real-world problem. It reinforces 21st-century skills including creativity, problem-solving, teamwork, perseverance and learning from failure.
"The Tech Challenge is one of the most important ways we spark STEAM interest and build the skills and confidence our next generation of leaders needs to solve our world's biggest challenges," said Katrina Stevens, The Tech's President and CEO. "It's always inspiring to see young minds work together in innovative ways."
Awards will be announced Monday, May 9, at 4 p.m. For information, visit The Tech Challenge website.
The Tech Challenge presenting sponsor is Amazon; the virtual platform partner is Zoom; with additional support from eBay; Intel; Seagate; Thermo Fisher Scientific; Accenture; Adobe; AMD; Arm; EY; Ford Motor Company; Gibson, Dunn & Crutcher LLP; Google; Marvell; Mayfield; Renesas Electronics; and Synaptics.
About The Tech Interactive
The Tech Interactive is a family-friendly science and technology center in the heart of downtown San Jose. Our hands-on activities, experimental labs and design challenge experiences empower people to innovate with creativity, curiosity and compassion. The Tech is a world leader in the creation of immersive STEAM education resources to develop the next generation of problem-solvers locally, nationally and globally. We believe that everyone is born an innovator who can change the world for the better.
Media Contact: Marika Krause, mkrause@thetech.org
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SOURCE The Tech Museum of Innovation | https://www.whsv.com/prnewswire/2022/05/02/students-make-some-noise-with-35th-annual-tech-challenge/ | 2022-05-02T21:03:24Z |
SANTA FE, N.M., May 2, 2022 /PRNewswire/ -- Thornburg Income Builder Opportunities Trust (the "Trust") (NASDAQ: TBLD) today announced a monthly distribution of $0.10417 per share on the Trust's common shares, payable on May 20, 2022 to common shareholders of record as of May 12, 2022.
The Trust's monthly distributions are shown below:
Distribution rates are not performance and are calculated by summing the Trust's monthly distribution per share over four quarters and dividing by the net asset value or market price per share, as applicable, as of the distribution announcement date. Distributions on common shares are generally paid from net investment income (regular interest and dividends) and may also include capital gains and/or a return of capital. The Trust's distribution payable on May 20, 2022, does not include a return of capital but includes short-term capital gains in the amount of $0.06625. The specific tax characteristics of the distributions will be reported to the Trust's common shareholders on Form 1099 after the end of the 2022 calendar year. The final determination for all distributions paid in 2022 will be made in early 2023 and reported to you on Form 1099-DIV. You should not use this notice as a substitute for your 1099-DIV.
Shareholders should not assume that the source of a distribution from the Trust is net income or profit. A distribution comprised in whole or in part by a return of capital does not necessarily reflect the Trust's investment performance and should not be confused with "yield" or "income." Future distributions may consist of a return of capital. For further information regarding the Trust's distributions, please visit www.thornburg.com/tbld-distributions.
The Trust's investment objective is to provide current income and additional total return. The Trust seeks to achieve its objective by investing, directly or indirectly, at least 80% of its managed assets in a broad range of income-producing securities. The Trust invests in both equity and debt securities of companies located in the United States and around the globe. The Trust may invest in non-U.S. domiciled companies, including up to 20% of its managed assets at the time of investment in equity and debt securities of emerging market companies.
As a registered investment company, the Trust is subject to a 4% excise tax that is imposed if the Trust does not distribute to common shareholders by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made to use the Trust's fiscal year). In certain circumstances, the Trust may elect to retain income or capital gain to the extent that the Board of Trustees, in consultation with Trust management, determines it to be in the interest of shareholders to do so.
The common share distributions paid by the Trust for any particular period may be more than the amount of net investment income from that period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a common shareholder invested in the Trust, up to the amount of the common shareholder's tax basis in their common shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the common shareholder's potential gain, or reduce the common shareholder's potential loss, on any subsequent sale or other disposition of common shares.
Thornburg is a global investment firm delivering on strategy for institutions, financial professionals and investors worldwide. The privately held firm, founded in 1982, is an active, high-conviction manager of fixed income, equities, multi-asset solutions and sustainable investments. With $46 billion1 in client assets as of March 31, 2022, the firm offers mutual funds, closed-end funds, institutional accounts, separate accounts for high-net-worth investors and UCITS funds for non-U.S. investors.
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During the Q4 2021 earnings call, TWI's President & CEO stated that Titan's business was riding a tidal wave. That tidal wave continues!
Quarter Highlights
- Net sales were $556.0 million, a $152.5 million (37.8%) YoY increase, the highest quarterly sales since Q2 2013
- Gross margin was 15.6%
- Adjusted EBITDA was $56.8 million as compared to $26.3 million in Q1 of the prior year
CHICAGO, May 2, 2022 /PRNewswire/ -- Titan International, Inc. (NYSE: TWI), a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, today reported results for the first quarter ended March 31, 2022.
"We were able to pick up right where we left off in 2021 with another stellar quarter to begin the year," stated Paul Reitz, President and Chief Executive Officer. "All of our business units across all geographies came together to deliver our strongest sales quarter in nearly nine years. The first quarter experienced strong top line growth, along with excellent conversion to the bottom line, as gross margins were 15.6%, adjusted EBITDA was $57 million, and adjusted EBITDA margin climbed to 10.2%, reaching their strongest levels in close to a decade. The runway for our business moving forward looks good and remains similar to what we outlined in March, with both our Agriculture and Earthmoving / Construction segments continuing to reflect strong demand driven by solid market fundamentals.
"Earlier this year, we commented on the positive market dynamics creating a tidal wave for Titan to navigate in 2022 and beyond. We continue to firmly believe this remains the case. Our first quarter results and our 2022 order books clearly support that, along with elevated commodity prices with solid supply-demand fundamentals, used inventory levels at record lows for larger equipment, and demand for new equipment that remains robust. Elaborating further, these positive market forces, combined with delays in order deliveries from the OEM's due to production challenges, provide support and momentum for a multi-year demand cycle. Aftermarket demand remains very robust reflecting the need for replacement in the midst of shortages of new equipment. Along with the strong agriculture backdrop, order books are solid in earthmoving and construction and should continue to remain positive as infrastructure spending increases globally. Our Titan team will continue to work hard to meet our customers growing expectations and with our impressive and extensive manufacturing footprint that produces quality, innovative products, we are a strong solution to meet the needs of our global customer base.
"Based on the strength of our first quarter performance and a similar expectation for Q2, we are now anticipating full year net sales above $2.1 billion, with adjusted EBITDA to be around $200 million. This revised outlook reflects more normalized demand and production levels in the second half that are in line with our typical seasonality trends for the business. Based on the increased profitability and strength in the business, our cash flow expectations have also improved, and believe we can deliver between $55 million and $65 million in free cash flow for the full year.
Results of Operations
Net sales for the first quarter ended March 31, 2022, were $556.0 million, compared to $403.5 million in the comparable quarter of 2021, an increase of 37.8 percent. The net sales increase was across all segments and driven by price/product mix and volume, with price having a greater impact due to rising raw material costs and other inflationary impacts in the markets, including freight. The contributing factors to the increase in demand were increased commodity prices, improved farmer income, replacement of an aging large equipment fleet, and lower equipment inventory levels. The increase in net sales was offset by unfavorable foreign currency translation of 4.4 percent or $17.7 million.
Gross profit for the first quarter ended March 31, 2022 was $86.7 million, compared to $53.3 million in the comparable prior year period. Gross margin was 15.6 percent of net sales for the quarter, compared to 13.2 percent of net sales in the comparable prior year period. The increase in gross profit and margin was driven by the impact of increases in net sales, as described previously, primarily reflective of productivity improvements across all production facilities. In addition, cost reduction and production initiatives continue to be executed across global production facilities.
Selling, general, administrative, research and development (SGARD) expenses for the first quarter of 2022 were $39.1 million, compared to $36.6 million for the comparable prior year period. As a percentage of net sales, SGARD was 7.0 percent, compared to 9.1 percent for the comparable prior year period. The increase in SG&A was driven primarily by an increase in variable costs associated with improved operating performance and growth in sales.
Income from operations for the first quarter of 2022 was $44.7 million, or 8.0 percent of net sales, compared to an income of $14.2 million, or 3.5 percent of net sales, for the first quarter of 2021. The increase in income was primarily due to the higher sales and improvements in gross profit margins.
Sale of Australian Wheel Business
On March 29, 2022, the Company entered into a definitive agreement for the sale of its Australian wheel business, to OTR Tyres, a local leading national tire, wheel and service provider. The closing date of the transaction was March 31, 2022. The sale includes gross proceeds and cash to be repatriated of approximately $17.5 million, and the assumption of all liabilities, including employee and lease obligations. During the quarter ended March 31, 2022, the Company recorded a loss on sale of approximately $10.9 million which was comprised primarily of the release of the cumulative translation adjustment of approximately $10 million and closing costs associated with the completion of the transaction of approximately $0.9 million.
Segment Information
During the quarter ended March 31, 2022, net sales increased 48 percent driven by price/product mix and volume due to significant demand increases in the global agricultural market, reflective of improved farm commodity prices and increased farmer income, the need for replacement of an aging large equipment fleet and the need to replenish equipment inventory levels within the equipment dealer channels. Pricing is primarily reflective of increases in raw material and other inflationary cost increases in the markets, including freight.
The increase in gross profit and margin is primarily attributable to the impact of increases in net sales as described previously and cost reduction and productivity initiatives executed across global production facilities. The Company balanced the increases of related raw materials and other inflationary cost impacts with corresponding price increases to protect profitability.
During the quarter ended March 31, 2022, the 22 percent increase in earthmoving/construction net sales was driven by increased price/product mix and volume, which were primarily due to improvements in global economic conditions and recovery in construction markets, including the return to normalized supply and demand levels after the effects of the COVID-19 pandemic in previous years. Pricing increases were implemented because of inflationary input costs.
The increase in gross profit and margin was primarily driven by continued improved production efficiencies stemming from the strong management actions taken to improve profitability for the long-term. Again, the Company balanced the increases related to raw materials and other inflationary cost impacts with corresponding price increases to protect profitability.
During the quarter ended March 31, 2022, the 51 percent increase in net sales was driven by favorable price/product mix and volume impact to net sales. Demand increases related to utility truck tires in Latin America increased during the first quarter of 2022. The Company has also experienced growth related to specialty products in the United States, primarily custom mixing of rubber stock to third parties.
The increase in gross profit and margin was due primarily to sales growth, increased price/product mix and the positive impact of sales volume increase on overhead absorption.
Non-GAAP Financial Measures
Adjusted EBITDA was $56.8 million for the first quarter of 2022, compared to $26.3 million in the comparable prior year period. The Company utilizes EBITDA and adjusted EBITDA, which are non-GAAP financial measures, as a means to measure its operating performance. A reconciliation of net income (loss) to EBITDA and adjusted EBITDA can be found at the end of this release.
Adjusted net income applicable to common shareholders for the first quarter of 2022 was income of $28.2 million, equal to income of $0.44 per basic and diluted share, compared to income of $4.1 million, equal to income of $0.07 per basic and diluted share, in the first quarter of 2021. The Company utilizes adjusted net income applicable to common shareholders, which is a non-GAAP financial measure, as a means to measure its operating performance. A reconciliation of net income (loss) applicable to common shareholders and adjusted net income (loss) applicable to common shareholders can be found at the end of this release.
Financial Condition
The Company ended the first quarter of 2022 with total cash and cash equivalents of $98.1 million, compared to $98.1 million at December 31, 2021. Long-term debt at March 31, 2022, was $484.6 million, compared to $452.5 million at December 31, 2021. Short-term debt was $37.9 million at March 31, 2022, compared to $32.5 million at December 31, 2021. Net debt (total debt less cash and cash equivalents) was $424.3 million at March 31, 2022, compared to $386.8 million at December 31, 2021. The increase in net debt during the first three months of 2022 was primarily due to managed investments in working capital to support the business growth as well as $25 million of additional borrowings to fund the repurchase of common stock.
Net cash used by operating activities for the first three months of 2022 was $18.5 million, compared to net cash used by operations of $16.0 million for the comparable prior year period. Capital expenditures were $7.6 million for the first three months of 2022, compared to $8.9 million for the comparable prior year period. Capital expenditures during the first three months of 2022 and 2021 represent equipment replacement and improvements, along with new tools, dies and molds related to new product development, as the Company seeks to enhance the Company's manufacturing capabilities and drive productivity gains.
Teleconference and Webcast
Titan will be hosting a teleconference and webcast to discuss the first quarter financial results on Tuesday, May 3, 2022, at 9 a.m. Eastern Time.
The real-time, listen-only webcast can be accessed using the following link https://events.q4inc.com/attendee/321965608 or on our website at www.titan-intl.com within the "Investor Relations" page under the "News & Events" menu (https://ir.titan-intl.com/news-and-events/events/default.aspx). Listeners should access the website at least 15 minutes prior to the live event to download and install any necessary audio software.
A webcast replay of the teleconference will be available on our website (https://ir.titan-intl.com/news-and-events/events/default.aspx) soon after the live event.
In order to participate in the real-time teleconference, with live audio Q&A, participants should use one of the following dial in numbers:
United States Toll Free: 1 844 200 6205
United States: 1 646 904 5544
All other locations: +1 929 526 1599
Participants Access Code: 629933
About Titan
Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in West Chicago, Illinois, the Company globally produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. For more information, visit www.titan-intl.com.
Safe Harbor Statement
This press release contains forward-looking statements. These forward-looking statements are covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "plan," "would," "could," "potential," "may," "will," and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, these assumptions are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond Titan International, Inc.'s control. As a result, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to, the effect of the COVID-19 pandemic on our operations and financial performance; the effect of a recession on the Company and its customers and suppliers; changes in the Company's end-user markets into which the Company sells its products as a result of domestic and world economic or regulatory influences or otherwise; changes in the marketplace, including new products and pricing changes by the Company's competitors; the Company's ability to maintain satisfactory labor relations; unfavorable outcomes of legal proceedings; the Company's ability to comply with current or future regulations applicable to the Company's business and the industry in which it competes or any actions taken or orders issued by regulatory authorities; availability and price of raw materials; levels of operating efficiencies; the effects of the Company's indebtedness and its compliance with the terms thereof; changes in the interest rate environment and their effects on the Company's outstanding indebtedness; unfavorable product liability and warranty claims; actions of domestic and foreign governments, including the imposition of additional tariffs; geopolitical and economic uncertainties relating to the countries in which the Company operates or does business; risks associated with acquisitions, including difficulty in integrating operations and personnel, disruption of ongoing business, and increased expenses; results of investments; the effects of potential processes to explore various strategic transactions, including potential dispositions; fluctuations in currency translations; risks associated with environmental laws and regulations; risks relating to our manufacturing facilities, including that any of our material facilities may become inoperable; risks relating to financial reporting, internal controls, tax accounting, and information systems; and the other risks and factors detailed in the Company's periodic reports filed with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those reports. These forward-looking statements are made only as of the date hereof. The Company cautions that any forward-looking statements included in this press release are subject to a number of risks and uncertainties, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events, or for any other reason, except as required by law.
Titan International, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)
Amounts in thousands, except earnings per share data
The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). These supplemental schedules provide a quantitative reconciliation between each of adjusted net income (loss) attributable to Titan, EBITDA, adjusted EBITDA, net sales on a constant currency basis, and net debt, each of which is a non-GAAP financial measure and the most directly comparable financial measures calculated and reported in accordance with GAAP.
We present adjusted net income attributable to Titan, adjusted earnings per common share, EBITDA, adjusted EBITDA, net sales on a constant currency basis, and net debt, as we believe that they assist investors with analyzing our business results. In addition, management reviews each of these non-GAAP financial measures in order to evaluate the financial performance of each of our segments, as well as the Company's performance as a whole. We believe that the presentation of these non‑GAAP financial measures will permit investors to assess the performance of the Company on the same basis as management.
Adjusted net income attributable to Titan, adjusted earnings per common share, EBITDA, adjusted EBITDA, net sales on a constant currency basis, and net debt should be considered supplemental to, not a substitute for, the financial measures calculated in accordance with GAAP. One should not consider these measures in isolation or as a substitute for our results reported under GAAP. These measures have limitations in that they do not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, these measures may be calculated differently than non-GAAP financial measures reported by other companies, limiting their usefulness as comparative measures. We attempt to compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.
The table below provides a reconciliation of adjusted net income attributable to Titan to net income (loss) applicable to common shareholders, the most directly comparable GAAP financial measure, for the three month periods ended March 31, 2022 and 2021.
The table below provides a reconciliation of net income (loss) to EBITDA and adjusted EBITDA, which are non-GAAP financial measures, for the three month periods ended March 31, 2022 and 2021.
The table below sets forth, for the three month period ended March 31, 2022, the impact to net sales of currency translation (constant currency) by geography (in thousands, except percentages):
The table below provides a reconciliation of net debt, which is a non-GAAP financial measure:
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Public-private partnership provides strategic supply of U.S.-made and secure semiconductors for the nation's most sensitive defense and aerospace applications, boosts supply of feature-rich chips for critical infrastructure commercial applications
MALTA, N.Y., May 2, 2022 /PRNewswire/ -- GlobalFoundries Inc. (Nasdaq: GFS) (GF), a global leader in feature-rich semiconductor manufacturing, today announced a $117 million agreement with the U.S. Department of Defense (DoD) to provide a strategic supply of U.S.-made semiconductors that are critical to national security systems. Securely manufactured at GF's most advanced semiconductor manufacturing facility, Fab 8 in Malta, New York, the chips will be used in some of the nation's most sensitive defense and aerospace applications.
Building upon the longstanding partnership between the DoD and GF, the new agreement provides the DoD with a supply of semiconductor chips manufactured on GF's differentiated 45nm SOI platform. Under the agreement, the manufacturing of these chips will be transferred to GF's Fab 8 from GF's Fab 10 in East Fishkill, New York. In addition to providing continuity of supply for the DoD, this technology transfer to Fab 8 will enable GF to continue offering its 45nm SOI platform to commercial customers after GF's Fab 10 transitions to ON Semiconductor as previously announced in April 2019.
"GF is proud to be a longtime supplier to the U.S. Government, and we remain deeply committed to meeting the semiconductor technology needs of the Department of Defense, as well as the technologies so critical to our national security," said GF CEO Tom Caulfield. "The strong public-private partnership demonstrated with this new supply and tech transfer agreement is an excellent example of the impact federal collaboration and investment in semiconductor manufacturing can have on strengthening domestic supply chains. Our partnership boosts the national economy, while also securing a strategic and reliable supply of chips needed by the U.S. government for aerospace, defense, and other mission-critical applications."
In a supportive statement, the DoD said: "This agreement with GlobalFoundries will strengthen the domestic microelectronics industrial base, as part of the nation's effort to sustain its semiconductor manufacturing capability necessary for national and economic security. Our agreement will ensure access to 45nm SOI semiconductors critical to DoD strategic systems, and is the latest collaboration in the longstanding partnership between the DoD and GF to provide silicon-based semiconductors for defense aerospace applications."
Under the agreement, the DoD awarded $117 million to GF. The first chips from the agreement are targeted to begin delivery in 2023.
GF employs nearly 3,000 people at Fab 8 and has invested more than $15 billion in the facility. GF's Fab 8 is in compliance with both U.S. International Traffic in Arms Regulations (ITAR) and highly restrictive Export Control Classification Numbers under the Export Administration Regulations (EAR). GF is working with the U.S. government to secure classified status for Fab 8.
GF's experience with ITAR and EAR regulations, in addition to the secure manufacturing being done at Fab 8 and the classified manufacturing taking place at Fab 9 in Vermont and Fab 10, are key to the GF Shield Program and GF's embracing its role as the nation's most secure and trusted semiconductor manufacturer. The GF Shield program extends to GF commercial customers across all sectors a level of key safeguarding and protection principles modeled on those GF uses to manufacture semiconductors for government entities.
About GF
GlobalFoundries (GF) is one of the world's leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com.
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SOURCE GlobalFoundries (GF) | https://www.whsv.com/prnewswire/2022/05/02/us-department-defense-globalfoundries-partner-secure-supply-chips-critical-national-security-systems/ | 2022-05-02T21:03:43Z |
- VCV Digital Technology is an emerging U.S.-based digital assets company providing computing infrastructure for Crypto/Web3 networks to help accelerate adoption of digital asset mining solutions
- Combined company to have an implied initial pro forma equity value of approximately $381.4 million translating into an enterprise value of approximately $294.1 million, with the proposed business combination expected to provide approximately $99.7 million in gross proceeds, from the cash held in trust and assuming no redemptions by public stockholders of Fortune Rise Acquisition Corporation
- An additional $100 million in equity value offered in the form of earnout consideration to be issued and placed into escrow at closing, subject to forfeiture if certain milestones are not reached
- All existing VCV Digital Technology stockholders are rolling 100% of their equity into the combined company
- The proposed business combination is expected to be completed in the third quarter of 2022
NEW YORK , May 2, 2022 /PRNewswire/ – VCV Power Sigma, Inc. ("Sigma") and VCV Power Gamma, Inc. ("Gamma" and, together with Sigma, the "Companies" or "VCV Digital Technology"), affiliated companies that together form a fast-growing and sustainable U.S.-based Bitcoin mining business, and Fortune Rise Acquisition Corporation (NASDAQ: FRLAU, FRLA and FRLAW) ("Fortune Rise"), a special purpose acquisition corporation sponsored by Fortune Rise Sponsor LLC, announced today that they have entered into a definitive merger agreement pursuant to which Fortune Rise will acquire the business of the Companies and the Companies will continue as surviving, directly wholly-owned subsidiaries of the combined company (the "Business Combination").
Upon completion of the Business Combination, the combined company is expected to operate under the name "VCV Digital Technology, Inc." and remain listed on the Nasdaq stock market under the new ticker symbol "XVC" with respect to its common stock.
VCV Digital Technology Highlights
VCV Digital Technology develops digital asset mining solutions and services that aim to rely on renewable energy for Blockchain/Web3 computing infrastructure deployment. With expected strong power sourcing capability – up to 1,000MW of hosting capacity in various stages of development deliverable from its affiliate, VCV Digital Technology management believes that the Companies' self-mining, leased mining and managed mining businesses are well-positioned for rapid growth. In addition, VCV Digital Technology management believes that the Companies' existing relationships with manufacturers, distributors and logistics providers throughout the world will provide the combined company with a competitive advantage in accessing quality miner supplies. VCV Digital Technology existing mining operations are 100% U.S.-based. VCV Digital Technology management has a deeply rooted investment banking and finance background with an extensive network of lenders and investors. VCV Digital Technology management has successfully closed multiple miner-backed financings and anticipates tapping into its broad lender network to finance the acquisition of mining equipment. As a result of these factors, VCV Digital Technology has been able to scale its business rapidly and Sigma generated $5.2 million in net income in fiscal 2021. U.S.-based crypto mining companies have directly benefited from China's June 2022 ban on domestic crypto mining, as the U.S. share of global Bitcoin mining computing power has risen from 4.1% in September 2019 to 35.4% as of August 2021, ranking first worldwide, according to the Cambridge Centre for Alternative Finance. VCV Digital Technology management expects the positive market dynamics to continue and further fuel VCV Digital Technology's growth in the digital asset mining market.
VCV Digital Technology and Fortune Rise Commentary
Jerry Tang, Co-Founder and CEO of VCV Digital Technology, remarked: "VCV Digital Technology's core mission is to build sustainable computing infrastructure. We are excited about this opportunity to list on Nasdaq, as it will allow us access to a much larger pool of capital and increase our global profile. We believe that the ability to utilize such additional capital resources will facilitate and accelerate our progress in becoming a leader in blockchain computing infrastructure. At our core, we believe blockchain/Web3 to be one of the most important and revolutionary technologies of the 21st century and are excited to provide the underlying computing infrastructure in an environmentally friendly way."
Lei Huang, CEO and Director of Fortune Rise, commented: "We are truly excited about the merger with VCV Digital Technology, which we believe will enable us to bring innovative digital asset mining solutions to the public market. We believe the future prospects of the combined company will provide great value to our stockholders. We look forward to continuing to work with VCV Digital Technology to bring this Business Combination to fruition."
Transaction Overview
The combined company is expected to have a combined implied initial pro forma equity value of approximately $381.4 million, translating into an enterprise value of approximately $294.1 million, with the proposed business combination expected to provide approximately $99.7 million in gross proceeds from the cash held in trust by Fortune Rise, assuming no redemptions of the public shares of Fortune Rise and without taking account of the transaction fees and expenses. All references to available cash from the trust account and retained transaction proceeds are subject to any redemptions by the public stockholders of Fortune Rise and payment of transaction fees and expenses. As part of the transaction, all Sigma and Gamma shares owned by their existing equity holders will be converted into common stock of Fortune Rise.
At closing, approximately 24.5 million shares of Fortune Rise common stock representing the initial merger consideration and 9.8 million shares of Fortune Rise common stock representing the earnout consideration will be issued to the Sigma and Gamma stockholders at the redemption price of Fortune Rise public shares in connection with the Business Combination (an implied value of $10.20 per share). The earnout shares will be issued at the closing to pre-closing stockholders of Gamma and deposited into an escrow account either to be released to these stockholders if certain milestones are reached or to be forfeited if such milestones have not been reached by April 30, 2023. One fourth of the earnout shares (with an implied value of $25 million) will be released to pre-closing stockholders of Gamma if an aggregate of 4,500 miners are deployed. An additional one fourth of the earnout shares (with an implied value of $25 million) will be released for each additional tranche of 2,000 miners deployed through April 30, 2023, up to a total of an additional 6,000 miners, for total earnout consideration of $100 million implied value.
Pre-closing stockholders of Sigma and Gamma will roll 100% of their equity into the combined company and, including the earnout shares, will own approximately 72.7% of the combined company's outstanding shares of common stock, and pre-closing stockholders of Fortune Rise will own approximately 27.3% of the combined company's outstanding shares of common stock on a pro forma basis (assuming no redemptions) immediately after the closing. Pre-closing stockholders of Sigma and Gamma will own approximately 65.5%, and pre-closing stockholders of Fortune Rise will own approximately 34.5%, of the combined company if all earnout shares are forfeited following April 30, 2023.
The Business Combination and the related transactions contemplated therein (collectively, the "proposed transactions") have been unanimously approved by the boards of directors of each of Sigma, Gamma, Fortune Rise and two merger subs of Fortune Rise established solely for the purpose of the Business Combination, and the stockholders of each of the merger subs. Certain stockholders of Sigma and Gamma representing a majority of the voting power of the outstanding Sigma common stock and a majority of the voting power of the outstanding Gamma common stock have agreed to vote all of their shares of Sigma and Gamma capital stock, as applicable, in favor of the proposed transactions. Initial stockholders of Fortune Rise representing 24% of the voting power of the outstanding Fortune Rise common stock have agreed to vote all of their shares of Fortune Rise common stock in favor of the proposed transactions.
The Business Combination and the transactions contemplated thereby are expected to close in the third quarter of 2022, subject to regulatory and stockholder approvals and the satisfaction or waiver of other customary closing conditions.
Additional information regarding the proposed transactions, including a copy of the merger agreement and an investor presentation, can be found in or as an exhibit to a Fortune Rise Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission (the "SEC") and made available at www.sec.gov.
Advisors
Maxim Group LLC is serving as the sole financial advisor to VCV Digital Technology, and Day Pitney LLP serves as legal counsel to VCV Digital Technology. US Tiger Securities, Inc. is serving as the financial advisor to Fortune Rise, and Robinson & Cole LLP is acting as legal counsel to Fortune Rise.
Management Presentation
A presentation regarding the transaction will be available on the website of VCV Digital Technology at www.vcvdigitaltechnology.com. Fortune Rise will also file the presentation with the SEC as an exhibit to a Current Report on Form 8-K, which can be viewed on the SEC's website at www.sec.gov.
About VCV Digital Technology
VCV Digital Technology is an emerging U.S.-based digital assets business providing computing infrastructure for Crypto/Web3 networks to help accelerate adoption of digital asset mining solutions. VCV Digital Technology intends to provide computing infrastructure not only to Bitcoin mining, but also to the fast-growing ecosystem of blockchain. The Companies believe that the blockchain computing infrastructure will replace the current dominant centralized platforms with its transparency, security, protection of privacy and censorship resistance. For more information, please visit www.vcvdigitaltechnology.com.
About Fortune Rise
Fortune Rise Acquisition Corporation is a blank check company formed as a Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses except any entity that conducts a majority of its business or is headquartered in China (including Hong Kong and Macau). Fortune Rise Sponsor LLC, which is managed by its manager Mr. Koon Keung Chan, is the sponsor of Fortune Rise.
Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts and may be accompanied by words that convey projected future events or outcomes, such as "believe," "may," "will," "estimate," "continue," "anticipate," "design," "intend," "expect," "could," "plan," "potential," "predict," "seek," "target," "aim," "plan," "project," "forecast," "should," "would," or variations of such words or by expressions of similar meaning. Such forward-looking statements, including statements regarding anticipated financial and operational results, projections of market opportunity and expectations, the estimated post-transaction enterprise value, the advantages and expected growth of the combined company, the cash position of the combined company following closing, the ability of VCV Digital Technology and Fortune Rise to consummate the proposed business combination and the timing of such consummation, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section entitled "Risk Factors" in the Annual Report on Form 10-K filed by Fortune Rise with the SEC on March 28, 2022, including its amendment filed on April 22, 2022 (the "2021 Form 10-K") and in other documents filed by Fortune Rise with the SEC from time to time. Important factors that could cause the combined company's actual results or outcomes to differ materially from those discussed in the forward-looking statements include: VCV Digital Technology's limited operating history; VCV Digital Technology's ability to manage growth; VCV Digital Technology's ability to execute its business plan; VCV Digital Technology's estimates of the size of the markets for its business; the rate and degree of market acceptance of VCV Digital Technology's business; VCV Digital Technology's ability to identify and integrate acquisitions; general economic and market conditions impacting demand for VCV Digital Technology's products and services; the inability to complete the proposed transactions; the inability to recognize the anticipated benefits of the proposed transactions, which may be affected by, among other things, the amount of cash available following any redemptions of Class A common stock of Fortune Rise by its public stockholders; the ability to meet Nasdaq's listing standards following the consummation of the proposed transactions; costs related to the proposed transactions; and such other risks and uncertainties as are discussed in the 2021 Form 10-K and the proxy statement to be filed relating to the business combination. Other factors include the possibility that the proposed business combination does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions.
Each of VCV Digital Technology and Fortune Rise expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in VCV Digital Technology's or Fortune Rise's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Use of Projections
This press release contains projected financial information with respect to VCV Digital Technology and the combined company. Such projected financial information constitutes forward-looking information, and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See "Forward-Looking Statements" above. Actual results may differ materially from the results contemplated by the projected financial information contained in this press release, and the inclusion of such information in this press release should not be regarded as a representation by any person that the results reflected in such projections will be achieved. Neither the independent auditors of Fortune Rise nor VCV Digital Technology audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this press release, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this press release.
Additional Information about the Transaction and Where to Find It
The proposed transactions have been approved by the board of directors of each of Sigma, Gamma, Fortune Rise and merger subs of Fortune Rise, and the stockholders of the merger subs, and will be submitted to stockholders of Fortune Rise, Sigma and Gamma for their approval. In connection with the approval of the Fortune Rise stockholders, Fortune Rise intends to file with the SEC (initially on a confidential basis) a registration statement on Form S-4 (the "Registration Statement"), which will include a proxy statement containing information about the proposed transactions and the respective businesses of VCV Digital Technology and Fortune Rise, as well as the prospectus relating to the offer of the Fortune Rise securities to be issued to pre-closing stockholders of VCV Digital Technology in connection with the completion of the proposed transactions (the "proxy statement/prospectus"). After the Registration Statement has been declared effective, Fortune Rise will mail a definitive proxy statement and other relevant documents to its stockholders as of the record date established for voting on the proposed transaction. Fortune Rise stockholders are urged to read, once available, the preliminary proxy statement/prospectus and any amendments thereto and the definitive proxy statement/prospectus in connection with the proposed transaction, as these materials will contain important information about VCV Digital Technology, Fortune Rise and the proposed transactions. Stockholders will also be able to obtain a free copy of the proxy statement/prospectus, as well as other filings containing information about Fortune Rise, without charge, at the SEC's website (www.sec.gov).
Participants in the Solicitation
Fortune Rise, VCV Digital Technology and their respective directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies from Fortune Rise's stockholders with respect to the proposed transactions. Information regarding Fortune Rise's directors and executive officers is available in the 2021 Form 10-K. Additional information regarding the persons who may, under the rules of the SEC, be deemed to be participants in the proxy solicitation relating to the proposed transactions and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus when it becomes available.
No Offer or Solicitation
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.
For investor and media inquiries, please contact:
VCV Digital Technology:
ir@vcvdigitaltechnology.com
Fortune Rise Acquisition Corporation:
fortuneriseir@gmail.com
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SOURCE Fortune Rise Acquisition Corporation | https://www.whsv.com/prnewswire/2022/05/02/vcv-digital-technology-become-publicly-traded-via-business-combination-with-fortune-rise-acquisition-corporation/ | 2022-05-02T21:03:49Z |
ATLANTA, May 2, 2022 /PRNewswire/ -- Veritiv Corporation (NYSE: VRTV), a full-service provider of business-to-business products, services, and solutions, announced today that it has completed the sale of its Veritiv Canada, Inc. business to Imperial Dade. Effective today, Veritiv's approximately 900 employees in Canada are now employees of Imperial Dade.
"With the completion of the sale of our Canadian operations, we can further focus on our strategy to invest in higher growth, higher margin businesses and geographies, and build on our industry-leading Packaging and Facility Solutions capabilities," said Sal Abbate, Veritiv's Chief Executive Officer. "We thank our Canada employees for their hard work and dedication to Veritiv and we wish them well as part of the Imperial Dade team. We will continue working closely with Imperial Dade to execute a smooth and successful transition for customers and suppliers of our Canada business."
Greenhill & Co. served as financial advisor and Sidley Austin LLP served as legal advisor on the transaction.
About Veritiv
Veritiv Corporation (NYSE: VRTV), headquartered in Atlanta and a Fortune 500® company, is a full-service provider of packaging, JanSan and hygiene products, services and solutions. Additionally, Veritiv provides print and publishing products, and logistics and supply chain management solutions. Serving customers in a wide range of industries both in North America and globally, Veritiv has distribution centers throughout the U.S. and Mexico, and team members around the world helping shape the success of its customers. For more information about Veritiv and its business segments visit www.veritivcorp.com.
Safe Harbor Provision
Certain statements contained in this press release regarding Veritiv's strategic plans, the transition of the Canada business and any other statements not constituting historical fact are "forward-looking statements" subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Where possible, the words "believe," "expect," "will," "look forward" or other comparable expressions have been used to identify such forward-looking statements. All forward-looking statements reflect only the company's current beliefs and assumptions with respect to future results or other events, and are based on information currently available to the company. Accordingly, the statements are subject to significant risks, uncertainties, and contingencies, which could cause actual results or other events to differ materially from those expressed in, or implied by, these statements. Factors that could cause actual results to differ materially from current expectations include the risks and other factors described under "Risk Factors" and elsewhere in Veritiv's Annual Report on Form 10-K and in Veritiv's other publicly available reports filed with the Securities and Exchange Commission, as well as the satisfaction of the conditions to closing the transaction. The company is not responsible for updating the information contained in this press release beyond the published date.
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SOURCE Veritiv Corporation | https://www.whsv.com/prnewswire/2022/05/02/veritiv-closes-sale-canadian-operations-imperial-dade/ | 2022-05-02T21:03:56Z |
AUSTIN, Texas, May 2, 2022 /PRNewswire/ -- Westcor Land Title Insurance, one of the top national title insurance underwriters, and ClosingLock, the leading wire fraud prevention platform for the real estate industry, are partnering to help combat wire fraud for Westcor's agents. The partnership will allow Westcor to offer ClosingLock to their agents, protecting them from wire fraud in addition to improving the closing experience.
"Westcor is one of the most respected brands in the title insurance industry and a great partner for us. We are thrilled that they share our goal of eliminating wire fraud in real estate and are excited to be partnering with them to help protect their agents," says Andy White, CEO, and co-founder of ClosingLock.
Scott Chandler, COO of Westcor, says "It's easy to empathize with someone who has lost their life savings and new home because of wire fraud. That's why Westcor is so passionate about protecting consumers and safeguarding our agents, and why we're being proactive and partnered with ClosingLock."
ClosingLock is modernizing the real estate world's way of transferring information to eliminate wire fraud. The company provides a secure, easy-to-use platform for title companies, law firms, and other financial services to protect themselves and their clients from wire fraud. ClosingLock has protected over $100 billion in real estate funds to date.
Westcor Land Title Insurance was founded by agents for the purpose of bringing innovative solutions to the title insurance agency market. Westcor is the only top national underwriter that never competes with its agents; it forms strong, collaborative partnerships. Westcor focuses on delivering products and services to support the continued success of the independent title agents, their customers, and consumers. Westcor Land Title Insurance Company is rated A" (A Double Prime) by Demotech, Rating Inc. Based in Maitland, FL, Westcor has regional offices throughout the United States. For more information, visit www.wltic.com or connect with us on Facebook and LinkedIn.
For more information please contact:
Abigail White, VP of Communications, abigail@closinglock.com
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SOURCE ClosingLock | https://www.whsv.com/prnewswire/2022/05/02/westcor-land-title-insurance-amp-closinglock-partner-help-combat-wire-fraud/ | 2022-05-02T21:04:03Z |
FINDLAY, Ohio , May 2, 2022 /PRNewswire/ -- MPLX LP (NYSE: MPLX), WhiteWater Midstream, and a joint venture between Stonepeak Infrastructure Partners and West Texas Gas, Inc. have reached a final investment decision to move forward with the expansion of the Whistler Pipeline after having secured sufficient firm transportation agreements with shippers.
The Whistler Pipeline expansion will increase the mainline capacity from 2 billion cubic feet per day (Bcf/d) to 2.5 Bcf/d through the planned installation of three new compressor stations. The expansion is expected to be in service in September 2023.
"The decision to move forward with this expansion project after securing sufficient commitments from shippers demonstrates our disciplined approach to investing," said Timothy J. Aydt, MPLX executive vice president and chief commercial officer. "Whistler has demonstrated its ability to provide reliable and cost-efficient residue gas transportation out of the Permian Basin, which is vital to our growing gas processing position, producers in the region, and gas customers."
The Whistler pipeline is an approximately 450-mile, 42-inch diameter intrastate pipeline that transports natural gas from the Waha Header in the Permian Basin to Agua Dulce, Texas, providing direct access to South Texas and export markets. An approximately 85-mile, 36-inch diameter lateral provides connectivity to the Midland Basin.
About MPLX LP
MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.mplx.com.
Investor Relations Contacts: (419) 421-2071
Kristina Kazarian, Vice President
Jamie Madere, Manager
Isaac Feeney, Analyst
Media Contact: (419) 421-3312
Jamal Kheiry, Communications Manager
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are outside the control of MPLX. Factors that could cause actual results to differ materially from those implied in the forward-looking statements include but are not limited to general domestic and international economic and political conditions and the factors described in MPLX's Annual Report on Form 10-K for the year ended Dec. 31, 2021, as filed with the Securities and Exchange Commission (SEC). Any forward-looking statement speaks only as of the date of the applicable communication and MPLX undertakes no obligation to update any forward-looking statement except to the extent required by applicable law. Copies of MPLX's Annual Report on Form 10-K and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.
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SOURCE MPLX LP | https://www.whsv.com/prnewswire/2022/05/02/whistler-pipeline-expansion-reaches-final-investment-decision/ | 2022-05-02T21:04:12Z |
VANCOUVER, BC, May 2, 2022 /PRNewswire/ - Wildpack Beverage Inc. (TSXV: CANS) (OTCQB: WLDPF) ("Wildpack") announced that the webcast during which CEO, Mitch Barnard, Chief Growth Officer, Thomas Walker, CFO, Ryan Mason and COO, Chuck Zadlo will discuss Wildpack's year-end 2021 financial results and outlook for 2022, will now take place at 8:30am Eastern Time ("ET") on Tuesday, May 3, 2022.
Re-scheduled Presentation Details:
Date: May 3, 2022
Time: 8:30am ET (5:30am Pacific Time)
Registration: Online Registration
HAVE QUESTIONS? Management will be available to answer your questions following the presentation on the webinar platform. You may submit your question(s) beforehand in the registration form or by email: invest@wildpackbev.com.
Per: "Mitch Barnard"
Mitch Barnard
Chief Executive Officer and Director
Advisors
Fasken Martineau DuMoulin LLP is the legal advisor to Wildpack Beverage Inc.
Visit our investor website at:
Wildpack is engaged in beverage manufacturing and packaging, operating in the middle market by providing sustainable aluminum can filling, decorating, packaging, and sleeve and label printing services to brands throughout the United States. Wildpack currently operates indirectly through its wholly owned subsidiaries and out of facilities in Baltimore, Maryland, Grand Rapids, Michigan, Atlanta, Georgia, Longmont, Colorado, Sacramento, California and Las Vegas, Nevada with a focus on digital innovation and green ready-to-drink packaging. Wildpack commenced trading on May 19, 2021, on the TSX Venture Exchange under the symbol "CANS" and commenced trading on February 23, 2022, on the OTCQB® Venture Market under the symbol "WLDPF".
This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, but not limited to, statements with respect to Wildpack's plans, financial performance and operating performance, anticipated growth in co-packing business, the estimation of revenue, the timing and targets of M&A activity, costs, future capital expenditures, and the success of integration. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks including but not limited to: risks related to the successful integration of acquisitions; risks related to operations; risks related to general economic conditions and credit availability, ability to obtain sufficient and suitable financing, actual results of current production and decorating, fluctuations in prices of aluminum; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the co-packaging industry; delays in the completion of capex activities, changes in national and local government regulation of manufacturing operations and labour laws in light of the current COVID pandemic, tax rules and regulations, and political and economic developments where Wildpack operates. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements expressed or implied by Wildpack are subject to a number of risks, uncertainties, and conditions, many of which are outside of Wildpack's control, and undue reliance should not be placed on such statements. Although Wildpack has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties related to Wildpack's business, including that Wildpack's assumptions in making forward-looking statements may prove to be incorrect; delays in filing of financial information; adverse market conditions; risks inherent in the beverage manufacturing and packaging sector in general; that future results may vary from historical results; and competition in the markets where Wildpack operates. Except as required by securities law, Wildpack does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Wildpack Beverage Inc. | https://www.whsv.com/prnewswire/2022/05/02/wildpack-changes-date-time-its-year-end-2021-financial-results-webcast/ | 2022-05-02T21:04:19Z |
WASHINGTON, May 2, 2022 /PRNewswire/ -- Leneé Lyte, founder and CEO of boutique firm LYRC CPA, joined Withum to bolster the Firm's Government Contractors Services practice. Withum, a nationally recognized CPA and advisory firm with 18 offices and annual revenue of $360M, ranks in the top 25 firms in the country. Leneé joined the Withum roster as a Principal in the Washington, DC office, increasing the Firm's regional presence in its nationwide Government Contractor business.
"I couldn't be more excited to begin my next career adventure and join the Withum team," said Leneé. "I am excited to expand service offerings to my existing clients and be a member of a team that values inclusion, diversity, innovation and adopts a family-first mindset when it comes to all things."
Leneé spent 18 years challenging the status quo of corporate organizations, bringing diversity, integrity and a sense of community to her work. Drawing on her previous knowledge of MD&L and professional services companies, Leneé offers government contractors expertise in SOX Compliance, Indirect Cost Allocation, FAR/DFARS Compliance, SEC Financial Reporting and ERP implementation.
"We are eager to start collaborating with Leneé," said Wendy Terry, Partner and Practice Leader of Withum's Government Contractors team. "Combining our efforts will benefit our clients and support our growing government contractor practices nationally." Withum's Government Contractor focus brings another layer of regionally specific services to the Washington, DC, business community.
"As part of Withum's growth strategy, we're always looking to bring additional services to markets where Withum already has roots," said Bill Hagaman, Withum's Managing Partner and CEO. "This is another progressive step in positioning Withum as a national player in the Government Contractor space."
Withum's Government Contractors Services Team brings a unique perspective to the industry through a comprehensive suite of services designed to help businesses nationwide remain compliant, efficient and profitable. Leneé joins a team of forward-thinking advisors who consistently help clients Be in a Position of Strength.
About Withum
Established in 1974, Withum is a national top-ranking public accounting firm providing advisory, tax and audit services to businesses and individuals on a local-to-global scale. Headquartered in Princeton, NJ, Withum has a presence in major cities and financial centers across the country. Withum also is an independent member of HLB, the global advisory and accounting network. For more information, please visit www.withum.com.
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SOURCE Withum | https://www.whsv.com/prnewswire/2022/05/02/withum-enhances-government-contractor-services-with-boutique-expertise/ | 2022-05-02T21:04:25Z |
FOLSOM, Calif., May 2, 2022 /PRNewswire/ -- On this World Asthma Day, May 3, 2002, The Microbiome First - Pathway to Sustainable Healthcare Summit organization committee invites healthcare professionals, non-communicable disease community leaders, and stakeholders to participate in the inaugural Microbiome First Summit, a virtual event taking place online at MicrobiomeFirst.org this May, 17-19, 2022. FREE to participants.
For detailed information and to register, visit https://microbiomefirst.org/
The event, Microbiome First - Pathway to Sustainable Healthcare Summit, kicks off the inaugural event underwritten and moderated by the World Asthma Foundation (WAF), which is pleased to announce the following speakers:
Event Keynote
RODNEY DIETERT, PHD
Cornell University Professor Emeritus
Ithaca, NY, USA
Author of The Human Superorganism.
Keynote: "Big Picture View of Our Tiny Microbes"
Researcher Sessions
MARIE-CLAIRE ARRIETA, PHD
Assistant Professor, departments of Physiology, Pharmacology, and Pediatrics, University of Calgary
Calgary AB, CANADA
Session: "The intestinal microbiome in early life: health and disease"
JAEYUN SUNG, PHD
Assistant Professor, Microbiome Program, Center for Individualized Medicine, Mayo Clinic.
Rochester, MN, USA
Session: "A predictive index for health status using species-level gut microbiome profiling"
KATRINE L. WHITESON, PHD
Assistant Professor, Molecular Biology and Biochemistry School of Biological Sciences
Associate Director, UCI Microbiome Initiative
Irvine, CA, USA
Session: "High-Fiber, Whole-Food Dietary Intervention Alters the Human Gut Microbiome but Not Fecal Short-Chain Fatty Acids"
LISA AZIZ-ZADEH, PHD
Expert on the brain's role in creativity, language and empathy.
Associate Professor in the USC Chan Division of Occupational Science and Occupational Therapy
Los Angeles, CA, USA
Session: "Research That Potentially Links Autism and Brain-Gut Microbiome" or Brain-Gut-Microbiome System: Pathways and Implications for Autism Spectrum Disorder
MARTIN KRIEGEL, MD, PHD
Chief of Rheumatology and Clinical Immunology at University Hospital of Münster
GERMANY
Associate Professor Adjunct of Immunobiology at Yale School of Medicine.
Updated Session: "Dietary Resistant Starch Effects on Gut Pathobiont Translocation and Systemic Autoimmunity"
ERICA & JUSTIN SONNENBURG, PHD
Senior research scientist and Associate Professor in the Department of Microbiology and Immunology at the Stanford University School of Medicine.
Palo Alto, CA, USA
Session: "Gut-microbiota-targeted diets modulate human immune status"
EMMA HAMILTON-WILLIAMS, PHD
Associate Professor
Principal Research Fellow
The University of Queensland Diamantina Institute
Faculty of Medicine
The University of Queensland
Translational Research Institute
Woolloongabba, QLD, AUSTRALIA
Session: "Metabolite-based dietary supplementation in human type 1 diabetes is associated with microbiota and immune modulation"
ANDRES CUBILLOS-RUIZ, PHD
Scientist, Wyss Institute of Harvard University and Institute of Medical Engineering and Science at Massachusetts Institute of Technology
Cambridge, MA, USA
Session: Protecting the gut microbiota from antibiotics with engineered live biotherapeutics"
EMERAN A MAYER, MD
Gastroenterologist, Neuroscientist, Distinguished Research Professor
Department of Medicine, UCLA David Geffen School of Medicine
Executive Director, G. Oppenheimer Center for Neurobiology of Stress and Resilience at UCLA
Founding Director, UCLA Brain Gut Microbiome Center.
Los Angeles, CA, USA
Session: "The Gut–Brain Axis and the Microbiome: Mechanisms and Clinical Implications"
BENOIT CHASSAING, PHD
Principal Investigator, Chassaing Lab
Associate professor, French National Institute of Health and Medical Research.
Paris, FRANCE
Session: "Ubiquitous food additive and microbiota and intestinal environment"
SEI WON LEE, MD, PHD
Associate Professor
College of Medicine, University of Ulsan
Department of Pulmonary and Critical Care, Asan Medical Center
Seoul, KOREA
Session: "The therapeutic application of gut-lung axis in chronic respiratory disease"
PATRICIA MACCHIAVERNI, PHD
Clinical and translational researcher
Research Fellow, The University of Western Australia
Perth, WA, AUSTRALIA
Honorary Research Associate, Telethon Kids Institute.
Session: "House dust mite shedding in human milk: a neglected cause of Allergy susceptibility?"
LIEKE VAN DEN ELSEN, PHD
Research Fellow, The University of Western Australia, Australia
Honorary Research Associate, Telethon Kids Institute.
Perth, WA, AUSTRALIA
Session: "Gut Microbiota by Breastfeeding: The Gateway to Allergy Prevention"
PAUL TURNER, PHD
Rachel Carson Professor of Ecology and Evolutionary Biology, Yale University
Microbiology faculty member, Yale School of Medicine.
New Haven, CT, USA
Session: "New Yale Center to Advance Phage Research, Understanding, Treatments, Training, Education"
ANDRES CUBILLOS- RUIZ, PHD
Scientist, Wyss Institute of Harvard University and Institute of Medical Engineering and Science of Massachusetts Institute of Technology MIT
Boston, MA, USA
Session: "Protecting the gut microbiota from antibiotics with engineered live biotherapeutics"
Media Supporter Content
TONI HARTMAN
PRINCIPAL
Microbiome Courses
London England UK
Session "Educating Parents About 'Seeding And Feeding' A Baby's Microbiome"
Summit Details:
The goal of the Microbiome First - Sustainable Healthcare Summit is to improve quality of life at reduced cost by addressing the microbiome first, as recent research shows that all of these non-communicable diseases have a relationship to the microbiome.
For additional information visit https://microbiomefirst.org/ or on Twitter at @MicrobiomeFirst https://twitter.com/MicrobiomeFirst
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SOURCE World Asthma Foundation | https://www.whsv.com/prnewswire/2022/05/02/world-asthma-foundation-announces-speakers-microbiome-first-summit/ | 2022-05-02T21:04:32Z |
CHEYENNE – The City of Cheyenne has published a schedule for their upcoming work sessions regarding the 2023 fiscal year budget.
Access to the 2023 proposed budget document is available at the link above, at www.cheyennecity.org/FinancialReports under the Adopted & Proposed Budgets tab, and on the homepage of www.cheyennecity.org on the Featured Links tab.
The first work session will be an overview of the proposed budget on Wednesday, May 4. All sessions will be held from 12-1 p.m. at the Municipal Building (2101 O’Neil Ave.) in Council Chambers. The sessions are open to the public; however, no public comments will be taken. A full schedule of the work sessions can be found below:
Wednesday, May 4 – Budget overview with Mayor and City Treasurer
Thursday, May 5 – Mayor, Compliance/IT, City Clerk, City Treasurer
Friday, May 6 – City Attorney, Human Resources, Municipal Court, Youth Alternatives
Monday, May 9 – DDA and Animal Shelter
Tuesday, May 10 – Planning & Development and City Engineer
Wednesday, May 11 – Public Works
Thursday, May 12 – Community Recreation & Events
Friday, May 13 – Police and Fire Departments
Meetings remain available remotely via Zoom to watch. A link for all work sessions is available below and on the City’s Electronic Conference Meeting webpage at www.cheyennecity.org/ecm. The City will provide a live stream on their Facebook, YouTube, and Twitter pages in addition to Spectrum local access channel 192. | https://www.wyomingnews.com/news/local_news/city-provides-schedule-for-budget-work-sessions/article_fcfc6f4f-ff89-5625-b97f-9799e3e4e8a7.html | 2022-05-02T21:09:27Z |
Country
United States of America US Virgin Islands United States Minor Outlying Islands Canada Mexico, United Mexican States Bahamas, Commonwealth of the Cuba, Republic of Dominican Republic Haiti, Republic of Jamaica Afghanistan Albania, People's Socialist Republic of Algeria, People's Democratic Republic of American Samoa Andorra, Principality of Angola, Republic of Anguilla Antarctica (the territory South of 60 deg S) Antigua and Barbuda Argentina, Argentine Republic Armenia Aruba Australia, Commonwealth of Austria, Republic of Azerbaijan, Republic of Bahrain, Kingdom of Bangladesh, People's Republic of Barbados Belarus Belgium, Kingdom of Belize Benin, People's Republic of Bermuda Bhutan, Kingdom of Bolivia, Republic of Bosnia and Herzegovina Botswana, Republic of Bouvet Island (Bouvetoya) Brazil, Federative Republic of British Indian Ocean Territory (Chagos Archipelago) British Virgin Islands Brunei Darussalam Bulgaria, People's Republic of Burkina Faso Burundi, Republic of Cambodia, Kingdom of Cameroon, United Republic of Cape Verde, Republic of Cayman Islands Central African Republic Chad, Republic of Chile, Republic of China, People's Republic of Christmas Island Cocos (Keeling) Islands Colombia, Republic of Comoros, Union of the Congo, Democratic Republic of Congo, People's Republic of Cook Islands Costa Rica, Republic of Cote D'Ivoire, Ivory Coast, Republic of the Cyprus, Republic of Czech Republic Denmark, Kingdom of Djibouti, Republic of Dominica, Commonwealth of Ecuador, Republic of Egypt, Arab Republic of El Salvador, Republic of Equatorial Guinea, Republic of Eritrea Estonia Ethiopia Faeroe Islands Falkland Islands (Malvinas) Fiji, Republic of the Fiji Islands Finland, Republic of France, French Republic French Guiana French Polynesia French Southern Territories Gabon, Gabonese Republic Gambia, Republic of the Georgia Germany Ghana, Republic of Gibraltar Greece, Hellenic Republic Greenland Grenada Guadaloupe Guam Guatemala, Republic of Guinea, Revolutionary
People's Rep'c of Guinea-Bissau, Republic of Guyana, Republic of Heard and McDonald Islands Holy See (Vatican City State) Honduras, Republic of Hong Kong, Special Administrative Region of China Hrvatska (Croatia) Hungary, Hungarian People's Republic Iceland, Republic of India, Republic of Indonesia, Republic of Iran, Islamic Republic of Iraq, Republic of Ireland Israel, State of Italy, Italian Republic Japan Jordan, Hashemite Kingdom of Kazakhstan, Republic of Kenya, Republic of Kiribati, Republic of Korea, Democratic People's Republic of Korea, Republic of Kuwait, State of Kyrgyz Republic Lao People's Democratic Republic Latvia Lebanon, Lebanese Republic Lesotho, Kingdom of Liberia, Republic of Libyan Arab Jamahiriya Liechtenstein, Principality of Lithuania Luxembourg, Grand Duchy of Macao, Special Administrative Region of China Macedonia, the former Yugoslav Republic of Madagascar, Republic of Malawi, Republic of Malaysia Maldives, Republic of Mali, Republic of Malta, Republic of Marshall Islands Martinique Mauritania, Islamic Republic of Mauritius Mayotte Micronesia, Federated States of Moldova, Republic of Monaco, Principality of Mongolia, Mongolian People's Republic Montserrat Morocco, Kingdom of Mozambique, People's Republic of Myanmar Namibia Nauru, Republic of Nepal, Kingdom of Netherlands Antilles Netherlands, Kingdom of the New Caledonia New Zealand Nicaragua, Republic of Niger, Republic of the Nigeria, Federal Republic of Niue, Republic of Norfolk Island Northern Mariana Islands Norway, Kingdom of Oman, Sultanate of Pakistan, Islamic Republic of Palau Palestinian Territory, Occupied Panama, Republic of Papua New Guinea Paraguay, Republic of Peru, Republic of Philippines, Republic of the Pitcairn Island Poland, Polish People's Republic Portugal, Portuguese Republic Puerto Rico Qatar, State of Reunion Romania, Socialist Republic of Russian Federation Rwanda, Rwandese Republic Samoa, Independent State of San Marino, Republic of Sao Tome and Principe, Democratic Republic of Saudi Arabia, Kingdom of Senegal, Republic of Serbia and Montenegro Seychelles, Republic of Sierra Leone, Republic of Singapore, Republic of Slovakia (Slovak Republic) Slovenia Solomon Islands Somalia, Somali Republic South Africa, Republic of South Georgia and the South Sandwich Islands Spain, Spanish State Sri Lanka, Democratic Socialist Republic of St. Helena St. Kitts and Nevis St. Lucia St. Pierre and Miquelon St. Vincent and the Grenadines Sudan, Democratic Republic of the Suriname, Republic of Svalbard & Jan Mayen Islands Swaziland, Kingdom of Sweden, Kingdom of Switzerland, Swiss Confederation Syrian Arab Republic Taiwan, Province of China Tajikistan Tanzania, United Republic of Thailand, Kingdom of Timor-Leste, Democratic Republic of Togo, Togolese Republic Tokelau (Tokelau Islands) Tonga, Kingdom of Trinidad and Tobago, Republic of Tunisia, Republic of Turkey, Republic of Turkmenistan Turks and Caicos Islands Tuvalu Uganda, Republic of Ukraine United Arab Emirates United Kingdom of Great Britain & N. Ireland Uruguay, Eastern Republic of Uzbekistan Vanuatu Venezuela, Bolivarian Republic of Viet Nam, Socialist Republic of Wallis and Futuna Islands Western Sahara Yemen Zambia, Republic of Zimbabwe | https://www.wyomingnews.com/news/local_news/fridays-on-the-plaza-announce-celebration/article_fab1661d-1602-5e08-b465-0f198aacb79c.html | 2022-05-02T21:09:34Z |
Country
United States of America US Virgin Islands United States Minor Outlying Islands Canada Mexico, United Mexican States Bahamas, Commonwealth of the Cuba, Republic of Dominican Republic Haiti, Republic of Jamaica Afghanistan Albania, People's Socialist Republic of Algeria, People's Democratic Republic of American Samoa Andorra, Principality of Angola, Republic of Anguilla Antarctica (the territory South of 60 deg S) Antigua and Barbuda Argentina, Argentine Republic Armenia Aruba Australia, Commonwealth of Austria, Republic of Azerbaijan, Republic of Bahrain, Kingdom of Bangladesh, People's Republic of Barbados Belarus Belgium, Kingdom of Belize Benin, People's Republic of Bermuda Bhutan, Kingdom of Bolivia, Republic of Bosnia and Herzegovina Botswana, Republic of Bouvet Island (Bouvetoya) Brazil, Federative Republic of British Indian Ocean Territory (Chagos Archipelago) British Virgin Islands Brunei Darussalam Bulgaria, People's Republic of Burkina Faso Burundi, Republic of Cambodia, Kingdom of Cameroon, United Republic of Cape Verde, Republic of Cayman Islands Central African Republic Chad, Republic of Chile, Republic of China, People's Republic of Christmas Island Cocos (Keeling) Islands Colombia, Republic of Comoros, Union of the Congo, Democratic Republic of Congo, People's Republic of Cook Islands Costa Rica, Republic of Cote D'Ivoire, Ivory Coast, Republic of the Cyprus, Republic of Czech Republic Denmark, Kingdom of Djibouti, Republic of Dominica, Commonwealth of Ecuador, Republic of Egypt, Arab Republic of El Salvador, Republic of Equatorial Guinea, Republic of Eritrea Estonia Ethiopia Faeroe Islands Falkland Islands (Malvinas) Fiji, Republic of the Fiji Islands Finland, Republic of France, French Republic French Guiana French Polynesia French Southern Territories Gabon, Gabonese Republic Gambia, Republic of the Georgia Germany Ghana, Republic of Gibraltar Greece, Hellenic Republic Greenland Grenada Guadaloupe Guam Guatemala, Republic of Guinea, Revolutionary
People's Rep'c of Guinea-Bissau, Republic of Guyana, Republic of Heard and McDonald Islands Holy See (Vatican City State) Honduras, Republic of Hong Kong, Special Administrative Region of China Hrvatska (Croatia) Hungary, Hungarian People's Republic Iceland, Republic of India, Republic of Indonesia, Republic of Iran, Islamic Republic of Iraq, Republic of Ireland Israel, State of Italy, Italian Republic Japan Jordan, Hashemite Kingdom of Kazakhstan, Republic of Kenya, Republic of Kiribati, Republic of Korea, Democratic People's Republic of Korea, Republic of Kuwait, State of Kyrgyz Republic Lao People's Democratic Republic Latvia Lebanon, Lebanese Republic Lesotho, Kingdom of Liberia, Republic of Libyan Arab Jamahiriya Liechtenstein, Principality of Lithuania Luxembourg, Grand Duchy of Macao, Special Administrative Region of China Macedonia, the former Yugoslav Republic of Madagascar, Republic of Malawi, Republic of Malaysia Maldives, Republic of Mali, Republic of Malta, Republic of Marshall Islands Martinique Mauritania, Islamic Republic of Mauritius Mayotte Micronesia, Federated States of Moldova, Republic of Monaco, Principality of Mongolia, Mongolian People's Republic Montserrat Morocco, Kingdom of Mozambique, People's Republic of Myanmar Namibia Nauru, Republic of Nepal, Kingdom of Netherlands Antilles Netherlands, Kingdom of the New Caledonia New Zealand Nicaragua, Republic of Niger, Republic of the Nigeria, Federal Republic of Niue, Republic of Norfolk Island Northern Mariana Islands Norway, Kingdom of Oman, Sultanate of Pakistan, Islamic Republic of Palau Palestinian Territory, Occupied Panama, Republic of Papua New Guinea Paraguay, Republic of Peru, Republic of Philippines, Republic of the Pitcairn Island Poland, Polish People's Republic Portugal, Portuguese Republic Puerto Rico Qatar, State of Reunion Romania, Socialist Republic of Russian Federation Rwanda, Rwandese Republic Samoa, Independent State of San Marino, Republic of Sao Tome and Principe, Democratic Republic of Saudi Arabia, Kingdom of Senegal, Republic of Serbia and Montenegro Seychelles, Republic of Sierra Leone, Republic of Singapore, Republic of Slovakia (Slovak Republic) Slovenia Solomon Islands Somalia, Somali Republic South Africa, Republic of South Georgia and the South Sandwich Islands Spain, Spanish State Sri Lanka, Democratic Socialist Republic of St. Helena St. Kitts and Nevis St. Lucia St. Pierre and Miquelon St. Vincent and the Grenadines Sudan, Democratic Republic of the Suriname, Republic of Svalbard & Jan Mayen Islands Swaziland, Kingdom of Sweden, Kingdom of Switzerland, Swiss Confederation Syrian Arab Republic Taiwan, Province of China Tajikistan Tanzania, United Republic of Thailand, Kingdom of Timor-Leste, Democratic Republic of Togo, Togolese Republic Tokelau (Tokelau Islands) Tonga, Kingdom of Trinidad and Tobago, Republic of Tunisia, Republic of Turkey, Republic of Turkmenistan Turks and Caicos Islands Tuvalu Uganda, Republic of Ukraine United Arab Emirates United Kingdom of Great Britain & N. Ireland Uruguay, Eastern Republic of Uzbekistan Vanuatu Venezuela, Bolivarian Republic of Viet Nam, Socialist Republic of Wallis and Futuna Islands Western Sahara Yemen Zambia, Republic of Zimbabwe | https://www.wyomingnews.com/wyosports/university_of_wyoming/crall-joins-miami-dolphins-as-undrafted-free-agent/article_cc89696d-8174-5b62-8d90-24f80668322c.html | 2022-05-02T21:09:40Z |
Depp’s agent calls Heard op-ed piece on abuse ‘catastrophic’
FALLS CHURCH, Va. (AP) — Johnny Depp’s agent testified Monday that his ex-wife’s 2018 op-ed piece in The Washington Post describing herself as a victim of domestic abuse was “catastrophic” to his career and coincided with the loss of a $23 million deal for a “Pirates of the Caribbean” sequel.
Amber Heard’s lawyers pushed back aggressively against the agent’s assertion on cross-examination, suggesting that the article was inconsequential amid a stream of bad publicity for Depp brought on by his own bad behavior.
Depp is suing Heard for libel in Fairfax County Circuit Court, saying her article defamed him when she described herself as “a public figure representing domestic abuse.” The article never mentions Depp by name, but Depp’s lawyers say he was defamed nevertheless because it’s a clear reference to abuse allegations Heard levied in 2016.
In testimony Monday, agent Jack Whigham said Depp was still able to work after the initial allegations made against him in 2016. He was paid $8 million for “City Of Lies,” $10 million for “Murder on the Orient Express” and $13.5 million for “Fantastic Beasts: The Crimes of Grindelwald,” all of which shot in 2017, albeit under contracts reached prior to the allegations made against him.
But he said The Washington Post piece was uniquely damaging to Depp’s career.
“It was a first-person account, extremely impactful,” Whigham said of the op-ed.
After that, he said Depp struggled to get any kind of work. He had to take a pay cut — down to $3 million — to do the independent film “Minimata,” and a $22.5 million verbal deal he had with Disney for a sixth “Pirates” film was scuttled, Whigham said.
On cross-examination, though, Heard’s lawyers asked whether the “Pirates” deal had already gone south by the time Heard’s article was published. Whigham acknowledged he never had a written deal for Depp to appear in a sixth “Pirates” film.” And while he said “Pirates” producer Jerry Bruckheimer talked favorably throughout 2018 about Depp coming back to the franchise, Disney executives were noncommittal at best.
By early 2019 — weeks after Heard’s op-ed — Whigham said it was clear that Depp’s role in any “Pirates” film was scuttled and that producers were instead looking to move ahead with Margot Robbie in a lead role.
Heard’s lawyers have cited a variety of factors — including reports of heavy drug and alcohol use, a lawsuit by a crew member in July 2018 who says he was punched on set by Depp, and a separate libel lawsuit Depp filed against a British newspaper in 2018 — as things that damaged Depp’s image more than the Post article.
For Depp’s Virginia lawsuit to be successful, he not only needs to show that he was falsely accused, but he also needs to show that the op-ed piece — not Heard’s abuse allegations in 2016 when she filed for divorce and obtained a temporary restraining order — is what caused the damage.
Depp’s lawyers also presented testimony from an intellectual property expert who testified about the negative turn in Depp’s reputation. But his own data, showing trend lines from Google searches, showed negative spikes occurring after the 2016 abuse allegations, but negligible or nonexistent changes after the Post article.
The trial has now entered its fourth week. Much of the testimony during the first three weeks centered on the volatile relationship between Depp and Heard. Depp says he has never struck Heard. Her lawyers said during the trial’s opening statements that she was physically and sexually abused by Depp on multiple occasions.
Heard is expected to testify later this week.
Copyright 2022 The Associated Press. All rights reserved. | https://www.wvva.com/2022/05/02/depps-agent-calls-heard-op-ed-piece-abuse-catastrophic/ | 2022-05-02T21:47:00Z |
Lewisburg-based non-profit rebuilds after struggling through pandemic
LEWISBURG, W.Va. (WVVA) - A Lewisburg non-profit aimed at helping the homeless is rebuilding after struggling through the COVID-19 pandemic.
Homeless Inc. was founded by Walt Lockhart in 2000. Lockhart is an 85-year-old Navy veteran and former American Red Cross employee. For more than 20 years, he has operated the organization out of his home- storing items that people in need can use. These items range from furniture to beds and even vehicles.
Over the years, Lockhart, who says he has always had a passion to help others, has fed the hungry, housed the homeless and transported the sick, and says doing so has never been a problem.
That is, until COVID hit, leaving Homeless Inc. with dwindling volunteers and little funds.
“Here lately, we’ve had problems with the COVID-19. Not only did our volunteers dry up, but people don’t have the money they used to have. We used to ask for money, and we’d get it,” he explained.
In the heat of the pandemic, Homeless Inc., which once had nearly 100 volunteers, was left with four, and Lockhart said they were struggling to raise the funds necessary to support daily operation.
That is until Golden Heart Games, the leading innovator in 24/7 digital charitable promotional games, stepped in. Golden Heart Games is a non-profit that creates internet and mobile games where players support charities by playing games. The organization has processed $7.5 million in donations, which has been distributed to nearly 50,000 non-profits.
As one of these non-profits, Lockhart says Golden Heart Games is a “savior,” adding that the organization’s weekly contributions have allowed him to continue to help those in need.
While Homeless Inc. will continue to serve the citizens of Greenbrier, Summers, Monroe and Pocahontas counties, Lockhart says what they desperately need is a shelter that can help support the homeless population.
Copyright 2022 WVVA. All rights reserved. | https://www.wvva.com/2022/05/02/lewisburg-based-non-profit-rebuilds-after-struggling-through-pandemic/ | 2022-05-02T21:47:13Z |
Man charged with murder after calling police to say he ‘may have killed his wife,’ authorities say
TULSA, Okla. (Gray News) – A man in Oklahoma was arrested and charged with first-degree murder after he called police and said he “may have killed his wife,” officials said.
According to the Tulsa Police Department, officers received the call from Charles Bradley early Monday morning.
When officers responded to the home, they found Bradley’s wife dead from gunshot wounds. Police said there were no signs of forced entry into the home.
Bradley was booked into Tulsa County Jail on a first-degree murder charge. According to jail records, he is being held without bond.
Bradley’s first court appearance is scheduled for Tuesday, jail records show.
Tulsa police said they are still investigating and cannot provide further details on the case right now.
Copyright 2022 Gray Media Group, Inc. All rights reserved. | https://www.wvva.com/2022/05/02/man-charged-with-murder-after-calling-police-say-he-may-have-killed-his-wife-authorities-say/ | 2022-05-02T21:47:19Z |
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