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Several elevated ramps will be temporarily closed on the Baltimore Beltway and the “Triple Bridges” interchange on I-70 in Woodlawn for four separate nights in August and September for inspections.
The first closure is Wednesday from 10 p.m. to 5 p.m. The Maryland Department of Transportation State Highway Administration advises drivers on I-70 and I-695 and near the interchange to plan for extra travel time and detours. All ramp closure and detour dates are weather-permitting, MDOT SHA said.
MDOT SHA contracted with Wagman Heavy Civil Inc. to perform the inspections, which plans to use digital message boards, temporary signs and barrels to safely guide drivers through the area.
Two ramps that will undergo repairs are located near a work zone where six construction workers were killed in March, when a driver entered the zone through a gap in concrete barriers north of Security Boulevard.
“The State Highway Administration understands temporary and ramp closures can be an inconvenience, but the work is necessary to maintain and improve the transportation system for all,” the agency said in a statement. “Drivers are asked to stay alert, stay focused, look for reduced speed limits as well as driving pattern changes, and slow down in construction zones.”
Closures and detours will occur on these dates:
- Wednesday from 10 p.m. to 5 a.m. on I-695 exit 16A, the left ramp on northbound I-695 (inner loop) to west I-70 to Frederick.
- Thursday from 10 p.m. to 5 a.m. on I-695 exit 16B, the left ramp on southbound I-695 (outer loop) to eastbound I-70 Local.
- September 20 from 10 p.m. to 5 a.m. on I-70 exit 91B, the left ramp eastbound I-70 to northbound I-695 (inner loop).
- September 21 from 10 p.m. to 5 a.m. on I-70 exit 91A, the right ramp westbound I-70 to southbound I-695 (outer loop) .
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https://www.capitalgazette.com/maryland/bs-md-co-baltimore-beltway-closure-triple-bridges-20230731-46tzktzw4vab7itghtjqahaauq-story.html
| 2023-07-31T20:56:37
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https://www.capitalgazette.com/maryland/bs-md-co-baltimore-beltway-closure-triple-bridges-20230731-46tzktzw4vab7itghtjqahaauq-story.html
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Biden has decided to keep Space Command in Colorado, rejecting move to Alabama, officials tell AP
WASHINGTON (AP) — President Joe Biden has decided to keep U.S. Space Command headquarters in Colorado, overturning a last-ditch decision by the Trump administration to move it to Alabama and ending months of politically fueled debate, according to senior U.S. officials.
The officials said Biden was convinced by the head of Space Command, Gen. James Dickinson, who argued that moving his headquarters now would jeopardize military readiness. Dickinson’s view, however, was in contrast to Air Force leadership, who studied the issue at length and determined that relocating to Huntsville, Alabama, was the right move.
The officials spoke on condition of anonymity to discuss the decision ahead of the announcement.
The president, they said, believes that keeping the command in Colorado Springs would avoid a disruption in readiness that the move would cause, particularly as the U.S. races to compete with China in space. And they said Biden firmly believes that maintaining stability will help the military be better able to respond in space over the next decade. Those factors, they said, outweighed what the president believed would be any minor benefits of moving to Alabama.
Biden’s decision is sure to enrage Alabama lawmakers and fuel accusations that abortion politics played a role in the choice. The location debate has become entangled in the ongoing battle between Alabama Republican Sen. Tommy Tuberville and the Defense Department over the move to provide travel for troops seeking reproductive health care. Tuberville opposed the policy is blocking hundreds of military promotions in protest.
The U.S. officials said the abortion issue had no effect at all on Biden’s decision. And they said the president fully expected there would be different views on the matter within the Defense Department.
Formally created in August 2019, the command was temporarily based in Colorado, and Air Force and Space Force leaders initially recommended it stay there. In the final days of his presidency Donald Trump decided it should be based in Huntsville.
The change triggered a number of reviews.
Proponents of keeping the command in Colorado have argued that moving it to Huntsville and creating a new headquarters would set back its progress at a time it needs to move quickly to be positioned to match China’s military space rise. And Colorado Springs is also home to the Air Force Academy, which now graduates Space Force guardians, and more than 24 military space missions, including three Space Force bases.
Officials also argued that any new headquarters in Alabama would not be completed until sometime after 2030, forcing a lengthy transition.
Huntsville, however, scored higher than Colorado Springs in a Government Accountability Office assessment of potential locations and has long been a home to some of earliest missiles used in the nation’s space programs, including the Saturn V rocket. It is home to the Army’s Space and Missile Defense Command.
According to officials, Air Force Secretary Frank Kendall, who ordered his own review of the matter, leaned toward Huntsville, while Dickinson was staunchly in favor of staying put. The officials said Defense Secretary Lloyd Austin presented both options to Biden.
The decision was good news for Colorado lawmakers.
“For two and a half years we’ve known any objective analysis of this basing decision would reach the same conclusion we did, that Peterson Space Force Base is the best home for Space Command,” Sen. John Hickenlooper, D-Colo., said in a statement. “Most importantly, this decision firmly rejects the idea that politics — instead of national security — should determine basing decisions central to our national security.”
Sen. Michael Bennet, D-Colo., said the decision “restores integrity to the Pentagon’s basing process and sends a strong message that national security and the readiness of our Armed Forces drive our military decisions.”
Copyright 2023 The Associated Press. All rights reserved.
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https://www.ktre.com/2023/07/31/biden-has-decided-keep-space-command-colorado-rejecting-move-alabama-officials-tell-ap/
| 2023-07-31T20:56:37
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This article was written by a human.
That's worth mentioning because it's no longer something you can just assume. Artificial intelligence that can mimic conversation, whether written or spoken, has been in the news a lot this year, delighting some members of the public while worrying educators, politicians, the World Health Organization, and even some of the people developing AI technology.
Misuse of AI is part of what actors and writers are striking about in Hollywood, and the threat of AI is something Hollywood was imagining long before it was real.
In 1968, for instance, the year before humans first set foot on the moon — and a time when astronauts still used pencils and slide rules to calculate re-entry trajectories because their space capsules had less computing power than a digital watch has today — Stanley Kubrick introduced movie audiences to a sentient HAL-9000 computer in 2001: A Space Odyssey.
HAL (for Heuristically Programmed Algorithmic Computer) introduced itself early in the film by saying, "No 9000 computer has ever made a mistake or distorted information. We are all, by any practical definition of the words, foolproof and incapable of error."
'Open the pod bay door, HAL'
So why was HAL acting so strangely? He (it?) was responsible for maintaining all aspects of a months-long space flight, ferrying astronauts to the moons of Jupiter. Programmed to run the mission flawlessly, the computer's behavior had become alarming, and two of the astronauts had decided to shut down some of its functions. Their plan was short-circuited when HAL, lip-reading a conversation they'd managed to keep him from hearing, cast one of them adrift while he was outside the ship repairing an antenna and refused to let the other back on board.
"Open the pod bay door, HAL" became one of the most quoted film lines of the decade when the computer responded, "I'm sorry, Dave, I'm afraid I can't do that. This mission is too important for me to allow you to jeopardize it."
It's hard to articulate what a genuine shock this was for 1960s movie audiences. There'd been films with, say, robots causing havoc, but they were generally robots doing someone else's bidding. Movie robots, at that point, were about brawn, not brain.
And anyway, malevolent robot stories were precisely the sort of B-movie silliness Kubrick was trying to avoid. So his intelligent machine simply observed (with an unblinking red eye) and, when addressed directly, spoke with a calm, modulated voice, not unlike the one that would be adopted four decades later by Siri and Alexa.
Darwin Among the Machines
Earlier literary notions of "artificial" intelligence — and there were not a lot of them at that point — hadn't really caught the public's imagination. Samuel Butler's 1863 article Darwin Among the Machines, is generally thought to be the origin of this species of writing, and it mostly just notes that while humankind invented machines to assist us — and remember, a really sophisticated machine in 1863 was the steam locomotive — we were increasingly assisting them: tending, fueling, repairing.
Over tens of thousands of years, Butler wondered, might humans not evolve in much the same way Darwin's study of natural selection had just established the rest of the plant and animal kingdoms do, to the point that we would become dependent on our devices?
But even when he incorporated that idea a decade later into a satirical novel called Erewhon, expounding for several chapters on self-replicating machines, Butler barely touched on the notion that those machines would develop consciousness. And neither did the influential 19th-century science fiction writers who followed him. H.G. Wells and Jules Verne invented plenty of unorthodox devices as they sent characters to the center of the Earth, and into space and the recesses of time, without ever considering that those devices might want to do things on their own.
The term "artificial intelligence" wasn't even coined (by American computer scientist John McCarthy) until about a dozen years before Kubrick made his Space Odyssey. But HAL made an impression on the public where scientists had not. Within just a couple of years, movie computers didn't just want spaceship domination; in Colossus: The Forbin Project (1970), they wanted to take over the world.
Malignant machines gone viral
And then this notion of technology-run-wild, ran wild. A high school student played by Matthew Broderick nearly started World War III in WarGames (1983) when he thought he was hacking a computer company's website but accidentally challenged the Pentagon's defense network to a quick game of "global thermonuclear war." The problem, it soon became clear, was that no one told the defense network they were just "playing."
Elsewhere, mechanical men stopped being all-brawn and got a new dispensation to think for themselves, something fiction had granted them before Hollywood got around to it.
In the 1940s, sci-fi novelist Isaac Asimov came up with "Three Laws of Robotics" that would theoretically keep "independent" machines in line. When Asimov's story I, Robot, was turned into a film a half-century or so later, those laws should have reassured Will Smith as he stared down thousands of bots. But he had good reason to be skeptical; he was fighting a robot rebellion.
The Terminator movies effectively put all these themes on steroids — cyborgs in the service of a computerized, sentient, civil-defense network called Skynet, designed to function without any human input. A "Nuclear Fire" and three billion human deaths later, what was left of humanity was engaged in a war against the machines that has so far consumed six films, a TV series, a pair of web series, and innumerable games.
And nuclear blasts weren't necessary to make machine intelligence alarming, a fact cyberpunk-noir established definitively in Blade Runner with its "replicants," and in a Matrix series that reduced all of humanity to a mere power source for machines.
Hollywood's still fighting that vision. Who knows what "The Entity" wants in Mission Impossible: Dead Reckoning (presumably we'll find out next year in Part Two), but whatever it is, it won't bode well for humanity.
Hollywood concentrates on exploiting our fears — in the late 20th century, we worried about ceding control to technology. In the 21st century, we worry about losing control of technology.
It seems not to have occurred to Tinseltown that AI might do the things it's actually doing — make social media dangerous, or make undergrad writing courses unteachable, or screw up relationships by auto-completing incorrectly. None of those are terribly cinematic, so Hollywood concentrates on exploiting our fears — in the late 20th century, we worried about ceding control to technology. In the 21st century, we worry about losing control of technology.
Bring on the droids
Have there also been friendlier film visions of AI? Sure. George Lucas came up with lovable droids R2-D2 and C-3PO for Star Wars, and Pixar gave us Wall-E, a bot who was pluckily determined to clean up an entire planet we'd despoiled.
Spike Jonze's drama Her imagined a sentient, Siri-like personal assistant as a digital girlfriend. Star Trek's Data was not just a Next Generation android version of Mr. Spock, but also a sort of emotion-challenged Pinocchio.
And another Pinocchio — this one fashioned to stand the test of time — would have been Stanley Kubrick's own answer to the question he'd posed with HAL in 1968.
Kubrick labored for decades to hone the script for A.I. Artificial Intelligence, then just two years before he died, handed the project off to Steven Spielberg — the story of David, a robot child who has been programmed to love, and who ends up going beyond that programming.
"Until you were born," William Hurt's Professor Hobby told the bionic child he'd modeled on his own son, "robots didn't dream, robots didn't desire unless we told them what to want." The miracle, he went on, was that though David was engineered rather than born, he shared with humans "the ability to chase down our dreams...something no machine has ever done, until you."
That may not have been enough to make David a real boy, but it put a gentle face on what is perhaps our greatest fear about AI – that we are mortal, and it is not.
In the film, David outlives all of humanity, never growing up, never changing. And perhaps because he was played by Haley Joel Osment, or perhaps because Spielberg was calling the shots, or perhaps because the music swelled ... just so — it didn't feel the least bit threatening.
Copyright 2023 NPR. To see more, visit https://www.npr.org.
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https://www.kasu.org/arts-culture/arts-culture/2023-07-31/open-the-pod-bay-door-hal-heres-how-ai-became-a-movie-villain
| 2023-07-31T20:56:38
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CAPE CANAVERAL, Fla. (AP) — NASA is listening for any peep from Voyager 2 after losing contact with the spacecraft billions of miles away.
Hurtling ever deeper into interstellar space, Voyager 2 has been out of touch ever since flight controllers accidentally sent a wrong command more than a week ago that tilted its antenna away from Earth. The spacecraft’s antenna shifted a mere 2%, but it was enough to cut communications.
Although it’s considered a long shot, NASA said Monday that its huge dish antenna in Canberra, Australia, is on the lookout for any stray signals from Voyager 2, currently more than 12 billion miles (19 billion kilometers) distant. It takes more than 18 hours for a signal to reach Earth from so far away.
In the coming week, the Canberra antenna — part of NASA’s Deep Space Network — also will bombard Voyager 2’s vicinity with the correct command, in hopes it hits its mark, according to NASA’s Jet Propulsion Laboratory, which manages the Voyager missions.
Otherwise, NASA will have to wait until October for an automatic spacecraft reset that should restore communication, according to officials.
Voyager 2 was launched in 1977 to explore the outer planets, just a couple weeks ahead of its identical twin, Voyager 1.
Still in touch with Earth, Voyager 1 is now nearly 15 billion miles (24 billion kilometers) away, making it humanity’s most distant spacecraft.
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The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.
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| 2023-07-31T20:56:41
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ST. LOUIS, July 31, 2023 /PRNewswire/ -- Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, today reported that it set a new quarterly record for net sales in the second quarter of 2023.
Graybar's net sales for the second quarter of this year totaled $2.8 billion, an increase of 4.5% compared to the same period last year. Net income attributable to Graybar for the quarter finished at $124.2 million, a 2.7% decrease from the second quarter of 2022.
For the first half of 2023, the company reported net sales of $5.5 billion, an 8.1% increase compared to the same period last year. Net income attributable to Graybar for the first six months of 2023 increased 8.4% to $249.0 million.
"Thanks to the hard work of our employees, we continue to achieve positive results," said Kathleen M. Mazzarella, chairman, president and chief executive officer of Graybar. "We remain focused on providing exceptional service to our customers every day, while we make strategic investments to transform our business and strengthen our long-term position as an industry leader."
Graybar, a Fortune 500 corporation and one of the largest employee-owned companies in North America, is a leader in the distribution of high quality electrical, communications and data networking products, and specializes in related supply chain management and logistics services. Through its network of more than 325 North American distribution facilities, it stocks and sells products from thousands of manufacturers, helping its customers power, network, automate and secure their facilities with speed, intelligence and efficiency. For more information, visit www.graybar.com or call 1-800-GRAYBAR.
Media Contact:
Tim Sommer
(314) 578-7672
timothy.sommer@graybar.com
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https://www.wsaz.com/prnewswire/2023/07/31/graybar-achieves-record-net-sales-second-quarter/
| 2023-07-31T20:56:41
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THOUSAND OAKS, Calif., July 31, 2023 /PRNewswire/ -- Amgen (NASDAQ:AMGN) today announced that it will report its second quarter financial results on Thursday, August 3, 2023, after the close of the U.S. financial markets. The announcement will be followed by a conference call with the investment community at 1:30 p.m. PT. Participating in the call from Amgen will be Robert A. Bradway, chairman and chief executive officer, and other members of Amgen's senior management team.
Live audio of the conference call will be simultaneously broadcast over the internet and will be available to members of the news media, investors and the general public.
The webcast, as with other selected presentations regarding developments in Amgen's business given by management at certain investor and medical conferences, can be found on Amgen's website, www.amgen.com, under Investors. Information regarding presentation times, webcast availability and webcast links are noted on Amgen's Investor Relations Events Calendar. The webcast will be archived and available for replay for at least 90 days after the event.
About Amgen
Amgen is committed to unlocking the potential of biology for patients suffering from serious illnesses by discovering, developing, manufacturing and delivering innovative human therapeutics. This approach begins by using tools like advanced human genetics to unravel the complexities of disease and understand the fundamentals of human biology.
Amgen focuses on areas of high unmet medical need and leverages its expertise to strive for solutions that improve health outcomes and dramatically improve people's lives. A biotechnology pioneer since 1980, Amgen has grown to be one of the world's leading independent biotechnology companies, has reached millions of patients around the world and is developing a pipeline of medicines with breakaway potential.
Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average and is also part of the Nasdaq-100 index. In 2022, Amgen was named one of the "World's Best Employers" by Forbes and one of "America's 100 Most Sustainable Companies" by Barron's.
For more information, visit Amgen.com and follow us on Twitter, LinkedIn, Instagram, TikTok and YouTube.
CONTACT: Amgen, Thousand Oaks
Jessica Akopyan, 805-440-5721 (media)
Elissa Snook, 609-251-1407 (media)
Arvind Sood, 805-447-1060 (investors)
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https://www.wistv.com/prnewswire/2023/07/31/amgen-announces-webcast-2023-second-quarter-financial-results/
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Howard County’s first plan for implementing the Blueprint for Maryland’s Future, a sweeping statewide education reform plan with a decade-long rollout, was approved by the Maryland Accountability and Implementation Board on Wednesday.
The Howard County Public School System will use its 159-page plan to comply with mandates set by the 2021 law designed to radically transform the state’s public school system by funding billions of dollars of education initiatives.
The Blueprint for Maryland’s Future is designed to make Maryland’s schools among the highest performing in the country by providing more time for teachers to plan lessons and develop skills outside the classroom, offering universal prekindergarten for 3-year-olds, and redesigning the public education funding formula, among other initiatives.
The Howard County Board of Education adopted its $1.1 billion fiscal 2024 operating budget in May, including $21 million from a projected unassigned general fund balance to be used for Blueprint mandates.
Timothy Guy, HCPSS Blueprint coordinator, said that since these are one-time funds pulled from a budget surplus, the money will not be guaranteed in future budget cycles.
“This is not recurring [funding],” he said. “It’s just enough to fund operational costs.”
At this time, it is unclear where additional funding for Blueprint mandates will come from.
HCPSS staff have been meeting since September to plan how the school system will meet goals in a manner that is programmatically appropriate and fiscally responsible.
The school system has received feedback from the Maryland State Department of Education and the accountability and implementation board, Guy said.
“We did get feedback on the documents,” he said. “They asked for a little more detail. We’ll do another round of edits. There are a small amount of edits here and there.”
Guy said once edits are made the school system will post the revised plan on its website at https://www.hcpss.org/blueprint. He estimates the editing will take a few weeks.
Meeting state benchmarks
Howard’s initial plan consists of responses to 164 questions covering the five pillars of the Blueprint. They include early childhood education, high-quality and diverse teachers and leaders, college and career readiness, more resources for students to be successful, and governance and accountability.
The Blueprint implementation plan submitted by HCPSS in March aimed to increase the number of public school prekindergarten slots from 700 to 1,220 and the number of private slots from 368 to 374 for next school year, pending sufficient funding and staffing.
Funding to expand pre-K from half-day to full-day for all children is not included in the current fiscal 2024 budget, Guy said.
“We are still providing the services to students,” he said. “It’s not like we eliminated pre-K, but the original plan to full-day for all programs has been eliminated.”
Afternoon Update
The plan does include screening children for English language proficiency and providing guidance to ensure that children entering kindergarten receive appropriate services and support for English language learning. The school board will also work to eliminate barriers that prevent the enrollment of students in the county who are homeless.
As part of the Blueprint, Maryland public schools will help students achieve college and career-ready status by the end of the 10th grade. This is intended to ensure that students have the language and math skills they need to succeed in Maryland community college courses.
The school system will provide free access to the 60-credit JumpStart dual enrollment program, and expand its Career and Technical Education Career Academy as well.
Elementary, middle and high school interventions during and beyond the school day and year are also part of the HCPSS plan to help struggling students develop necessary literacy and math skills to graduate.
The plan also states that the school system commits to identifying and removing institutional barriers to recruiting, hiring, retaining and promoting a diverse workforce. The school system has increased minority representation by 2.3% during the last five years. This is similar to the overall state increase of 2.8%.
The state board approved the initial Blueprint Implementation plans for all 24 school districts in the state, but the plans from Calvert, Charles, Garrett and Queen Anne’s counties were approved with conditions.
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https://www.capitalgazette.com/maryland/cng-ho-blueprint-state-approval-20230731-prbdkseaunehzaodanhxrvmvoq-story.html
| 2023-07-31T20:56:44
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Buttigieg touts progress in goal for half of new car sales to be electric vehicles
WASHINGTON (Gray DC) - Following an announcement of private investment plan for 30,000 new electric vehicle chargers across the United States, Transportation Secretary Pete Buttigieg said government investment has paved the way private companies to produce more electric cars.
“Federal investment to try and make up the difference where markets are still getting ready, and then the private sector, private industry, needs to do the rest,” Buttigieg said.
Leading global electric vehicle manufacturers, including Ford, General Motors and BMW have joined together to build 30,000 electric vehicle chargers across the country.
“When you fill up your gas car with gas you’re counting on private companies to set up for that,” Buttigieg said. “We really need private industry to play more of a roll in investing in and running these electric vehicle charging stations.”
The government has set aside $7.5 billion for states to create their own networks of EV chargers, but the Biden administration wants to guarantee things like price transparency, and guaranteeing a charger from one company works for another company’s vehicles.
“They are going to meet standards that we have set, and they’ll have to in order to qualify for federal support.”
Buttigieg said if the U.S. does not take the lead on electric vehicles, someone else will.
“There is a race, whether people realize it or not,” Buttigieg said. “Where in the middle of a heated race to win the future of electric vehicles.”
The federal money for EV charging networks comes from the Bipartisan Infrastructure Law passed in 2021.
Copyright 2023 Gray DC. All rights reserved.
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| 2023-07-31T20:56:44
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CLEVELAND (AP) — The Cleveland Guardians traded starting pitcher Aaron Civale to the Tampa Bay Rays for first base prospect Kyle Manzardo on Monday.
The Guardians announced the trade on social media one day before the trade deadline.
Civale’s name has been thrown around in trade speculation for weeks, which has coincided with the right-hander pitching as well as he has in several seasons. Civale posted a 1.45 ERA in six July starts.
On Sunday, Civale pitched six scoreless innings in a win over the Chicago White Sox to improve to 5-2.
The move is a bit surprising from Cleveland’s standpoint since the Guardians are just one-half game out of first place in the AL Central and they have several pitchers, including ace Shane Bieber out with injuries.
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AP MLB: https://apnews.com/hub/mlb
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| 2023-07-31T20:56:47
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RYE BROOK, N.Y., July 31, 2023 /PRNewswire/ -- Belle Haven Investments is proud to be Certified™ by Great Place To Work® for the second year in a row. The prestigious award is based entirely on what current employees say about their experience working at Belle Haven Investments. This year, 93% of employees said it's a great place To Work – 36 points higher than the average U.S. company.
Great Place To Work® is the global authority on workplace culture, employee experience, and the leadership behaviors proven to deliver market-leading revenue, employee retention and increased innovation.
"Great Place To Work Certification is a highly coveted achievement that requires consistent and intentional dedication to the overall employee experience," says Sarah Lewis-Kulin, the Vice President of Global Recognition at Great Place To Work. She emphasizes that Certification is the sole official recognition earned by the real-time feedback of employees regarding their company culture. "By successfully earning this recognition, it is evident that Belle Haven Investments stands out as one of the top companies to work for, providing a great workplace environment for its employees."
Matt Dalton, CEO & CIO, expressed his excitement emphasizing "We owe the Firm's continued success to our dedicated and awesome employees. We celebrate and thank them for all they do to earn this incredible recognition."
About Belle Haven Investments
Belle Haven Investments is an independent, employee-owned asset manager that focuses exclusively on fixed income. They prioritize service, reliability, and customization, nurturing long-term partnerships with their clients. Their core values - trust and communication - permeate both external client relationships and internal team dynamics. The autonomy given to employees fosters trust, driving them to deliver their best work daily. To learn more, visit: https://www.bellehaven.com/
About Great Place to Work Certification™
Great Place To Work® Certification™ is the most definitive "employer-of-choice" recognition that companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience – specifically, how consistently they experience a high-trust workplace. Great Place to Work Certification is recognized worldwide by employees and employers alike and is the global benchmark for identifying and recognizing outstanding employee experience. Every year, more than 10,000 companies across 60 countries apply to get Great Place To Work-Certified.
Contact:
Nicole Robbins
robbinsn@bellehaven.com
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Published: Jul. 31, 2023 at 4:05 PM EDT|Updated: 51 minutes ago
Broadband revenue up 20% and Video SaaS revenue up 58% year over year
SAN JOSE, Calif., July 31, 2023 /PRNewswire/ -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the second quarter of 2023.
"While we achieved double digit year over year Broadband and Video SaaS revenue growth and strong gross margins for the second quarter, we experienced hardware sales delays across our business segments resulting in total revenue that was below our expectations," said Patrick Harshman, president and chief executive officer of Harmonic. "Despite these short-term headwinds, we have the largest backlog in our Company's history and our operating model continued to deliver solid profitability. The strength of our market position was reinforced by several new customer wins which further supports our multi-year growth plan."
Q2 Financial and Business Highlights
Financial
Revenue: $156.0 million, down 1% year over year
Gross margin: GAAP 54.5% and non-GAAP 54.7%, compared to GAAP 52.3% and non-GAAP 52.8% in the year ago period
Operating income: GAAP income $10.0 million and non-GAAP income $18.2 million, compared to GAAP income $15.1 million and non-GAAP income $21.4 million in the year ago period
Net income: GAAP net income $1.6 million and non-GAAP net income of $14.0 million, compared to GAAP net income $14.8 million and non-GAAP net income $17.6 million in the year ago period
Adjusted EBITDA: $21.1 million income compared to $24.3 million income in the year ago period
EPS: GAAP net income per share of $0.01 and non-GAAP net income per share of $0.12, compared to GAAP net income per share of $0.14 and non-GAAP net income per share of $0.16 in the year ago period
Cash: $71.0 million, down $50.8 million year over year
Business
CableOS® solution commercially deployed with 98 customers, serving 21.0 million cable modems, and initial orders received from two new Tier 1 customers
Recognized for the first time as the "cable broadband equipment" market share leader, by the most recent Dell'Oro Group1 report
Signed a follow-on multi-year software contract with an existing Tier 1 customer
Live sports streaming SaaS expansions and new wins drove 58.3% Video SaaS revenue growth year over year
Select Financial Information
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".
Financial Guidance
Conference Call Information
Harmonic will host a conference call to discuss its financial results at 2:00 p.m. PT (5:00 p.m. ET) on Monday, July 31, 2023. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. To participate via telephone, please register in advance using this link, https://register.vevent.com/register/BI455acac6063542fb837fd89bddfb1d84. A replay will be available after 5:00 p.m. PT on the same web site.
About Harmonic Inc.
Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband 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 broadband networking via the industry's first virtualized broadband 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 Broadband 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 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, 2022, 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.
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.
Gain and losses on equity investments - We exclude the gain and losses from the sale of our equity investments in calculating our non-GAAP financial measures. We exclude these items because we do not believe they are reflective of our ongoing long-term business and 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, and restructuring charges, 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.
Non-recurring advisory fees - There were non-recurring costs that we excluded from non-GAAP results relating to professional accounting, tax and legal fees associated with strategic corporate initiatives, including assessing corporate structure and organization, as we seek to optimize value for our business.
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.
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Restricting libraries isn’t welcoming ‘full range’ of viewpoints
In his recent opinion piece about libraries (The Capital, July 25), Adam Kissel has engaged in a typical slick far right ploy. He makes a gratuitous accusation about public librarians in the first paragraph and then, without offering any examples or data to back it up, moves on to another topic, in this case, school libraries. (Of course, in that discussion, he is equally wrongheaded.)
In a deeply ironic twist, he urges public librarians to “avoid viewpoint discrimination” and “represent the full range of local viewpoints.” I’d suggest that the problem for the far right is just the opposite. For Kissel, librarians are doing too good a job in serving “the full range” of their community’s needs. The problem is that in doing so, they serve the needs of folks whose views and information needs Kissel and his friends disapprove of. This is their real objection. They don’t want us reading books they don’t like.
As a computer science and policy specialist, I was not a librarian, but I was privileged to work for the American Library Association, helping them deal with the policy implications of the technology revolution. The librarians I met and worked with there were consummate professionals, highly trained to discern and serve the needs of their communities.
Yes, they have opinions. Don’t we all? But, whether working in public or school libraries their highest professional obligation is to serve their communities, not promote their personal views.
It is time to stop personal attacks on hardworking, dedicated public servants, and the Capital editors should think twice before publishing such tripe.
Fred Weingarten, Annapolis
Need action on the environment
Gene Winegrad’s article about how our environment sins are haunting us, including its role in the death of a former Navy captain, should be reprinted in all Chesapeake Bay periodicals, publications and visitor information brochures. Not only should we all be made aware of this lurking danger — but the powers that be, need to attack this problem — now! It’s been ignored and swept aside for far too long. It’s mangling and killing every living thing in the entire Bay area — grasses, wildlife, shellfish. And retired Navy captain and Naval Academy graduate Ted McClanahan is not the only human to succumb to the ravages of this out-of-control infection! Others, as you so succinctly pointed out have had to deal with the ongoing effects of lingering illness, loss of limbs and in Ted’s case, loss of life! How many more have to succumb to this dreadful disease and how much more of anything residing or growing in the Bay area has to be wiped out before this pestilence is dealt with?
T. Emerson Murphy, Annapolis
Criminals are getting off too easily in courts
What has happened to our judicial system?
Last week, a young lady charged with a DUI killing of a gentleman, only received 18 months in jail. A man who set off an explosive device in a bingo hall (where two people were sent to the hospital) received five years in jail. I am not making light of the bingo incident but simply comparing seriousness of the two charges
On July 18, the Capital published an article in which a man was involved in a nonfatal shootout faced 15 criminal charges. All of his five-year sentence, except for nine days served in 2022, were suspended. The judge said he would consider modifying the guilty plea and enter a probation before judgment ruling if he did well during his probation. That would enable the man to eventually expunge the case from his record. This was not his first run-in with the law.
Is there a working judicial system? I think not.
Linda Reynolds, Severna Park
A night in the hospital
I have read the pros and cons about treatment at our hospital. I had a test case recently.
Having had two Mitch McConnell-like episodes, I called my neighbor who suggested I call 911. Flashing lights arrived and my living room was soon filled with men in blue. Probably dehydration, they said.
I was transported to the ER, not particularly in any distress, checked in and left in a chair in the hall facing where patients on stretchers entered. Night fell. I, in street clothes and slippers, sat with no papers, no pocketbook, no means of ID and no cellphone. I kind of freaked. Finally a nurse took me to a room with a comfy bed and started an IV. From then on, despite the nighttime lack of food, I received wonderful ER nursing care, especially by Arlette. A doctor ordered tests and explained the treatment options, kindly and well.
My neighbor came. “Do you have my pocketbook?,” she asked. “No,” I said. Her husband said an EMT might have it. Security took over and eventually found it in the ambulance I rode in. Despite absence of food since lunch, I moved to the fourth floor and fell asleep in a bed I never experienced before — it stimulated blood circulation. The night nurses continued IVs. Then in the morning I was taken care of by the team of Zoey and Noureen. What fine care I got.
Those three nurses I mentioned should get certificates of merit. I know there are many, many deserving others I met, but they were special to this old gal.
When I was released, I was told to drink water and liquids with electrolytes. More tests coming.
Barbara Cantor, Annapolis
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NPR's Sacha Pfeiffer talks to security and counter-terrorism Asfandyar Mir about how instability in the Taliban's Afghanistan has spilled into Pakistan, after a suicide bombing that killed dozens.
Copyright 2023 NPR
NPR's Sacha Pfeiffer talks to security and counter-terrorism Asfandyar Mir about how instability in the Taliban's Afghanistan has spilled into Pakistan, after a suicide bombing that killed dozens.
Copyright 2023 NPR
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Doctors concerned brain-eating amoeba infection could increase due to warmer water temperatures
PHOENIX (KPHO/Gray News) -- Some scientists predict brain-eating amoeba cases could grow since we’ve had record heat and water temperatures are increasing.
The amoeba, naegleria fowleri, can enter the body through the nose and travel to the brain, resulting in an infection. While cases are limited over the years, there have been multiple in Arizona at Lake Pleasant and Lake Mead.
Most recently in Nevada, a child died because of the disease.
Brain-eating amoeba is a microscopic parasite found in warm, fresh bodies of water like hot springs or lakes. You can’t get it by accidentally swallowing the water or through a cut. The only way to get infected is by getting it far up your nose by diving or cannonballing into a lake.
Although infection is rare, the disease has a 97% fatality rate since symptoms are common at first. The disease is usually only diagnosed when it’s in the late-stage and symptoms progress to more severe illness like hallucinations and seizures. By that point, it’s usually too late to treat the disease effectively.
There are only about 10 cases per year, but experts say because the amoebas live in warm, fresh bodies of water, they expect to see that number increase with rising temperatures.
Dr. Wassim Ballan, an infectious disease specialist at Phoenix Children’s Hospital, said there are concerns about cases rising, as well as a number of other infectious diseases.
“We are probably going to see a change in trends because of the climate changing and the temperatures rising,” Ballan said. “So there is a lot of concern in the infectious disease community about a lot of different infections, including amoebic infections becoming more common as the climate is warming.”
He also said parents who notice their child feeling unwell after a day of swimming should get them checked out right away. Early symptoms usually start five days after infection. They include sudden fever, headache, and stiff neck. Because the amoebas can only be deadly by entering through the nose, doctors recommend you not jump or dive into the water and instead hold your nose or wear nose clips. Or better yet, keep your head above water.
Digging in shallow water is also not advised since it stirs up the sediment where the amoeba live. It’s important to note there haven’t been any recent cases at Saguaro Lake. Since they started tracking the disease in 1962, there have been only 160 reported cases, so it’s infrequent. Still, Ballan said it isn’t worth the risk when prevention is so easy.
For more information on the naegleria fowleri, visit the Centers for Disease Control and Prevention’s website.
Copyright 2023 KPHO/KTVK via Gray Media Group, Inc. All rights reserved.
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WASHINGTON (AP) — A poster hanging at the DC Open site shows Frances Tiafoe — a competitor in the field from nearby Maryland — flanked by other men such as Andy Murray and Taylor Fritz and women such as Coco Gauff and Jessica Pegula.
It is a simple visualization of a complicated change to a tournament that began Monday and has been around for men since 1969, added women via a simultaneous but lower-tier and less-promoted event in 2009 and now is taking a further step by touting itself as the first combined ATP-WTA 500 event. That is two levels below Grand Slams and one level below Masters 1000s and was accomplished by elevating the women’s portion through the lease of what had been a hard-court tourney in San Jose, California, played during the same week.
While ostensibly that puts the men and women on equal footing in Washington — where players both will be trying to win a trophy and to prepare for the U.S. Open, the year’s last Grand Slam tournament — it still is not equal all the way around.
Most notably: The men’s champion receives a check for $353,445; the women’s champion earns $120,150. That is not an anomaly. There are other stops on the professional tennis tours that include female and male players but do not pay them evenly.
“Our main goal is to work toward equal prize money. That is what we want on the WTA side and what we think is fair. Especially at the combined events, we don’t want to see a discrepancy there. We want to see that we’re earning the same at the same event,” said Pegula, an American who is No. 3 in the rankings and seeded No. 1 in Washington and a member of the women’s tour’s player council. “The fans are coming to watch both of us, and we should be making the same.”
All four Grand Slam tournaments offer equal prize money across the board, something the U.S. Open started doing 50 years ago and others as recently as 2007. That won’t happen at the DC Open until 2027 as part of a wider plan the WTA recently announced to get equal paychecks at certain events by that year and at others by 2033.
“That will give everyone a chance to hopefully get revenues to grow to be able to afford it,” said Mark Ein, who has been the tournament chairman since 2019 and is part of the group that recently bought the NFL’s Washington Commanders from Dan Snyder.
“When we took over the tournament, one of my top goals was to secure a women’s event at an equal level as our men’s,” Ein said. “One of the things I love about tennis is it’s really the only sport where athletes of both genders compete on the same playing surface at the same time.”
There are other discrepancies between the men’s and women’s brackets in Washington.
The men’s field is 48 players; the women’s is 28. The rankings points available are nearly the same, but the men’s champion gets 500, the women’s 470.
Like Pegula, three-time major champion Murray, who is seeded 15th in Washington, said that all players “at the same event, on the same courts,” should be vying for the same payouts.
“But I think for it ever to become like truly equal, the WTA and the ATP are actually going to have to come together and work as one before that’s the case, because I don’t think it’s that straightforward just now that both tours have different sponsors, different TV deals and all of that stuff, too,” Murray said. “There is a few things that still need to change, but I feel like things are going in the right direction, like with the move to this event becoming a 500 for both. Can obviously still get better.”
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AP tennis: https://apnews.com/hub/tennis and https://twitter.com/AP_Sports
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13% Sequential Revenue Growth Including 10% Organic
Maintains Strong Balance Sheet Post-Acquisitions of Atreus and businessfourzero
CHICAGO, July 31, 2023 /PRNewswire/ -- Today Heidrick & Struggles International, Inc. (Nasdaq: HSII) ("Heidrick & Struggles", "Heidrick" or the "Company") announced financial results for its second quarter ended June 30, 2023.
Second Quarter Highlights:
- Net revenue of $271.2 million increased 13% sequentially, 10% organically
- Operating income of $13.6 million decreased $4.2 million sequentially and operating margin was 5.0%
- Adjusted operating income of $20.8 million increased 17% sequentially and adjusted operating margin was 7.7%
- Adjusted EBITDA of $36.4 million increased 33% sequentially and adjusted EBITDA margin was 13.4%
- Net income was $9.0 million and diluted earnings per share was $0.44; adjusted net income was $15.0 million and adjusted diluted earnings per share was $0.73
"We are very pleased with the second quarter results which included the first full quarter of results from our recent acquisition of Atreus Group ("Atreus") in our On-Demand Talent segment, as well as the results from businessfourzero ("B4Z") in our Heidrick Consulting segment. Even before the positive effects of these acquisitions, each of our lines of business demonstrated organic sequential growth, despite ongoing macro uncertainty and an anticipated return to more normalized levels of business performance. This validates our focus on the steadfast execution of our strategy while maintaining strong profitability," stated Heidrick & Struggles' President and Chief Executive Officer, Krishnan Rajagopalan. "Importantly, the integrations of both our recent acquisitions are progressing smoothly. We are advancing our diversification strategy while continuing to make appropriate investments in our digital capabilities and technologies throughout the company. These initiatives are aimed at providing our clients with the next generation of talent and leadership advisory services, enabling them to achieve higher performance through their leaders and teams in an ever-evolving business landscape."
2023 Second Quarter Results
Consolidated net revenue of $271.2 million compared to record consolidated net revenue of $298.7 million in the 2022 second quarter. Consolidated financial results include the first full quarter of contribution from the Company's recent acquisitions of Atreus and B4Z.
On a sequential basis, 2023 second quarter net revenue increased 13.3% from the 2023 first quarter, 10% of that growth was organic, as the Company experienced growth in Executive Search driven by the Americas and Europe markets, partially offset by a decline in the Asia Pacific market, along with sequential revenue growth in Heidrick Consulting and On-Demand Talent. 2023 second quarter adjusted operating income increased 17.2% and adjusted operating margin increased 30 basis points to 7.7% compared to 7.4% in the 2023 first quarter. Adjusted EBITDA of $36.4 million in the 2023 second quarter increased 33% sequentially and adjusted EBITDA margin increased 190 basis points to 13.4% compared to 11.5% in the 2023 first quarter. 2023 second quarter adjusted net income was $15.0 million compared to $15.6 million in the 2023 first quarter. This generated adjusted diluted earnings per share in the 2023 second quarter of $0.73 compared to $0.76 in the 2023 first quarter.
Executive Search net revenue of $206.8 million compared to net revenue of $253.9 million in the 2022 second quarter reflecting an anticipated market slowdown combined with a return to more normalized operating levels. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 0.3%, or $0.8 million, net revenue decreased 18.2%, or $46.3 million, from the 2022 second quarter. Net revenue decreased 21.3% in the Americas (down 21.2% on a constant currency basis), decreased 5.3% in Europe (down 6.1% on a constant currency basis), and decreased 23.9% in Asia Pacific (down 20.5% on a constant currency basis) when compared to the prior year second quarter. The Social Impact and Industrial practice groups exhibited growth over the prior year.
The Company had 423 Executive Search consultants at June 30, 2023, compared to 388 at June 30, 2022. Productivity, as measured by annualized Executive Search net revenue per consultant, was $1.9 million compared to $2.6 million in the 2022 second quarter, reflecting a higher number of consultants combined with lower revenue. Average revenue per executive search was approximately $143,000 compared to $153,000 in the prior year period. The number of search confirmations decreased 12.7% compared to the year-ago period.
On-Demand Talent net revenue of $39.2 million, an increase of 75.5% compared to net revenue of $22.4 million in the 2022 second quarter, primarily due to the acquisition of Atreus, partially offset by a decrease in the volume of legacy on-demand projects.
Heidrick Consulting net revenue of $25.2 million compared to net revenue of $22.4 million in the 2022 second quarter. The Company had 89 Heidrick Consulting consultants at June 30, 2023, compared to 66 at June 30, 2022.
Consolidated salaries and benefits decreased $28.8 million, or 13.9%, to $178.9 million compared to $207.7 million in the 2022 second quarter. Year-over-year, fixed compensation expense increased $18.8 million due to base salaries and payroll taxes, the deferred compensation plan, reorganization, and retirement and benefits, as well as the acquisitions of Atreus and B4Z, partially offset by a decrease in stock compensation. Variable compensation decreased $47.6 million due to lower bonus accruals related to decreased consultant productivity. Salaries and benefits expense was 66.0% of net revenue for the quarter compared to 69.5% in the 2022 second quarter.
General and administrative expenses increased $5.3 million, or 15.1%, to $40.5 million compared to $35.2 million in the 2022 second quarter. The increase was due to intangible amortization and accretion, office occupancy, IT, and taxes and licenses, partially offset by a decrease in business development travel. As a percentage of net revenue, general and administrative expenses were 14.9% for the 2023 second quarter compared to 11.8% in the 2022 second quarter.
The Company's cost of services was $25.3 million, or 9.3% of net revenue for the quarter, compared to $17.4 million, or 5.8% of net revenue in the 2022 second quarter. This related to an increase in the volume of On-Demand Talent projects driven by the acquisition of Atreus.
The Company's research and development expenses were $5.7 million, or 2.1%, of net revenue for the quarter compared to $4.5 million, or 1.5%, of net revenue for the second quarter 2022.
In the 2023 second quarter, the Company recorded a non-cash goodwill impairment charge of $7.2 million associated with the Company's Heidrick Consulting segment. In the 2022 fourth quarter, the Company conducted its most recent annual goodwill impairment evaluation, which indicated that the carrying value of the Heidrick Consulting reporting unit was less than its fair value. During the 2023 second quarter, the Company acquired B4Z and recorded approximately $7.1 million of goodwill in the Heidrick Consulting reporting unit. Due to the inclusion of goodwill in a reporting unit with a pre-existing fair value shortfall, the Company identified a triggering event and performed an interim goodwill impairment evaluation during the 2023 second quarter, which resulted in the impairment of the recently acquired B4Z goodwill.
Including the previously mentioned non-cash impairment charge, operating income was $13.6 million for the quarter compared to $33.9 million in the 2022 second quarter. Operating income margin was 5.0% versus 11.3% in the 2022 second quarter. Excluding the non-cash impairment charge, adjusted operating income in the 2023 second quarter was $20.8 million and adjusted operating margin was 7.7%.
Adjusted EBITDA was $36.4 million compared to $36.8 million in the 2022 second quarter. Adjusted EBITDA margin was 13.4%, compared to 12.3% in the 2022 second quarter. In Executive Search, adjusted EBITDA was $53.9 million compared to $52.3 million in the prior year period. In On-Demand Talent, adjusted EBITDA was $2.6 million versus $0.6 million in the prior year period. In Heidrick Consulting, adjusted EBITDA was a loss of $1.6 million compared to a loss of $0.1 million in the prior year period.
Net income was $9.0 million and diluted earnings per share was $0.44, with an effective tax rate of 46.8%. This compares to net income of $24.1 million and diluted earnings per share of $1.19, with an effective tax rate of 30.9% in the 2022 second quarter. Excluding the non-cash impairment charge recorded in the 2023 second quarter, adjusted net income was $15.0 million and adjusted diluted earnings per share was $0.73, with an adjusted effective tax rate of 37.7%.
Net cash provided by operating activities was $46.9 million, compared to $82.7 million in the 2022 second quarter. Cash, cash equivalents and marketable securities at June 30, 2023 was $239.0 million compared to $336.6 million at June 30, 2022 and $621.6 million at December 31, 2022. The Company's cash position typically builds throughout the year as employee bonuses are accrued, mostly to be paid out in the first half of the year.
2023 Six Months Results
For the six months ended June 30, 2023, consolidated net revenue was $510.5 million compared to $582.6 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 1.0%, or $6.1 million, consolidated net revenue decreased 11.3%, or $65.9 million, compared to the prior year period.
Executive Search net revenue in the first six months of 2023 decreased 20.0%, or $99.2 million, to $397.3 million from $496.5 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 1.0%, or $5.1 million, net revenue decreased 19.0%, or $94.1 million. Net revenue decreased 21.5% in the Americas (decreased 21.3% on a constant currency basis), decreased 13.7% in Europe (decreased 11.3% on a constant currency basis), and decreased 21.9% in Asia Pacific (decreased 18.0% on a constant currency basis). Only the Social Impact and Industrial practice groups exhibited growth over the prior year. Productivity was $1.9 million for the first six months of 2023 compared to $2.6 million in the first six months of 2022. The average revenue per executive search was $133,000 in the first six months of 2023 compared to $137,000 the same period in 2022, while search confirmations decreased 17.6%.
On-Demand Talent net revenue in the first six months of 2023 was $70.4 million compared to $45.7 million in the same period of 2022. The increase in net revenue was primarily driven by the acquisition of Atreus, as well as an increase in the volume of legacy on-demand projects.
Heidrick Consulting net revenue in the first six months of 2023 increased 6.3%, or $2.5 million, to $42.9 million from $40.4 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 2.0%, or $0.8 million, Heidrick Consulting revenue increased 8.3%, or $3.3 million, compared to the prior year period.
Operating income for the first six months of 2023 was $31.4 million compared to operating income of $64.1 million in the same period of 2022. The operating income margin was 6.1% compared to 11.0% in the first six months of 2022. Excluding the non-cash impairment charge recorded in the 2023 year-to-date period, adjusted operating income was $38.6 million and adjusted operating income margin was 7.6%.
Adjusted EBITDA for the first six months of 2023 was $63.8 million and adjusted EBITDA margin was 12.5%, compared to adjusted EBITDA of $72.5 million and adjusted EBITDA margin of 12.4% for the same period in 2022. In Executive Search, adjusted EBITDA was $102.3 million compared to $104.2 million in the prior year period. In On-Demand Talent, adjusted EBITDA was $1.2 million versus $0.9 million in the prior year period. In Heidrick Consulting, adjusted EBITDA was a loss of $4.3 million compared to a loss of $1.9 million in the prior year period.
Net income for the first six months of 2023 was $24.6 million and diluted earnings per share was $1.19, with an effective tax rate of 38.1%. This compares to net income of $42.6 million and diluted earnings per share of $2.08, with an effective tax rate of 32.2%, in the first six months of 2022. Excluding the restructuring charge recorded in the 2023 year-to-date period, adjusted net income was $30.6 million and adjusted diluted earnings per share was $1.48 with an adjusted effective tax rate of 34.8%.
Dividend
The Board of Directors declared a 2023 second quarter cash dividend of $0.15 per share payable on August 25, 2023, to shareholders of record at the close of business on August 11, 2023.
2023 Third Quarter Outlook
The Company expects 2023 third quarter consolidated net revenue of between $245 million and $265 million, which reflects typical summer seasonality, while acknowledging that continued fluidity in external factors, such as the foreign exchange and interest rate environments, foreign conflicts, inflation and macroeconomic constraints on pricing actions, may impact quarterly results. In addition, this outlook is based on the average currency rates in June 2023 and reflects, among other factors, management's assumptions for the anticipated volume of new Executive Search confirmations, On-Demand Talent projects, and Heidrick Consulting assignments, consultant productivity, consultant retention, and the seasonality of the business along with the current backlog.
Quarterly Webcast and Conference Call
Heidrick & Struggles will host a conference call to review its second quarter results today, July 31, 2023 at 5:00 pm Eastern Time. Participants may access the Company's call and supporting slides through its website at www.heidrick.com or by dialing (888) 440-4091 or (646) 960-0846, conference ID# 6106012. For those unable to participate on the live call, a webcast and copy of the slides will be archived at www.heidrick.com and available for up to 30 days following the investor call.
About Heidrick & Struggles International, Inc.
Heidrick & Struggles (Nasdaq: HSII) is a premier provider of global leadership advisory and on-demand talent solutions, serving the senior-level talent and consulting needs of the world's top organizations. In our role as trusted leadership advisors, we partner with our clients to develop future-ready leaders and organizations, bringing together our services and offerings in executive search, diversity and inclusion, leadership assessment and development, organization and team acceleration, culture shaping and on-demand, independent talent solutions. Heidrick & Struggles pioneered the profession of executive search more than 65 years ago. Today, the firm provides integrated talent and human capital solutions to help our clients change the world, one leadership team at a time. ® www.heidrick.com
Non-GAAP Financial Measures
To supplement the financial results presented in accordance with generally accepted accounting principles in the United States ("GAAP"), Heidrick & Struggles presents certain non-GAAP financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of comprehensive income, balance sheets or statements of cash flow of the Company.
Non-GAAP financial measures used within this earnings release are adjusted operating income, adjusted operating income margin, adjusted net income, adjusted diluted earnings per share, adjusted effective tax rate, adjusted EBITDA, adjusted EBITDA margin, and consolidated net revenue excluding the impact of exchange rate fluctuations. These measures are presented because management uses this information to monitor and evaluate financial results and trends. Management believes this information is also useful for investors to evaluate the comparability of financial information presented. Reconciliations of these non-GAAP financial measures to the most directly comparable measures calculated and presented in accordance with GAAP are provided as schedules attached to this release.
Adjusted operating income reflects the exclusion of goodwill impairment.
Adjusted operating income margin refers to adjusted operating income as a percentage of net revenue in the same period.
Adjusted net income and adjusted diluted earnings per share reflect the exclusion of goodwill impairment, net of tax.
Adjusted effective tax rate reflects the exclusion of goodwill impairment, net of tax.
Adjusted EBITDA refers to earnings before interest, taxes, depreciation, intangible amortization, equity-settled stock compensation expense, earnout accretion, earnout obligation adjustments, contingent compensation related to acquisitions, deferred compensation plan income and expense, reorganization costs, impairment charges, restructuring charges, and other non-operating income (expense).
Adjusted EBITDA margin refers to adjusted EBITDA as a percentage of net revenue in the same period.
The Company evaluates its results of operations on both an as reported and a constant currency basis. The constant currency presentation is a non-GAAP financial measure, which excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding its results of operations, consistent with how it evaluates its performance. The Company calculates constant currency percentages by converting its financial results in a local currency for a period using the average exchange rate for the prior period to which it is comparing. This calculation may differ from similarly titled measures used by other companies.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding guidance for the third quarter of 2023. The forward-looking statements are based on current expectations, estimates, forecasts, and projections about the industry in which we operate and management's beliefs and assumptions. Forward-looking statements may be identified by the use of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "outlook," "projects," "forecasts," "aim" and similar expressions. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions, and involve certain known and unknown risks and uncertainties that are difficult to predict, many of which are beyond our control. Factors that may cause actual outcomes and results to differ materially from what is expressed, forecasted, or implied in the forward-looking statements include, among other things, our ability to attract, integrate, develop, manage and retain qualified consultants and senior leaders; our ability to prevent our consultants from taking our clients with them to another firm; our ability to maintain our professional reputation and brand name; our clients' ability to restrict us from recruiting their employees; our heavy reliance on information management systems; risks arising from our implementation of new technology and intellectual property to deliver new products and services to our clients; our dependence on third parties for the execution of certain critical functions; the fact that we face the risk of liability in the services we perform; the fact that data security, data privacy and data protection laws and other evolving regulations and cross-border data transfer restrictions may limit the use of our services and adversely affect our business; any challenges to the classification of our on-demand talent as independent contractors; the increased cybersecurity requirements, vulnerabilities, threats and more sophisticated and targeted cyber-related attacks that could pose a risk to our systems, networks, solutions, services and data; the impacts, direct and indirect, of the COVID-19 pandemic (including the emergence of variant strains) or other highly infectious or contagious disease on our business, our consultants and employees, and the overall economy; the aggressive competition we face; the fact that our net revenue may be affected by adverse economic conditions including inflation, the impact of foreign currency exchange rate fluctuations; our ability to access additional credit; social, political, regulatory, legal and economic risks in markets where we operate, including the impact of the ongoing war in Ukraine and the risks of an expansion or escalation of that conflict; unfavorable tax law changes and tax authority rulings; the timing of the establishment or reversal of valuation allowance on deferred tax assets; the fact that we may not be able to align our cost structure with net revenue; any impairment of our goodwill, other intangible assets and other long-lived assets; our ability to execute and integrate future acquisitions; and the fact that we have anti-takeover provisions that could make an acquisition of us difficult and expensive. We caution the reader that the list of factors may not be exhaustive. For more information on these risks, uncertainties and other factors, refer to our Annual Report on Form 10-K for the year ended December 31, 2022, under the heading "Risk Factors" in Item 1A, as updated in Part II of our subsequent Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Investors & Analysts:
Suzanne Rosenberg, Vice President, Investor Relations
srosenberg@heidrick.com
Media:
Nina Chang, Vice President, Corporate Communications
nchang@heidrick.com
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SOURCE Heidrick & Struggles International, Inc.
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- VOXZOGO® Growth Continued in the Second Quarter Driven by Global Demand Resulting in Increased Full Year 2023 Guidance
- Pivotal Program with VOXZOGO in New, Potential Second Indication, Hypochondroplasia, to Begin in the Fourth Quarter of 2023
- U.S. Approval of ROCTAVIAN™ Received in the Second Quarter and Commercial Launch Underway; Commercial Launch in Europe Making Progress
SAN RAFAEL, Calif., July 31, 2023 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced financial results for the six months and second quarter ended June 30, 2023.
"Outstanding execution across our business led to record revenues in the first half of 2023. We reached more children with VOXZOGO around the world, as physicians and families sought treatment with the only approved medicine targeting the genetic cause of achondroplasia," said Jean-Jacques Bienaimé, Chairman and Chief Executive Officer of BioMarin. "We were also very pleased to have received the highly anticipated U.S. approval of ROCTAVIAN, the only gene therapy treatment for severe hemophilia A. U.S. commercial launch activities are well underway following the June 29 approval, in parallel with launch progress across a number of European countries."
Mr. Bienaimé added, "for the remainder of 2023, we plan to build on the foundation of growth and profitability achieved in the first half of the year, expand VOXZOGO globally and treat the first ROCTAVIAN patients in the U.S. and Europe."
Financial Highlights:
- Total Revenues for the second quarter of 2023 were $595.3 million, an increase of 12% compared to the same period in 2022. The increase in Total Revenues was primarily attributed to the following:
- GAAP and Non-GAAP Net Income increased by $28.3 million and $28.4 million, respectively, for the second quarter of 2023 compared to the same period in 2022. The increased net income was primarily due to higher gross profit and interest income, partially offset by higher spend in research and development programs to support both early-stage research and clinical activities, as well as higher selling, general and administrative expenses due to higher foreign currency losses and to support the commercial launches of VOXZOGO and ROCTAVIAN.
Recent Product Approvals and Launches (ROCTAVIAN and VOXZOGO)
- On June 29, 2023 the FDA approved ROCTAVIAN gene therapy for the treatment of adults with severe hemophilia A (congenital factor VIII (FVIII) deficiency with FVIII activity < 1 IU/dL) without antibodies to adeno-associated virus serotype 5 (AAV5) detected by an FDA-approved test. The FDA approval is based on data from the global Phase 3 GENEr8-1 study, the largest Phase 3 trial of any gene therapy in hemophilia. The one-time, single-dose infusion is the first approved gene therapy for severe hemophilia A in the U.S. ROCTAVIAN was first conditionally approved by the European Commission in August 2022.
Following FDA approval, the Company activated its U.S.-based salesforce and communicated that ROCTAVIAN is expected to be available for commercial use in August. BioMarin estimates that there are approximately 2,500 people living with severe hemophilia A in the United States who are eligible for treatment and receiving care at approximately 140 hemophilia treatment centers. - In Europe, BioMarin continues to make progress on the pricing and reimbursement process for ROCTAVIAN in Germany, France and Italy to facilitate access. BioMarin is working directly with the German National Association of Statuary Health Insurance Funds (GKV) to finalize access to ROCTAVIAN. At present, people in Germany with severe hemophilia A, who are eligible for treatment with ROCTAVIAN, can access treatment through either Named Patient authorizations or previously secured Outcomes Based Agreements. In France and Italy, BioMarin is working directly with the single public insurance funds in each country to secure reimbursement and access to ROCTAVIAN, expected later in 2023.
- As of the end of June 2023, more than 2,000 children with achondroplasia were being treated with VOXZOGO across 36 active markets. In the second quarter, patient growth remained strong worldwide. Based on these trends, today BioMarin updated full-year 2023 VOXZOGO guidance to between $400 million and $440 million. VOXZOGO is currently approved for the treatment of children 2 years old and older in Europe, for children 5 years old and older in the U.S., and approved for all ages from birth in Japan.
VOXZOGO and ROCTAVIAN Market Expansion Opportunities
- Today, BioMarin announced its plan to begin enrollment in the pivotal program with VOXZOGO for the treatment of children with hypochondroplasia, a condition characterized by impaired bone growth. Hypochondroplasia is a genetic statural condition caused by a mutation (gene change) in the fibroblast growth factor receptor-3 (FGFR3) gene.
Leveraging years of safety data from the VOXZOGO development program in achondroplasia, emerging data from an investigator-led Phase 2 study and following receipt of feedback from FDA, BioMarin plans to begin the 6-month observation arm of the study later this year, followed by the 52-week randomized, double-blind, placebo-controlled phase of the 80-participant clinical trial. If successful, BioMarin believes this study will be able to support regulatory approval in this large indication. - In the coming months in the U.S. and Europe, the Company expects to learn the outcome of its request to expand VOXZOGO access to younger age groups, based on favorable results from a Phase 2 study in infants and young children and the importance of starting treatment as early as feasible. Age expansions would provide access to treatment with VOXZOGO to more than 1,000 additional children in the U.S. and Europe.
- Additional product expansion opportunities with ROCTAVIAN continue, including a clinical study investigating ROCTAVIAN treatment in those with active or prior inhibitors and continued exploration of methods of administering ROCTAVIAN in people with pre-existing antibodies against AAV5.
Earlier-stage Development Portfolio (BMN 255, BMN 331, BMN 351, BMN 349, BMN 293)
- BioMarin plans to showcase its Research and Development capabilities and earlier-stage product candidate updates at its R&D Day on September 12, 2023. Details on accessing the live event will be available on BioMarin's website in early September.
- BMN 255 for hyperoxaluria in chronic liver disease: The Company has concluded the multi-ascending dose study with BMN 255 in healthy human volunteers. Based on early data demonstrating a rapid and potent increase in plasma glycolate following treatment with BMN 255, BioMarin plans to open enrollment in an expanded study in patients with chronic liver disease and hyperoxaluria in the second half of 2023. The Company believes the availability of a potent, orally bioavailable, small molecule like BMN 255 may be able to significantly reduce disease and treatment burden in a patient population with significant unmet need.
- BMN 331 gene therapy product candidate for Hereditary Angioedema (HAE): Dosing continues in the Phase 1/2 HAERMONY study to evaluate BMN 331, an investigational AAV5-mediated gene therapy for people living with HAE. In January 2023, BioMarin shared that the first participant treated with the 6e13vg/kg dose demonstrated C1-Inhibitor levels that were approaching the therapeutically relevant range. In March 2023, the second sentinel participant was safely dosed at 6e13vg/kg and this individual has had a similar initial response. BioMarin will continue to monitor the trajectory of expression in these two individuals before deciding on next steps in this program.
- BMN 351 for Duchenne Muscular Dystrophy (DMD): Investigational New Drug application (IND)-enabling activities continue with BMN 351, an antisense oligonucleotide therapy for individuals with exon 51-skip-amenable DMD. BMN 351 was developed using familiar chemistry and superior biology, by targeting a novel, splice enhancer site demonstrating improved binding affinity and tolerability in preclinical models. Preclinical data suggest that restored expression of near-full-length dystrophin protein at levels of up to 40% will convert phenotypes from rapid loss to durable preservation of strength and ambulation.
- BMN 349 for alpha-1 antitrypsin deficiency: Preclinical studies have demonstrated that BMN 349 is an orally bioavailable, small molecule that preferentially sequesters mutant protein, preventing polymerization in liver cells that drive the progressive liver disease form of the illness. In preclinical studies BMN 349 is titratable to effect, with rapid onset and high potency. Preclinical results have strong implications for potential improvement of current management, particularly for severe liver disease requiring rapid action. IND enabling studies are concluding and BioMarin plans to submit the IND in the second half of 2023.
- BMN 293 for MYBPC3 hypertrophic cardiomyopathy (HCM): Mutations in the MYBPC3 gene are the most common cause of inherited HCM. Early investigations suggest that gene therapy-mediated gene transfer can lead to widespread expression of the gene product, cardiac myosin-binding protein C (MyBP-C), in cardiac tissue, which can normalize cardiac hypertrophy, improve relaxation kinetics and potentially alleviate functional deficits in individuals suffering from cardiomyopathy. IND enabling studies are underway and have incorporated pre-IND feedback from the FDA. BioMarin's goal is to submit an IND for BMN 293 in the second half of 2023.
2023 Full-Year Financial Guidance (in millions, except % and EPS amounts) (Updated)
BioMarin will host a conference call and webcast to discuss second quarter 2023 financial results today, Monday, July 31, 2023, at 4:30 p.m. ET. This event can be accessed through this link or on the investor section of the BioMarin website at www.biomarin.com.
About BioMarin
Founded in 1997, BioMarin is a global biotechnology company dedicated to transforming lives through genetic discovery. The Company develops and commercializes targeted therapies that address the root cause of genetic conditions. BioMarin's robust research and development capabilities have resulted in multiple innovative commercial therapies for patients with rare genetic disorders. The Company's distinctive approach to drug discovery has produced a diverse pipeline of commercial, clinical, and pre-clinical candidates that address a significant unmet medical need, have well-understood biology, and provide an opportunity to be first-to-market or offer a substantial benefit over existing treatment options. For additional information, please visit www.biomarin.com.
Forward-Looking Statements
This press release and the associated conference call and webcast contain forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc. (BioMarin), including, without limitation, statements about: the expectations of Total Revenues, Net Product Revenues, Enzyme Product Revenues, Gross Profit, Research and Development Expense (R&D), Selling, General and Administrative Expense (SG&A), GAAP Net Income, Non-GAAP Income, GAAP Diluted EPS and Non-GAAP Diluted EPS for the full-year 2023; cash flows from operating activities; the timing of orders for commercial products; the timing of BioMarin's clinical development and commercial prospects, including announcements of data from clinical studies and trials; the clinical development and commercialization of BioMarin's product candidates and commercial products, including (i) the potential to leverage VOXZOGO in conditions beyond achondroplasia, such as hypochondroplasia, (ii) the results from clinical studies regarding product expansion opportunities for ROCTAVIAN, (iii) BioMarin's plans to initiate and enroll an expanded study of BMN 255 in the second half of 2023, (iv) BioMarin's plan to submit an IND for BMN 349 in the second half of 2023, and (v) BioMarin's goal to submit an IND for BMN 293 in the second half of 2023; the potential approval and commercialization of BioMarin's product candidates, including commercialization of ROCTAVIAN for the treatment of severe hemophilia A in the U.S. following FDA approval in June 2023, and the timing of such approval decisions and product launches, including (i) the anticipated start and growth of commercial sales of VOXZOGO in additional countries, and (ii) BioMarin's expectation that U.S. and EU health authorities take action on its supplemental marketing applications for VOXZOGO in the coming months and the number of additional children that will be eligible for VOXZOGO if such age expansions are accepted; the expected benefits and availability of BioMarin's product candidates; and potential growth opportunities and trends, including that BioMarin expects accelerated growth of VOXZOGO revenues as the product launch continues in future quarters and that BioMarin expects growth of ROCTAVIAN revenues as the product's access is expanded in Europe and following commercial launch in the U.S.
These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: BioMarin's success in the commercialization of its commercial products, impacts of macroeconomic and other external factors on BioMarin's operations; results and timing of current and planned preclinical studies and clinical trials and the release of data from those trials; BioMarin's ability to successfully manufacture its commercial products and product candidates; the content and timing of decisions by the FDA, the European Commission and other regulatory authorities concerning each of the described products and product candidates; the market for each of these products; actual sales of BioMarin's commercial products; the introduction of generic versions of BioMarin's commercial products, in particular generic versions of KUVAN; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission (SEC), including, without limitation, the factors contained under the caption "Risk Factors" in BioMarin's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 as such factors may be updated by any subsequent reports. Stockholders are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.
BioMarin®, BRINEURA®, KUVAN®, NAGLAZYME®, PALYNZIQ®, VIMIZIM® and VOXZOGO® are registered trademarks of BioMarin Pharmaceutical Inc., or its affiliates. ROCTAVIANTM is a trademark of BioMarin Pharmaceutical Inc. ALDURAZYME® is a registered trademark of BioMarin/Genzyme LLC. All other brand names and service marks, trademarks and other trade names appearing in this release are the property of their respective owners.
Non-GAAP Information
The results presented in this press release include both GAAP information and Non-GAAP information. Non-GAAP Income is defined by the Company as GAAP Net Income excluding amortization expense, stock-based compensation expense, contingent consideration expense, and, in certain periods, certain other specified items, as detailed below when applicable. The Company also includes a Non-GAAP adjustment for the estimated tax impact of the reconciling items. Non-GAAP Diluted EPS is defined by the Company as Non-GAAP Income divided by Non-GAAP diluted shares outstanding
BioMarin regularly uses both GAAP and Non-GAAP results and expectations internally to assess its financial operating performance and evaluate key business decisions related to its principal business activities: the discovery, development, manufacture, marketing and sale of innovative biologic therapies. Because Non-GAAP Income, Non-GAAP Diluted EPS and Non-GAAP Diluted Shares are important internal measurements for BioMarin, the Company believes that providing this information in conjunction with BioMarin's GAAP information enhances investors' and analysts' ability to meaningfully compare the Company's results from period to period and to its forward-looking guidance, and to identify operating trends in the Company's principal business. BioMarin also uses Non-GAAP Income internally to understand, manage and evaluate its business and to make operating decisions, and compensation of executives is based in part on this measure.
Non-GAAP Income and its components are not meant to be considered in isolation or as a substitute for, or superior to comparable GAAP measures and should be read in conjunction with the consolidated financial information prepared in accordance with GAAP. Investors should note that the Non-GAAP information is not prepared under any comprehensive set of accounting rules or principles and does not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. Investors should also note that these Non-GAAP financial measures have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. In addition, from time to time in the future there may be other items that the Company may exclude for purposes of its Non-GAAP financial measures; likewise, the Company may in the future cease to exclude items that it has historically excluded for purposes of its Non-GAAP financial measures. Because of the non-standardized definitions, the Non-GAAP financial measure as used by BioMarin in this press release and the accompanying tables may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.
The following tables present the reconciliation of GAAP reported to Non-GAAP adjusted financial information:
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High prices ‘disproportionately pinching’ younger Americans, data shows
30% of Gen Z, 28% of millennials have no emergency savings
(InvestigateTV) — More than seven in 10 younger Americans are saving less because of inflation when compared to Gen X and baby boomers, a recent Bankrate.com survey found.
Sarah Foster is a principal writer for Bankrate.com. She said this is a time for younger Americans to be very mindful of how much they are spending and to hyper analyze their budgets.
Foster said the ultimate goal for Gen Z and millennials should be to make sure they are living within their means. She added there are several advantages to being young right now, especially when it comes to retirement contributions.
“Really the best way to gain wealth and beat inflation in the long run is to make sure that you’re holding a diverse portfolio of assets, including stocks,” Foster explained. “And so, we know that even if someone were to stop investing for three years because of inflation and they’re in their mid-twenties, they’d leave almost $200,000 on the table by the time they were 70.”
Foster said don’t stop retirement contributions during inflation. The amount can be reduced, but consistent contributions is key.
She said another reason younger Americans are being hit hard is they are early in their careers and haven’t reached their peak earnings.
Foster advised them to put any raises or extra money in savings or retirement accounts.
Bankrate has 11 tips for young Americans trying to reach financial goals during high inflation, including:
- Look for high-yield savings accounts that offer much better returns that traditional accounts
- Automate savings to build an emergency fund
- Wait 24 hours before any unnecessary purchases
Copyright 2023 Gray Media Group, Inc. All rights reserved.
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Orioles fans in the Baltimore region will soon be able to watch in person the best prospect the club has signed as an international free agent during the Mike Elias era.
The Orioles are promoting catcher Samuel Basallo, ranked by Baseball America as the organization’s fifth-best prospect, to High-A Aberdeen, a source with direct knowledge of the move confirmed to The Baltimore Sun.
Basallo, who the Orioles signed out of the Dominican Republic in January 2021, has been one of the most impressive prospects this season in a farm system ranked as the sport’s best. After posting solid numbers in rookie ball in 2021 and 2022, the 18-year-old backstop dominated Low-A competition in his first year of full-season ball. In 83 games with Delmarva, Basallo slashed .299/.384/.503 — good for an .887 OPS — with 19 doubles, 12 home runs and 60 RBIs.
His performance, combined with his plus power at the plate and arm behind it, has zoomed Basallo up prospect rankings. After opening the season as the organization’s 15th-best prospect, according to Baseball America, he has since leapfrogged several well-known Orioles youngsters, including Heston Kjerstad, Joey Ortiz and Connor Norby, all of whom are putting up good numbers in Triple-A. Basallo is also one of seven Orioles players on Baseball America’s top 100 list as the publication’s No. 58 prospect.
The only Orioles players still in the minor leagues who rank ahead of Basallo are Jackson Holliday, the overall top prospect in the sport, and Coby Mayo. Colton Cowser and Jordan Westburg are still considered prospects even though they’re in the major leagues.
Basallo’s success this season is an example of how the current Orioles regime, which began when Elias was hired as general manager in November 2018, differs from the previous one. After years of reluctance to spend money in the international market, Elias and company brought in a new philosophy that led to signing Basallo, just 16 at the time, for a then-organization record $1.3 million signing bonus.
Many Orioles prospects have struggled at Aberdeen, given the gap from Low-A to High-A is considered perhaps the biggest in the minor leagues. Basallo, who turns 19 in two weeks, will be the youngest player to appear at the level this season, according to FanGraphs.
“He’s still young and still growing up and still trying to mature, but the desire to be good or be great stands out,” Delmarva hitting coach Josh Bunselmeyer said in June. “It’s been really cool to see him from where he started to where he’s at now and the attention he’s starting to get as he’s played well.”
The Orioles are also promoting catching prospect Silas Ardoin from High-A to Double-A, a source confirmed. Ardoin, the Orioles’ fourth-round pick in 2022, slashed .215/.369/.336 in 68 games with the IronBirds.
MASNSports.com first reported the promotions.
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https://www.capitalgazette.com/sports/bs-sp-orioles-prospect-samuel-basallo-promoted-aberdeen-ironbirds-20230731-c2s37ld7zbd3ne7wkofj4tpoeq-story.html
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Published: Jul. 31, 2023 at 4:15 PM EDT|Updated: 42 minutes ago
Second Quarter Highlights
Second quarter 2023 net income attributable to Huntsman of $19 million compared to $228 million in the prior year period; second quarter 2023 diluted earnings per share of $0.11 compared to $1.10 in the prior year period.
Second quarter 2023 adjusted net income attributable to Huntsman of $39 million compared to $250 million in the prior year period; second quarter 2023 adjusted diluted earnings per share of $0.22 compared to $1.21 in the prior year period.
Second quarter 2023 adjusted EBITDA of $156 million compared to $410 million in the prior year period.
Second quarter 2023 net cash provided by operating activities from continuing operations was $40 million. Free cash flow from continuing operations was a use of cash of $11 million for the second quarter 2023 compared to a source of cash of $178 million in the prior year period.
Repurchased approximately 3.8 million shares for approximately $98 million in the second quarter 2023.
THE WOODLANDS, Texas, July 31, 2023 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reported second quarter 2023 results with revenues of $1,596 million, net income attributable to Huntsman of $19 million, adjusted net income attributable to Huntsman of $39 million and adjusted EBITDA of $156 million.
Peter R. Huntsman, Chairman, President, and CEO, commented:
"During the quarter, business activity in each of our core regions remained under pressure, although we did see demand fundamentals in many of our core markets stabilize, albeit at a lower level than the prior year. We continued to drive efficiencies in our cost structure which will ensure we are well positioned to improve profitability once demand returns to a more normalized level. We remain positive on the long-term trends and value we will capture in energy efficiency and lightweighting in the construction, transportation, and industrial markets. Over the past several years we have made a significant effort to reduce leverage and drive capital discipline. The output of this effort is now allowing us to return significant amounts of capital to shareholders during a year which for the chemical industry may end up being just as, if not more, challenging than the pandemic year 2020. Our financial strength is also allowing us to evaluate both organic and in-organic investment opportunities to strengthen our Company for the long-term, however, we will continue to be disciplined with our available capital and protect our investment grade rating."
Segment Analysis for 2Q23 Compared to 2Q22
Polyurethanes
The decrease in revenues in our Polyurethanes segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes, lower MDI average selling prices and the negative impact of foreign currency exchange rate movements against the U.S dollar. Sales volumes decreased primarily due to lower demand, primarily in the Americas. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes, lower MDI margins, the negative impact of foreign currency exchange rate movements against the U.S. dollar and a gain from an insurance settlement received in the second quarter of 2022, partially offset by higher equity earnings from our minority-owned joint venture in China and cost savings achieved from our cost optimization programs.
Performance Products
The decrease in revenues in our Performance Products segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes and reduced average selling prices, partially offset by improved sales mix. Sales volumes decreased in all regions primarily due to slowing construction activity, and reduced demand in coatings and adhesives, lubes and other industrial markets. The decrease in segment adjusted EBITDA was primarily due to decreased sales volumes and lower average selling prices.
Advanced Materials
The decrease in revenues in our Advanced Materials segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes, partially offset by higher average selling prices. Sales volumes decreased primarily due to reduced customer demand in our infrastructure markets and the deselection of lower margin business. Average selling prices increased largely due to improved sales mix. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes.
Corporate, LIFO and other
For the three months ended June 30, 2023, adjusted EBITDA from Corporate and other was a loss of $38 million, which remained the same as a loss of $38 million for the same period of 2022.
Liquidity and Capital Resources
During the three months ended June 30, 2023, our free cash flow from continuing operations was a use of cash of $11 million as compared to a source of cash of $178 million in the same period of 2022. As of June 30, 2023, we had approximately $1.9 billion of combined cash and unused borrowing capacity.
During the three months ended June 30, 2023, we spent $51 million on capital expenditures from continuing operations as compared to $65 million in the same period of 2022. During 2023, we expect to spend between $230 million to $250 million on capital expenditures.
Income Taxes
In the second quarter of 2023, our effective tax rate was 46% and our adjusted effective tax rate was 39%. We expect our 2023 adjusted effective tax rate to be approximately 26% to 29%. We expect our long-term adjusted effective tax rate to be approximately 22% to 24%. Our second quarter 2023 tax expense was negatively impacted by an $8 million non-cash valuation allowance increase.
Earnings Conference Call Information
We will hold a conference call to discuss our second quarter 2023 financial results on Tuesday, August 1, 2023, at 10:00 a.m. ET.
The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, www.huntsman.com/investors. Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.
Upcoming Conferences During the third quarter 2023, a member of management is expected to present at: UBS Chemical Conference on September 6, 2023 Jefferies Industrials Conference on September 7, 2023
A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors.
About Huntsman: Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2022 revenues of approximately $8 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 60 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 7,000 associates within our continuing operations. For more information about Huntsman, please visit the company's website at www.huntsman.com.
Forward-Looking Statements: This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, divestitures or strategic transactions, business trends and any other information that is not historical information. When used in this press release, the words "estimates," "expects," "anticipates," "likely," "projects," "outlook," "plans," "intends," "believes," "forecasts," or future or conditional verbs, such as "will," "should," "could" or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, management's examination of historical operating trends and data, are based upon our current expectations and various assumptions and beliefs. In particular, such forward-looking statements are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the Company's operations, markets, products, prices and other factors as discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"). Significant risks and uncertainties may relate to, but are not limited to, increased energy costs in Europe, inflation and resulting monetary tightening in the US, geopolitical instability, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of the Company's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions and manufacturing optimization improvements in the Company's businesses and to realize anticipated cost savings, and other financial, operational, economic, competitive, environmental, political, legal, regulatory and technological factors. Any forward-looking statement should be considered in light of the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, which may be supplemented by other risks and uncertainties disclosed in any subsequent reports filed or furnished by the Company from time to time. All forward-looking statements apply only as of the date made. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
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.
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Imagine stepping on stage with your favorite artist in VR from your browser. Discover secret rooms, join live Q&As with other fans, shop for merch, and more. Connect with your audience like never before.
NEW YORK, July 31, 2023 /PRNewswire/ -- BR Marketing Group, a leading luxury brand marketing agency in NYC, is excited to offer its new Web Virtual Reality (WebVR) service to clients worldwide. With this service, clients can create memorable marketing experiences in WebVR. WebVR is a technology that allows users to enjoy virtual reality from their browsers, without any extra hardware or software.
BR Marketing Group has a team of creative experts who design and promote WebVR experiences that capture the unique essence of each brand. Whether it's a concert, a store, a gallery, or more BR Marketing Group can bring it to life in WebVR.
"Our service stands out because we embrace the future. We know how innovative technologies like WebVR can transform the customer experience," said Andrea Canas, CEO of BR Marketing Group.
- Drake, global superstar, has recently taken his concerts and online store to the next level by adding immersive technology for an interactive virtual experience. He is not alone. Luxury brands and artists are following suit.
- Revenue in the VR Advertising market is projected to reach US$161.70m in 2023, revenue is expected to show an annual growth rate (CAGR 2023-2027) of 2.33%, resulting in a projected market volume of US$177.30m by 2027, according to a recent study.
WebVR is still a new and fast-growing tech, able to give immersive, interactive, awe-inspiring experiences. WebVR also connects with IRL events, enabling users to explore real-world objects, locations, and people through VR.
To get more info on WebVR or work with BR Marketing Group for your next virtual or IRL event, visit us at brmarketgroup.com or call 332-600-4466.
About BR Marketing Group
As one of the first creative agencies to offer WebVR immersive services, BR Marketing Group combines its web development, design, and marketing skills to create amazing VR events that connect the virtual and physical worlds.
BR Marketing Group is a leading luxury brand marketing agency in NYC, led by Andrea Cañas, a visionary Latina leader. She and her team of creative experts' craft captivating and unforgettable marketing experiences that bring out the unique essence of each brand they work with.
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‘I’ll be able to walk again’: 6-year-old shot in road rage incident confident about her future
LOUISVILLE, Ky. (WAVE/Gray News) – A 6-year-old’s life may be changed forever after she was shot in the back during a road rage incident on July 10, but that’s not crushing the young girl’s spirit.
Onyx, 6, was in the car with her family when a road rage incident with a group of motorcyclists in Kentucky led to a shooting.
A bullet went through the girl’s back and she had to have emergency surgery.
Onyx has been recovering since and may never walk again. Being in a wheelchair is her new reality.
“I really liked going through the hallways to test it out,” Onyx said, talking about her wheelchair. “I wanted to do it again and then I did.”
The 6-year-old who just wants to dance and play is finding comfort in doing donuts in her wheelchair.
Onyx said she remembers leaving the park on July 10, getting in the car and the moment when she was shot.
“I remember getting carried into the hospital,” she recalled.
Those chain of events left Onyx’s mother, Chyna Sands, with the task of telling her daughter her new reality.
Sands said she told Onyx the bullet severed her back and she can’t use her legs like she used to – a conversation that is still setting in for the young girl.
She’s had to explain to Onyx that she must be in a wheelchair because she can’t walk.
But Onyx didn’t let this get her down too much. She said she is tired of people saying what she can’t do. To her, she has no doubt about what the future holds.
“I’ll be able to walk again, I know I will,” Onyx said with confidence. “I believe that I will be able to walk again.”
That mindset is what Sands says keeps her going.
As of right now, no one has been charged for the shooting which keeps Sands on edge.
“They want me to be patient, but I am out of patience,” Sands said. “I would like to see justice for an innocent 6-year-old who was minding her own business.”
While those responsible are out free, small things like getting into a car are now triggers of trauma.
“Because I got shot in the back, and I’m a little bit scared to get in the car because it brings back the memories,” Onyx said.
Hearing Onyx say that is a hard pill to swallow for a mother that loves to travel everywhere with her daughter.
“As her mom, I’m used to being her superhero,” Sands said. “I fix all of her problems and that’s something that I can’t fix.”
Copyright 2023 WAVE via Gray Media Group, Inc. All rights reserved.
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https://www.ktre.com/2023/07/31/ill-be-able-walk-again-6-year-old-shot-road-rage-incident-confident-about-her-future/
| 2023-07-31T20:57:03
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Total new annualized premiums up 11%; strong capital position
CARMEL, Ind., July 31, 2023 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $73.7 million, or $0.64 per diluted share, in 2Q23 compared to $233.3 million, or $1.99 per diluted share, in 2Q22. Net operating income (1) was $62.3 million, or $0.54 per diluted share, in 2Q23 compared to $135.1 million, or $1.15 per diluted share, in 2Q22.
"Production was strong in both our Consumer and Worksite Divisions, with notable sales increases in Life, Medicare Supplement and Supplemental Health, driven by continued growth in producing agent counts," said Gary C. Bhojwani, chief executive officer.
"Variable investment income results improved sequentially, yet reflect a tough comparable in the second quarter of 2022 when results reached a five-year high. Health claims impacted our results in the quarter. We expect this elevated claims experience to moderate in the second half of the year, based on leading indicators. Our long-term view of the Health business remains positive."
"New money rates were once again strong in the quarter at 6.34%, which drove continued improvement in the earned yield on investments allocated to insurance products. Our consolidated risk based capital (RBC) ratio of 386% was comfortably above our target as was our holding company liquidity of $176 million. Free cash flow generation in the quarter was robust."
Second Quarter 2023 Highlights (as compared to the corresponding period in the prior year where applicable)
- Total Health insurance new annualized premiums ("NAP") (4) up 15%; total Life insurance NAP up 8%
- Medicare Supplement NAP up 29%; Consumer Division field agent-sold Life insurance NAP up 20%
- Consumer Division field producing agent count up 8%; Worksite Division producing agent count up 32%
- Returned $47.4 million to shareholders
- Book value per share was $17.56; book value per diluted share, excluding accumulated other comprehensive loss,(2) was $32.34
- Return on equity ("ROE") of 14.8%; operating ROE, as adjusted,(6) of 8.0%
Adoption of New Accounting Standard
As previously disclosed, we adopted ASU 2018-12 related to targeted improvements to the accounting for long-duration insurance contracts effective January 1, 2023. We selected the modified retrospective transition method except for market risk benefits where we were required to use the full retrospective approach. All prior periods presented herein have been recast in accordance with the new standard. As a result of the adoption of the new guidance, shareholders' equity as of December 31, 2022, increased $368.0 million and was comprised of increases to retained earnings and accumulated other comprehensive income (loss) of $232.2 million and $135.8 million, respectively. Net income and operating earnings (1) for the second quarter of 2022 increased $97.2 million and $35.0 million, respectively. Concurrent with the adoption of the new guidance, we also updated the method of determining non-operating earnings for our fixed indexed annuities to better isolate the volatile non-economic accounting impacts of that line of business.
INSURANCE OPERATIONS
Annuity products accounted for 26 percent of the Company's margin for the quarter and annuity premiums collected decreased 8 percent in 2Q23 compared to 2Q22.
Health products accounted for 48 percent of the Company's insurance margin for the quarter and 63 percent of insurance policy income.
Life products accounted for 26 percent of the Company's insurance margin for the quarter and 36 percent of insurance policy income.
Sales of health products were up 15 percent and sales of life products were up 8 percent in 2Q23 compared to 2Q22.
Total allocated expenses were $149.5 million, down 2 percent from 2Q22.
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The fair value of CNO's available for sale fixed maturity portfolio was $21.0 billion compared with an amortized cost of $23.6 billion. Net unrealized losses were comprised of gross unrealized gains of $106.1 million and gross unrealized losses of $2,710.8 million. The allowance for credit losses was $66.1 million at June 30, 2023.
At both amortized cost and fair value, 94 percent of fixed maturities, available for sale, were rated "investment grade".
Non-Operating Items
Net investment losses in 2Q23 were $31.3 million including the unfavorable change in the allowance for credit losses of $9.9 million which was recorded in earnings. Net investment losses in 2Q22 were $27.1 million including the unfavorable change in the allowance for credit losses of $23.7 million which was recorded in earnings.
During 2Q23 and 2Q22, we recognized a decrease in earnings of $4.0 million and $21.7 million, respectively, due to the net change in market value of investments recognized in earnings.
During 2Q23 and 2Q22, we recognized an increase in earnings of $50.4 million and $160.6 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities. Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and market risk benefits.
In 2Q22, other non-operating items included an increase in earnings of $14.0 million 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 386% at June 30, 2023, reflecting estimated 2Q23 statutory operating income of $37 million (and $76 million in the first six months of 2023) and the payment of insurance company dividends (net of capital contributions) to the holding company of $40.5 million during 2Q23 (and $74.7 million in the first six months of 2023).
During 2Q23, we repurchased $30.0 million of common stock under our securities repurchase program (including $0.9 million of repurchases settled in 3Q23). We repurchased 1.4 million common shares at an average cost of $22.28 per share. As of June 30, 2023, we had 113.7 million shares outstanding and had authority to repurchase up to an additional $641.8 million of our common stock. During 2Q23, dividends paid on common stock totaled $17.4 million.
Unrestricted cash and investments held by our holding company were $176 million at June 30, 2023, compared to $167 million at December 31, 2022.
Book value per common share was $17.56 at June 30, 2023 compared to $15.47 at December 31, 2022. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $32.34 at June 30, 2023, compared to $31.89 at December 31, 2022.
The debt-to-capital ratio was 36.3 percent and 39.2 percent at June 30, 2023 and December 31, 2022, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss) (3) was 23.4 percent at both June 30, 2023 and December 31, 2022.
Return on equity for the trailing four quarters ended June 30, 2023 and 2022, was 14.8% and 20.9%, respectively. Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (6) for the trailing four quarters ended June 30, 2023 and 2022, was 8.0% and 12.7%, 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, 2022 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 August 1, 2023 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 https://www.netroadshow.com/events/login?show=5ac4628b&confId=53584. 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, Optavise 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 $34 billion in total assets. Our 3,400 associates, 4,600 exclusive agents and 4,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
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ARMONK, N.Y., July 31, 2023 /PRNewswire/ -- The IBM (NYSE: IBM) board of directors has elected Michael Miebach to the board, effective October 30, 2023.
Michael Miebach, 55, is the chief executive officer of Mastercard Incorporated and a member of its board of directors. An innovator and technologist, Mr. Miebach has led Mastercard, a global technology company in the payments industry, since January 2021. Previously Mastercard's chief product officer, Mr. Miebach has deep experience in digital transformation, cybersecurity and delivering data-driven insights.
Arvind Krishna, IBM chairman and chief executive officer, said: "We are delighted that Michael Miebach will join the IBM board of directors. Michael is an accomplished technologist and international business leader. His insights and experience will strongly benefit IBM and its shareholders."
Mr. Miebach is a member of the Business Roundtable, the Business Council and the International Business Council of the World Economic Forum. He is a trustee of the United States Council for International Business and also serves on the United States Treasury Advisory Committee on Racial Equity.
Mr. Miebach holds a Master of Business Administration from the University of Passau in Germany.
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Jury poised to deliberate death penalty or life sentence for gunman in Pittsburgh synagogue massacre
PITTSBURGH (AP) — A jury is set to deliberate whether to impose the death penalty or a sentence of life in prison without parole on a man who spewed antisemitic hate before fatally shooting 11 worshippers at a synagogue in the heart of Pittsburgh’s Jewish community.
The same jurors who convicted 50-year-old Robert Bowers in June on 63 criminal counts listened to closing arguments Monday in the penalty phase of his federal trial, held nearly five years after the truck driver from suburban Baldwin perpetrated the deadliest attack on Jews in U.S. history.
Bowers defiled a place of worship when he entered the Tree of Life synagogue on Oct. 27, 2018, and opened fire with an AR-15 rifle, shooting everyone he could find in a mass murder clearly motivated by religious hatred, said U.S. Attorney Eric Olshan.
Bowers raved incessantly on social media about his hatred of Jewish people — using a slur for Jewish people some 400 times on a social media platform favored by the far right — and remains proud that he killed Jews, the prosecutor reminded jurors,
“Do not be numb to it. Remember what it means. This defendant targeted people solely because of the faith that they chose,” Olshan said.
He added: “This is a case that calls for the most severe punishment under the law: the death penalty.”
Bowers’ lead defense attorney, Judy Clarke, acknowledged the horror of his crimes but urged jurors to opt for a life sentence.
“What has happened cannot be undone. We can’t rewind the clock and make it that this senseless crime never happened. All we can do is make the right decision going forward. We are asking you to make the right decision, and that is life,” Clarke said in her closing argument.
A life sentence would mean that “prison is where Mr. Bowers will die in obscurity, not as a hero and not as a martyr,” she said.
Bowers’ attorneys have argued that he has schizophrenia, a serious brain disorder whose symptoms include delusions and hallucinations, and that Bowers attacked the synagogue out of a delusional belief that Jews were helping to bring about a genocide of white people by coming to the aid of refugees and immigrants. Clarke recounted Bowers’ history of psychiatric hospitalizations, including an extended stay in a residential juvenile mental health program.
The defense also presented evidence of Bowers’ difficult childhood.
Olshan disputed the defense experts’ diagnosis of schizophrenia, asserting that Bowers was not suffering psychosis but had chosen to believe white supremacist rhetoric. And while acknowledging that Bowers was a depressed, neglected child, Olshan downplayed the significance of it, noting that Bowers had held jobs, paid bills, and was an otherwise functioning adult.
“He was not a child, he was a grown man. He was responsible for his actions, not his family and things that happened decades earlier. He was, he is responsible for his actions,” Olshan said.
In order to impose death, jurors must find that aggravating circumstances, which make the crime especially heinous, outweigh mitigating factors that could be seen as diminishing his culpability. Those aggravating circumstances could include the vulnerability of Bowers’ elderly and disabled victims and his targeting of Jewish people.
Olshan played a composite of 911 calls made from inside the synagogue, including audio of people being shot and a survivor’s horrified screams.
He said Bowers had taken “11 people, 11 full lives, 11 people who loved their families, 11 people who loved their friends, 11 people who were loved. ... How do you measure the impact of all of that loss?”
The prosecutor spoke about 75-year-old Joyce Fienberg’s care for her family and 65-year-old Richard Gottfried’s devotion to his faith. He said Dr. Jerry Rabinowitz, 66, had the ethos of a country doctor: “He loved delivering babies but he never delivered judgment.” David Rosenthal, 54, and Cecil Rosenthal, 59, intellectually disabled brothers, “loved life,” Olshan said. “But maybe more than anything, they loved Tree of Life.”
The other deceased victims were Rose Mallinger, 97; Bernice Simon, 84, and her husband, Sylvan Simon, 86; Dan Stein, 71; Melvin Wax, 87; and Irving Younger, 69.
The attack also wounded seven people, including five responding police officers. Bowers was shot three times before surrendering when he ran out of ammunition.
___
Rubinkam reported from northeastern Pennsylvania.
Copyright 2023 The Associated Press. All rights reserved.
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NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Premium Dividend Fund (NYSE: PDT) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.0825 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Premium Dividend Fund (NYSE: PDT) with important information concerning the distribution declared on June 30, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, 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 Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting 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.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.0825 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
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.
About John Hancock Investment Management
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.
About Manulife Investment Management
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 manulife.com.
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Trader Joe’s falafel recalled because it may contain rocks
(Gray News) – Trader Joe’s is recalling a cooked falafel product because it “may contain rocks.”
The grocery chain announced Friday that the supplier of its Fully Cooked Falafel (SKU# 93935) warned it about the product possibly containing rocks.
Trader Joe’s said the recalled falafel is sold in its stores in Alabama, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Iowa, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, North Carolina, Nebraska, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Vermont, Wisconsin and Washington, D.C.
“All potentially affected product has been removed from sale and destroyed,” Trader Joe’s said in its announcement.
Customers are urged to discard the falafel and return it to any Trader Joe’s location for a full refund.
Trader Joe’s also announced Friday that it was recalling some of its cookies because they also may contain rocks, and the chain recently recalled its broccoli cheddar soup because it may contain insects.
Copyright 2023 Gray Media Group, Inc. All rights reserved.
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ST. LOUIS, July 31, 2023 /PRNewswire/ -- Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, today reported that it set a new quarterly record for net sales in the second quarter of 2023.
Graybar's net sales for the second quarter of this year totaled $2.8 billion, an increase of 4.5% compared to the same period last year. Net income attributable to Graybar for the quarter finished at $124.2 million, a 2.7% decrease from the second quarter of 2022.
For the first half of 2023, the company reported net sales of $5.5 billion, an 8.1% increase compared to the same period last year. Net income attributable to Graybar for the first six months of 2023 increased 8.4% to $249.0 million.
"Thanks to the hard work of our employees, we continue to achieve positive results," said Kathleen M. Mazzarella, chairman, president and chief executive officer of Graybar. "We remain focused on providing exceptional service to our customers every day, while we make strategic investments to transform our business and strengthen our long-term position as an industry leader."
Graybar, a Fortune 500 corporation and one of the largest employee-owned companies in North America, is a leader in the distribution of high quality electrical, communications and data networking products, and specializes in related supply chain management and logistics services. Through its network of more than 325 North American distribution facilities, it stocks and sells products from thousands of manufacturers, helping its customers power, network, automate and secure their facilities with speed, intelligence and efficiency. For more information, visit www.graybar.com or call 1-800-GRAYBAR.
Media Contact:
Tim Sommer
(314) 578-7672
timothy.sommer@graybar.com
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NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.1380 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) with important information concerning the distribution declared on July 3, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, 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 Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting 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.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.1380 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
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.
About John Hancock Investment Management
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.
About Manulife Investment Management
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 manulife.com.
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WATCH: Pilot survives after plane crashes into ocean off Hampton Beach
HAMPTON BEACH, New Hampshire (KLTV) - A small plane crashed into the ocean in front of beachgoers in New Hampshire on Saturday, and the sole occupant survived.
A single-engine aircraft crashed into the water about 30 yards offshore Hampton Beach at around noon on Saturday, according to a statement from Hampton Fire Rescue.
A video shared by Bob Rocco shows the aircraft losing altitude and finally crashing into the water as scores of beachgoers look on.
The pilot was assisted to shore by New Hampshire State Lifeguards and evaluated at the scene but did not need to be transported to a hospital, fire officials said.
Multiple agencies were called to the scene, including the U.S. Coast Guard, the state Department of Environmental Services, the state Department of Transportation’s Bureau of Aeronautics and the Federal Aviation Administration.
The plane was hauled out of the water, and the FAA investigator “turned the plane back over to the property owner,” fire officials said.
Copyright 2023 KLTV. All rights reserved.
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Published: Jul. 31, 2023 at 4:05 PM EDT|Updated: 52 minutes ago
Broadband revenue up 20% and Video SaaS revenue up 58% year over year
SAN JOSE, Calif., July 31, 2023 /PRNewswire/ -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the second quarter of 2023.
"While we achieved double digit year over year Broadband and Video SaaS revenue growth and strong gross margins for the second quarter, we experienced hardware sales delays across our business segments resulting in total revenue that was below our expectations," said Patrick Harshman, president and chief executive officer of Harmonic. "Despite these short-term headwinds, we have the largest backlog in our Company's history and our operating model continued to deliver solid profitability. The strength of our market position was reinforced by several new customer wins which further supports our multi-year growth plan."
Q2 Financial and Business Highlights
Financial
Revenue: $156.0 million, down 1% year over year
Gross margin: GAAP 54.5% and non-GAAP 54.7%, compared to GAAP 52.3% and non-GAAP 52.8% in the year ago period
Operating income: GAAP income $10.0 million and non-GAAP income $18.2 million, compared to GAAP income $15.1 million and non-GAAP income $21.4 million in the year ago period
Net income: GAAP net income $1.6 million and non-GAAP net income of $14.0 million, compared to GAAP net income $14.8 million and non-GAAP net income $17.6 million in the year ago period
Adjusted EBITDA: $21.1 million income compared to $24.3 million income in the year ago period
EPS: GAAP net income per share of $0.01 and non-GAAP net income per share of $0.12, compared to GAAP net income per share of $0.14 and non-GAAP net income per share of $0.16 in the year ago period
Cash: $71.0 million, down $50.8 million year over year
Business
CableOS® solution commercially deployed with 98 customers, serving 21.0 million cable modems, and initial orders received from two new Tier 1 customers
Recognized for the first time as the "cable broadband equipment" market share leader, by the most recent Dell'Oro Group1 report
Signed a follow-on multi-year software contract with an existing Tier 1 customer
Live sports streaming SaaS expansions and new wins drove 58.3% Video SaaS revenue growth year over year
Select Financial Information
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".
Financial Guidance
Conference Call Information
Harmonic will host a conference call to discuss its financial results at 2:00 p.m. PT (5:00 p.m. ET) on Monday, July 31, 2023. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. To participate via telephone, please register in advance using this link, https://register.vevent.com/register/BI455acac6063542fb837fd89bddfb1d84. A replay will be available after 5:00 p.m. PT on the same web site.
About Harmonic Inc.
Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband 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 broadband networking via the industry's first virtualized broadband 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 Broadband 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 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, 2022, 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.
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.
Gain and losses on equity investments - We exclude the gain and losses from the sale of our equity investments in calculating our non-GAAP financial measures. We exclude these items because we do not believe they are reflective of our ongoing long-term business and 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, and restructuring charges, 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.
Non-recurring advisory fees - There were non-recurring costs that we excluded from non-GAAP results relating to professional accounting, tax and legal fees associated with strategic corporate initiatives, including assessing corporate structure and organization, as we seek to optimize value for our business.
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.
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LINKBANCORP, Inc. Announces Second Quarter 2023 Financial Results
Published: Jul. 31, 2023 at 4:30 PM EDT|Updated: 27 minutes ago
HARRISBURG, Pa., July 31, 2023 /PRNewswire/ -- LINKBANCORP, Inc. (NASDAQ: LNKB) (the "Company"), the parent company of LINKBANK (the "Bank") reported net income of $1.35 million, or $0.08 per diluted share, for the quarter ended June 30, 2023. Excluding merger related expenses, adjusted earnings were $1.60 million1, or $0.101 per diluted share for the second quarter of 2023.
Second Quarter 2023 Highlights
Total deposits grew $50.3 million, or 20.5% annualized during the second quarter over the prior quarter end, including an increase in noninterest bearing deposits of $36.2 million, and $14.1 million in interest bearing deposits. Estimated uninsured deposits, excluding collateralized public funds and affiliate company accounts, totaled $378.7 million, or 36.7% of total deposits as of June 30, 2023, compared with $387.8 million, or 39.4% of total deposits as of March 31, 2023.
The Company enhanced its on-balance sheet liquidity, with cash and cash equivalents as of June 30, 2023 of $123.2 million, up from $51.7 million at March 31, 2023 and $30.0 million at December 31, 2022. Total liquidity, including all available borrowing capacity and brokered deposit availability, together with cash and cash equivalents and unpledged investment securities, totaled approximately $507.4 million as of June 30, 2023.
Total loans grew $24.2 million during the second quarter, representing a 10.3% annualized growth rate, driven primarily by commercial and industrial and commercial real estate loan activity.
Net interest income for the second quarter of 2023 was $8.1 million, compared to $8.0 million for the first quarter of 2023. Net interest margin was 2.81% for the second quarter of 2023, compared to 2.95% for the first quarter of 2023. The linked quarter decrease was primarily due to higher interest expense on deposits continuing to outpace the increase in interest income from loans.
The Company recorded a $493 thousand negative provision for credit losses for the second quarter of 2023, resulting in an allowance for credit losses of $10.2 million, or 1.05% of total loans at June 30, 2023. The negative provision for credit losses was primarily driven by refinement of the population of loans individually assessed for impairment under the current expected credit losses ("CECL") accounting standard, improvements in internal credit metrics and external forecast indexes, as well as $97 thousand in net recoveries, offset by loan growth in the period.
On June 22, 2023, shareholders of the Company and Partners Bancorp ("Partners"), each approved the merger of Partners with and into the Company, with the Company as the surviving corporation pursuant to the Agreement and Plan of Merger, dated as of February 22, 2023. The merger is expected to close in the third or fourth quarter of 2023, subject to regulatory approvals and certain other customary closing conditions.
"We are pleased to report results that evidence continued balance sheet strength, including increased on-balance sheet liquidity, a growing core deposit base, and excellent credit quality." said Andrew Samuel, Chief Executive Officer. "Although significant uncertainty remains in the external environment, we are optimistic that the pace of margin compression will continue to stabilize. Our teams are highly focused on providing superior service to meet our clients' needs and we believe the Company is well positioned to successfully navigate through this climate."
Income Statement
Net interest income before the provision for credit losses for the second quarter of 2023 increased to $8.1 million compared to $8.0 million in the first quarter of 2023. Net interest margin was 2.81% for the second quarter of 2023 compared to 2.95% for the first quarter of 2023. The decrease in net interest margin for the current quarter was due to the higher average rate paid on interest-bearing liabilities, which outpaced the increase in the average yield on interest earning assets. The overall rate and yield increases were driven by the multiple federal funds rate increases that occurred over the preceding twelve months, coupled with competition for deposits in the market. The rate of increase in the cost of funds moderated to 30 basis points in the second quarter of 2023, primarily resulting from strong growth in the average balance of non-interest bearing deposits, which increased approximately $17.0 million to $209.1 million, compared to $192.1 million for the first quarter. The 30 basis points increase in the cost of funds to 2.29% during the second quarter of 2023 was partially offset by a 15 basis point increase in the average yield on interest-earning assets to 5.00%. The increase in the average yield on interest-earning assets was primarily due to the increase in the average yield on loans of 11 basis points to 5.20% during the second quarter of 2023.
During the second quarter, the Company continued to recognize results from its increased internal focus and strategy on core deposit generation, including 123 net new checking accounts opened for a total of $38 million in new deposits. Additionally, further momentum in executing the Company's strategies to service the needs of professional services firms resulted in 58 new accounts opened during the quarter, which are expected to fund over the course of the third quarter. As a result of these positive trends, the Company expects to allow higher cost brokered deposits to mature, replaced by core accounts at a lower cost, contributing to further stabilization in net interest margin.
Noninterest income (expense) improved from a $1.9 million expense in the first quarter of 2023, driven by recognition of a loss upon the sale of debt securities of $2.37 million, to $886 thousand in income in the second quarter of 2023. Excluding the first quarter loss on the sale of debt securities, adjusted noninterest income for the second quarter of 2023 increased $369 thousand to $886 thousand, primarily due to gains on the sale of Small Business Administration ("SBA") loans of $296 thousand and $57 thousand in commercial loan-related interest rate swap fees.
Noninterest expense for the second quarter of 2023 increased to $7.8 million compared to $7.7 million for the first quarter of 2023. Excluding one time charges relating to the pending merger with Partners Bancorp of $587 thousand in the first quarter of 2023 and $315 thousand in the second quarter of 2023, adjusted noninterest expense increased by $351 thousand in the second quarter, impacted by increased equipment and data processing expense as the Company continues to enhance its technology platform, as well as elevated accrual of fraud and operating losses.
Balance Sheet
Total assets were $1.31 billion at June 30, 2023 compared to $1.21 billion at March 31, 2023 and $1.06 billion at June 30, 2022. Deposits and net loans as of June 30, 2023 totaled $1.03 billion and $959.3 million, respectively, compared to deposits and net loans of $984.5 million and $934.8 million, respectively, at March 31, 2023 and $902.4 million and $786.5 million, respectively, at June 30, 2022.
Total loans increased $24.2 million from March 31, 2023 to June 30, 2023, or 10.25% annualized, with the average commercial loan commitment originated during the second quarter of 2023 totaling approximately $500,000.
The Company has proactively taken additional steps during the quarter to enhance its on-balance sheet liquidity. Cash and cash equivalents increased to $123.2 million at June 30, 2023 compared to $51.7 million at March 31, 2023 and $30.0 million at December 31, 2022. In addition to growth in core deposits, this position was supported by an additional $43.7 million in borrowings related to $75.0 million in wholesale funding in connection with the execution of a pay-fixed/receive-floating interest rate swap. The interest rate swap has a fixed rate of 3.28%, a maturity of five years and is designated against either a mix of one-month FHLB advances or brokered certificates of deposits. Classified as a cash flow hedge, the market fluctuations will not impact future earnings, but will impact accumulated other comprehensive loss.
Deposits at June 30, 2023 totaled $1.03 billion, an increase of $50.3 million compared to $984.5 million at March 31, 2023. Average deposits increased by $17.0 million during the quarter, or 6.9% annualized, driven by a 35.3% increase in average noninterest bearing deposits from $192.1 million for the first quarter of 2023 to $209.1 million for the second quarter of 2023.
Shareholders' equity increased from $141.6 million at March 31, 2023 to $142.5 million at June 30, 2023. The increase included an increase in retained earnings due to net income for the current quarter, and a decrease in other comprehensive loss resulting from changes in the interest rate environment, offset by dividends paid of $1.2 million.
Asset Quality
In the second quarter of 2023, the Company recorded a negative provision for credit losses, calculated under the CECL model, of $493 thousand, compared to a provision for credit losses of $293 thousand in the first quarter. The negative provision for credit losses included the impact of reductions in the allowance for credit losses due to refinement of the population of loans individually assessed for impairment under CECL, improvements in internal credit metrics and external forecast indexes, as well as $97 thousand in net recoveries, offset by loan growth in the period.
Asset quality metrics remain strong. As of June 30, 2023, the Company's non-performing assets were $2.9 million, representing 0.22% of total assets. Non-performing assets at June 30, 2023 excluded purchased with credit deterioration ("PCD") loans with a balance of $2.1 million. Loans 30-89 days past due at June 30, 2023 were $1.8 million, representing 0.18% of total loans.
The allowance for credit losses-loans was $10.2 million, or 1.05% of total loans at June 30, 2023, compared to the allowance for credit losses-loans of $10.5 million, or 1.11% of total loans, at March 31, 2023. The allowance for credit losses-loans to nonperforming assets was 358.12% at June 30, 2023, compared to 438.95% at March 31, 2023.
The Company's risk management function incorporates extensive diversification, monitoring and hold limits with respect to the commercial real estate loan portfolio and management closely monitors concentration reports and related analyses. The commercial real estate loan portfolio is well-diversified, with limited exposure to higher risk segments such as hotels and retail. Management believes that the office space portfolio, which includes medical and mixed-use space, and does not involve properties in major metropolitan business districts, is stable and does not pose excessive risk. Specifically, at June 30, 2023, the Company had 68 loans related to office space, with an average loan size of $1.8 million and total current outstanding balances of $103.0 million. The largest exposure relating to office space is $8.8 million for a construction loan that will constitute owner-occupied real estate upon completion. Eighty-four percent (84%) of office space loans are guaranteed by high-quality principals and no office loans are past due 30 days or greater.
Capital
The Bank's regulatory capital ratios are well in excess of regulatory minimums to be considered "well capitalized" as of June 30, 2023. The Bank's Total Capital Ratio and Tier 1 Capital Ratio was 13.55% and 12.94% , respectively, at June 30, 2023, compared to 13.53% and 12.32%, respectively, at March 31, 2023 and 12.89% and 12.41%, respectively, at December 31, 2022. The Company's ratio of Tangible Common Equity to Tangible Assets was 8.31%2 at June 30, 2023.
ABOUT LINKBANCORP, Inc.
LINKBANCORP, Inc. was formed in 2018 with a mission to positively impact lives through community banking. Its subsidiary bank, LINKBANK, is a Pennsylvania state-chartered bank serving individuals, families, nonprofits and business clients throughout Central and Southeastern Pennsylvania through 10 client solutions centers and www.linkbank.com. LINKBANCORP, Inc. common stock is traded on the Nasdaq Capital Market 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; risks related to the proposed merger with Partners; 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.
LB-E LB-D
Appendix A – Reconciliation to Non-GAAP Financial Measures
This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management uses these non-GAAP measures in its analysis of the Company's performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of non-GAAP financial measures that exclude the impact of specified items provide useful supplemental information that is essential to a proper understanding of the Company's financial condition and results. Non-GAAP measures are not formally defined under GAAP, and other entities may use calculation methods that differ from those used by us. As a complement to GAAP financial measures, our management believes these non-GAAP financial measures assist investors in comparing the financial condition and results of operations of financial institutions due to the industry prevalence of such non-GAAP measures. See the tables below for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.
Contact: Nicole Ulmer Corporate and Investor Relations Officer 717.803.8895 IR@LINKBANCORP.COM
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.
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13% Sequential Revenue Growth Including 10% Organic
Maintains Strong Balance Sheet Post-Acquisitions of Atreus and businessfourzero
CHICAGO, July 31, 2023 /PRNewswire/ -- Today Heidrick & Struggles International, Inc. (Nasdaq: HSII) ("Heidrick & Struggles", "Heidrick" or the "Company") announced financial results for its second quarter ended June 30, 2023.
Second Quarter Highlights:
- Net revenue of $271.2 million increased 13% sequentially, 10% organically
- Operating income of $13.6 million decreased $4.2 million sequentially and operating margin was 5.0%
- Adjusted operating income of $20.8 million increased 17% sequentially and adjusted operating margin was 7.7%
- Adjusted EBITDA of $36.4 million increased 33% sequentially and adjusted EBITDA margin was 13.4%
- Net income was $9.0 million and diluted earnings per share was $0.44; adjusted net income was $15.0 million and adjusted diluted earnings per share was $0.73
"We are very pleased with the second quarter results which included the first full quarter of results from our recent acquisition of Atreus Group ("Atreus") in our On-Demand Talent segment, as well as the results from businessfourzero ("B4Z") in our Heidrick Consulting segment. Even before the positive effects of these acquisitions, each of our lines of business demonstrated organic sequential growth, despite ongoing macro uncertainty and an anticipated return to more normalized levels of business performance. This validates our focus on the steadfast execution of our strategy while maintaining strong profitability," stated Heidrick & Struggles' President and Chief Executive Officer, Krishnan Rajagopalan. "Importantly, the integrations of both our recent acquisitions are progressing smoothly. We are advancing our diversification strategy while continuing to make appropriate investments in our digital capabilities and technologies throughout the company. These initiatives are aimed at providing our clients with the next generation of talent and leadership advisory services, enabling them to achieve higher performance through their leaders and teams in an ever-evolving business landscape."
2023 Second Quarter Results
Consolidated net revenue of $271.2 million compared to record consolidated net revenue of $298.7 million in the 2022 second quarter. Consolidated financial results include the first full quarter of contribution from the Company's recent acquisitions of Atreus and B4Z.
On a sequential basis, 2023 second quarter net revenue increased 13.3% from the 2023 first quarter, 10% of that growth was organic, as the Company experienced growth in Executive Search driven by the Americas and Europe markets, partially offset by a decline in the Asia Pacific market, along with sequential revenue growth in Heidrick Consulting and On-Demand Talent. 2023 second quarter adjusted operating income increased 17.2% and adjusted operating margin increased 30 basis points to 7.7% compared to 7.4% in the 2023 first quarter. Adjusted EBITDA of $36.4 million in the 2023 second quarter increased 33% sequentially and adjusted EBITDA margin increased 190 basis points to 13.4% compared to 11.5% in the 2023 first quarter. 2023 second quarter adjusted net income was $15.0 million compared to $15.6 million in the 2023 first quarter. This generated adjusted diluted earnings per share in the 2023 second quarter of $0.73 compared to $0.76 in the 2023 first quarter.
Executive Search net revenue of $206.8 million compared to net revenue of $253.9 million in the 2022 second quarter reflecting an anticipated market slowdown combined with a return to more normalized operating levels. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 0.3%, or $0.8 million, net revenue decreased 18.2%, or $46.3 million, from the 2022 second quarter. Net revenue decreased 21.3% in the Americas (down 21.2% on a constant currency basis), decreased 5.3% in Europe (down 6.1% on a constant currency basis), and decreased 23.9% in Asia Pacific (down 20.5% on a constant currency basis) when compared to the prior year second quarter. The Social Impact and Industrial practice groups exhibited growth over the prior year.
The Company had 423 Executive Search consultants at June 30, 2023, compared to 388 at June 30, 2022. Productivity, as measured by annualized Executive Search net revenue per consultant, was $1.9 million compared to $2.6 million in the 2022 second quarter, reflecting a higher number of consultants combined with lower revenue. Average revenue per executive search was approximately $143,000 compared to $153,000 in the prior year period. The number of search confirmations decreased 12.7% compared to the year-ago period.
On-Demand Talent net revenue of $39.2 million, an increase of 75.5% compared to net revenue of $22.4 million in the 2022 second quarter, primarily due to the acquisition of Atreus, partially offset by a decrease in the volume of legacy on-demand projects.
Heidrick Consulting net revenue of $25.2 million compared to net revenue of $22.4 million in the 2022 second quarter. The Company had 89 Heidrick Consulting consultants at June 30, 2023, compared to 66 at June 30, 2022.
Consolidated salaries and benefits decreased $28.8 million, or 13.9%, to $178.9 million compared to $207.7 million in the 2022 second quarter. Year-over-year, fixed compensation expense increased $18.8 million due to base salaries and payroll taxes, the deferred compensation plan, reorganization, and retirement and benefits, as well as the acquisitions of Atreus and B4Z, partially offset by a decrease in stock compensation. Variable compensation decreased $47.6 million due to lower bonus accruals related to decreased consultant productivity. Salaries and benefits expense was 66.0% of net revenue for the quarter compared to 69.5% in the 2022 second quarter.
General and administrative expenses increased $5.3 million, or 15.1%, to $40.5 million compared to $35.2 million in the 2022 second quarter. The increase was due to intangible amortization and accretion, office occupancy, IT, and taxes and licenses, partially offset by a decrease in business development travel. As a percentage of net revenue, general and administrative expenses were 14.9% for the 2023 second quarter compared to 11.8% in the 2022 second quarter.
The Company's cost of services was $25.3 million, or 9.3% of net revenue for the quarter, compared to $17.4 million, or 5.8% of net revenue in the 2022 second quarter. This related to an increase in the volume of On-Demand Talent projects driven by the acquisition of Atreus.
The Company's research and development expenses were $5.7 million, or 2.1%, of net revenue for the quarter compared to $4.5 million, or 1.5%, of net revenue for the second quarter 2022.
In the 2023 second quarter, the Company recorded a non-cash goodwill impairment charge of $7.2 million associated with the Company's Heidrick Consulting segment. In the 2022 fourth quarter, the Company conducted its most recent annual goodwill impairment evaluation, which indicated that the carrying value of the Heidrick Consulting reporting unit was less than its fair value. During the 2023 second quarter, the Company acquired B4Z and recorded approximately $7.1 million of goodwill in the Heidrick Consulting reporting unit. Due to the inclusion of goodwill in a reporting unit with a pre-existing fair value shortfall, the Company identified a triggering event and performed an interim goodwill impairment evaluation during the 2023 second quarter, which resulted in the impairment of the recently acquired B4Z goodwill.
Including the previously mentioned non-cash impairment charge, operating income was $13.6 million for the quarter compared to $33.9 million in the 2022 second quarter. Operating income margin was 5.0% versus 11.3% in the 2022 second quarter. Excluding the non-cash impairment charge, adjusted operating income in the 2023 second quarter was $20.8 million and adjusted operating margin was 7.7%.
Adjusted EBITDA was $36.4 million compared to $36.8 million in the 2022 second quarter. Adjusted EBITDA margin was 13.4%, compared to 12.3% in the 2022 second quarter. In Executive Search, adjusted EBITDA was $53.9 million compared to $52.3 million in the prior year period. In On-Demand Talent, adjusted EBITDA was $2.6 million versus $0.6 million in the prior year period. In Heidrick Consulting, adjusted EBITDA was a loss of $1.6 million compared to a loss of $0.1 million in the prior year period.
Net income was $9.0 million and diluted earnings per share was $0.44, with an effective tax rate of 46.8%. This compares to net income of $24.1 million and diluted earnings per share of $1.19, with an effective tax rate of 30.9% in the 2022 second quarter. Excluding the non-cash impairment charge recorded in the 2023 second quarter, adjusted net income was $15.0 million and adjusted diluted earnings per share was $0.73, with an adjusted effective tax rate of 37.7%.
Net cash provided by operating activities was $46.9 million, compared to $82.7 million in the 2022 second quarter. Cash, cash equivalents and marketable securities at June 30, 2023 was $239.0 million compared to $336.6 million at June 30, 2022 and $621.6 million at December 31, 2022. The Company's cash position typically builds throughout the year as employee bonuses are accrued, mostly to be paid out in the first half of the year.
2023 Six Months Results
For the six months ended June 30, 2023, consolidated net revenue was $510.5 million compared to $582.6 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 1.0%, or $6.1 million, consolidated net revenue decreased 11.3%, or $65.9 million, compared to the prior year period.
Executive Search net revenue in the first six months of 2023 decreased 20.0%, or $99.2 million, to $397.3 million from $496.5 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 1.0%, or $5.1 million, net revenue decreased 19.0%, or $94.1 million. Net revenue decreased 21.5% in the Americas (decreased 21.3% on a constant currency basis), decreased 13.7% in Europe (decreased 11.3% on a constant currency basis), and decreased 21.9% in Asia Pacific (decreased 18.0% on a constant currency basis). Only the Social Impact and Industrial practice groups exhibited growth over the prior year. Productivity was $1.9 million for the first six months of 2023 compared to $2.6 million in the first six months of 2022. The average revenue per executive search was $133,000 in the first six months of 2023 compared to $137,000 the same period in 2022, while search confirmations decreased 17.6%.
On-Demand Talent net revenue in the first six months of 2023 was $70.4 million compared to $45.7 million in the same period of 2022. The increase in net revenue was primarily driven by the acquisition of Atreus, as well as an increase in the volume of legacy on-demand projects.
Heidrick Consulting net revenue in the first six months of 2023 increased 6.3%, or $2.5 million, to $42.9 million from $40.4 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 2.0%, or $0.8 million, Heidrick Consulting revenue increased 8.3%, or $3.3 million, compared to the prior year period.
Operating income for the first six months of 2023 was $31.4 million compared to operating income of $64.1 million in the same period of 2022. The operating income margin was 6.1% compared to 11.0% in the first six months of 2022. Excluding the non-cash impairment charge recorded in the 2023 year-to-date period, adjusted operating income was $38.6 million and adjusted operating income margin was 7.6%.
Adjusted EBITDA for the first six months of 2023 was $63.8 million and adjusted EBITDA margin was 12.5%, compared to adjusted EBITDA of $72.5 million and adjusted EBITDA margin of 12.4% for the same period in 2022. In Executive Search, adjusted EBITDA was $102.3 million compared to $104.2 million in the prior year period. In On-Demand Talent, adjusted EBITDA was $1.2 million versus $0.9 million in the prior year period. In Heidrick Consulting, adjusted EBITDA was a loss of $4.3 million compared to a loss of $1.9 million in the prior year period.
Net income for the first six months of 2023 was $24.6 million and diluted earnings per share was $1.19, with an effective tax rate of 38.1%. This compares to net income of $42.6 million and diluted earnings per share of $2.08, with an effective tax rate of 32.2%, in the first six months of 2022. Excluding the restructuring charge recorded in the 2023 year-to-date period, adjusted net income was $30.6 million and adjusted diluted earnings per share was $1.48 with an adjusted effective tax rate of 34.8%.
Dividend
The Board of Directors declared a 2023 second quarter cash dividend of $0.15 per share payable on August 25, 2023, to shareholders of record at the close of business on August 11, 2023.
2023 Third Quarter Outlook
The Company expects 2023 third quarter consolidated net revenue of between $245 million and $265 million, which reflects typical summer seasonality, while acknowledging that continued fluidity in external factors, such as the foreign exchange and interest rate environments, foreign conflicts, inflation and macroeconomic constraints on pricing actions, may impact quarterly results. In addition, this outlook is based on the average currency rates in June 2023 and reflects, among other factors, management's assumptions for the anticipated volume of new Executive Search confirmations, On-Demand Talent projects, and Heidrick Consulting assignments, consultant productivity, consultant retention, and the seasonality of the business along with the current backlog.
Quarterly Webcast and Conference Call
Heidrick & Struggles will host a conference call to review its second quarter results today, July 31, 2023 at 5:00 pm Eastern Time. Participants may access the Company's call and supporting slides through its website at www.heidrick.com or by dialing (888) 440-4091 or (646) 960-0846, conference ID# 6106012. For those unable to participate on the live call, a webcast and copy of the slides will be archived at www.heidrick.com and available for up to 30 days following the investor call.
About Heidrick & Struggles International, Inc.
Heidrick & Struggles (Nasdaq: HSII) is a premier provider of global leadership advisory and on-demand talent solutions, serving the senior-level talent and consulting needs of the world's top organizations. In our role as trusted leadership advisors, we partner with our clients to develop future-ready leaders and organizations, bringing together our services and offerings in executive search, diversity and inclusion, leadership assessment and development, organization and team acceleration, culture shaping and on-demand, independent talent solutions. Heidrick & Struggles pioneered the profession of executive search more than 65 years ago. Today, the firm provides integrated talent and human capital solutions to help our clients change the world, one leadership team at a time. ® www.heidrick.com
Non-GAAP Financial Measures
To supplement the financial results presented in accordance with generally accepted accounting principles in the United States ("GAAP"), Heidrick & Struggles presents certain non-GAAP financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of comprehensive income, balance sheets or statements of cash flow of the Company.
Non-GAAP financial measures used within this earnings release are adjusted operating income, adjusted operating income margin, adjusted net income, adjusted diluted earnings per share, adjusted effective tax rate, adjusted EBITDA, adjusted EBITDA margin, and consolidated net revenue excluding the impact of exchange rate fluctuations. These measures are presented because management uses this information to monitor and evaluate financial results and trends. Management believes this information is also useful for investors to evaluate the comparability of financial information presented. Reconciliations of these non-GAAP financial measures to the most directly comparable measures calculated and presented in accordance with GAAP are provided as schedules attached to this release.
Adjusted operating income reflects the exclusion of goodwill impairment.
Adjusted operating income margin refers to adjusted operating income as a percentage of net revenue in the same period.
Adjusted net income and adjusted diluted earnings per share reflect the exclusion of goodwill impairment, net of tax.
Adjusted effective tax rate reflects the exclusion of goodwill impairment, net of tax.
Adjusted EBITDA refers to earnings before interest, taxes, depreciation, intangible amortization, equity-settled stock compensation expense, earnout accretion, earnout obligation adjustments, contingent compensation related to acquisitions, deferred compensation plan income and expense, reorganization costs, impairment charges, restructuring charges, and other non-operating income (expense).
Adjusted EBITDA margin refers to adjusted EBITDA as a percentage of net revenue in the same period.
The Company evaluates its results of operations on both an as reported and a constant currency basis. The constant currency presentation is a non-GAAP financial measure, which excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding its results of operations, consistent with how it evaluates its performance. The Company calculates constant currency percentages by converting its financial results in a local currency for a period using the average exchange rate for the prior period to which it is comparing. This calculation may differ from similarly titled measures used by other companies.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding guidance for the third quarter of 2023. The forward-looking statements are based on current expectations, estimates, forecasts, and projections about the industry in which we operate and management's beliefs and assumptions. Forward-looking statements may be identified by the use of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "outlook," "projects," "forecasts," "aim" and similar expressions. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions, and involve certain known and unknown risks and uncertainties that are difficult to predict, many of which are beyond our control. Factors that may cause actual outcomes and results to differ materially from what is expressed, forecasted, or implied in the forward-looking statements include, among other things, our ability to attract, integrate, develop, manage and retain qualified consultants and senior leaders; our ability to prevent our consultants from taking our clients with them to another firm; our ability to maintain our professional reputation and brand name; our clients' ability to restrict us from recruiting their employees; our heavy reliance on information management systems; risks arising from our implementation of new technology and intellectual property to deliver new products and services to our clients; our dependence on third parties for the execution of certain critical functions; the fact that we face the risk of liability in the services we perform; the fact that data security, data privacy and data protection laws and other evolving regulations and cross-border data transfer restrictions may limit the use of our services and adversely affect our business; any challenges to the classification of our on-demand talent as independent contractors; the increased cybersecurity requirements, vulnerabilities, threats and more sophisticated and targeted cyber-related attacks that could pose a risk to our systems, networks, solutions, services and data; the impacts, direct and indirect, of the COVID-19 pandemic (including the emergence of variant strains) or other highly infectious or contagious disease on our business, our consultants and employees, and the overall economy; the aggressive competition we face; the fact that our net revenue may be affected by adverse economic conditions including inflation, the impact of foreign currency exchange rate fluctuations; our ability to access additional credit; social, political, regulatory, legal and economic risks in markets where we operate, including the impact of the ongoing war in Ukraine and the risks of an expansion or escalation of that conflict; unfavorable tax law changes and tax authority rulings; the timing of the establishment or reversal of valuation allowance on deferred tax assets; the fact that we may not be able to align our cost structure with net revenue; any impairment of our goodwill, other intangible assets and other long-lived assets; our ability to execute and integrate future acquisitions; and the fact that we have anti-takeover provisions that could make an acquisition of us difficult and expensive. We caution the reader that the list of factors may not be exhaustive. For more information on these risks, uncertainties and other factors, refer to our Annual Report on Form 10-K for the year ended December 31, 2022, under the heading "Risk Factors" in Item 1A, as updated in Part II of our subsequent Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Investors & Analysts:
Suzanne Rosenberg, Vice President, Investor Relations
srosenberg@heidrick.com
Media:
Nina Chang, Vice President, Corporate Communications
nchang@heidrick.com
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PHILADELPHIA, July 31, 2023 /PRNewswire/ -- Livent Corporation (NYSE: LTHM) today published its 2022 Sustainability Report, with the theme Reimagining Possibilities. The report provides updates on the company's progress against its 2030 and 2040 sustainability goals, includes new disclosures and reaffirms Livent's commitment to responsible production and expansion.
Paul Graves, president and chief executive officer of Livent, commented: "We believe the lithium industry will play an increasingly important role in the clean energy transition towards a more sustainable, low-carbon future. Our 2022 Sustainability Report demonstrates how Livent is reimagining what's possible for producing more of the lithium the world needs while continuing to lead our industry forward in corporate social responsibility, environmental stewardship and transparency."
Report Highlights:
- Initial global Scope 3 screening of Livent's Greenhouse Gas (GHG) emissions and first disclosures on global air pollutants
- Completion of ISO-compliant Life Cycle Assessments (LCAs) for all of Livent's major lithium chemical products, ahead of the original 2025 target
- Achievement of Livent's 2030 Waste Disposed intensity reduction target, ahead of schedule
- Summary of recent water and biodiversity studies conducted at the Salar del Hombre Muerto in Argentina
- Updates on other key collaborations and initiatives to support a low-carbon future, minimize environmental impacts, expand local community engagement and development efforts, protect human rights, and build a more engaged, diverse and inclusive workforce
To view Livent's 2022 Sustainability Report, visit livent.com/sustainability. The report will be made available in multiple languages.
Key ESG metrics in the report were reviewed and assured by ERM Certification and Verification Services (ERM CVS).
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 1,350 full-time, part-time, temporary, and contract employees and operates manufacturing sites in the United States, England, China and Argentina. For more information, visit Livent.com.
Livent Forward-Looking Statements
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which 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. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "will continue to," "will likely result," "is on track," "should," "expect," "expects," "intends," "plans," "anticipates," "believe," "believes," "estimates," "predicts," "potential," "continue," "could," "forecast," "future," "is confident that," or "projects," the negative of these terms and other comparable terminology. 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. These factors include, among other things, the risk factors and other cautionary statements included within Livent's 2022 Form 10-K filed with the SEC as well as other SEC filings and public communications. Livent 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. Livent 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.
The Company's investor relations website, located at https://ir.livent.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the website for investors, including information that the Company may wish to disclose publicly for purposes of complying with federal securities laws.
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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| 2023-07-31T20:57:34
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HAPEVILLE, GA. -- Police responded to an Atlanta-area neighborhood about a suspected trespasser, but what the officer found would touch his heart and result in a moving act of kindness.
"You might be told one thing over the radio, and when you show up on scene it's something completely different," Officer Eric Colleran said in an interview with local ABC affiliate WSB.
Colleran took the call about a suspected trespasser. He responded to the neighborhood and found 16-year-old Keonte Evans.
Evans was not trespassing. Instead, he was doing some yard work in order to earn money to buy his five younger brothers and sisters clothes before the start of a new school year.
Colleran quickly sorted out the misunderstanding and felt moved by Evans' respectful, soft-spoken demeanor as well as his drive to help his family.
A couple days later, Colleran returned to Evans' house with a surprise for him in the trunk of his patrol car: a brand new PlayStation 5.
Emotion overtook Evans. He immediately hugged Colleran and thanked him for his kindness. He took the gaming console inside but immediately ran back outside to hug Colleran again.
"Somebody did this for you. The game is so expensive. You can't do anything but be so excited. So, I gave him a hug. A big hug at that. A very big hug. It's so sweet. Many people don't do these things for kids," Evans said.
"I didn't do any of this to end up on the news. I was just trying to help him out and let him understand that if you work hard and are honest, good things will come to you," Colleran said.
Evans told WSB he was still looking to pick up a part-time job to help his mom provide for their family. In the meantime, he hasn't let a single day slip by without playing his new PS5.
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| 2023-07-31T20:57:35
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Published: Jul. 31, 2023 at 4:15 PM EDT|Updated: 42 minutes ago
Second Quarter Highlights
Second quarter 2023 net income attributable to Huntsman of $19 million compared to $228 million in the prior year period; second quarter 2023 diluted earnings per share of $0.11 compared to $1.10 in the prior year period.
Second quarter 2023 adjusted net income attributable to Huntsman of $39 million compared to $250 million in the prior year period; second quarter 2023 adjusted diluted earnings per share of $0.22 compared to $1.21 in the prior year period.
Second quarter 2023 adjusted EBITDA of $156 million compared to $410 million in the prior year period.
Second quarter 2023 net cash provided by operating activities from continuing operations was $40 million. Free cash flow from continuing operations was a use of cash of $11 million for the second quarter 2023 compared to a source of cash of $178 million in the prior year period.
Repurchased approximately 3.8 million shares for approximately $98 million in the second quarter 2023.
THE WOODLANDS, Texas, July 31, 2023 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reported second quarter 2023 results with revenues of $1,596 million, net income attributable to Huntsman of $19 million, adjusted net income attributable to Huntsman of $39 million and adjusted EBITDA of $156 million.
Peter R. Huntsman, Chairman, President, and CEO, commented:
"During the quarter, business activity in each of our core regions remained under pressure, although we did see demand fundamentals in many of our core markets stabilize, albeit at a lower level than the prior year. We continued to drive efficiencies in our cost structure which will ensure we are well positioned to improve profitability once demand returns to a more normalized level. We remain positive on the long-term trends and value we will capture in energy efficiency and lightweighting in the construction, transportation, and industrial markets. Over the past several years we have made a significant effort to reduce leverage and drive capital discipline. The output of this effort is now allowing us to return significant amounts of capital to shareholders during a year which for the chemical industry may end up being just as, if not more, challenging than the pandemic year 2020. Our financial strength is also allowing us to evaluate both organic and in-organic investment opportunities to strengthen our Company for the long-term, however, we will continue to be disciplined with our available capital and protect our investment grade rating."
Segment Analysis for 2Q23 Compared to 2Q22
Polyurethanes
The decrease in revenues in our Polyurethanes segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes, lower MDI average selling prices and the negative impact of foreign currency exchange rate movements against the U.S dollar. Sales volumes decreased primarily due to lower demand, primarily in the Americas. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes, lower MDI margins, the negative impact of foreign currency exchange rate movements against the U.S. dollar and a gain from an insurance settlement received in the second quarter of 2022, partially offset by higher equity earnings from our minority-owned joint venture in China and cost savings achieved from our cost optimization programs.
Performance Products
The decrease in revenues in our Performance Products segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes and reduced average selling prices, partially offset by improved sales mix. Sales volumes decreased in all regions primarily due to slowing construction activity, and reduced demand in coatings and adhesives, lubes and other industrial markets. The decrease in segment adjusted EBITDA was primarily due to decreased sales volumes and lower average selling prices.
Advanced Materials
The decrease in revenues in our Advanced Materials segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes, partially offset by higher average selling prices. Sales volumes decreased primarily due to reduced customer demand in our infrastructure markets and the deselection of lower margin business. Average selling prices increased largely due to improved sales mix. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes.
Corporate, LIFO and other
For the three months ended June 30, 2023, adjusted EBITDA from Corporate and other was a loss of $38 million, which remained the same as a loss of $38 million for the same period of 2022.
Liquidity and Capital Resources
During the three months ended June 30, 2023, our free cash flow from continuing operations was a use of cash of $11 million as compared to a source of cash of $178 million in the same period of 2022. As of June 30, 2023, we had approximately $1.9 billion of combined cash and unused borrowing capacity.
During the three months ended June 30, 2023, we spent $51 million on capital expenditures from continuing operations as compared to $65 million in the same period of 2022. During 2023, we expect to spend between $230 million to $250 million on capital expenditures.
Income Taxes
In the second quarter of 2023, our effective tax rate was 46% and our adjusted effective tax rate was 39%. We expect our 2023 adjusted effective tax rate to be approximately 26% to 29%. We expect our long-term adjusted effective tax rate to be approximately 22% to 24%. Our second quarter 2023 tax expense was negatively impacted by an $8 million non-cash valuation allowance increase.
Earnings Conference Call Information
We will hold a conference call to discuss our second quarter 2023 financial results on Tuesday, August 1, 2023, at 10:00 a.m. ET.
The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, www.huntsman.com/investors. Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.
Upcoming Conferences During the third quarter 2023, a member of management is expected to present at: UBS Chemical Conference on September 6, 2023 Jefferies Industrials Conference on September 7, 2023
A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors.
About Huntsman: Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2022 revenues of approximately $8 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 60 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 7,000 associates within our continuing operations. For more information about Huntsman, please visit the company's website at www.huntsman.com.
Forward-Looking Statements: This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, divestitures or strategic transactions, business trends and any other information that is not historical information. When used in this press release, the words "estimates," "expects," "anticipates," "likely," "projects," "outlook," "plans," "intends," "believes," "forecasts," or future or conditional verbs, such as "will," "should," "could" or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, management's examination of historical operating trends and data, are based upon our current expectations and various assumptions and beliefs. In particular, such forward-looking statements are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the Company's operations, markets, products, prices and other factors as discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"). Significant risks and uncertainties may relate to, but are not limited to, increased energy costs in Europe, inflation and resulting monetary tightening in the US, geopolitical instability, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of the Company's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions and manufacturing optimization improvements in the Company's businesses and to realize anticipated cost savings, and other financial, operational, economic, competitive, environmental, political, legal, regulatory and technological factors. Any forward-looking statement should be considered in light of the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, which may be supplemented by other risks and uncertainties disclosed in any subsequent reports filed or furnished by the Company from time to time. All forward-looking statements apply only as of the date made. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
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.
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Jackpocket Crowns its First $100K Winner in Massachusetts, Partnership With Circle K Offers a New, Convenient Way to Play the Lottery
BOSTON, July 31, 2023 /PRNewswire/ -- Jackpocket, America's #1 lottery app*, launched in Massachusetts in partnership with Circle K, one of the largest convenience store brands in the United States.
Yesterday, a Jackpocket customer ordered a $100,000 winning lottery ticket for the daily "Mass Cash" drawing using the app.
"We are excited that our partnership with Circle K landed our first $100K winner in the Bay State, cementing Jackpocket's presence in Massachusetts," said Peter Sullivan, CEO of Jackpocket. "Jackpocket's mission is to make the lottery more accessible and convenient to play. As Tuesday's Mega Millions crosses the $1 billion mark, it's easier than ever to play your favorite games from anywhere in Massachusetts."
To celebrate the new partnership, Jackpocket is offering lottery fans across the state their first lottery ticket for free on the app. New players will receive a $2 lottery ticket by entering the code HEYMASS at checkout. Lottery fans can play Powerball and Mega Millions—currently over $1.05B—as well as local favorites MassCash (the game responsible for the $100K winning ticket), Megabucks Doubler, Lucky for Life, and The Numbers Game.
"We're proud to partner with Jackpocket in Massachusetts and make this fun and convenient experience available to every lottery player across the state," said Melissa Lessard, the head of North American marketing at Circle K. "At Circle K, we are always looking for ways to make life a little easier for our customers and providing the opportunity for customers to order official state lottery tickets with just the tap of a button through the Jackpocket app is yet another example of that commitment."
Massachusetts is now the 17th state available for lottery play on the Jackpocket app. Jackpocket is iCAP certified for best practices in player protection, backed by the expertise of the National Council on Problem Gambling. To ensure player safety, Jackpocket offers consumer protections such as daily deposit and spend limits, self-exclusion, and in-app access to responsible gambling resources.
*According to data from AppFollow
*Must be 18 or older to play. Jackpocket is not affiliated with and is not an agent of the Massachusetts State Lottery. Please visit jackpocket.com/tos for full terms of service. Gambling Problem? Call 1-800-327-5050.
Are You Our Next BIG Winner? Visit play.jackpocket.com or download Jackpocket for iOS and Android and get in the game. New players can receive a $2 lottery ticket by entering the code HEYMASS at checkout.
About Jackpocket
Jackpocket is on a mission to create a more convenient, fun, and responsible way to take part in the lottery. The first licensed third-party lottery courier app in the United States, Jackpocket provides an easy, secure way to order official state lottery tickets. Jackpocket is currently available in Arizona, Arkansas, Colorado, Idaho, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New York, Ohio, Oregon, Texas, Washington D.C., and West Virginia, and is expanding to many new markets. Download the app on iOS and Android or participate via desktop. Follow along on Facebook, Twitter and Instagram.
About Circle K and Alimentation Couche-Tard Inc.
Couche-Tard is a global leader in convenience and mobility, operating in 25 countries and territories, with more than 14,400 stores, of which approximately 11,000 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, as well as in Ireland. It also has an important presence in Poland and Hong Kong Special Administrative Region of the People's Republic of China. Approximately 128,000 people are employed throughout its network.
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https://www.wsaz.com/prnewswire/2023/07/31/massachusetts-lottery-fans-can-now-play-record-105b-mega-millions-their-phone/
| 2023-07-31T20:57:40
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Five people were hurt after a runaway bull wreaked havoc in the streets of one city in Peru.
Dramatic video showed the bull chasing people through the streets of Ayacucho like it was Pamplona, Spain. The bull was even seen ramming into a woman.
The animal escaped from an arena during an event on Wednesday.
It took about 30 minutes for authorities to capture the bull.
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| 2023-07-31T20:57:41
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ARMONK, N.Y., July 31, 2023 /PRNewswire/ -- The IBM (NYSE: IBM) board of directors has elected Michael Miebach to the board, effective October 30, 2023.
Michael Miebach, 55, is the chief executive officer of Mastercard Incorporated and a member of its board of directors. An innovator and technologist, Mr. Miebach has led Mastercard, a global technology company in the payments industry, since January 2021. Previously Mastercard's chief product officer, Mr. Miebach has deep experience in digital transformation, cybersecurity and delivering data-driven insights.
Arvind Krishna, IBM chairman and chief executive officer, said: "We are delighted that Michael Miebach will join the IBM board of directors. Michael is an accomplished technologist and international business leader. His insights and experience will strongly benefit IBM and its shareholders."
Mr. Miebach is a member of the Business Roundtable, the Business Council and the International Business Council of the World Economic Forum. He is a trustee of the United States Council for International Business and also serves on the United States Treasury Advisory Committee on Racial Equity.
Mr. Miebach holds a Master of Business Administration from the University of Passau in Germany.
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| 2023-07-31T20:57:42
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Tech Veteran Brings Nearly Three Decades of Experience to Help Drive Growth for Leading Fast-Casual Mexican Restaurant
SAN DIEGO, July 31, 2023 /PRNewswire/ -- Modern Restaurant Concepts ("MRC"), a leading fast-casual restaurant platform comprised of the QDOBA and Modern Market Eatery brands, announced that Prashant Budhale has joined the company as Chief Technology Officer. Budhale brings more than 28 years of experience in technology leadership to MRC, and as CTO, will lead all technology across MRC brands.
"We are excited for Prashant to join the MRC team," said John Cywinski, CEO of Modern Restaurant Concepts. "I view technology as a foundational enabler of all that we do in the restaurant business, from a guest, team member, and corporate enterprise perspective. Prashant will lead our strategy to drive technology as a powerful brand differentiator, and he will be a terrific collaborator with our existing leadership team as well as our franchise partners moving forward."
"I'm excited about QDOBA's history of strong same store sales growth, potential for net unit growth, and the ability for technology to make a positive impact to both guest and team member experiences," Budhale said. "I'm also very encouraged by John's vision and Butterfly Equity's commitment to the growth of brands within MRC portfolio."
Prior to joining Modern Restaurant Concepts, Budhale served as Head of Technology for SONIC Drive-In, part of the Inspire Brands portfolio. At SONIC, he was responsible for the vision, development, and implementation of all technology initiatives across the 3,550 unit, $6B brand. Prior to SONIC, Prashant was Senior Director for Pizza Hut, part of YUM! Brands, where he led retail technology. Earlier in his career, Prashant worked as a software development consultant with IBM, Allstate, Oracle, Capgemini, and Fujitsu America.
QDOBA is a fast casual Mexican restaurant with over 750 locations in the U.S. and Canada. Committed to delivering flavor to people's lives, QDOBA uses ingredients prepared in-house, by hand, and fresh throughout the day, to create delicious menu options. Guests can experience QDOBA's delicious flavors by enjoying one of its signature menu options that are chef-crafted for convenience and ease or by customizing their burritos, tacos, burrito bowls, salads, quesadillas, and nachos to fit their personal tastes. For five years running, QDOBA has been voted the "Best Fast Casual Restaurant" as part of the USA TODAY 10Best Readers' Choice Awards. Discover more at www.QDOBA.com or on the QDOBA app.
For more information on the company, please visit www.QDOBA.com or follow the brand on Instagram, Facebook, Twitter and TikTok.
About Modern Restaurant Concepts
Modern Restaurant Concepts is one of the largest fast casual restaurant platforms in North America with nearly 800 units across two brands, QDOBA and Modern Market Eatery. The system operates corporate-owned and franchised units across nearly every U.S. state as well as Canada and Puerto Rico. Modern Restaurant Concepts is owned by Butterfly Equity, a Los Angeles-based private equity firm specializing in the food sector, with more than $10 billion of equity capital in companies ranging from growth-stage to Fortune 500 enterprises.
QDOBA is a fast casual Mexican restaurant with over 750 locations in the U.S. and Canada. Committed to delivering flavor to people's lives, QDOBA uses ingredients prepared in-house, by hand, and fresh throughout the day, to create delicious menu options. Guests can experience QDOBA's delicious flavors by enjoying one of its signature menu options that are chef-crafted for convenience and ease or by customizing their burritos, tacos, burrito bowls, salads, quesadillas, and nachos to fit their personal tastes. For five years running, QDOBA has been voted the "Best Fast Casual Restaurant" as part of the USA TODAY 10Best Readers' Choice Awards. Discover more at www.QDOBA.com or on the QDOBA app.
Modern Market Eatery is a food forward, sustainable fast casual restaurant concept that operates in Colorado, Texas, Arizona, and Indiana. Delivering the freshness and flavors of the market in a modern dining format and environment, Modern Market Eatery's menu of protein-centric bowls, garden fresh salads, toasted sandwiches and brick-oven pizzas redefine what it means to eat well at a reasonable price. For additional information about Modern Market Eatery, please visit www.modernmarket.com.
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| 2023-07-31T20:57:46
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IEEE Transactions on Pattern Analysis and Machine Intelligence (TPAMI) achieves highest impact factor among Computer Society journals
LOS ALAMITOS, Calif., July 31, 2023 /PRNewswire/ -- The IEEE Computer Society (CS), the leading global computer science and engineering member community, announced today that its journal IEEE Transactions on Pattern Analysis and Machine Intelligence (TPAMI) earned the highest 2022 Journal Impact Factor™ (JIF™) of all IEEE CS publications, securing the top spot among artificial intelligence journals.
"Computer science and engineering represent some of the most prominent, promising areas of research today," said Nita Patel, president, IEEE CS. "As the number of papers in our field continues to climb, paper acceptance gets increasingly competitive, and our editors work tirelessly to ensure that only the top papers make their way into our journals. We're thrilled to, once again, hold top impact factor rankings, and we thank all of our volunteers for their commitment to excellence."
Impact factor measures the frequency with which the average article in a publication has been cited in a particular year. The calculation is based on a two-year period and involves dividing the number of times articles were cited by the number of articles that are citable. It offers a key metric to assess the overall strength and industry influence of a particular publication.
Overall, 11 IEEE CS journals now hold the coveted top impact factor ranking in their specialty field. The following four publications join TPAMI to round out the top five highest-ranked IEEE CS journals:
- IEEE Transactions on Affective Computing (TAC)
- IEEE Transactions on Knowledge and Data Engineering (TKDE), a new entrant to IEEE CS' top five journals
- IEEE Transactions on Services Computing (TSC)
- IEEE Transactions on Mobile Computing (TMC), a new entrant to IEEE CS' top five journals
In addition, IEEE CS' fully open access publication, IEEE Open Journal of the Computer Society, received its first impact factor in Clarivate's Emerging Sources Citation Index™ (ESCI), which features newly launched, niche, and open access journals publishing high-quality research on a range of topics. This is the first year Clarivate included the multidisciplinary ESCI in its JIF review.
"We're thrilled that IEEE Open Journal of the Computer Society had the opportunity to be recognized this year," said Greg Byrd, IEEE CS VP of Publications. "With the innovative research it brings to the field, it is certain to have a long-standing impact on the computer science and engineering community."
Impact factor applies not only to scientific and engineering journals but to technical magazines as well. Those IEEE CS publications with the highest impact factor rankings include:
"One of the most important things about impact factor rankings is that they point to the most highly researched topics in the field," said Patel. "This year, there's a heavy focus on artificial intelligence, data science, and mobile computing. It will be interesting to watch the evolution of these topics and the advances that arise from papers presented in Computer Society publications."
JIF rankings are released annually in Clarivate's Journal Citation Reports™ (JCR™). These reports evaluate more than 21,500 high-quality academic journals from across more than 250 scientific and research disciplines.
To learn more about IEEE Computer Society journals and the research they offer, visit https://www.computer.org/publications.
About the IEEE Computer Society
Engaging computer engineers, scientists, academia, and industry professionals from all areas of computing, the IEEE Computer Society (CS) sets the standard for the education and engagement that fuels continued global technological advancement. Through conferences, publications, and programs, and by bringing together computer science and engineering leaders at every phase of their career for dialogue, debate, and collaboration, IEEE CS empowers, shapes, and guides the future of not only its members, but the greater industry, enabling new opportunities to better serve our world. Visit computer.org for more information.
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2025 Cruises and Cruisetours from Alaska's Leading Cruise Line
on Sale August 3
Family Favorite Caribbean Princess to Sail Alaska for First Time
SANTA CLARITA, Calif., July 31, 2023 /PRNewswire/ -- Princess Cruises has unveiled its 2025 Alaska cruise and cruisetours season, featuring three captivating roundtrip itineraries and an exclusive new National Parks Cruisetour. These remarkable offerings are available for booking starting August 3.
New Adventures and Extended Journeys Await, including a Departure from LA:
New for 2025 from the cruise line that brings the most guests to Alaska every year is a 22-day roundtrip voyage sailing from San Francisco on Ruby Princess that coincides with the Summer Solstice, and a 17-day roundtrip cruise from Seattle on Grand Princess featuring three days of scenic glacier viewing. For guests seeking to sail from Southern California, a new 16-day roundtrip Inside Passage voyage from Los Angeles on Grand Princess offers a convenient and affordable option.
National Parks Cruisetour
Following its debut in 2024, the National Parks Cruisetour returns in 2025 with a 15-night adventure to five of Alaska's most breathtaking parks. Guests will have the opportunity to explore Glacier Bay, Denali, Wrangell-St. Elias, Kenai Fjords National Parks, and Klondike Gold Rush National Historical Park in Skagway. Unique to Princess, this experience combines a seven-day Voyage of the Glaciers cruise, scenic rail travel, and multiple days on land, including stays at four Princess-owned wilderness lodges.
"As the market leader in Alaska, we're excited to offer guests even more exciting ways to see the natural beauty of Alaska with itineraries in 2025 that serve up new adventures and extended journeys that first-time guests and repeat visitors are going to find intriguing," said John Padgett, Princess Cruises president. "We're also making it easier for guests to access an Alaska cruise by bringing back a roundtrip option out of Los Angeles, which also make it more affordable for millions within that drive market."
Caribbean Princess to Debut in Alaska in 2025
In 2025, seven Princess ships will sail to Alaska, including Caribbean Princess for the first time. In addition, the number of Princess homeports offering Alaska voyages expands to five with the addition of Los Angeles, with the season featuring 21 cruise destinations and four glacier-viewing experiences, highlighted by 88 visits to Glacier Bay National Park, taking more guests to this spectacular national park than any other cruise line.
With 155 total departures on 18 unique itineraries ranging in length from 4 to 22 days, cruise and cruisetour choices include:
Cruises – Seven Ships, Five Homeports
- NEW! Ultimate Alaska Solstice with Glacier Bay National Park: 22-day roundtrip from San Francisco on Ruby Princess – departs June 6, 2025
- NEW! Ultimate Alaska with Glacier Bay National Park: 17-day roundtrip from Seattle on Grand Princess – departs May 6, 2025
- Inside Passage with Glacier Bay National Park: 16-day roundtrip from Los Angeles on Grand Princess visiting Juneau, Skagway, Glacier Bay National Park, Sitka, Icy Strait Point, Ketchikan and Victoria, B.C. – departs August 30, 2025
- Voyage of the Glaciers: This top-rated seven-day itinerary features Juneau, Skagway, Ketchikan, and two glacier-viewing experiences at Glacier Bay National Park and Hubbard Glacier or College Fjord. Caribbean Princess, Coral Princess, and Sapphire Princess offer weekly northbound and southbound cruises from Vancouver, B.C. to Anchorage (Whittier) and vice versa. Guests can combine select seven-day voyages for an amazing 14-day Voyage of the Glaciers Grand Adventure – operates May 10 to September 13, 2025.
- Inside Passage: Princess' signature seven-day roundtrip sailings from Seattle and Vancouver, B.C., as well as 11-day roundtrip departures from San Francisco and Vancouver that include four ports of call and a day of glacier viewing. Many Inside Passage cruises include Glacier Bay National Park. Discovery Princess and Royal Princess sail from Seattle weekly, May 4 – September 21, 2025. Grand Princess offers weekly cruises from Vancouver, B.C., May 27 – August 19, 2025. Ruby Princess sails 11-day cruises roundtrip from San Francisco May 4 – September 13, 2025.
- Alaska Samplers: Three itineraries of four to five days offer shorter voyages for guests looking for a quick getaway. Discovery Princess, Royal Princess and Grand Princess operate four-day, roundtrip voyages between Vancouver, B.C. to Seattle with a stop in Ketchikan – departing April 30, May 13 and May 23, 2025. Caribbean Princess sails a four-day, roundtrip cruise from Vancouver, B.C., with a visit to Ketchikan departing September 13, 2025, and a five-day roundtrip cruise from Vancouver, B.C., with stops in Sitka and Ketchikan sailing May 5, 2025.
Cruisetours
- More than 26 cruisetour options give guests variety of choice with four styles of travel including Denali Explorer tours, On Your Own options, Connoisseur Deluxe Escorted and Off the Beaten Path.
- The exclusive Direct-to-the-Wilderness rail service ensures a seamless transition between the ship in Whittier and the Denali area on the same day.
Award-Winning North to Alaska Program
Princess' award-winning North to Alaska program enriches the onboard and onshore experience with local lumberjacks, Iditarod champions, and storytellers sharing their Alaska experiences and insights. Other offerings include Wild for Alaska seafood menus, a variety of shore excursions, Puppies in the Piazza to meet sled-dog puppies, Junior Ranger program for youth, and authentic commentary by Glacier Bay Park Rangers and Naturalists.
Visit www.princess.com/alaska for more details on the 2025 Alaska cruises and cruisetours season from Princess Cruises.
Additional information about Princess Cruises is available through a professional travel advisor, by calling 1-800-Princess (1-800-774-6237) or by visiting www.princess.com.
About Princess Cruises
Princess Cruises is The Love Boat, the world's most iconic cruise brand that delivers dream vacations to millions of guests every year in the most sought-after destinations on the largest ships that offer elite service personalization and simplicity customary of small, yacht-class ships. Well-appointed staterooms, world class dining, grand performances, award-winning casinos and entertainment, luxurious spas, imaginative experiences and boundless activities blend with exclusive Princess MedallionClass service to create meaningful connections and unforgettable moments in the most incredible settings in the world - the Caribbean, Alaska, Panama Canal, Mexican Riviera, Europe, South America, Australia/New Zealand, the South Pacific, Hawaii, Asia, Canada/New England, Antarctica, and World Cruises. The company is part of Carnival Corporation & plc (NYSE/LSE:CCL; NYSE:CUK).
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| 2023-07-31T20:57:53
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NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Premium Dividend Fund (NYSE: PDT) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.0825 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Premium Dividend Fund (NYSE: PDT) with important information concerning the distribution declared on June 30, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, 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 Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting 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.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.0825 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
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.
About John Hancock Investment Management
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.
About Manulife Investment Management
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 manulife.com.
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SOURCE John Hancock Investment Management
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| 2023-07-31T20:57:55
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https://tj.news/greater-saint-john/102148036
| 2023-07-31T20:57:57
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Celebrate the Blooms with Inaugural National Sunflower Day on August 5
BISMARCK, N.D., July 31, 2023 /PRNewswire/ -- In late July and into August, vast fields of brilliant yellow sunflowers blanket North Dakota during the peak growing season and visitors are awed by the landscape awash in summery hues. This year, North Dakota Tourism invites visitors to celebrate these picturesque fields with the inaugural National Sunflower Day on August 5, 2023.
The National Day Calendar recognition, slated for the first Saturday each August, is a collaboration between the National Sunflower Association and North Dakota Tourism and recognizes the inherent happiness the sunflowers evokes and the prominence of North Dakota's agricultural industry in growing the cheerful blooms.
For visitors planning a picture-perfect road trip for National Sunflower Day and beyond, North Dakota Tourism has launched the state's 2023 Sunflower Blooms Guide detailing the location of more than a dozen stunning sunflower fields. Weekly bloom updates will highlight the progress of the seasonal color as it unfolds across the state making the map a perfect tool for making the most of the waning days of summer. North Dakota Tourism is also making an ideal road trip snack available to visitors with packets of savory sunflower seeds in mailboxes at select fields.
To capture the iconic blooms in photos and videos, keep the following tips in mind:
- In general, visitors are welcome to stop by fields included on the Sunflower Blooms Guide as long as they are respectful and don't enter or drive into the fields.
- Scout the field location early to capture that golden hour image or video just-after sunrise or just-before sunset. Visitors will want to set up early to take advantage of the golden hues.
- Keep in mind that cloudy days are often some of the best times to capture vibrant close-ups and more subtle variations in shadows.
- Tag your photos and videos on social media using #BeNDLegendary to celebrate your love of the sunny blooms.
- Fuel your photoshoot with a beloved North Dakota snack with Fargo's irresistible SunButter made from roasted sunflower seeds or Wahpeton's Giants Snacks with original and kettle roasted flavors of sunflower seeds.
As the top sunflower producing state last year, North Dakota farmers planted 702,000 acres of the beautiful blooms in 2022, and the state is the top producer of edible sunflower seeds in the U.S. More sunflower recipes, videos and little-known facts are available at Brighten Your Day with the Amazing Sunflower. For more on planning a trip to North Dakota, visit NDtourism.com.
Follow North Dakota Tourism on Facebook at www.facebook.com/TravelND, on Instagram at https://www.instagram.com/northdakotalegendary/ on or on Twitter at http://twitter.com/NorthDakota and get tips on what to see and do all year long.
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SOURCE North Dakota Tourism Division
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| 2023-07-31T20:57:59
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NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.1380 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) with important information concerning the distribution declared on July 3, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, 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 Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting 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.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.1380 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
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.
About John Hancock Investment Management
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.
About Manulife Investment Management
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 manulife.com.
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SOURCE John Hancock Investment Management
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| 2023-07-31T20:58:02
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https://tj.news/national-post/102148290
| 2023-07-31T20:58:03
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https://tj.news/national-post/102148290
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Animal Shelters, Rescue Groups, and Happy Adopters, Nationally and Internationally, Encouraged to Celebrate the Role Adopted Dogs Play in Our Lives
PORT WASHINGTON, N.Y., July 31, 2023 /PRNewswire/ -- Tuesday, August 1st is DOGust 1ST ®– the official birthday for all rescue dogs – and North Shore Animal League America is encouraging animal lovers around the country and globe to join them in celebrating the incredible meaning our adopted animals add to our lives.
Since the actual dates of birth for most rescued dogs are unknown, Animal League America created DOGust 1st to celebrate rescue dogs (those adopted and those awaiting loving homes.) Since 2008, these "Mutt-i-grees" have had this day designated to honor the incredible impact they make on our lives.
"This is a wonderful opportunity to celebrate rescue dogs and the invaluable role they play in our lives, while raising awareness about the importance of rescue and adoption," said Joanne Yohannan, Senior Vice President, Operations, North Shore Animal League America.
In honor of DOGust 1st, North Shore Animal League America, and many of their shelter partners across the country, will be participating in DOGust 1st festivities throughout the week (August 1 – 7.) By encouraging adoption specials, birthday themed activities, and local media opportunities, even more rescue dogs are expected to find loving, responsible homes.
To find an adoptable pet at a shelter or rescue group in your area go to www.animalleague.org.
To find a participating DOGust 1st group near you visit www.animalleague.org/dogust1st.
For video highlights of DOGust 1st, visit: DOGUST 1ST ASSETS
Photo & Video Credit: North Shore Animal League America
MEDIA CONTACT:
KATHLEEN LYNN
Senior Director of Communications
Cell: (516) 528-7878
Email: KathleenL@animalleague.org
#DOGust1st #GetYourRescueOn
About NORTH SHORE ANIMAL LEAGUE AMERICA
Animal League America has saved more than 1.1 million lives. As the world's largest no-kill rescue and adoption organization, we understand that a rescue isn't complete until each animal is placed into a loving home. Our innovative programs provide education to reduce animal cruelty and advance standards in animal welfare. We reach across the country to rescue animals from overcrowded shelters, unwanted litters, commercial breeding facilities, natural disasters and other emergencies and find them permanent, loving homes. www.animalleague.org
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SOURCE North Shore Animal League America
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| 2023-07-31T20:58:05
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https://tj.news/telegraph-journal/102148188
| 2023-07-31T20:58:06
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https://tj.news/telegraph-journal/102148188
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LINKBANCORP, Inc. Announces Second Quarter 2023 Financial Results
Published: Jul. 31, 2023 at 4:30 PM EDT|Updated: 28 minutes ago
HARRISBURG, Pa., July 31, 2023 /PRNewswire/ -- LINKBANCORP, Inc. (NASDAQ: LNKB) (the "Company"), the parent company of LINKBANK (the "Bank") reported net income of $1.35 million, or $0.08 per diluted share, for the quarter ended June 30, 2023. Excluding merger related expenses, adjusted earnings were $1.60 million1, or $0.101 per diluted share for the second quarter of 2023.
Second Quarter 2023 Highlights
Total deposits grew $50.3 million, or 20.5% annualized during the second quarter over the prior quarter end, including an increase in noninterest bearing deposits of $36.2 million, and $14.1 million in interest bearing deposits. Estimated uninsured deposits, excluding collateralized public funds and affiliate company accounts, totaled $378.7 million, or 36.7% of total deposits as of June 30, 2023, compared with $387.8 million, or 39.4% of total deposits as of March 31, 2023.
The Company enhanced its on-balance sheet liquidity, with cash and cash equivalents as of June 30, 2023 of $123.2 million, up from $51.7 million at March 31, 2023 and $30.0 million at December 31, 2022. Total liquidity, including all available borrowing capacity and brokered deposit availability, together with cash and cash equivalents and unpledged investment securities, totaled approximately $507.4 million as of June 30, 2023.
Total loans grew $24.2 million during the second quarter, representing a 10.3% annualized growth rate, driven primarily by commercial and industrial and commercial real estate loan activity.
Net interest income for the second quarter of 2023 was $8.1 million, compared to $8.0 million for the first quarter of 2023. Net interest margin was 2.81% for the second quarter of 2023, compared to 2.95% for the first quarter of 2023. The linked quarter decrease was primarily due to higher interest expense on deposits continuing to outpace the increase in interest income from loans.
The Company recorded a $493 thousand negative provision for credit losses for the second quarter of 2023, resulting in an allowance for credit losses of $10.2 million, or 1.05% of total loans at June 30, 2023. The negative provision for credit losses was primarily driven by refinement of the population of loans individually assessed for impairment under the current expected credit losses ("CECL") accounting standard, improvements in internal credit metrics and external forecast indexes, as well as $97 thousand in net recoveries, offset by loan growth in the period.
On June 22, 2023, shareholders of the Company and Partners Bancorp ("Partners"), each approved the merger of Partners with and into the Company, with the Company as the surviving corporation pursuant to the Agreement and Plan of Merger, dated as of February 22, 2023. The merger is expected to close in the third or fourth quarter of 2023, subject to regulatory approvals and certain other customary closing conditions.
"We are pleased to report results that evidence continued balance sheet strength, including increased on-balance sheet liquidity, a growing core deposit base, and excellent credit quality." said Andrew Samuel, Chief Executive Officer. "Although significant uncertainty remains in the external environment, we are optimistic that the pace of margin compression will continue to stabilize. Our teams are highly focused on providing superior service to meet our clients' needs and we believe the Company is well positioned to successfully navigate through this climate."
Income Statement
Net interest income before the provision for credit losses for the second quarter of 2023 increased to $8.1 million compared to $8.0 million in the first quarter of 2023. Net interest margin was 2.81% for the second quarter of 2023 compared to 2.95% for the first quarter of 2023. The decrease in net interest margin for the current quarter was due to the higher average rate paid on interest-bearing liabilities, which outpaced the increase in the average yield on interest earning assets. The overall rate and yield increases were driven by the multiple federal funds rate increases that occurred over the preceding twelve months, coupled with competition for deposits in the market. The rate of increase in the cost of funds moderated to 30 basis points in the second quarter of 2023, primarily resulting from strong growth in the average balance of non-interest bearing deposits, which increased approximately $17.0 million to $209.1 million, compared to $192.1 million for the first quarter. The 30 basis points increase in the cost of funds to 2.29% during the second quarter of 2023 was partially offset by a 15 basis point increase in the average yield on interest-earning assets to 5.00%. The increase in the average yield on interest-earning assets was primarily due to the increase in the average yield on loans of 11 basis points to 5.20% during the second quarter of 2023.
During the second quarter, the Company continued to recognize results from its increased internal focus and strategy on core deposit generation, including 123 net new checking accounts opened for a total of $38 million in new deposits. Additionally, further momentum in executing the Company's strategies to service the needs of professional services firms resulted in 58 new accounts opened during the quarter, which are expected to fund over the course of the third quarter. As a result of these positive trends, the Company expects to allow higher cost brokered deposits to mature, replaced by core accounts at a lower cost, contributing to further stabilization in net interest margin.
Noninterest income (expense) improved from a $1.9 million expense in the first quarter of 2023, driven by recognition of a loss upon the sale of debt securities of $2.37 million, to $886 thousand in income in the second quarter of 2023. Excluding the first quarter loss on the sale of debt securities, adjusted noninterest income for the second quarter of 2023 increased $369 thousand to $886 thousand, primarily due to gains on the sale of Small Business Administration ("SBA") loans of $296 thousand and $57 thousand in commercial loan-related interest rate swap fees.
Noninterest expense for the second quarter of 2023 increased to $7.8 million compared to $7.7 million for the first quarter of 2023. Excluding one time charges relating to the pending merger with Partners Bancorp of $587 thousand in the first quarter of 2023 and $315 thousand in the second quarter of 2023, adjusted noninterest expense increased by $351 thousand in the second quarter, impacted by increased equipment and data processing expense as the Company continues to enhance its technology platform, as well as elevated accrual of fraud and operating losses.
Balance Sheet
Total assets were $1.31 billion at June 30, 2023 compared to $1.21 billion at March 31, 2023 and $1.06 billion at June 30, 2022. Deposits and net loans as of June 30, 2023 totaled $1.03 billion and $959.3 million, respectively, compared to deposits and net loans of $984.5 million and $934.8 million, respectively, at March 31, 2023 and $902.4 million and $786.5 million, respectively, at June 30, 2022.
Total loans increased $24.2 million from March 31, 2023 to June 30, 2023, or 10.25% annualized, with the average commercial loan commitment originated during the second quarter of 2023 totaling approximately $500,000.
The Company has proactively taken additional steps during the quarter to enhance its on-balance sheet liquidity. Cash and cash equivalents increased to $123.2 million at June 30, 2023 compared to $51.7 million at March 31, 2023 and $30.0 million at December 31, 2022. In addition to growth in core deposits, this position was supported by an additional $43.7 million in borrowings related to $75.0 million in wholesale funding in connection with the execution of a pay-fixed/receive-floating interest rate swap. The interest rate swap has a fixed rate of 3.28%, a maturity of five years and is designated against either a mix of one-month FHLB advances or brokered certificates of deposits. Classified as a cash flow hedge, the market fluctuations will not impact future earnings, but will impact accumulated other comprehensive loss.
Deposits at June 30, 2023 totaled $1.03 billion, an increase of $50.3 million compared to $984.5 million at March 31, 2023. Average deposits increased by $17.0 million during the quarter, or 6.9% annualized, driven by a 35.3% increase in average noninterest bearing deposits from $192.1 million for the first quarter of 2023 to $209.1 million for the second quarter of 2023.
Shareholders' equity increased from $141.6 million at March 31, 2023 to $142.5 million at June 30, 2023. The increase included an increase in retained earnings due to net income for the current quarter, and a decrease in other comprehensive loss resulting from changes in the interest rate environment, offset by dividends paid of $1.2 million.
Asset Quality
In the second quarter of 2023, the Company recorded a negative provision for credit losses, calculated under the CECL model, of $493 thousand, compared to a provision for credit losses of $293 thousand in the first quarter. The negative provision for credit losses included the impact of reductions in the allowance for credit losses due to refinement of the population of loans individually assessed for impairment under CECL, improvements in internal credit metrics and external forecast indexes, as well as $97 thousand in net recoveries, offset by loan growth in the period.
Asset quality metrics remain strong. As of June 30, 2023, the Company's non-performing assets were $2.9 million, representing 0.22% of total assets. Non-performing assets at June 30, 2023 excluded purchased with credit deterioration ("PCD") loans with a balance of $2.1 million. Loans 30-89 days past due at June 30, 2023 were $1.8 million, representing 0.18% of total loans.
The allowance for credit losses-loans was $10.2 million, or 1.05% of total loans at June 30, 2023, compared to the allowance for credit losses-loans of $10.5 million, or 1.11% of total loans, at March 31, 2023. The allowance for credit losses-loans to nonperforming assets was 358.12% at June 30, 2023, compared to 438.95% at March 31, 2023.
The Company's risk management function incorporates extensive diversification, monitoring and hold limits with respect to the commercial real estate loan portfolio and management closely monitors concentration reports and related analyses. The commercial real estate loan portfolio is well-diversified, with limited exposure to higher risk segments such as hotels and retail. Management believes that the office space portfolio, which includes medical and mixed-use space, and does not involve properties in major metropolitan business districts, is stable and does not pose excessive risk. Specifically, at June 30, 2023, the Company had 68 loans related to office space, with an average loan size of $1.8 million and total current outstanding balances of $103.0 million. The largest exposure relating to office space is $8.8 million for a construction loan that will constitute owner-occupied real estate upon completion. Eighty-four percent (84%) of office space loans are guaranteed by high-quality principals and no office loans are past due 30 days or greater.
Capital
The Bank's regulatory capital ratios are well in excess of regulatory minimums to be considered "well capitalized" as of June 30, 2023. The Bank's Total Capital Ratio and Tier 1 Capital Ratio was 13.55% and 12.94% , respectively, at June 30, 2023, compared to 13.53% and 12.32%, respectively, at March 31, 2023 and 12.89% and 12.41%, respectively, at December 31, 2022. The Company's ratio of Tangible Common Equity to Tangible Assets was 8.31%2 at June 30, 2023.
ABOUT LINKBANCORP, Inc.
LINKBANCORP, Inc. was formed in 2018 with a mission to positively impact lives through community banking. Its subsidiary bank, LINKBANK, is a Pennsylvania state-chartered bank serving individuals, families, nonprofits and business clients throughout Central and Southeastern Pennsylvania through 10 client solutions centers and www.linkbank.com. LINKBANCORP, Inc. common stock is traded on the Nasdaq Capital Market 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; risks related to the proposed merger with Partners; 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.
LB-E LB-D
Appendix A – Reconciliation to Non-GAAP Financial Measures
This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management uses these non-GAAP measures in its analysis of the Company's performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of non-GAAP financial measures that exclude the impact of specified items provide useful supplemental information that is essential to a proper understanding of the Company's financial condition and results. Non-GAAP measures are not formally defined under GAAP, and other entities may use calculation methods that differ from those used by us. As a complement to GAAP financial measures, our management believes these non-GAAP financial measures assist investors in comparing the financial condition and results of operations of financial institutions due to the industry prevalence of such non-GAAP measures. See the tables below for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.
Contact: Nicole Ulmer Corporate and Investor Relations Officer 717.803.8895 IR@LINKBANCORP.COM
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.
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DENVER, July 31, 2023 /PRNewswire/ -- Palantir Technologies Inc. (NYSE: PLTR) today announced that it was selected by the Defense Information Systems Agency (DISA) to support coordination between federal and commercial licensees of the 3450 - 3550 MHz spectrum band. Palantir will provide its software platform to enable end-to-end automation that will enhance coordination between the Department of Defense and commercial spectrum licensees for shared use of the 3450-3550 MHz band within cooperative planning area (CPA) and periodic use area (PUA) coordination zone boundaries.
As part of an ongoing interagency effort to facilitate the shared usage of critically important mid-band spectrum, Palantir's software will enable DISA's Defense Spectrum Organization (DSO) to support formal and informal coordination processes between the Department of Defense and commercial licensees. Existing and future government activities in the spectrum band are vital to protect national security and ensure military readiness.
Palantir software will be used to integrate multiple existing functions and capabilities into a single infrastructure that will result in more efficient workflows, reducing the timelines for licensee coordination with DoD to establish sharing agreements and enable deployment of 5G wireless services within CPA/PUA boundaries. Palantir software will also be used to demonstrate the ability to support more advanced spectrum sharing use cases.
"We are proud to partner with DISA DSO to support the complex task of sharing limited spectrum resources between federal and commercial users," said Akash Jain, President, Palantir USG. "We are excited to rapidly deploy software that will accelerate and automate coordination workflows and enable the increasingly dynamic and efficient use of spectrum."
"As military and commercial use of radio-frequency spectrum continues to grow, spectrum coordination will be increasingly necessary to preserve the effectiveness of critical national security capabilities while enabling U.S. commercial leadership in 5G and other critical technology areas. Palantir looks forward to working alongside the Department of Defense to deploy innovative software solutions that support advanced spectrum sharing workflows and processes," said Miriam Marwick, SVP, Emerging Technologies, Palantir USG.
About Palantir Technologies Inc.
Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.
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. These statements may relate to, but are not limited to, Palantir's expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms' reliability; and our customer's ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
Media Contact
Lisa Gordon
media@palantir.com
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PHILADELPHIA, July 31, 2023 /PRNewswire/ -- Livent Corporation (NYSE: LTHM) today published its 2022 Sustainability Report, with the theme Reimagining Possibilities. The report provides updates on the company's progress against its 2030 and 2040 sustainability goals, includes new disclosures and reaffirms Livent's commitment to responsible production and expansion.
Paul Graves, president and chief executive officer of Livent, commented: "We believe the lithium industry will play an increasingly important role in the clean energy transition towards a more sustainable, low-carbon future. Our 2022 Sustainability Report demonstrates how Livent is reimagining what's possible for producing more of the lithium the world needs while continuing to lead our industry forward in corporate social responsibility, environmental stewardship and transparency."
Report Highlights:
- Initial global Scope 3 screening of Livent's Greenhouse Gas (GHG) emissions and first disclosures on global air pollutants
- Completion of ISO-compliant Life Cycle Assessments (LCAs) for all of Livent's major lithium chemical products, ahead of the original 2025 target
- Achievement of Livent's 2030 Waste Disposed intensity reduction target, ahead of schedule
- Summary of recent water and biodiversity studies conducted at the Salar del Hombre Muerto in Argentina
- Updates on other key collaborations and initiatives to support a low-carbon future, minimize environmental impacts, expand local community engagement and development efforts, protect human rights, and build a more engaged, diverse and inclusive workforce
To view Livent's 2022 Sustainability Report, visit livent.com/sustainability. The report will be made available in multiple languages.
Key ESG metrics in the report were reviewed and assured by ERM Certification and Verification Services (ERM CVS).
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 1,350 full-time, part-time, temporary, and contract employees and operates manufacturing sites in the United States, England, China and Argentina. For more information, visit Livent.com.
Livent Forward-Looking Statements
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which 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. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "will continue to," "will likely result," "is on track," "should," "expect," "expects," "intends," "plans," "anticipates," "believe," "believes," "estimates," "predicts," "potential," "continue," "could," "forecast," "future," "is confident that," or "projects," the negative of these terms and other comparable terminology. 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. These factors include, among other things, the risk factors and other cautionary statements included within Livent's 2022 Form 10-K filed with the SEC as well as other SEC filings and public communications. Livent 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. Livent 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.
The Company's investor relations website, located at https://ir.livent.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the website for investors, including information that the Company may wish to disclose publicly for purposes of complying with federal securities laws.
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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A one-day sales event unlike any other invites customers to stock up on used books for just one cent per page.
BIRMINGHAM, Ala., July 31, 2023 /PRNewswire/ -- The busiest day of the year at 2nd & Charles is officially on the docket: Penny-A-Page, happening on Saturday, August 12, at all 2nd & Charles locations nationwide.
Where miles of books are surrounded by pure, boundless energy, customers can purchase up to five books for just one cent per page during 2nd & Charles' first-ever Penny-A-Page.
This unique and rare promotional event applies to all used books, giving customers the opportunity to fill their shelves with lengthy, expensive, and well-loved volumes – all for a fraction of the price. Yes, on a 250-page book, 2nd and Charles customers will pay just $2.50.
"Our loyal customers love it when we offer a discount on multiple books at the same time," says Eric Bishop, Senior Vice President at 2nd & Charles. "This is a 'can't miss' day! We are opening early at 9 a.m. to accommodate all our impassioned readers wanting to get a head start on their summer reading," he says.
Communities across the nation now have a remarkable opportunity to find their next stack of great books at an extraordinary price. Arrive early for the best selection! Come in, get lost, and find yourself at 2nd & Charles.
ABOUT 2ND & CHARLES
2nd & Charles is a unique retail concept specializing in an ever-changing inventory of new and used books, music, games, toys, collectibles, decor, accessories, and pop culture merchandise. Since its first store opened in Birmingham, AL, in 2010, 2nd & Charles has expanded to include more than 40 stores in 18 states—and counting.
A sister store to Books-A-Million, the nation's second largest book retailer, 2nd & Charles has established itself as a hip and fun-loving purveyor of passions catering to readers, gamers, and collectors of all ages. Through the store's buyback program, customers can sell their gently used merchandise in exchange for cash or store credit.
Click here to find your nearest 2nd & Charles store, and follow 2nd & Charles on Facebook, Instagram, and Twitter.
CONTACT
Olivia Anderson McDaniel
Vice President of Marketing, Omnichannel
205.909.3563
mcdanielo@booksamillion.com
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Jackpocket Crowns its First $100K Winner in Massachusetts, Partnership With Circle K Offers a New, Convenient Way to Play the Lottery
BOSTON, July 31, 2023 /PRNewswire/ -- Jackpocket, America's #1 lottery app*, launched in Massachusetts in partnership with Circle K, one of the largest convenience store brands in the United States.
Yesterday, a Jackpocket customer ordered a $100,000 winning lottery ticket for the daily "Mass Cash" drawing using the app.
"We are excited that our partnership with Circle K landed our first $100K winner in the Bay State, cementing Jackpocket's presence in Massachusetts," said Peter Sullivan, CEO of Jackpocket. "Jackpocket's mission is to make the lottery more accessible and convenient to play. As Tuesday's Mega Millions crosses the $1 billion mark, it's easier than ever to play your favorite games from anywhere in Massachusetts."
To celebrate the new partnership, Jackpocket is offering lottery fans across the state their first lottery ticket for free on the app. New players will receive a $2 lottery ticket by entering the code HEYMASS at checkout. Lottery fans can play Powerball and Mega Millions—currently over $1.05B—as well as local favorites MassCash (the game responsible for the $100K winning ticket), Megabucks Doubler, Lucky for Life, and The Numbers Game.
"We're proud to partner with Jackpocket in Massachusetts and make this fun and convenient experience available to every lottery player across the state," said Melissa Lessard, the head of North American marketing at Circle K. "At Circle K, we are always looking for ways to make life a little easier for our customers and providing the opportunity for customers to order official state lottery tickets with just the tap of a button through the Jackpocket app is yet another example of that commitment."
Massachusetts is now the 17th state available for lottery play on the Jackpocket app. Jackpocket is iCAP certified for best practices in player protection, backed by the expertise of the National Council on Problem Gambling. To ensure player safety, Jackpocket offers consumer protections such as daily deposit and spend limits, self-exclusion, and in-app access to responsible gambling resources.
*According to data from AppFollow
*Must be 18 or older to play. Jackpocket is not affiliated with and is not an agent of the Massachusetts State Lottery. Please visit jackpocket.com/tos for full terms of service. Gambling Problem? Call 1-800-327-5050.
Are You Our Next BIG Winner? Visit play.jackpocket.com or download Jackpocket for iOS and Android and get in the game. New players can receive a $2 lottery ticket by entering the code HEYMASS at checkout.
About Jackpocket
Jackpocket is on a mission to create a more convenient, fun, and responsible way to take part in the lottery. The first licensed third-party lottery courier app in the United States, Jackpocket provides an easy, secure way to order official state lottery tickets. Jackpocket is currently available in Arizona, Arkansas, Colorado, Idaho, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New York, Ohio, Oregon, Texas, Washington D.C., and West Virginia, and is expanding to many new markets. Download the app on iOS and Android or participate via desktop. Follow along on Facebook, Twitter and Instagram.
About Circle K and Alimentation Couche-Tard Inc.
Couche-Tard is a global leader in convenience and mobility, operating in 25 countries and territories, with more than 14,400 stores, of which approximately 11,000 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, as well as in Ireland. It also has an important presence in Poland and Hong Kong Special Administrative Region of the People's Republic of China. Approximately 128,000 people are employed throughout its network.
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DENVER, July 31, 2023 /PRNewswire/ -- The Principal Real Estate Income Fund (NYSE:PGZ) announces the sources of a distribution paid on July 31, 2023 of $0.1050 per share to shareholders of record at the close of business on July 18, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission and includes the notice below sent to shareholders regarding the source of the distribution.
Statement Pursuant to Section 19(a) of the Investment Company Act of 1940
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. In accordance with generally accepted accounting principles ("GAAP"), the Fund estimates the following percentages, of the total distribution amount per 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 year-to-date cumulative distribution amount per share for the Fund.
The Fund estimates that it has distributed more than its income; therefore, 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 timing and character of distributions for federal income tax purposes are determined in accordance with income tax regulations, which may differ from GAAP. As such, all or a portion of this distribution may be reportable as taxable income on your 2023 federal income tax return. The final tax character of any distribution declared in 2023 will be determined in January 2024 and reported to you on IRS Form 1099-DIV.
The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting 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.
Presented below are return figures, 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. Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.
Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.
Please retain this document for your records.
ALPS Advisors, Inc. is the investment adviser to the Fund.
Principal Real Estate Investors LLC is the investment sub-adviser to the Fund. Principal Real Estate Investors LLC is not affiliated with ALPS Advisors, Inc. or any of its affiliates.
ALPS Portfolio Solutions Distributor, Inc. is the FINRA Member.
PRE000386 7/31/2024
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Tech Veteran Brings Nearly Three Decades of Experience to Help Drive Growth for Leading Fast-Casual Mexican Restaurant
SAN DIEGO, July 31, 2023 /PRNewswire/ -- Modern Restaurant Concepts ("MRC"), a leading fast-casual restaurant platform comprised of the QDOBA and Modern Market Eatery brands, announced that Prashant Budhale has joined the company as Chief Technology Officer. Budhale brings more than 28 years of experience in technology leadership to MRC, and as CTO, will lead all technology across MRC brands.
"We are excited for Prashant to join the MRC team," said John Cywinski, CEO of Modern Restaurant Concepts. "I view technology as a foundational enabler of all that we do in the restaurant business, from a guest, team member, and corporate enterprise perspective. Prashant will lead our strategy to drive technology as a powerful brand differentiator, and he will be a terrific collaborator with our existing leadership team as well as our franchise partners moving forward."
"I'm excited about QDOBA's history of strong same store sales growth, potential for net unit growth, and the ability for technology to make a positive impact to both guest and team member experiences," Budhale said. "I'm also very encouraged by John's vision and Butterfly Equity's commitment to the growth of brands within MRC portfolio."
Prior to joining Modern Restaurant Concepts, Budhale served as Head of Technology for SONIC Drive-In, part of the Inspire Brands portfolio. At SONIC, he was responsible for the vision, development, and implementation of all technology initiatives across the 3,550 unit, $6B brand. Prior to SONIC, Prashant was Senior Director for Pizza Hut, part of YUM! Brands, where he led retail technology. Earlier in his career, Prashant worked as a software development consultant with IBM, Allstate, Oracle, Capgemini, and Fujitsu America.
QDOBA is a fast casual Mexican restaurant with over 750 locations in the U.S. and Canada. Committed to delivering flavor to people's lives, QDOBA uses ingredients prepared in-house, by hand, and fresh throughout the day, to create delicious menu options. Guests can experience QDOBA's delicious flavors by enjoying one of its signature menu options that are chef-crafted for convenience and ease or by customizing their burritos, tacos, burrito bowls, salads, quesadillas, and nachos to fit their personal tastes. For five years running, QDOBA has been voted the "Best Fast Casual Restaurant" as part of the USA TODAY 10Best Readers' Choice Awards. Discover more at www.QDOBA.com or on the QDOBA app.
For more information on the company, please visit www.QDOBA.com or follow the brand on Instagram, Facebook, Twitter and TikTok.
About Modern Restaurant Concepts
Modern Restaurant Concepts is one of the largest fast casual restaurant platforms in North America with nearly 800 units across two brands, QDOBA and Modern Market Eatery. The system operates corporate-owned and franchised units across nearly every U.S. state as well as Canada and Puerto Rico. Modern Restaurant Concepts is owned by Butterfly Equity, a Los Angeles-based private equity firm specializing in the food sector, with more than $10 billion of equity capital in companies ranging from growth-stage to Fortune 500 enterprises.
QDOBA is a fast casual Mexican restaurant with over 750 locations in the U.S. and Canada. Committed to delivering flavor to people's lives, QDOBA uses ingredients prepared in-house, by hand, and fresh throughout the day, to create delicious menu options. Guests can experience QDOBA's delicious flavors by enjoying one of its signature menu options that are chef-crafted for convenience and ease or by customizing their burritos, tacos, burrito bowls, salads, quesadillas, and nachos to fit their personal tastes. For five years running, QDOBA has been voted the "Best Fast Casual Restaurant" as part of the USA TODAY 10Best Readers' Choice Awards. Discover more at www.QDOBA.com or on the QDOBA app.
Modern Market Eatery is a food forward, sustainable fast casual restaurant concept that operates in Colorado, Texas, Arizona, and Indiana. Delivering the freshness and flavors of the market in a modern dining format and environment, Modern Market Eatery's menu of protein-centric bowls, garden fresh salads, toasted sandwiches and brick-oven pizzas redefine what it means to eat well at a reasonable price. For additional information about Modern Market Eatery, please visit www.modernmarket.com.
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The Fitness Superstore to Exclusively Carry the REP Line
DENVER, July 31, 2023 /PRNewswire/ -- Home and commercial gyms in the United Kingdom and Ireland are about to level up.
One of the USA's top gym equipment brands has joined forces with the UK's largest speciality fitness retailer. Starting this summer, Bodypower Sports Ltd. (trading as Fitness Superstore) will carry a large range of REP Fitness equipment. This expansion was in response to a growing demand overseas, after REP took the US by storm. It kicks off the launch of REP products throughout all of Europe, so more people can have access to REP's versatile, quality, innovative equipment.
REP, founded a decade ago in Colorado by two gym-loving brothers, has risen to become America's most popular brand in the home gym market. It offers a full line of gym gear, all designed by in-house, weightlifting engineers for both commercial and home gyms.
REP's award-winning power racks, benches, functional training gyms, and more will soon be available for UK customers to try out and order in Fitness Superstore showrooms across the UK (11 stores). Fitness Superstore, founded in 1994, is the largest supplier of specialist fitness equipment in the UK and is proud to feature the largest fitness equipment showrooms in the UK.
Fitness Superstore will also carry REP on its website, to be delivered throughout the UK and Ireland.
"Fitness Superstore is proud to exclusively represent this fantastic and innovative brand in the UK," says Paul Walker, Fitness Superstore managing director and owner.
Ryan McGrotty, co-founder or REP, echoes that. He says Fitness Superstore and REP make a great partnership because both are staffed by real-life fitness enthusiasts and professionals; they both offer a full range of equipment, and they both value creating community and making fitness accessible to all.
"We're excited to be working with such a strong partner in the UK with Fitness Superstore. We know they will offer a great shopping experience for all our fans in the UK who have been eagerly awaiting the availability of our products," says McGrotty. "Their broad store footprint will make it convenient for everyone to easily see and test our products before taking them home.
ABOUT REP
REP Fitness designs and sells world-class, innovative strength equipment that is sold around the world. REP was founded in Colorado in 2012 by two brothers with a shared passion for fitness and has grown into more than 300,000 square feet of office and distribution space and a team of more than 150 dedicated fitness enthusiasts. That shared passion for fitness is what drives REP's innovative spirit, where creating class-leading fitness equipment, with an emphasis on incredible home gyms, is paramount.
REP has been listed twice on the Inc. 5,000 fastest-growing companies — in 2018 and in 2021. REP products are frequently listed as top choices in many fitness publications, such as Men's Health.
For more information, visit repfitness.com. Connect with REP on Instagram, YouTube, Facebook, TikTok, and LinkedIn.
ABOUT FITNESS SUPERSTORE
Fitness Superstore, founded in 1994, is the largest supplier of specialist fitness equipment in the UK and is proud to feature the largest fitness equipment showrooms in the UK.
Learn more at fitness-superstore.co.uk. You can also connect with Fitness Superstore on Facebook, Instagram, YouTube, and TikTok.
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SOURCE Rep Fitness
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2025 Cruises and Cruisetours from Alaska's Leading Cruise Line
on Sale August 3
Family Favorite Caribbean Princess to Sail Alaska for First Time
SANTA CLARITA, Calif., July 31, 2023 /PRNewswire/ -- Princess Cruises has unveiled its 2025 Alaska cruise and cruisetours season, featuring three captivating roundtrip itineraries and an exclusive new National Parks Cruisetour. These remarkable offerings are available for booking starting August 3.
New Adventures and Extended Journeys Await, including a Departure from LA:
New for 2025 from the cruise line that brings the most guests to Alaska every year is a 22-day roundtrip voyage sailing from San Francisco on Ruby Princess that coincides with the Summer Solstice, and a 17-day roundtrip cruise from Seattle on Grand Princess featuring three days of scenic glacier viewing. For guests seeking to sail from Southern California, a new 16-day roundtrip Inside Passage voyage from Los Angeles on Grand Princess offers a convenient and affordable option.
National Parks Cruisetour
Following its debut in 2024, the National Parks Cruisetour returns in 2025 with a 15-night adventure to five of Alaska's most breathtaking parks. Guests will have the opportunity to explore Glacier Bay, Denali, Wrangell-St. Elias, Kenai Fjords National Parks, and Klondike Gold Rush National Historical Park in Skagway. Unique to Princess, this experience combines a seven-day Voyage of the Glaciers cruise, scenic rail travel, and multiple days on land, including stays at four Princess-owned wilderness lodges.
"As the market leader in Alaska, we're excited to offer guests even more exciting ways to see the natural beauty of Alaska with itineraries in 2025 that serve up new adventures and extended journeys that first-time guests and repeat visitors are going to find intriguing," said John Padgett, Princess Cruises president. "We're also making it easier for guests to access an Alaska cruise by bringing back a roundtrip option out of Los Angeles, which also make it more affordable for millions within that drive market."
Caribbean Princess to Debut in Alaska in 2025
In 2025, seven Princess ships will sail to Alaska, including Caribbean Princess for the first time. In addition, the number of Princess homeports offering Alaska voyages expands to five with the addition of Los Angeles, with the season featuring 21 cruise destinations and four glacier-viewing experiences, highlighted by 88 visits to Glacier Bay National Park, taking more guests to this spectacular national park than any other cruise line.
With 155 total departures on 18 unique itineraries ranging in length from 4 to 22 days, cruise and cruisetour choices include:
Cruises – Seven Ships, Five Homeports
- NEW! Ultimate Alaska Solstice with Glacier Bay National Park: 22-day roundtrip from San Francisco on Ruby Princess – departs June 6, 2025
- NEW! Ultimate Alaska with Glacier Bay National Park: 17-day roundtrip from Seattle on Grand Princess – departs May 6, 2025
- Inside Passage with Glacier Bay National Park: 16-day roundtrip from Los Angeles on Grand Princess visiting Juneau, Skagway, Glacier Bay National Park, Sitka, Icy Strait Point, Ketchikan and Victoria, B.C. – departs August 30, 2025
- Voyage of the Glaciers: This top-rated seven-day itinerary features Juneau, Skagway, Ketchikan, and two glacier-viewing experiences at Glacier Bay National Park and Hubbard Glacier or College Fjord. Caribbean Princess, Coral Princess, and Sapphire Princess offer weekly northbound and southbound cruises from Vancouver, B.C. to Anchorage (Whittier) and vice versa. Guests can combine select seven-day voyages for an amazing 14-day Voyage of the Glaciers Grand Adventure – operates May 10 to September 13, 2025.
- Inside Passage: Princess' signature seven-day roundtrip sailings from Seattle and Vancouver, B.C., as well as 11-day roundtrip departures from San Francisco and Vancouver that include four ports of call and a day of glacier viewing. Many Inside Passage cruises include Glacier Bay National Park. Discovery Princess and Royal Princess sail from Seattle weekly, May 4 – September 21, 2025. Grand Princess offers weekly cruises from Vancouver, B.C., May 27 – August 19, 2025. Ruby Princess sails 11-day cruises roundtrip from San Francisco May 4 – September 13, 2025.
- Alaska Samplers: Three itineraries of four to five days offer shorter voyages for guests looking for a quick getaway. Discovery Princess, Royal Princess and Grand Princess operate four-day, roundtrip voyages between Vancouver, B.C. to Seattle with a stop in Ketchikan – departing April 30, May 13 and May 23, 2025. Caribbean Princess sails a four-day, roundtrip cruise from Vancouver, B.C., with a visit to Ketchikan departing September 13, 2025, and a five-day roundtrip cruise from Vancouver, B.C., with stops in Sitka and Ketchikan sailing May 5, 2025.
Cruisetours
- More than 26 cruisetour options give guests variety of choice with four styles of travel including Denali Explorer tours, On Your Own options, Connoisseur Deluxe Escorted and Off the Beaten Path.
- The exclusive Direct-to-the-Wilderness rail service ensures a seamless transition between the ship in Whittier and the Denali area on the same day.
Award-Winning North to Alaska Program
Princess' award-winning North to Alaska program enriches the onboard and onshore experience with local lumberjacks, Iditarod champions, and storytellers sharing their Alaska experiences and insights. Other offerings include Wild for Alaska seafood menus, a variety of shore excursions, Puppies in the Piazza to meet sled-dog puppies, Junior Ranger program for youth, and authentic commentary by Glacier Bay Park Rangers and Naturalists.
Visit www.princess.com/alaska for more details on the 2025 Alaska cruises and cruisetours season from Princess Cruises.
Additional information about Princess Cruises is available through a professional travel advisor, by calling 1-800-Princess (1-800-774-6237) or by visiting www.princess.com.
About Princess Cruises
Princess Cruises is The Love Boat, the world's most iconic cruise brand that delivers dream vacations to millions of guests every year in the most sought-after destinations on the largest ships that offer elite service personalization and simplicity customary of small, yacht-class ships. Well-appointed staterooms, world class dining, grand performances, award-winning casinos and entertainment, luxurious spas, imaginative experiences and boundless activities blend with exclusive Princess MedallionClass service to create meaningful connections and unforgettable moments in the most incredible settings in the world - the Caribbean, Alaska, Panama Canal, Mexican Riviera, Europe, South America, Australia/New Zealand, the South Pacific, Hawaii, Asia, Canada/New England, Antarctica, and World Cruises. The company is part of Carnival Corporation & plc (NYSE/LSE:CCL; NYSE:CUK).
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MENLO PARK, Calif., July 31, 2023 /PRNewswire/ -- Robert Half Inc. (NYSE: RHI) announced today that its board of directors has approved a quarterly cash dividend of $0.48 per share. The cash dividend will be paid on Sept. 15, 2023, to all shareholders of record as of Aug. 25, 2023.
Robert Half is the world's first and largest specialized talent solutions and business consulting firm that connects people with meaningful work and provides companies with the talent and subject matter expertise they need to confidently compete and grow. Robert Half is the parent company of Protiviti®, a global consulting firm that provides internal audit, risk, business and technology consulting solutions. Robert Half, including Protiviti, has been named to the Fortune® Most Admired Companies™ and Most Innovative Companies lists and is a Forbes Best Employer for Diversity. Robert Half has talent solutions and consulting operations in more than 400 locations worldwide.
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| 2023-07-31T20:58:36
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Celebrate the Blooms with Inaugural National Sunflower Day on August 5
BISMARCK, N.D., July 31, 2023 /PRNewswire/ -- In late July and into August, vast fields of brilliant yellow sunflowers blanket North Dakota during the peak growing season and visitors are awed by the landscape awash in summery hues. This year, North Dakota Tourism invites visitors to celebrate these picturesque fields with the inaugural National Sunflower Day on August 5, 2023.
The National Day Calendar recognition, slated for the first Saturday each August, is a collaboration between the National Sunflower Association and North Dakota Tourism and recognizes the inherent happiness the sunflowers evokes and the prominence of North Dakota's agricultural industry in growing the cheerful blooms.
For visitors planning a picture-perfect road trip for National Sunflower Day and beyond, North Dakota Tourism has launched the state's 2023 Sunflower Blooms Guide detailing the location of more than a dozen stunning sunflower fields. Weekly bloom updates will highlight the progress of the seasonal color as it unfolds across the state making the map a perfect tool for making the most of the waning days of summer. North Dakota Tourism is also making an ideal road trip snack available to visitors with packets of savory sunflower seeds in mailboxes at select fields.
To capture the iconic blooms in photos and videos, keep the following tips in mind:
- In general, visitors are welcome to stop by fields included on the Sunflower Blooms Guide as long as they are respectful and don't enter or drive into the fields.
- Scout the field location early to capture that golden hour image or video just-after sunrise or just-before sunset. Visitors will want to set up early to take advantage of the golden hues.
- Keep in mind that cloudy days are often some of the best times to capture vibrant close-ups and more subtle variations in shadows.
- Tag your photos and videos on social media using #BeNDLegendary to celebrate your love of the sunny blooms.
- Fuel your photoshoot with a beloved North Dakota snack with Fargo's irresistible SunButter made from roasted sunflower seeds or Wahpeton's Giants Snacks with original and kettle roasted flavors of sunflower seeds.
As the top sunflower producing state last year, North Dakota farmers planted 702,000 acres of the beautiful blooms in 2022, and the state is the top producer of edible sunflower seeds in the U.S. More sunflower recipes, videos and little-known facts are available at Brighten Your Day with the Amazing Sunflower. For more on planning a trip to North Dakota, visit NDtourism.com.
Follow North Dakota Tourism on Facebook at www.facebook.com/TravelND, on Instagram at https://www.instagram.com/northdakotalegendary/ on or on Twitter at http://twitter.com/NorthDakota and get tips on what to see and do all year long.
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Published: Jul. 31, 2023 at 4:30 PM EDT|Updated: 27 minutes ago
Business highlights include $50 million share repurchase, continued progress integrating recent acquisitions, ongoing development and implementation of organic growth and customer experience initiatives including our new University Park, IL service center, and eighth consecutive increase in the quarterly dividend. Quarterly results include strong cash flow generation.
CHICAGO, July 31, 2023 /PRNewswire/ -- Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributor of industrial metals, today reported results for the second quarter ended June 30, 2023.
Highlights:
Achieved Net Income attributable to Ryerson Holding Corporation of $37.6 million with Adjusted EBITDA1, excluding LIFO of $70.1 million
Earned Diluted EPS2 of $1.06 on revenue of $1.3 billion
Generated Operating Cash Flow of $115.3 million and Free Cash Flow of $69.1 million
Maintained Net Leverage ratio within target range at 1.4x, debt of $396 million and net debt3 of $366 million as of June 30, 2023
Repurchased 1.4 million shares directly from an affiliate of Platinum Equity, concurrent to their secondary public offering, creating value for shareholders and contributing to free float increasing to 77% as of June 30, 2023
Announced third quarter 2023 dividend of $0.1825 per share, a 1.4% increase from the prior quarter
A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included below in this news release.
Management Commentary Eddie Lehner, Ryerson's President and Chief Executive Officer, said, "I want to thank all of my Ryerson teammates for their continued dedication to operating safely and productively, and I want to thank our customers for the opportunity to create and deliver better customer experiences which we never take for granted. Counter-cyclical industry conditions, particularly within our stainless-steel products franchise, arrived mid-quarter and were evidenced by industrial metals bellwether price index declines and demand contraction in Ryerson's later-cycle end markets. Counter-cyclical conditions as experienced during the second half of last year re-emerged in the second quarter of this year for a myriad of reasons. Shifting consumer spending patterns, higher interest rates, quieted but still present financial system stress and tightening as well as an economic recovery in China that has failed to materialize all contributed to a subdued manufacturing macro environment during the quarter. Ryerson is investing in and preparing for the next synchronized manufacturing upturn whose secular characteristics around the necessity of above trend growth in fixed-asset investment with greater supply-chain resiliency remain intact. We are confident that carrying our growth and operating model investments across counter-cyclical waters as expressed through our recent acquisitions, greenfield service centers and facility modernizations and capital expenditures around value-added fabrication as well as ongoing investments in digitalization, future-state systems and additive manufacturing will position Ryerson well for both the next cyclical upturn and the longer term secular growth in North American manufacturing activity that is underway. As we have during past counter-cycles, we will take out non-value-added costs, flex expenses down, and better optimize our industrial metals inventories as we move through the third quarter and back-half of the year."
Second Quarter Results Ryerson generated net sales of $1.3 billion in the second quarter of 2023, a decrease of 4.5%, compared to the first quarter of 2023. This was largely driven by sequentially lower volumes, which decreased 4.4%, while average selling prices remained unchanged, compared to the first quarter of 2023.
Gross margin expanded sequentially by 60 basis points to 19.4% in the second quarter, compared to 18.8% in the first quarter. Gross Margins reflected LIFO income of $9M, as the commodity price curves for our metals products sales mix decreased resulting in a LIFO credit in costs of goods sold.
Excluding the impact of LIFO, gross margin contracted 40 basis points to 18.7% in the second quarter, compared to 19.1% in the first quarter. This was primarily driven by a decrease in stainless steel commodity prices coupled with continued high inventories in the channel that put downward pressure on average selling prices. Warehousing, delivery, selling, general and administrative expenses increased 4.3% to $202.6 million in the second quarter, compared to $194.2 million in the first quarter, primarily driven by expense related to acquisitions, higher depreciation expense driven by higher capital expenditures on growth initiatives, reorganization expenses related to an ERP systems implementation and start-up costs associated with the University Park service center, which were partially offset by lower fixed operating expenses.
Net income attributable to Ryerson Holding Corporation for the second quarter of 2023 was $37.6 million, or $1.06 per diluted share, compared to net income of $47.3 million, or $1.27 per diluted share in the previous quarter. Ryerson generated Adjusted EBITDA, excluding LIFO of $70.1 million in the second quarter, compared to the first quarter Adjusted EBITDA, excluding LIFO of $90.1 million.
Liquidity & Debt Management Ryerson generated $115.3 million of cash from operations in the second quarter of 2023, supported by net income attributable to Ryerson Holding of $37.6 million and working capital release of $37.8 million. The Company ended the second quarter of 2023 with $396 million of debt and $366 million of net debt, sequential increases of $1 million and $15 million, respectively, compared to the first quarter. Ryerson's leverage ratio as of the second quarter was 1.4x, within the Company's target leverage range. Ryerson's global liquidity, composed of cash and cash equivalents and availability on its revolving credit facilities was $790 million as of June 30, 2023.
Shareholder Return Activity
Dividends. During the second quarter of 2023, Ryerson paid a quarterly dividend in the amount of $0.1800 per share, amounting to a cash return of approximately $6.2 million. On July 31, 2023, the Board of Directors declared a quarterly cash dividend of $0.1825 per share of common stock, payable on September 14, 2023, to stockholders of record as of August 31, 2023.
Share Repurchase. On May 8, 2023, Ryerson repurchased 1,369,300 shares of common stock for approximately $50.0 million directly from an affiliate of Platinum Equity. Additionally, over the course of the second quarter of 2023, the Company repurchased 12,872 shares for $0.4 million in the open market. In total, Ryerson repurchased 1,382,172 shares of common stock resulting in a return to shareholders of approximately $50.4 million for the second quarter of 2023. Ryerson made these repurchases in accordance with its share repurchase authorization, which allows the Company to acquire up to an aggregate amount of $100.0 million of the Company's common stock through April of 2025. As of June 30, 2023, $49.6 million of the $100.0 million remained under the existing share repurchase authorization.
Outlook Commentary For the third quarter of 2023, Ryerson expects a continuation of slowing demand conditions, with customer shipments expected to decrease approximately 2% to 4%, quarter-over-quarter. The Company anticipates third-quarter net sales to be in the range of $1.25 billion to $1.30 billion, with average selling prices decreasing 1% to 2%. LIFO income in the third quarter of 2023 is expected to be $2 million. We expect adjusted EBITDA, excluding LIFO in the range of $43 million to $47 million and earnings per diluted share in the range of $0.31 to $0.43.
Earnings Call Information Ryerson will host a conference call to discuss second quarter 2023 financial results for the period ended June 30, 2023, on Tuesday, August 1, 2023, at 10 a.m. Eastern Time. The live online broadcast will be available on the Company's investor relations website, ir.ryerson.com. A replay will be available at the same website for 90 days.
About Ryerson Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China. Founded in 1842, Ryerson has around 4,300 employees in approximately 100 locations. Visit Ryerson at www.ryerson.com.
Notes: 1For EBITDA, Adjusted EBITDA and Adjusted EBITDA excluding LIFO please see Schedule 2 2EPS is Earnings per Share 3Net debt is defined as long term debt plus short term debt less cash and cash equivalents and excludes restricted cash
Legal Disclaimer The contents herein are provided for general information purposes only and do not constitute an offer to sell or buy, or a solicitation of an offer to buy, any security ("Security") of the Company or its affiliates ("Ryerson") in any jurisdiction. Ryerson does not intend to solicit, and is not soliciting, any action with respect to any Security or any other contractual relationship with Ryerson. Nothing in this release, individually or taken in the aggregate, constitutes an offer of securities for sale or buy, or a solicitation of an offer to buy, any Security in the United States, or to U.S. persons, or in any other jurisdiction in which such an offer or solicitation is unlawful.
Safe Harbor Provision Certain statements made in this presentation and other written or oral statements made by or on behalf of the Company constitute "forward-looking statements" within the meaning of the federal securities laws, including statements regarding our future performance, as well as management's expectations, beliefs, intentions, plans, estimates, objectives, or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as "objectives," "goals," "preliminary," "range," "believes," "expects," "may," "estimates," "will," "should," "plans," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. The Company cautions that any such forward-looking statements are not guarantees of future performance and may involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various factors. Among the factors that significantly impact our business are: the cyclicality of our business; the highly competitive, volatile, and fragmented metals industry in which we operate; the impact of geopolitical events, including Russia's invasion of Ukraine and global trade sanctions; fluctuating metal prices; our indebtedness and the covenants in instruments governing such indebtedness; the integration of acquired operations; regulatory and other operational risks associated with our operations located inside and outside of the United States; the ownership of a significant portion of our equity securities by a single investor group; work stoppages; obligations under certain employee retirement benefit plans; currency fluctuations; and consolidation in the metals industry. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth above and those set forth under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2022,our quarterly report on Form 10-Q for the quarter ended June 30, 2023 and in our other filings with the Securities and Exchange Commission. Moreover, we caution against placing undue reliance on these statements, which speak only as of the date they were made. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances, new information or otherwise.
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.
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SAN JOSE, Calif., July 31, 2023 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the fiscal third quarter ended July 1, 2023 and outlook for its fiscal fourth quarter ending September 30, 2023.
"Our third quarter results were in line with our outlook. We continue to execute well and deliver consistent operating margins and solid cash generation," stated Jure Sola, Chairman and Chief Executive Officer. "Our strong performance in the first nine months and achievement of our outlook for the fourth quarter would result in fiscal 2023 revenue growth of approximately 14 percent and non-GAAP EPS growth of approximately 35 percent. The team remains focused on excellence in quality, delivery and consistently meeting the needs of our customers. We have a strong foundation and promising future," Sola concluded.
Fourth Quarter Fiscal 2023 Outlook
The following outlook is for the fiscal fourth quarter ending September 30, 2023. These statements are forward-looking and actual results may differ materially.
- Revenue between $2.1 billion to $2.2 billion
- GAAP diluted earnings per share between $1.24 to $1.34
- Non-GAAP diluted earnings per share between $1.47 to $1.57
Safe Harbor Statement
The statements above concerning our financial outlook for the fourth quarter fiscal 2023 and our expectations for growth in revenue and non-GAAP earnings per share in fiscal 2023 should such outlook be achieved, 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 and geopolitical uncertainty, including from the conflict in Ukraine. Other factors that could cause our results to differ from our forward-looking statements 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 risk factors set forth in the Company's annual and quarterly reports filed with the Securities Exchange Commission.
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 third quarter and outlook for the fourth quarter of fiscal 2023 on Monday, July 31, 2023 at 5:30 p.m. ET (2:30 p.m. PT). The access numbers are: domestic 833-816-1390 and international 412-317-0483. The conference will also be webcast live over the Internet. You can log on to the live webcast at Q3 Webcast Link. Additional information in the form of a slide presentation is available on Sanmina's website at www.sanmina.com. A replay of the conference call will be available for 48-hours. The access numbers are: domestic 877-344-7529 and international 412-317-0088, access code is 1520057.
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 industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure 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, environmental investigation, remediation and related 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) generally 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.
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Animal Shelters, Rescue Groups, and Happy Adopters, Nationally and Internationally, Encouraged to Celebrate the Role Adopted Dogs Play in Our Lives
PORT WASHINGTON, N.Y., July 31, 2023 /PRNewswire/ -- Tuesday, August 1st is DOGust 1ST ®– the official birthday for all rescue dogs – and North Shore Animal League America is encouraging animal lovers around the country and globe to join them in celebrating the incredible meaning our adopted animals add to our lives.
Since the actual dates of birth for most rescued dogs are unknown, Animal League America created DOGust 1st to celebrate rescue dogs (those adopted and those awaiting loving homes.) Since 2008, these "Mutt-i-grees" have had this day designated to honor the incredible impact they make on our lives.
"This is a wonderful opportunity to celebrate rescue dogs and the invaluable role they play in our lives, while raising awareness about the importance of rescue and adoption," said Joanne Yohannan, Senior Vice President, Operations, North Shore Animal League America.
In honor of DOGust 1st, North Shore Animal League America, and many of their shelter partners across the country, will be participating in DOGust 1st festivities throughout the week (August 1 – 7.) By encouraging adoption specials, birthday themed activities, and local media opportunities, even more rescue dogs are expected to find loving, responsible homes.
To find an adoptable pet at a shelter or rescue group in your area go to www.animalleague.org.
To find a participating DOGust 1st group near you visit www.animalleague.org/dogust1st.
For video highlights of DOGust 1st, visit: DOGUST 1ST ASSETS
Photo & Video Credit: North Shore Animal League America
MEDIA CONTACT:
KATHLEEN LYNN
Senior Director of Communications
Cell: (516) 528-7878
Email: KathleenL@animalleague.org
#DOGust1st #GetYourRescueOn
About NORTH SHORE ANIMAL LEAGUE AMERICA
Animal League America has saved more than 1.1 million lives. As the world's largest no-kill rescue and adoption organization, we understand that a rescue isn't complete until each animal is placed into a loving home. Our innovative programs provide education to reduce animal cruelty and advance standards in animal welfare. We reach across the country to rescue animals from overcrowded shelters, unwanted litters, commercial breeding facilities, natural disasters and other emergencies and find them permanent, loving homes. www.animalleague.org
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https://www.wistv.com/prnewswire/2023/07/31/north-shore-animal-league-america-leads-worldwide-celebration-dogust-1st-official-birthday-all-rescue-dogs/
| 2023-07-31T20:58:48
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https://www.wistv.com/prnewswire/2023/07/31/north-shore-animal-league-america-leads-worldwide-celebration-dogust-1st-official-birthday-all-rescue-dogs/
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High prices ‘disproportionately pinching’ younger Americans, data shows
30% of Gen Z, 28% of millennials have no emergency savings
(InvestigateTV) — More than seven in 10 younger Americans are saving less because of inflation when compared to Gen X and baby boomers, a recent Bankrate.com survey found.
Sarah Foster is a principal writer for Bankrate.com. She said this is a time for younger Americans to be very mindful of how much they are spending and to hyper analyze their budgets.
Foster said the ultimate goal for Gen Z and millennials should be to make sure they are living within their means. She added there are several advantages to being young right now, especially when it comes to retirement contributions.
“Really the best way to gain wealth and beat inflation in the long run is to make sure that you’re holding a diverse portfolio of assets, including stocks,” Foster explained. “And so, we know that even if someone were to stop investing for three years because of inflation and they’re in their mid-twenties, they’d leave almost $200,000 on the table by the time they were 70.”
Foster said don’t stop retirement contributions during inflation. The amount can be reduced, but consistent contributions is key.
She said another reason younger Americans are being hit hard is they are early in their careers and haven’t reached their peak earnings.
Foster advised them to put any raises or extra money in savings or retirement accounts.
Bankrate has 11 tips for young Americans trying to reach financial goals during high inflation, including:
- Look for high-yield savings accounts that offer much better returns that traditional accounts
- Automate savings to build an emergency fund
- Wait 24 hours before any unnecessary purchases
Copyright 2023 Gray Media Group, Inc. All rights reserved.
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https://www.wbrc.com/2023/07/31/high-prices-disproportionately-pinching-younger-americans-data-shows/
| 2023-07-31T20:58:49
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https://www.wbrc.com/2023/07/31/high-prices-disproportionately-pinching-younger-americans-data-shows/
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1st US nuclear reactor built from scratch in decades enters commercial operation in Georgia
By JEFF AMY, Associated Press
ATLANTA (AP) — A new reactor at a nuclear power plant in Georgia has entered commercial operation, becoming the first new American reactor built from scratch in decades.
Georgia Power Co. announced Monday that Unit 3 at Plant Vogtle, southeast of Augusta, has completed testing and is now sending power to the grid reliably.
At its full output of 1,100 megawatts of electricity, Unit 3 can power 500,000 homes and businesses. Utilities in Georgia, Florida and Alabama are receiving the electricity.
Nuclear power now makes up about 25% of the generation of Georgia Power, the largest unit of Atlanta-based Southern Co.
A fourth reactor is also nearing completion at the site, where two earlier reactors have been generating electricity for decades. The Nuclear Regulatory Commission on Friday said radioactive fuel could be loaded into Unit 4, a step expected to take place before the end of September. Unit 4 is scheduled to enter commercial operation by March.
The third and fourth reactors were originally supposed to cost $14 billion, but are now on track to cost their owners $31 billion. That doesn’t include $3.7 billion that original contractor Westinghouse paid to the owners to walk away from the project. That brings total spending to almost $35 billion.
The third reactor was supposed to start generating power in 2016 when construction began in 2009.
Vogtle is important because government officials and some utilities are again looking to nuclear power to alleviate climate change by generating electricity without burning natural gas, coal and oil.
“This project shows just how new nuclear can and will play a critical role in achieving a clean energy future for the United States,” Southern Co. CEO Chris Womack said in a statement. “Bringing this unit safely into service is a credit to the hard work and dedication of our teams at Southern Company and the thousands of additional workers who have helped build that future at this site.”
In Georgia, almost every electric customer will pay for Vogtle. Georgia Power currently owns 45.7% of the reactors. Smaller shares are owned by Oglethorpe Power Corp., which provides electricity to member-owned cooperatives, the Municipal Electric Authority of Georgia and the city of Dalton. Oglethorpe and MEAG plan to sell power to cooperatives and municipal utilities across Georgia, as well in Jacksonville, Florida, and parts of Alabama and the Florida Panhandle.
Georgia Power’s 2.7 million customers are already paying part of the financing cost and elected public service commissioners have approved a monthly rate increase of $3.78 a month for residential customers as soon as the third unit begins generating power. That could hit bills in August, two months after residential customers saw a $16-a-month increase to pay for higher fuel costs.
Commissioners will decide later who pays for the remainder of the costs of Vogtle, including the fourth reactor.
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https://www.wvua23.com/1st-us-nuclear-reactor-built-from-scratch-in-decades-enters-commercial-operation-in-georgia/
| 2023-07-31T20:58:50
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https://www.wvua23.com/1st-us-nuclear-reactor-built-from-scratch-in-decades-enters-commercial-operation-in-georgia/
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HAPEVILLE, GA. (WTVD) -- Police responded to an Atlanta-area neighborhood about a suspected trespasser, but what the officer found would touch his heart and result in a moving act of kindness.
"You might be told one thing over the radio, and when you show up on scene it's something completely different," Officer Eric Colleran said in an interview with local ABC affiliate WSB.
Colleran took the call about a suspected trespasser. He responded to the neighborhood and found 16-year-old Keonte Evans.
Evans was not trespassing. Instead, he was doing some yard work in order to earn money to buy his five younger brothers and sisters clothes before the start of a new school year.
Colleran quickly sorted out the misunderstanding and felt moved by Evans' respectful, soft-spoken demeanor as well as his drive to help his family.
A couple days later, Colleran returned to Evans' house with a surprise for him in the trunk of his patrol car: a brand new PlayStation 5.
Emotion overtook Evans. He immediately hugged Colleran and thanked him for his kindness. He took the gaming console inside but immediately ran back outside to hug Colleran again.
"Somebody did this for you. The game is so expensive. You can't do anything but be so excited. So, I gave him a hug. A big hug at that. A very big hug. It's so sweet. Many people don't do these things for kids," Evans said.
"I didn't do any of this to end up on the news. I was just trying to help him out and let him understand that if you work hard and are honest, good things will come to you," Colleran said.
Evans told WSB he was still looking to pick up a part-time job to help his mom provide for their family. In the meantime, he hasn't let a single day slip by without playing his new PS5.
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https://abc11.com/eric-colleran-keonte-evans-georgia-trespasser-playstation-5/13577595/
| 2023-07-31T20:58:50
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https://abc11.com/eric-colleran-keonte-evans-georgia-trespasser-playstation-5/13577595/
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TIPPECANOE COUNTY, Ind. — A former Tippecanoe School Corporation gym teacher is accused of battery on students.
Peter Anders is facing seven counts of battery with five of those involving a victim under 14 years old.
According to court documents, students first reported Anders poking their sides, near their breasts, in November 2021. Those allegations were told to the school principal. When questioned by school staff, Anders allegedly admitted poking the students, but denied hitting one of the student's in the buttocks with a shoe.
In November 2022, police investigating another incident where Anders allegedly hit a 12-year-old student's buttocks with a shoe. Police were able to get surveillance video of the incident from the school, and police claim it does show Anders hitting the student in the buttocks with a shoe. Another school employee witnessed the incident and notified the principal. Anders allegedly denied any recollection of the incident.
Some of the students claimed Anders would touch or tickle them. One student claimed Anders lifted her shirt up while she was running in gym class and it was witnessed by another student.
In February 2023, detectives said they were contacted about video showing Anders kicking a student in the buttocks.
Anders trial is initially set for December.
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https://www.wthr.com/article/news/crime/former-tippecanoe-county-gym-teacher-charged-battery-students-indiana/531-d6f27fc7-d8c2-47be-b976-da0db6baa2a2
| 2023-07-31T20:58:54
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https://www.wthr.com/article/news/crime/former-tippecanoe-county-gym-teacher-charged-battery-students-indiana/531-d6f27fc7-d8c2-47be-b976-da0db6baa2a2
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Inside Hunter Biden’s tax crimes: How the president’s son blew off the IRS while making millions
The lawyer and businessman repeatedly admitted in court that he broke the law while ignoring request after request by associates to pay tax debts.
The stage was set, the players in place in Wilmington’s federal courthouse for the long-awaited denouement in the Hunter Biden tax saga.
Prosecutors would detail the full scope of the “willful failure” by President Joe Biden’s son to pay his federal income taxes for 2017 and 2018.
The 53-year-old Biden would admit his misdemeanor offenses and put this chapter of his high-flying yet erratic life behind him.
But last week’s hearing went off the rails, with the judge raising dozens of questions about the plea deal’s appropriateness, enforceability, and clarity during a contentious three-hour session. The hearing ended with the judge deferring action in the case and Biden entering a “not guilty” plea.
However, overshadowed by the courtroom drama was the extraordinary fact that, in open court, Biden repeatedly acknowledged blowing off staggering income tax obligations while ignoring pleas by his accountant and other business associates to file his returns and pay up, even though he had the money.
The Yale-educated lawyer, businessman, and investor had an income of $4.4 million those two years and owed between $1.2 million and $1.6 million in income taxes to the Internal Revenue Service.
His exact tax bill for those two years remains uncertain, however, because the IRS is reviewing what Assistant U.S. Attorney Leo Wise called “improper” business deductions Biden claimed. Biden’s attorney, Christopher Clark, said his client made mistakes in identifying personal expenses as business expenses.
Biden also admitted to being delinquent on his tax obligations in 2016 and 2019, although prosecutors did not charge him for those offenses.
The parties also revealed in the plea agreement that an unidentified “third party” paid $2.6 million in October 2021 in an attempt to settle Biden’s tax debts, including penalties and interest, for 2016-2019. Biden told the judge the money was a loan, but he is “not currently” making payments.
Wise said Biden’s crimes were fueled in part by rampant alcohol and crack cocaine abuse during a time the defendant himself referred to as “nonstop debauchery.”
The bottom line, however, is that Biden admitted, time and time again, to breaking the law.
At one point, before she decided to hold off on taking the official plea, U.S. District Judge Maryellen Norieka asked Biden: “Are you pleading guilty of your own free will because you are, in fact, guilty?”
“Yes, your honor,’’ Biden replied.
Biden’s earnings came from several sources, including the prominent Washington, D.C., law firm Boies Schiller Flexner, outside legal work, his own businesses, Rosemont Seneca investment management firm, and Owasco holding company. He also earned money from Ukrainian energy giant Burisma, Chinese investment and energy companies, and an unidentified “Romanian” business.
Yet Biden squandered most of the money on himself, his children, credit card bills, legal entanglements, travel, entertainment, and payments for his Porsche while he was, as Wise put it, “in the throes of addiction.”
‘I handled my affairs legally,’ Biden said of taxes in 2020
Prior to Wednesday’s hearing, all that had been disclosed publicly about the scope of Biden’s crimes was a two-page criminal “information” filed June 20 in U.S. District Court in Delaware. The document charged Biden with “willful failure” to pay more than $200,000 in taxes on income of more than $3 million for 2017 and 2018.
David Weiss, the U.S. attorney for Delaware who has overseen the five-year investigation, also filed a letter with the court clerk that day, writing that Biden has “agreed to plead guilty to both” tax charges.
The crime of willful failure to pay federal taxes is a misdemeanor punishable by up to a year in prison and a $100,000 fine for each count, yet prosecutors agreed to recommend probation to the judge.
Weiss also wrote that his office would allow Biden to enter a diversion program on a felony charge of possessing a .38 Special handgun even though Biden was prohibited from owning a firearm because he used illicit drugs.
The probe began in 2018 but wasn’t disclosed publicly until Biden announced in December 2020 — a month after his father defeated incumbent Donald Trump in the presidential election — that Weiss was investigating his “tax affairs.’’
The younger Biden said then he took the probe “very seriously.” But even though he still had a massive unpaid tax debt for the previous four years, Biden said he was “confident that a professional and objective review of these matters will demonstrate that I handled my affairs legally and appropriately.”
Weiss, a veteran of the U.S. Attorney’s Office in Delaware, has held the top spot since 2018 after being appointed by fellow Republican Trump and confirmed by the Senate.
Even though Biden lived in Washington, D.C., and then Los Angeles in 2017 and 2018, Weiss filed the charges in Delaware, where Biden grew up and where his father was U.S. senator for 36 years.
Biden was not charged with the more serious crime of tax evasion, a felony that carries a maximum penalty of five years behind bars. That crime requires someone to take affirmative steps to evade taxes such as falsifying financial records.
The decision to charge Biden with misdemeanor offenses has led many to question whether Weiss gave a “sweetheart deal” to the hometown guy whose dad is commander in chief.
Two IRS agents involved in the case have testified before Congress that they urged Weiss to file felony charges but were rebuffed. Republicans in Congress have charged that the Democratic president’s administration interfered in the investigation and have pledged to keep digging.
Weiss has publicly said that he worked without interference from the U.S. Department of Justice, and has agreed to testify before Congress about the case.
Two-year income of $4.4M while strung out on crack cocaine
While Hunter Biden predicted in 2020 that he would not face tax charges, a far different and more troubling tale unfolded last week in the J. Caleb Boggs Federal Building, named for the U.S. senator whom upstart politician Joe Biden defeated in 1972.
A few floors below where his father had maintained a U.S. Senate office, Biden sat quietly in the defendant’s chair, flanked by a team of attorneys while his misdeeds and chaotic lifestyle took center stage.
When Judge Norieka asked him on several occasions whether the government’s assertions were true, Biden responded, “Yes, your honor,’’ in a quiet voice.
On Noreika’s orders, Wise read and summarized from an exhibit to the plea agreement, describing “Robert Hunter Biden” as an “attorney and businessman with lucrative domestic and international business interests.”
In total, Biden was paid $2.3 million in 2017 and $2.1 million in 2018, Wise said.
Wise said Biden continued to be paid huge sums those years even though he had relapsed into substance abuse — a descent that began after his older brother Beau, Delaware’s former attorney general, died in May 2015.
By 2016, Biden had begun to abuse crack cocaine, the plea agreement said. That same year, he also began a nearly three-year affair with Beau’s widow Hallie Biden.
Biden’s addictions and lifestyle contributed to the collapse of his marriage and his divorce in 2017, as well as the disintegration of most of his business relationships.
“Virtually everything collapsed,” Biden told Noreika.
Biden also said he’d gone to inpatient treatment facilities “close to six times” from 2003 to 2018 but had been clean since June 1, 2019, shortly after he remarried. Yet when Noreika asked Biden if there were any particular drugs he abused, the defendant didn’t specify crack cocaine.
Instead, he muttered, “Everything, your honor.”
Biden ignored associates’ pleas to file returns, pay taxes
Despite his drug problems, which accelerated after he moved to the Los Angeles area in 2018, the money kept rolling in for Biden, Wise told the court.
He “successfully entered into business ventures and landed legal clients, earning millions of dollars,’’ and exercised control over his corporate and personal finances, Wise said.
But when it came to filing taxes for 2017 and 2018, Biden just didn’t do it.
Federal tax returns and any money owed to the government are due on April 15 for the previous year. But as he routinely did, Biden requested and was granted automatic extensions to file his forms by October 15, even though the money had to be paid by April 15.
Not that people close to Biden didn’t badger him to cover his obligations.
Wise said that in 2017, Biden had worked with an accountant to prepare his individual and corporate returns. But when it came time to get them signed and filed in 2018, and for Biden to pay the IRS, the accountant hit a brick wall.
Wise said the unidentified accountant, who died in 2019, contacted Biden and Biden’s clerical aide, and even sent copies to his business partner Eric Schwerin.
Schwerin reviewed the returns and sent his partner several emails “in which he commented on their substance and reminded Biden of his filing obligations,’’ and even dropped them off at Biden’s office, Wise said.
But Biden didn’t sign or submit the tax returns.
In one April 2018 exchange, the accountant urged Biden to pay the IRS about “$600,000 owed by Biden personally and an additional $204,000 owed by Owasco,’’ Wise said.
Biden told the accountant he could pay $25,000, Wise said.
Wise told the court that despite Biden’s “large outstanding tax liability and profligate spending,” he had the cash to pay the tax bill for 2017. The prosecutor cited a $1 million payment for legal fees Biden had received one month before that money was due.
Over the next six months, Wise said Biden spent almost all the money on “personal expenses, including large cash withdrawals, transfers to his personal account, travel, and entertainment.”
But when it came to settling up with Uncle Sam, Biden didn’t pay one cent.
‘Substantial income and the ability to pay his tax liability’
In April 2019, when his 2018 taxes were due, Biden traded emails with his accountant and attorney about again getting a filing extension, which he received.
The accountant advised him to “make a payment,” Wise said, but as he had the previous year, Biden “paid nothing.”
Once again, though, Biden had “substantial income and the ability to pay his tax liability,’’ Wise said. That included income of $758,000 in March and April 2019, which Biden spent on himself, his children, credit card bills, and car payments.
May 2019 marked a turning point for Biden, however. He remarried, stopped drinking and taking drugs, and remained in California, “painting and developing plans for his memoir,” Wise said. The book, “Beautiful Things: A Memoir’’ was published in 2021.
Yet the budding artist and author didn’t make plans to file the 2018 tax returns by their due date in October 2019.
The judge quizzed Biden on his state of mind when he made that decision.
“And you were sober at the time?’’ Noreika asked.
After he said yes, she pressed further.
“But you didn’t file your taxes?”
“In putting my life back together,’’ Biden answered, “it was a flood, an enormous amount of problems and by the time I was able to find someone to be able to help me, I was already past the deadline in which I should not have gone past.”
A ‘third party’ loaned Biden $2.6M to settle four years of tax debts
In November 2019, a month after his extended filing deadline for 2018, Biden hired a California accountant to begin ‘gathering materials’ to prepare his 2017 and 2018 tax returns.
Wise said that happened partly because Biden was under the gun in another legal matter.
At the time, he faced two lawsuits seeking child support payments and was “under court order to provide his tax returns or face potential sanctions including imprisonment,’’ Wise said.
Finally, in February 2020, Biden belatedly filed his tax returns for 2017 and 2018, but paid nothing toward the $1.2 million outstanding balance. The IRS had previously withheld $164,000 from his paychecks for those years.
In October 2021 — 20 months after he finally filed his forms — Biden’s lender paid $1.9 million for the overdue taxes, penalties, and interest for 2017 and 2018.
That didn’t end Biden’s tax difficulties, however.
The accountant also learned that Biden had not filed his 2016 return, which had its own problems.
That paperwork had been prepared in October 2017 and claimed Biden only had an outstanding tax obligation of $15,520. Yet he had not filed the documents or paid the money.
The revised 2016 return, filed in June 2020, showed he was paid $1.6 million but still owed $45,600 from a tax bill of $493,000.
For 2019, during which he had an income of $1.05 million, Biden received a filing extension until October 2020, and filed the return on time.
Biden didn’t send a check with either the 2016 or 2019 returns, however.
The lender covered those debts too, however, also in October 2021. By that time the amount owed for those years had ballooned, with penalties and interest, to $689,000.
Although Biden told the judge he is not making payments on the loan, he called the agreement “a normal typical loan with terms and a time frame.”
The defendant didn’t elaborate and the judge didn’t press him further about the private transaction that aimed to finally square him financially with the government his father now presides over.
Yet Noreika took great pains to ensure that Biden did not dispute the account of his crimes, as detailed by Wise and spelled out in the plea agreement.
“All right, Mr. Biden,’’ she said. “Is there anything you wish to challenge or amend in the government’s recitation of proof?”
“No, your honor,’’ the president’s son replied.
“Do you disagree with any of the government’s factual recitations?”
“No, your honor.”
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https://whyy.org/articles/delaware-hunter-biden-tax-crimes-irs-court-trial/
| 2023-07-31T20:58:54
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https://whyy.org/articles/delaware-hunter-biden-tax-crimes-irs-court-trial/
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DENVER, July 31, 2023 /PRNewswire/ -- Palantir Technologies Inc. (NYSE: PLTR) today announced that it was selected by the Defense Information Systems Agency (DISA) to support coordination between federal and commercial licensees of the 3450 - 3550 MHz spectrum band. Palantir will provide its software platform to enable end-to-end automation that will enhance coordination between the Department of Defense and commercial spectrum licensees for shared use of the 3450-3550 MHz band within cooperative planning area (CPA) and periodic use area (PUA) coordination zone boundaries.
As part of an ongoing interagency effort to facilitate the shared usage of critically important mid-band spectrum, Palantir's software will enable DISA's Defense Spectrum Organization (DSO) to support formal and informal coordination processes between the Department of Defense and commercial licensees. Existing and future government activities in the spectrum band are vital to protect national security and ensure military readiness.
Palantir software will be used to integrate multiple existing functions and capabilities into a single infrastructure that will result in more efficient workflows, reducing the timelines for licensee coordination with DoD to establish sharing agreements and enable deployment of 5G wireless services within CPA/PUA boundaries. Palantir software will also be used to demonstrate the ability to support more advanced spectrum sharing use cases.
"We are proud to partner with DISA DSO to support the complex task of sharing limited spectrum resources between federal and commercial users," said Akash Jain, President, Palantir USG. "We are excited to rapidly deploy software that will accelerate and automate coordination workflows and enable the increasingly dynamic and efficient use of spectrum."
"As military and commercial use of radio-frequency spectrum continues to grow, spectrum coordination will be increasingly necessary to preserve the effectiveness of critical national security capabilities while enabling U.S. commercial leadership in 5G and other critical technology areas. Palantir looks forward to working alongside the Department of Defense to deploy innovative software solutions that support advanced spectrum sharing workflows and processes," said Miriam Marwick, SVP, Emerging Technologies, Palantir USG.
About Palantir Technologies Inc.
Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.
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. These statements may relate to, but are not limited to, Palantir's expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms' reliability; and our customer's ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
Media Contact
Lisa Gordon
media@palantir.com
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SOURCE PALANTIR TECHNOLOGIES INC.
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https://www.wistv.com/prnewswire/2023/07/31/palantir-selected-by-department-defense-automate-spectrum-coordination-workflows/
| 2023-07-31T20:58:55
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https://www.wistv.com/prnewswire/2023/07/31/palantir-selected-by-department-defense-automate-spectrum-coordination-workflows/
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SEATTLE, July 31, 2023 /PRNewswire/ -- Seabourn, the leader in ultra-luxury voyages and expedition travel, took delivery of its second expedition ship, Seabourn Pursuit, today during an official handover maritime ceremony at the T. Mariotti shipyard in Genoa, Italy. Seabourn Pursuit is the company's second purpose-built, ultra-luxury expedition ship and the newest expedition ship in the industry.
"I am honored to share this incredible moment with the entire Seabourn family as we welcome Seabourn Pursuit, our highly anticipated second ultra-luxury expedition ship, into our fleet," expressed Natalya Leahy, Seabourn President. "With remarkable craftsmanship by the Mariotti team, an abundance of space, and the breathtaking style of Tihany Design, Seabourn Pursuit raises the bar for ultra-luxury expedition travel. We are grateful to Mariotti and Tihany Design for their expertise in shaping and making our dream come true for our guests."
Leahy added that the state-of-the-art Seabourn Pursuit will provide the perfect combination of luxury and expedition. "Seabourn Pursuit offers the best of both worlds: our well-known signature luxury and elegance with the world of exploration and adventure. The ship is masterfully designed for our guests, who are extraordinary people looking for out of the ordinary experiences. Our guests will indulge in Seabourn's ultra-luxury style and enjoy our intuitive, personalized service, while the ship takes them to awe-inspiring destinations around the world that only few will ever visit in a lifetime."
"Today, one year after the delivery of Seabourn Venture, we are very happy to have completed and delivered her sister ship, Seabourn Pursuit," said Marco Ghiglione, Managing Director of T. Mariotti. "We are truly proud to have built the most outstanding ultra-luxury expedition ship for Seabourn, one of the leading cruise lines in the luxury market. This is another important masterpiece for Italian shipbuilding coming out of T. Mariotti shipyard, demonstrating again that our leadership in this sector is well consolidated. Thanks to Seabourn, all people involved in this journey, Lloyd's Register and the pencil of Adam Tihany, here is the new expedition jewel."
Seabourn Pursuit offers the same luxurious "yacht like" small ship experience that travelers have come to expect from Seabourn, enhanced by world-class equipment that allows the line to offer its widest range of expedition activities led by an expert 24-person expedition team of scientists, scholars, naturalists, and more. Seabourn Pursuit is designed and built for remote, diverse environments to PC6 Polar Class standards and will include a plethora of modern hardware and technology that will extend the ship's global deployment and capabilities. Seabourn Pursuit has close to 30,000 square feet of deck space and special touches at every turn. Those include indoor and outdoor guest areas with nearly 270-degree views, and a 4K GSS Cineflex Camera mounted on the mast of the Constellation Lounge capable of broadcasting imagery from miles ahead on monitors located throughout the ship and in guest suites.
In addition, Seabourn Pursuit, like the rest of the ships in the Seabourn fleet, offers an abundance of space and elegance, eight dining facilities serving gourmet cuisine, and luxurious all-suite accommodations, including a pair of two-level Wintergarden suites.
Seabourn Pursuit is scheduled to enter service August 12, 2023, and will sail five voyages in the Mediterranean before embarking on two voyages across the Atlantic and through the Caribbean. On October 10, 2023, the ship will arrive in Barbados to begin its expedition journeys, taking guests to remote corners of the globe. Seabourn Pursuit will head south for expeditions exploring coastal South America, the Amazon, and Antarctica into late March 2024.
Following its inaugural Antarctic season, the ship will head across the islands of the South Pacific and eventually to Australia, which will be the start of the line's first exploration of the Kimberley region in the Northern Territory and Western Australia between June and August 2024. The iconic Kimberley, with its red sandstone gorges, rivers, waterfalls, wildlife, and Aboriginal life and history, is the ideal setting for a truly, world-class expedition experience. In addition to the Kimberley, Seabourn Pursuit will visit Papua New Guinea, West Papua, Indonesia, and sail across the South Pacific between Chile and Melanesia between March and October 2024.
For more details about Seabourn, or to explore the worldwide selection of Seabourn cruising options, contact a professional travel advisor, call Seabourn at 1-800-929-9391 or visit www.seabourn.com.
About Seabourn:
Seabourn represents the pinnacle of ultra-luxury ocean and expedition travel and operates a suite of six modern ships with one under construction. The all-inclusive, boutique ships offer all-suite accommodations with oceanfront views; award-winning dining; complimentary premium spirits and fine wines available at all times; renowned service provided by an industry-leading crew; a relaxed, sociable atmosphere that makes guests feel at home; a pedigree in expedition travel through the Ventures by Seabourn program and two new ultra-luxury purpose-built expedition ships, including Seabourn Venture that launched in 2022 and Seabourn Pursuit scheduled to enter service in 2023. Seabourn takes travelers to every continent on the globe, visiting more than 400 ports including marquee cities and lesser-known ports and hideaways. Guests of Seabourn experience extraordinary offerings and programs, including partnerships with leading entertainers, dining, personal health and wellbeing, and engaging speakers.
For more details about Seabourn, or to explore the worldwide selection of Seabourn cruising options, contact a professional travel advisor, call Seabourn at 1-800-929-9391 or visit www.seabourn.com.
Seabourn is a brand of Carnival Corporation and plc (NYSE/LSE: CCL and NYSE: CUK).
Find Seabourn on Twitter, Facebook, Instagram, YouTube and Pinterest.
Notes to Editors:
Seabourn is consistently ranked among the world's top travel choices by professional critics and the discerning readers of prestigious travel publications such as Departures, Travel + Leisure and Condé Nast Traveler. Its stylish, distinctive cruising vacations are renowned for:
- Purpose-built expedition ships, PC6 ice-strengthened hull, with advanced maneuvering technology for superior stability, safety, and comfort
- World-class Expedition Team, delivering immersive experiences
- All veranda, all ocean-front suites luxuriously appointed
- Handcrafted itineraries developed for the expedition traveler to the most coveted and familiar remote destinations in the world
- Intimate ships with a private club atmosphere
- Intuitive, personalized service provided by staff passionate about exceeding guests' expectations
- Inclusive expedition experiences with Zodiacs, scuba diving and snorkeling
- Optional expedition experiences with kayaks and custom-built, 6-guest submarines giving the option to extend your expedition further for greater ocean exploration**
- Welcome toast and complimentary in-suite bar stocked with your preferences
- Hosted bridge policy* with Expedition team members providing firsthand access to the ship's command center and officers navigating your journey
- World-class dining venues are all complimentary, dine where, when and with whom you wish
- Tipping is neither required, nor expected
- Complimentary premium spirits and fine wines available on board at all times
- Meticulous and purposeful adventurers' resort at sea designed for the luxury traveler with unique attributes and spaces to enhance your experience
- Spa & Wellness with Dr. Andrew Weil, featuring an exclusive mindful living program**
- Committed to environmental stewardship and sustainability
*At the Captain's discretion
** Optional programs, for additional charge
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SOURCE Seabourn
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ATLANTA, July 31, 2023 /PRNewswire/ -- The Aaron's Company, Inc. (NYSE: AAN) today released its second quarter 2023 financial results. Complete financial results are available at investor.aarons.com. Highlights of those results are included below and in the attached supplement.
Second Quarter 2023 Consolidated Results1:
- Revenues were $530.4 million, a decrease of 13.1%
- Net earnings were $6.5 million, an increase of 222.0%; Non-GAAP net earnings2 were $12.2 million, a decrease of 50.6%
- Adjusted EBITDA2,3 was $42.4 million, a decrease of 17.0%
- Diluted EPS was $0.21; Non-GAAP diluted EPS2 was $0.39
- Write-offs were 5.4% in the Aaron's Business, an improvement of 30 basis points
- Reduced debt $36.1 million in the quarter and $124.3 million since the prior year quarter-end
- Updates 2023 full year outlook; lowers revenues, maintains adjusted EBITDA, and increases adjusted free cash flow
Second Quarter 2023 Key Items:
The Aaron's Company
- Earnings were ahead of internal expectations largely due to ongoing expense controls, despite lower revenues in both business segments
- Ended the quarter with cash and cash equivalents of $38.4 million and debt of $186.1 million, resulting in a net debt2 reduction of $30.2 million in the quarter primarily due to strong cash provided by operating activities
Aaron's Business
- Earnings before income taxes were $30.8 million; adjusted EBITDA was $49.5 million, which exceeded internal expectations and increased 3.0% as compared to the prior year quarter primarily due to lower total operating expenses and lower write-offs
- Personnel and other operating expenses benefited from cost optimization initiatives and ongoing investments in technology platforms and marketing analytics
- Ended the quarter with 230 GenNext stores, 101 hubs, and 101 showrooms
- GenNext stores accounted for approximately 29% of lease revenues & fees and retail sales
- E-commerce revenues increased 5.5% as compared to the prior year quarter and represented 17.9% of lease revenues
BrandsMart
- Earnings before income taxes were $1.1 million; adjusted EBITDA was $4.5 million, which exceeded internal expectations despite lower revenues due to continued pressure on customer demand
- Began construction on first new BrandsMart store planned to open in Augusta, GA in Q4 2023
The Company will host an earnings conference call tomorrow, August 1, 2023, at 8:30 a.m. ET. Chief Executive Officer Douglas A. Lindsay will host the call along with President Steve Olsen and Chief Financial Officer C. Kelly Wall. A live audio webcast of the conference call and presentation slides may be accessed at investor.aarons.com and the hosting website at https://events.q4inc.com/attendee/457512107. A transcript of the webcast will also be available at investor.aarons.com.
About The Aaron's Company, Inc.
Headquartered in Atlanta, The Aaron's Company, Inc. (NYSE: AAN) is a leading, technology-enabled, omnichannel provider of lease-to-own and retail purchase solutions of appliances, electronics, furniture, and other home goods across its brands: Aaron's, BrandsMart U.S.A., BrandsMart Leasing, and Woodhaven. Aaron's offers a direct-to-consumer lease-to-own solution through its approximately 1,260 Company-operated and franchised stores in 47 states and Canada, as well as its e-commerce platform. BrandsMart U.S.A. is one of the leading appliance retailers in the country with ten retail stores in Florida and Georgia, as well as its e-commerce platform. BrandsMart Leasing offers lease-to-own solutions to customers of BrandsMart U.S.A. Woodhaven is the Company's furniture manufacturing division. For more information, visit investor.aarons.com, aarons.com, and brandsmartusa.com.
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SOURCE The Aaron’s Company, Inc.
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https://www.wbrc.com/prnewswire/2023/07/31/aarons-company-inc-reports-second-quarter-2023-financial-results-updates-full-year-outlook/
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Fire at former Cheeky’s restaurant in Gordo under investigation
Firefighters in Pickens County were called out early Thursday morning to battle a fire at a local restaurant that had just closed its doors for good.
Gordo Police Chief Johnny Stephenson said a passerby spotted the fire at Cheeky’s Family Style Restaurant and called in around 1:30 a.m. Thursday
Cheeky’s is located on Industrial Park in Gordo, and the restaurant’s Facebook page said their last day of service was July 16. The restaurant had been open 13 years.
The cause of the fire is under investigation.
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https://www.wvua23.com/fire-at-former-cheekys-restaurant-in-gordo-under-investigation/
| 2023-07-31T20:58:57
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A one-day sales event unlike any other invites customers to stock up on used books for just one cent per page.
BIRMINGHAM, Ala., July 31, 2023 /PRNewswire/ -- The busiest day of the year at 2nd & Charles is officially on the docket: Penny-A-Page, happening on Saturday, August 12, at all 2nd & Charles locations nationwide.
Where miles of books are surrounded by pure, boundless energy, customers can purchase up to five books for just one cent per page during 2nd & Charles' first-ever Penny-A-Page.
This unique and rare promotional event applies to all used books, giving customers the opportunity to fill their shelves with lengthy, expensive, and well-loved volumes – all for a fraction of the price. Yes, on a 250-page book, 2nd and Charles customers will pay just $2.50.
"Our loyal customers love it when we offer a discount on multiple books at the same time," says Eric Bishop, Senior Vice President at 2nd & Charles. "This is a 'can't miss' day! We are opening early at 9 a.m. to accommodate all our impassioned readers wanting to get a head start on their summer reading," he says.
Communities across the nation now have a remarkable opportunity to find their next stack of great books at an extraordinary price. Arrive early for the best selection! Come in, get lost, and find yourself at 2nd & Charles.
ABOUT 2ND & CHARLES
2nd & Charles is a unique retail concept specializing in an ever-changing inventory of new and used books, music, games, toys, collectibles, decor, accessories, and pop culture merchandise. Since its first store opened in Birmingham, AL, in 2010, 2nd & Charles has expanded to include more than 40 stores in 18 states—and counting.
A sister store to Books-A-Million, the nation's second largest book retailer, 2nd & Charles has established itself as a hip and fun-loving purveyor of passions catering to readers, gamers, and collectors of all ages. Through the store's buyback program, customers can sell their gently used merchandise in exchange for cash or store credit.
Click here to find your nearest 2nd & Charles store, and follow 2nd & Charles on Facebook, Instagram, and Twitter.
CONTACT
Olivia Anderson McDaniel
Vice President of Marketing, Omnichannel
205.909.3563
mcdanielo@booksamillion.com
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SOURCE Books-A-Million, Inc.
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INDIANAPOLIS — A bicyclist was hit by an IMPD officer on the east side of Indianapolis Monday.
It happened on 10th Street between Lasalle and Olney streets. A portion of 10th Street is closed while police investigate.
According to IMPD, the officer was on an emergency call when the crash happened.
IMPD said the cyclist is an adult male and was taken to the hospital in critical condition. A badly damaged bicycle could be seen in the middle of the street.
Drivers and pedestrians are being asked to avoid the area.
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https://www.wthr.com/article/news/local/bicyclist-hit-by-impd-officer-east-side-indianapolis-indiana-10th-lasalle-olney-streets/531-f450a7bd-807e-4fbe-95dc-b0ab6e9b0997
| 2023-07-31T20:59:00
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Companies combine expertise to deliver innovative technology solutions for arenas, stadiums, convention and exhibition centers, and performing arts venues
TUCSON, Ariz., July 31, 2023 /PRNewswire/ -- Simpleview and ASM Global are pleased to announce a partnership created to provide a unified network of websites and technology solutions for the ASM Global portfolio of venues. The partnership was strategically designed to develop cohesive branding powered by a best-in-class technology stack and ticketing integrations that promote visitors and drive web conversions for arenas, stadiums, convention and exhibition centers, and performing arts venues.
Simpleview, a leading provider of CRM, CMS, and marketing solutions for destinations worldwide, and ASM Global, the world's leading venue management and services company, will serve the meetings and events ecosystem; by leveraging Simpleview's advanced technology and ASM Global's extensive global network, this partnership will enable clients to create captivating digital experiences that drive engagement and ticket sales and enhance venue marketing efforts.
Highlights of the partnership include:
- Enhanced Website Capabilities: a new generation of website solutions with state-of-the-art features and functionalities equipped with user-friendly content management systems, robust event and ticketing integrations, interactive mapping tools, and seamless integration with social media platforms
- Personalized Experiences: clients can deliver tailored content and offers to individual users, ensuring a highly personalized and engaging journey for every visitor
- Mobile-Optimized Design: prioritization of mobile optimization, ensuring that websites are fully accessible across all screen sizes and platforms
- Data-Driven Insights: comprehensive analytics and reporting gain insights into visitor behavior, marketing performance, and conversion rates so venues can make informed decisions and optimize marketing strategies effectively
"ASM Global is thrilled to work in partnership with Simpleview to create a cohesive, best-in-class website solution for our diverse global portfolio of stadiums, arenas, theaters, and convention centers," said Alex Merchán, chief marketing officer at ASM Global. "From the start of this relationship, Simpleview has impressed us with its tech stack, service offering, data-driven approach, and talented team. We look forward to building and scaling this partnership in the years ahead."
About Simpleview
Simpleview is a worldwide leading provider of CRM, CMS, website design, digital marketing services, and data insights for convention bureaus, venues, tourism boards, destination marketing organizations (DMOs), and attractions. The company employs staff across the globe, serving clients of all sizes, including small towns, world capitals, top meeting destinations, and countries across multiple continents.
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Total new annualized premiums up 11%; strong capital position
CARMEL, Ind., July 31, 2023 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $73.7 million, or $0.64 per diluted share, in 2Q23 compared to $233.3 million, or $1.99 per diluted share, in 2Q22. Net operating income (1) was $62.3 million, or $0.54 per diluted share, in 2Q23 compared to $135.1 million, or $1.15 per diluted share, in 2Q22.
"Production was strong in both our Consumer and Worksite Divisions, with notable sales increases in Life, Medicare Supplement and Supplemental Health, driven by continued growth in producing agent counts," said Gary C. Bhojwani, chief executive officer.
"Variable investment income results improved sequentially, yet reflect a tough comparable in the second quarter of 2022 when results reached a five-year high. Health claims impacted our results in the quarter. We expect this elevated claims experience to moderate in the second half of the year, based on leading indicators. Our long-term view of the Health business remains positive."
"New money rates were once again strong in the quarter at 6.34%, which drove continued improvement in the earned yield on investments allocated to insurance products. Our consolidated risk based capital (RBC) ratio of 386% was comfortably above our target as was our holding company liquidity of $176 million. Free cash flow generation in the quarter was robust."
Second Quarter 2023 Highlights (as compared to the corresponding period in the prior year where applicable)
- Total Health insurance new annualized premiums ("NAP") (4) up 15%; total Life insurance NAP up 8%
- Medicare Supplement NAP up 29%; Consumer Division field agent-sold Life insurance NAP up 20%
- Consumer Division field producing agent count up 8%; Worksite Division producing agent count up 32%
- Returned $47.4 million to shareholders
- Book value per share was $17.56; book value per diluted share, excluding accumulated other comprehensive loss,(2) was $32.34
- Return on equity ("ROE") of 14.8%; operating ROE, as adjusted,(6) of 8.0%
Adoption of New Accounting Standard
As previously disclosed, we adopted ASU 2018-12 related to targeted improvements to the accounting for long-duration insurance contracts effective January 1, 2023. We selected the modified retrospective transition method except for market risk benefits where we were required to use the full retrospective approach. All prior periods presented herein have been recast in accordance with the new standard. As a result of the adoption of the new guidance, shareholders' equity as of December 31, 2022, increased $368.0 million and was comprised of increases to retained earnings and accumulated other comprehensive income (loss) of $232.2 million and $135.8 million, respectively. Net income and operating earnings (1) for the second quarter of 2022 increased $97.2 million and $35.0 million, respectively. Concurrent with the adoption of the new guidance, we also updated the method of determining non-operating earnings for our fixed indexed annuities to better isolate the volatile non-economic accounting impacts of that line of business.
INSURANCE OPERATIONS
Annuity products accounted for 26 percent of the Company's margin for the quarter and annuity premiums collected decreased 8 percent in 2Q23 compared to 2Q22.
Health products accounted for 48 percent of the Company's insurance margin for the quarter and 63 percent of insurance policy income.
Life products accounted for 26 percent of the Company's insurance margin for the quarter and 36 percent of insurance policy income.
Sales of health products were up 15 percent and sales of life products were up 8 percent in 2Q23 compared to 2Q22.
Total allocated expenses were $149.5 million, down 2 percent from 2Q22.
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The fair value of CNO's available for sale fixed maturity portfolio was $21.0 billion compared with an amortized cost of $23.6 billion. Net unrealized losses were comprised of gross unrealized gains of $106.1 million and gross unrealized losses of $2,710.8 million. The allowance for credit losses was $66.1 million at June 30, 2023.
At both amortized cost and fair value, 94 percent of fixed maturities, available for sale, were rated "investment grade".
Non-Operating Items
Net investment losses in 2Q23 were $31.3 million including the unfavorable change in the allowance for credit losses of $9.9 million which was recorded in earnings. Net investment losses in 2Q22 were $27.1 million including the unfavorable change in the allowance for credit losses of $23.7 million which was recorded in earnings.
During 2Q23 and 2Q22, we recognized a decrease in earnings of $4.0 million and $21.7 million, respectively, due to the net change in market value of investments recognized in earnings.
During 2Q23 and 2Q22, we recognized an increase in earnings of $50.4 million and $160.6 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities. Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and market risk benefits.
In 2Q22, other non-operating items included an increase in earnings of $14.0 million 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 386% at June 30, 2023, reflecting estimated 2Q23 statutory operating income of $37 million (and $76 million in the first six months of 2023) and the payment of insurance company dividends (net of capital contributions) to the holding company of $40.5 million during 2Q23 (and $74.7 million in the first six months of 2023).
During 2Q23, we repurchased $30.0 million of common stock under our securities repurchase program (including $0.9 million of repurchases settled in 3Q23). We repurchased 1.4 million common shares at an average cost of $22.28 per share. As of June 30, 2023, we had 113.7 million shares outstanding and had authority to repurchase up to an additional $641.8 million of our common stock. During 2Q23, dividends paid on common stock totaled $17.4 million.
Unrestricted cash and investments held by our holding company were $176 million at June 30, 2023, compared to $167 million at December 31, 2022.
Book value per common share was $17.56 at June 30, 2023 compared to $15.47 at December 31, 2022. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $32.34 at June 30, 2023, compared to $31.89 at December 31, 2022.
The debt-to-capital ratio was 36.3 percent and 39.2 percent at June 30, 2023 and December 31, 2022, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss) (3) was 23.4 percent at both June 30, 2023 and December 31, 2022.
Return on equity for the trailing four quarters ended June 30, 2023 and 2022, was 14.8% and 20.9%, respectively. Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (6) for the trailing four quarters ended June 30, 2023 and 2022, was 8.0% and 12.7%, 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, 2022 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 August 1, 2023 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 https://www.netroadshow.com/events/login?show=5ac4628b&confId=53584. 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, Optavise 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 $34 billion in total assets. Our 3,400 associates, 4,600 exclusive agents and 4,000 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, Inc.
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Five people were hurt after a runaway bull wreaked havoc in the streets of one city in Peru.
Dramatic video showed the bull chasing people through the streets of Ayacucho like it was Pamplona, Spain. The bull was even seen ramming into a woman.
The animal escaped from an arena during an event on Wednesday.
It took about 30 minutes for authorities to capture the bull.
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https://abc11.com/runaway-bull-peru-escapes-in-ayacucho-rams-woman/13570865/
| 2023-07-31T20:59:03
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https://abc11.com/runaway-bull-peru-escapes-in-ayacucho-rams-woman/13570865/
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Hundreds affected by manufacturing plant closure in Opelika later this year
The Associated Press
OPELIKA (AP) — A medical device manufacturer in Alabama has announced plans to close its plant in November, a move that will impact nearly 500 workers.
Baxter International Inc., which makes dialyzers for dialysis treatment at its plant in Opelika, announced the closure Thursday.
“Baxter leadership emphasized that this outcome is not a reflection on the quality employees and business climate in Opelika, but was brought on by global market conditions that have impacted demand and overseas competition,” Opelika city officials said in a news release.
City officials will be working with state and nationwide contacts to help identify and recruit other potential companies to create future opportunities in Opelika, officials said.
Mayor Gary Fuller expressed disappointment by the announcement and concern for the affected employees.
“The City and our Economic Development team will be working closely with Baxter, the Alabama Department of Commerce, the Opelika Chamber, Southern Union and our other workforce partners to assist these employees in finding other careers here in our area,” Fuller said.
Economic Development Director Lori Huguley said the community will rise despite the news.
“This is a big blow to our community and definitely not news we expected to hear, but we know we have great companies in our area that will welcome the chance to meet and interview those who are looking for other careers here,” Huguley said.
Opelika is 60 miles northeast of Montgomery and has a population of 32,000.
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https://www.wvua23.com/hundreds-affected-by-manufacturing-plant-closure-in-opelika-later-this-year/
| 2023-07-31T20:59:03
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DENVER, July 31, 2023 /PRNewswire/ -- The Principal Real Estate Income Fund (NYSE:PGZ) announces the sources of a distribution paid on July 31, 2023 of $0.1050 per share to shareholders of record at the close of business on July 18, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission and includes the notice below sent to shareholders regarding the source of the distribution.
Statement Pursuant to Section 19(a) of the Investment Company Act of 1940
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. In accordance with generally accepted accounting principles ("GAAP"), the Fund estimates the following percentages, of the total distribution amount per 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 year-to-date cumulative distribution amount per share for the Fund.
The Fund estimates that it has distributed more than its income; therefore, 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 timing and character of distributions for federal income tax purposes are determined in accordance with income tax regulations, which may differ from GAAP. As such, all or a portion of this distribution may be reportable as taxable income on your 2023 federal income tax return. The final tax character of any distribution declared in 2023 will be determined in January 2024 and reported to you on IRS Form 1099-DIV.
The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting 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.
Presented below are return figures, 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. Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.
Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.
Please retain this document for your records.
ALPS Advisors, Inc. is the investment adviser to the Fund.
Principal Real Estate Investors LLC is the investment sub-adviser to the Fund. Principal Real Estate Investors LLC is not affiliated with ALPS Advisors, Inc. or any of its affiliates.
ALPS Portfolio Solutions Distributor, Inc. is the FINRA Member.
PRE000386 7/31/2024
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SOURCE Principal Real Estate Income Fund
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Princeton University student pleads guilty to joining mob’s attack on Capitol
On Jan. 6, 2021, 22-year-old Larry Fife Giberson joined other rioters in a coordinated push against police officers in a tunnel on the Capitol's Lower West Terrace.
A man who was a Princeton University student when the FBI arrested him on charges related to the U.S. Capitol riot pleaded guilty on Monday to joining a mob’s attack on police officers during one of the most violent clashes on Jan. 6, 2021.
Larry Fife Giberson was on the front lines when rioters attacked police officers in a tunnel on the Capitol’s Lower West Terrace. Giberson, 22, of Manahawkin, New Jersey, waved other rioters into the tunnel and then joined in a coordinated push against officers guarding an entrance to the building, according to a court filing.
Giberson tried in vain to start a chant of “Drag them out!” and then cheered on rioters using weapons and pepper spray against police in the tunnel, according to an FBI’s agent affidavit. Giberson remained in the area for roughly an hour, the affidavit says.
Giberson pleaded guilty to a felony charge of interfering with police during a civil disorder, court records show. U.S. District Judge Carl Nichols is scheduled to sentence him on Nov. 1. The judge allowed him to remain free until his sentencing.
Giberson was enrolled at Princeton as an undergraduate when he was arrested in March on riot-related charges. On Monday, a university spokesperson declined to answer questions about Giberson’s enrollment status.
Charles Burnham, an attorney for Giberson, didn’t immediately respond to emails and a telephone call seeking comment.
Giberson was wearing a “Make America Great Again” hat and a Trump flag around his neck when he joined the Jan. 6 attack, which disrupted the joint session of Congress for certifying President Joe Biden’s electoral victory over Donald Trump.
The FBI posted images of Giberson on social media to seek the public’s help in identifying him. Online sleuths also posted images of Giberson using the “#DragThemOut” hashtag moniker.
Investigators matched photos of Giberson from the Capitol to several images found on Instagram and Princeton University’s website, according to the FBI.
Approximately 1,100 people have been charged with federal crimes related to the Capitol riot. More than 600 of them have pleaded guilty. Over 100 others have been convicted by judges or juries after trials in Washington, D.C.
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WASHINGTON — Paul Reubens, the actor and comedian best known for his character Pee-wee Herman, has died at 70 years old after a years-long battle with cancer that he did not make public. The Monday announcement of his death was met with an immediate outpouring of grief from his friends and colleagues in the entertainment industry.
"Russian Doll" star Natasha Lyonne, who made her acting debut at 6 years old on the first season of "Pee-wee's Playhouse," shared images from the hit television series on social media.
"Love you so much, Paul. One in all time. Thank you for my career & your forever friendship all these years & for teaching us what a true original is," she wrote, adding several heart emojis and one emoji of a broken heart.
Lyonne was one of many actors and comedians who described Reubens as a friend or mentor, sharing photos or personal stories.
"No tweet can capture the magic, generosity, artistry, and devout silliness of Paul Reubens. Everyone I know received countless nonsensical memes from Paul on their birthday, and I mean EVERYONE. His surreal comedy and unrelenting kindness were a gift to us all. Damn, this hurts.
"Paul Reubens was like no one else - a brilliant and original comedian who made kids and their parents laugh at the same time. He never forgot a birthday and shared his genuine delight for silliness with everyone he met. My family and I will miss him."
"Paul Reubens was a great, great friend. He gave me the muppets for my birthday and never forgot anyone’s birthday from our class. He was in my class at CalArts and we had the same business manager. He was always kind to me and to everyone. He will be missed."
"Paul Reubens was a gifted performer and a nice person. He brought so much joy to people over the years as Pee Wee, my sister and I loved that character. I was privileged to work with him in a film and he was as great in real life as he was on screen. Tough news here."
"This is devastating. Truly heartbreaking. Paul was such a comedy genius. From his Letterman appearances to his TV shows and movies, he was so original and hilarious. And such a sweet man too. This is a huge loss for comedy. Thanks for all the laughs, Paul."
"One of the patron saints of all misfitted, weird, maladjusted, wonderful, miraculous oddities."
"One of the greats is gone. It is a very sad day. Thank you for the joy, @peeweeherman. Chris and I were so proud to call you friend. You will live in our hearts forever, Paul.
"The greatest. No one ever like him ever."
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BALTIMORE, July 31, 2023 /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) announced today that its Board of Directors has declared a quarterly dividend of $1.22 per share payable September 28, 2023, to stockholders of record as of the close of business on September 15, 2023.
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price (NASDAQ: TROW) helps people around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Investors rely on the award-winning firm for its retirement expertise and active management approach of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price manages $1.40 trillion in assets under management as of June 30, 2023, and serves millions of clients globally. News and other updates can be found on Facebook, Instagram, LinkedIn, Twitter, YouTube, and troweprice.com/newsroom.
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| 2023-07-31T20:59:08
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Northridge High hosts drum and bugle corps group
By WVUA 23 Student News Reporter Nick Balenger
Northridge High School hosted the Crossmen Drum and Bugle Corps for its rehearsal Thursday. The group is preparing for its appearance in Drum Corps International competitions.
Drum Corps International is a league of professional marching bands made up of only brass and percussion. DCI has more than twenty world class corps and the San Antonio-based Crossmen stopped in Tuscaloosa before their competition in Trussville on Friday.
DCI groups travel all over the country, going from school to school as they practice for competitions. They often sleep in buses or school gymnasiums. Competitions frequently take place in college and NFL football stadiums.
The Crossmen’s director Chris Hyman says it’s a very unique experience. “It’s basically the best of the best. You get some of the best college level musicians, high school level musicians, and put them on a field and work with world class staff, world class instructor on putting a fantastic program on the field to compete with other groups around the nation,” said Hyman.
In a coincidence, the Northridge High marching band was wrapping up its summer band camp while the Crossmen were there.
It gave the high school students an opportunity to see professionals up close and personal.
Northridge High band director John Cain said it was a great opportunity for the students.
“This is the greatest thing they’ll do in high school. I think everybody in high school should be involved in something, and I love the way in band, it’s just an opportunity to create their own family, own culture,” said Cain.
The Crossmen will travel to Trussville before heading to Winston-Salem, North Carolina, and then ultimately completing the 2023 tour at the DCI finals in Indianapolis.
Rehearsals are open to the public and the groups put on a final performance of their program for spectators.
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ST. LOUIS, July 31, 2023 /PRNewswire/ -- Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, today reported that it set a new quarterly record for net sales in the second quarter of 2023.
Graybar's net sales for the second quarter of this year totaled $2.8 billion, an increase of 4.5% compared to the same period last year. Net income attributable to Graybar for the quarter finished at $124.2 million, a 2.7% decrease from the second quarter of 2022.
For the first half of 2023, the company reported net sales of $5.5 billion, an 8.1% increase compared to the same period last year. Net income attributable to Graybar for the first six months of 2023 increased 8.4% to $249.0 million.
"Thanks to the hard work of our employees, we continue to achieve positive results," said Kathleen M. Mazzarella, chairman, president and chief executive officer of Graybar. "We remain focused on providing exceptional service to our customers every day, while we make strategic investments to transform our business and strengthen our long-term position as an industry leader."
Graybar, a Fortune 500 corporation and one of the largest employee-owned companies in North America, is a leader in the distribution of high quality electrical, communications and data networking products, and specializes in related supply chain management and logistics services. Through its network of more than 325 North American distribution facilities, it stocks and sells products from thousands of manufacturers, helping its customers power, network, automate and secure their facilities with speed, intelligence and efficiency. For more information, visit www.graybar.com or call 1-800-GRAYBAR.
Media Contact:
Tim Sommer
(314) 578-7672
timothy.sommer@graybar.com
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The Fitness Superstore to Exclusively Carry the REP Line
DENVER, July 31, 2023 /PRNewswire/ -- Home and commercial gyms in the United Kingdom and Ireland are about to level up.
One of the USA's top gym equipment brands has joined forces with the UK's largest speciality fitness retailer. Starting this summer, Bodypower Sports Ltd. (trading as Fitness Superstore) will carry a large range of REP Fitness equipment. This expansion was in response to a growing demand overseas, after REP took the US by storm. It kicks off the launch of REP products throughout all of Europe, so more people can have access to REP's versatile, quality, innovative equipment.
REP, founded a decade ago in Colorado by two gym-loving brothers, has risen to become America's most popular brand in the home gym market. It offers a full line of gym gear, all designed by in-house, weightlifting engineers for both commercial and home gyms.
REP's award-winning power racks, benches, functional training gyms, and more will soon be available for UK customers to try out and order in Fitness Superstore showrooms across the UK (11 stores). Fitness Superstore, founded in 1994, is the largest supplier of specialist fitness equipment in the UK and is proud to feature the largest fitness equipment showrooms in the UK.
Fitness Superstore will also carry REP on its website, to be delivered throughout the UK and Ireland.
"Fitness Superstore is proud to exclusively represent this fantastic and innovative brand in the UK," says Paul Walker, Fitness Superstore managing director and owner.
Ryan McGrotty, co-founder or REP, echoes that. He says Fitness Superstore and REP make a great partnership because both are staffed by real-life fitness enthusiasts and professionals; they both offer a full range of equipment, and they both value creating community and making fitness accessible to all.
"We're excited to be working with such a strong partner in the UK with Fitness Superstore. We know they will offer a great shopping experience for all our fans in the UK who have been eagerly awaiting the availability of our products," says McGrotty. "Their broad store footprint will make it convenient for everyone to easily see and test our products before taking them home.
ABOUT REP
REP Fitness designs and sells world-class, innovative strength equipment that is sold around the world. REP was founded in Colorado in 2012 by two brothers with a shared passion for fitness and has grown into more than 300,000 square feet of office and distribution space and a team of more than 150 dedicated fitness enthusiasts. That shared passion for fitness is what drives REP's innovative spirit, where creating class-leading fitness equipment, with an emphasis on incredible home gyms, is paramount.
REP has been listed twice on the Inc. 5,000 fastest-growing companies — in 2018 and in 2021. REP products are frequently listed as top choices in many fitness publications, such as Men's Health.
For more information, visit repfitness.com. Connect with REP on Instagram, YouTube, Facebook, TikTok, and LinkedIn.
ABOUT FITNESS SUPERSTORE
Fitness Superstore, founded in 1994, is the largest supplier of specialist fitness equipment in the UK and is proud to feature the largest fitness equipment showrooms in the UK.
Learn more at fitness-superstore.co.uk. You can also connect with Fitness Superstore on Facebook, Instagram, YouTube, and TikTok.
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JACKSONVILLE — Jacksonville High School alum Ron Wiggins remembers the hot Saturdays he spent as a kid watching Troymaine Pope and Roc Thomas lead his hometown Jax State Gamecocks to victory at Burgess-Snow Field.
As a high schooler, he helped lead the Golden Eagles to a Class 4A state championship game appearance and was named 4A Back of the Year by the Alabama Sports Writers Association.
Now, he will help lead his hometown collegiate team into its first season of FBS football.
“We got some big things ahead, and we're just ready to take the season,” Wiggins said Monday during JSU’s preseason camp.
Wiggins has emerged as one of the leaders in a strong Gamecocks backfield, with head coach Rich Rodriguez calling him and Anwar Lewis “co-starters” so far through workouts.
He added that he expects both Lewis, who goes by Q, and Wiggins to improve on strong 2022 campaigns.
“Q Lewis is a good player, and Ronnie’s a good player,” Rodriguez said. “I think both of them will be even better than they were last year just simply from a standpoint of they'll know our offense more, and that means a lot.”
With the absence of Lewis because of injury, Wiggins has seen plenty of time on the field. On Monday, he connected with quarterback Zion Webb many times and took deep runs as the leader of the Gamecocks’ backfield.
Wiggins said that while he’s learning the offense, his biggest focus during preseason camp is getting his body ready for the fall.
“The team has been flying around. Everybody's been getting to it, working hard,” Wiggins said. “Right now, we're more getting in shape. We’ll worry about the teams later, but right now we're just focusing on nice, you know, getting everything going.”
In addition to Rodriguez, offensive coordinator Rod Smith and running backs coach Rod McDowell teaching the running back group, Wiggins has been excited about the addition of Pope, a former JSU and NFL running back, to the staff.
“That's a big-time thing,” Wiggins said. “He's been in the league for six years, so I really lock in and listen to him. He’s got stuff to say because he's been to the next level where I'm trying to get it. So when he's talking, I’m fast to listen and slow to talk.”
He said that with JSU’s jump to FBS, he’s honored to carry on the legacy as the players he watched for the Gamecocks as a kid.
“I came to a lot of games, seeing them come up,” Wiggins said. “Now, I'm in their shoes that they once were in.”
Added Wiggins: “There’s a lot of tradition here, so just come in here every day to get better and just rep the name that we wear on our jersey.”
Wiggins said that as the Gamecocks continue to get in shape during the team’s preseason practices, he’s excited for the talent-loaded position groups across the field.
“We got depth everywhere on the field, not just the running back room,” Wiggins said. “We’ve got a solid running back group. Them boys, we work hard every day and we keep pushing.
Sports Writer Thomas Ashworth: 256-236-1551. On Twitter: @ThomasAshworth0.
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18-year-old from ‘Brainy Bunch’ family graduates with master’s degree
MONTGOMERY, Ala. (WSFA/Gray News) – At age 18, most people are just heading into their freshman year of undergraduate studies. But one 18-year-old from Alabama is graduating with her master’s degree.
Marianna Harding is graduating from Auburn University with a master’s degree in agriculture at the age of 18.
She also graduated from high school at age 11.
Harding comes from a Montgomery family known as “The Brainy Bunch” – she is one of 10 children, most of whom started college by the age of 12. One of the boys even graduated law school at 19.
All the children grew up homeschooled. Harding is the eighth child in the family.
She said there was always healthy competition between siblings.
“We all had different interest levels, and most of us different colleges,” she said.
In 2022, Harding earned her bachelor’s degree virtually from a university in Nebraska. Shortly after, she was off to Auburn’s campus to get her master’s degree.
“Although my focus was very much on studies, there was no lack of fun times,” she said.
While on campus, Harding was part of multiple clubs, a campus employee, and kept active in her church. She hopes that her story will encourage others to go after their goals no matter their age.
Now that she has graduated, Harding will begin working for the Lee County Extension where she’ll teach others about agriculture.
Parents Kip and Mona Lisa Harding made an appearance on NBC’s “Today Show” in 2014 to discuss their book, “The Brainy Bunch: The Harding Family’s Method to College Ready by Age Twelve.” They also have a YouTube channel.
“My kids are not any smarter than anybody else’s, they’re really motivated and they’re very hard working, but really feel like anyone can get these kinds of results,” Mona Lisa Harding said during a 2021 interview.
Copyright 2023 WSFA via Gray Media Group, Inc. All rights reserved.
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INDIANAPOLIS — When Indianapolis Colts running back Jonathan Taylor switched agencies back in January, there was a feeling contract negotiations between the team and player could eventually turn sour.
It took over half a year, but Taylor's recent trade request got the ball rolling, and what followed was a nasty sequence of events which has fractured the relationship on both sides.
First there were accusations made by Taylor that the team is making up a back injury in order to put him on the non-football injury list, which would make it more difficult for him to hold out.
Then there were odd comments by Colts owner Jim Irsay, where he admitted no negotiations have taken place with Taylor and went to the media to say, "If I die tonight and Jonathan Taylor is out of the league, no one's gonna miss us," per The Athletic. "The league goes on. We know that. The National Football (League) rolls on. It doesn't matter who comes and who goes, and it's a privilege to be a part of it."
Locked on NFL host Kevin Oestreicher spoke with Locked on Colts host Zach Hicks about this ongoing saga in Indianapolis and the growing trend of running backs demanding trades.
"It's not an uncommon thing to see this, but it is uncommon to have your owner making crazy comments like he has," Hicks said. "It's uncommon to see the agent making crazy comments. It's really just coming off a lot uglier than what it probably is."
Taylor has been a monster since entering the league in 2020. He was a Pro Bowler and first team All-Pro in 2021 when he led the league with 332 rushing attempts, 1,811 rushing yards, and 18 rushing touchdowns.
Injuries limited him to 11 games in 2022 but he still rushed for 861 yards and has proven himself one of, if not the best, running back in the game right now.
Having Taylor in the mix with new quarterback Anthony Richardson would be extremely valuable for the Colts, and the need to keep JT around was magnified with the recent injury to fellow running back Zack Moss, who broke a bone in his arm and is expected to be out for six weeks.
Taylor's situation is far from resolved, and this will remain one of the biggest news stories for the Colts and across the NFL during preseason.
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NPR's Mary Louise Kelly speaks with actor Richard E. Grant about his memoir Pocketful of Happiness and how he has dealt with the grief of losing his wife to cancer after 38 years together.
Copyright 2023 NPR
NPR's Mary Louise Kelly speaks with actor Richard E. Grant about his memoir Pocketful of Happiness and how he has dealt with the grief of losing his wife to cancer after 38 years together.
Copyright 2023 NPR
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| 2023-07-31T20:59:13
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CHARLOTTE, N.C., July 31, 2023 /PRNewswire/ -- Ten Oaks Group, a recognized family office and standout in the corporate carve out sector, proudly announces the addition of four exceptional professionals to its esteemed team of Operating Partners. The recent hiring of James Deng, Greg Warren, David Izquierdo, and Lauren Celano underscores Ten Oaks Group's commitment to bringing accomplished talent with diverse capabilities and amplifying its capacity for turnaround, legal, and international investment exceptionalism.
James Deng assumes the position of Operating Partner at Ten Oaks Group. Prior to joining, he was a Vice President at Audax Private Equity supporting value creation initiatives. James has also served as Director of Revenue Growth Management at Keurig Dr Pepper and a management consultant at Ernst & Young focused on Corporate and Growth Strategy.
Greg Warren brings a wealth of legal and restructuring knowledge as he joins as Assistant General Counsel and Operating Partner. Greg previously was a member of White & Case LLP's financial restructuring and insolvency practice, representing debtors and creditors both in and out of bankruptcy. Greg has experience in operational, corporate, and financial matters, as well as litigation and acquisitions.
David Izquierdo joins as an Operating Partner focused on Ten Oaks Group's European portfolio companies. Prior to Ten Oaks, David focused on designing and implementing strategic and transformation programs across a wide variety of industries in roles in corporate development at Selenis and management consulting at Monitor Deloitte and PwC.
Lastly, Lauren Celano joins the team as Associate Operating Partner, leveraging her vast experience from the healthcare and pharmaceutical industries, where she also led business development efforts. Additionally, she has experience at Alvarez & Marsal and other private equity and venture capital firms.
"At Ten Oaks Group, we believe that attracting top-notch talent is essential for leading value creation efforts for our portfolio," said Kendall Thurlow, head of value creation at Ten Oaks Group. "Lauren, James, David, and Greg embody the caliber of professionals we seek to bring on board, and we are excited to welcome them as valuable members of our team of Operating Partners."
Ten Oaks Group is committed to cultivating a dynamic and growth-oriented environment for its practitioners. With a commitment to fostering private equity careers, the company offers comprehensive opportunities for professional development and advancement.
To learn more about the background and expertise of the newly hired Operating Partners and explore potential career opportunities with Ten Oaks Group, visit www.tenoaksgroup.com.
About Ten Oaks Group:
Ten Oaks Group is a family office focused exclusively on investing in corporate divestitures. It brings speed, flexibility and certainty to divestitures of non-core businesses that no longer fit their parent company's corporate strategy. Following acquisition, Ten Oaks Group leverages its experienced team of Operating Partners to manage the transition and separation process and implement operational strategies that reveal and optimize the underlying potential of each business.
Each company within Ten Oaks Group operates independently under its own dedicated management team and receives management support services from Ten Oaks Management, LLC. Ten Oaks Group was founded by Matt Magan and Mike Hahn and has closed 25 carve-out transactions across 10 countries since inception.
To learn more about Ten Oaks Group's unique approach to corporate divestitures, please visit www.tenoaksgroup.com.
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| 2023-07-31T20:59:14
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Pee-wee Herman actor Paul Reubens dies from cancer at 70
Reubens' character, with his too-tight gray suit, white chunky loafers and red bow tie was best known for the film “Pee-wee’s Big Adventure” and the television series.
Paul Reubens, the actor and comedian whose character Pee-wee Herman became a cultural phenomenon through films and TV shows, has died. He was 70.
Reubens died Sunday night after a six-year struggle with cancer that he did not make public, his publicist said in a statement.
“Please accept my apology for not going public with what I’ve been facing the last six years,” Reubens said in a statement released Monday with the announcement of his death. “I have always felt a huge amount of love and respect from my friends, fans and supporters. I have loved you all so much and enjoyed making art for you.”
The character with his too-tight gray suit, white chunky loafers and red bow tie was best known for the film “Pee-wee’s Big Adventure” and the television series “Pee-wee’s Playhouse.”
The Pee-wee character would become a cultural constant for much of the 1980s, though an indecent exposure arrest in 1991 would send him into entertainment exile for years.
Herman created Pee-wee when he was part of the Los Angeles improv group The Groundlings in the late 1970s. The live “Pee-wee Herman Show” debuted at a Los Angeles theater in 1981 and was a success with both kids during matinees and adults at a midnight show.
The show closely resembled the format the Saturday morning TV “Pee-wee’s Playhouse” would follow years later, with Herman living in a wild and wacky home with a series of stock-character visitors, including one, Captain Karl, played by the late “Saturday Night Live” star Phil Hartman. In the plot, Pee-wee secretly wishes to fly.
HBO would air the show as a special.
“Pee Wee got his wish to fly,” Steve Martin tweeted after his death. “Thanks Paul Reubens for the brilliant off the wall comedy.”
Reubens took Pee-wee to the big screen in 1985’s “Pee-wee’s Big Adventure.” The film, in which Pee-wee’s cherished bike is stolen, was said to be loosely based on Vittorio De Sica’s Italian neo-realist classic, “The Bicycle Thief.” The film, directed by Tim Burton and co-written by Phil Hartman of “Saturday Night Live,” sent Pee-wee on a nationwide escapade. The movie was a success, grossing $40 million, and continued to spawn a cult following for its oddball whimsy.
A sequel followed three years later in the less well-received “Big Top Pee-wee,” in which Pee-wee seeks to join a circus. Reubens’ character wouldn’t get another movie starring role until 2016’s Pee-wee’s Big Holiday,” for Netflix. Judd Apatow produced Pee-wee’s big-screen revival.
His television series, “Pee-wee’s Playhouse,” ran for five seasons, earned 22 Emmys and attracted not only children but adults to Saturday-morning TV.
Both silly and subversive and championing nonconformity, the Pee-wee universe was a trippy place, populated by things like a talking armchair and a friendly pterodactyl. The host, who is fond of secret words and loves fruit salad so much he once married it, is prone to lines like, “I know you are, but what am I?” and “Why don’t you take a picture; it’ll last longer?” The act was a hit because it worked on multiple levels, even though Reubens insists that wasn’t the plan.
“It’s for kids,” Reubens told The Associated Press in 2010. “People have tried to get me for years to go, ‘It wasn’t really for kids, right?’ Even the original show was for kids. I always censored myself to have it be kid-friendly.
“The whole thing has been just a gut feeling from the beginning,” Reubens told the AP. “That’s all it ever is and I think always ever be. Much as people want me to dissect it and explain it, I can’t. One, I don’t know, and two, I don’t want to know, and three, I feel like I’ll hex myself if I know.”
Jimmy Kimmel posted on Instagram that “Paul Reubens was like no one else — a brilliant and original comedian who made kids and their parents laugh at the same time. He never forgot a birthday and shared his genuine delight for silliness with everyone he met.”
Reubens’ career was derailed when he was arrested for indecent exposure in an adult movie theater in Sarasota, Florida, where he grew up. He was handed a small fine but the damage to the character was incalculable.
He became the frequent butt of late-night talk show jokes and the perception of Reubens immediately changed.
“The moment that I realized my name was going to be said in the same sentence as children and sex, that’s really intense,” Reubens told NBC in 2004. “That’s something I knew from that very moment, whatever happens past that point, something’s out there in the air that is really bad.”
Reubens said he got plenty of offers to work, but told the AP that most of them wanted to take “advantage of the luridness of my situation”,” and he didn’t want to do them.
“It just changed,” he said. “Everything changed.”
In 2001, Reubens was arrested and charged with misdemeanor possession of child pornography after police seized images from his computer and photography collection, but the allegation was reduced to an obscenity charge and he was given three years probation.
Born Paul Rubenfield in Peekskill, New York, Reubens, the eldest of three children, grew up primarily in Sarasota before going to Boston University and the California Institute of the Arts.
Reubens would also act as non-Pee-wee characters including in Burton’s 1992 movie “Batman Returns,” the “Buffy the Vampire Slayer” film and a guest-star run on the TV series “Murphy Brown.”
___
Associated Press Writer Alicia Rancilio and Film Writer Jake Coyle contributed to this report.
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Plaintiffs in voting rights case urge judges to toss Alabama’s new congressional map
By KIM CHANDLER, Associated Press
MONTGOMERY (AP) — Voting rights activists are returning to court to fight Alabama’s redrawn congressional districts, saying state Republicans failed to follow federal court orders to create a district that is fair to Black voters.
Plaintiffs in the high-profile redistricting case filed a written objection Friday to oppose Alabama’s new redistricting plan. They accused state Republicans of flouting a judicial mandate to create a second majority-Black district or “something quite close to it” and enacting a map that continues to discriminate against Black voters in the state.
A special three-judge panel in 2022 blocked use of the the state’s existing districts and said any new congressional map should include two districts where “Black voters either comprise a voting-age majority” or something close. That panel’s decision was appealed by the state but upheld in June in a surprise ruling by the U.S. Supreme Court, which concurred that having only one Black-majority district out of seven — in a state where more than one in four residents is Black — likely violated federal law.
The plaintiffs in the case, represented by the NAACP Legal Defense & Educational Fund and other groups, asked the three-judge panel to step in and draw new lines for the state.
“Alabama’s new congressional map ignores this court’s preliminary injunction order and instead perpetuates the Voting Rights Act violation that was the very reason that the Legislature redrew the map,” lawyers representing the plaintiffs in the case wrote.
The new map enacted by the Republican-controlled Alabama Legislature maintained one-majority Black district but boosted the percentage of Black voters in the majority-white 2nd Congressional District, now represented by Republican Rep. Barry Moore, from about 30% to 39.9%
Lawyers representing plaintiffs in the case wrote Friday that the revamped district “does not provide Black voters a realistic opportunity to elect their preferred candidates in any but the most extreme situations.” They accused state Republicans of ignoring the courts’ directive to prioritize a district that would stay under GOP control “pleasing national leaders whose objective is to maintain the Republican Party’s slim majority in the U.S. House of Representatives.”
Alabama has maintained the new plan complies with the Voting Rights Act, and state leaders are wagering that the panel will accept their proposal or that the state will prevail in a second round of appeals to the Supreme Court. Republicans argued that the map meets the court’s directive and draws compact districts that comply with redistricting guidelines.
The state must file its defense of the map by Aug. 4. The three judges have scheduled an Aug. 14 hearing in the case as the fight over the map shifts back to federal court.
The outcome could have consequences across the country as the case again weighs the requirements of the Voting Rights Act in redistricting. It could also impact the partisan leanings of one Alabama congressional district in the 2024 elections with control of the U.S House of Representatives at stake.
Former U.S. Attorney General Eric Holder, chairman of the National Democratic Redistricting Committee, said in a statement that Alabama’s new map is a “brazen defiance” of the courts.
“The result is a shameful display that would have made George Wallace—another Alabama governor who defied the courts—proud,” Holder said in a statement.
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NPR's Ailsa Chang talks with author C.K. Chau about her new book, Good Fortune — a Pride and Prejudice retelling with some delicious twists set in Chinatown in New York City during the early 2000s.
Copyright 2023 NPR
NPR's Ailsa Chang talks with author C.K. Chau about her new book, Good Fortune — a Pride and Prejudice retelling with some delicious twists set in Chinatown in New York City during the early 2000s.
Copyright 2023 NPR
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https://www.knau.org/2023-07-31/c-k-chaus-take-on-pride-and-prejudice-takes-readers-to-2000s-new-york-chinatown
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Published: Jul. 31, 2023 at 3:05 PM CDT|Updated: 54 minutes ago
Broadband revenue up 20% and Video SaaS revenue up 58% year over year
SAN JOSE, Calif., July 31, 2023 /PRNewswire/ -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the second quarter of 2023.
"While we achieved double digit year over year Broadband and Video SaaS revenue growth and strong gross margins for the second quarter, we experienced hardware sales delays across our business segments resulting in total revenue that was below our expectations," said Patrick Harshman, president and chief executive officer of Harmonic. "Despite these short-term headwinds, we have the largest backlog in our Company's history and our operating model continued to deliver solid profitability. The strength of our market position was reinforced by several new customer wins which further supports our multi-year growth plan."
Q2 Financial and Business Highlights
Financial
Revenue: $156.0 million, down 1% year over year
Gross margin: GAAP 54.5% and non-GAAP 54.7%, compared to GAAP 52.3% and non-GAAP 52.8% in the year ago period
Operating income: GAAP income $10.0 million and non-GAAP income $18.2 million, compared to GAAP income $15.1 million and non-GAAP income $21.4 million in the year ago period
Net income: GAAP net income $1.6 million and non-GAAP net income of $14.0 million, compared to GAAP net income $14.8 million and non-GAAP net income $17.6 million in the year ago period
Adjusted EBITDA: $21.1 million income compared to $24.3 million income in the year ago period
EPS: GAAP net income per share of $0.01 and non-GAAP net income per share of $0.12, compared to GAAP net income per share of $0.14 and non-GAAP net income per share of $0.16 in the year ago period
Cash: $71.0 million, down $50.8 million year over year
Business
CableOS® solution commercially deployed with 98 customers, serving 21.0 million cable modems, and initial orders received from two new Tier 1 customers
Recognized for the first time as the "cable broadband equipment" market share leader, by the most recent Dell'Oro Group1 report
Signed a follow-on multi-year software contract with an existing Tier 1 customer
Live sports streaming SaaS expansions and new wins drove 58.3% Video SaaS revenue growth year over year
Select Financial Information
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".
Financial Guidance
Conference Call Information
Harmonic will host a conference call to discuss its financial results at 2:00 p.m. PT (5:00 p.m. ET) on Monday, July 31, 2023. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. To participate via telephone, please register in advance using this link, https://register.vevent.com/register/BI455acac6063542fb837fd89bddfb1d84. A replay will be available after 5:00 p.m. PT on the same web site.
About Harmonic Inc.
Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband 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 broadband networking via the industry's first virtualized broadband 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 Broadband 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 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, 2022, 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.
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.
Gain and losses on equity investments - We exclude the gain and losses from the sale of our equity investments in calculating our non-GAAP financial measures. We exclude these items because we do not believe they are reflective of our ongoing long-term business and 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, and restructuring charges, 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.
Non-recurring advisory fees - There were non-recurring costs that we excluded from non-GAAP results relating to professional accounting, tax and legal fees associated with strategic corporate initiatives, including assessing corporate structure and organization, as we seek to optimize value for our business.
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.
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MENLO PARK, Calif., July 31, 2023 /PRNewswire/ -- Robert Half Inc. (NYSE: RHI) announced today that its board of directors has approved a quarterly cash dividend of $0.48 per share. The cash dividend will be paid on Sept. 15, 2023, to all shareholders of record as of Aug. 25, 2023.
Robert Half is the world's first and largest specialized talent solutions and business consulting firm that connects people with meaningful work and provides companies with the talent and subject matter expertise they need to confidently compete and grow. Robert Half is the parent company of Protiviti®, a global consulting firm that provides internal audit, risk, business and technology consulting solutions. Robert Half, including Protiviti, has been named to the Fortune® Most Admired Companies™ and Most Innovative Companies lists and is a Forbes Best Employer for Diversity. Robert Half has talent solutions and consulting operations in more than 400 locations worldwide.
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Biden has decided to keep Space Command in Colorado, rejecting move to Alabama, officials tell AP
WASHINGTON (AP) — President Joe Biden has decided to keep U.S. Space Command headquarters in Colorado, overturning a last-ditch decision by the Trump administration to move it to Alabama and ending months of politically fueled debate, according to senior U.S. officials.
The officials said Biden was convinced by the head of Space Command, Gen. James Dickinson, who argued that moving his headquarters now would jeopardize military readiness. Dickinson’s view, however, was in contrast to Air Force leadership, who studied the issue at length and determined that relocating to Huntsville, Alabama, was the right move.
The officials spoke on condition of anonymity to discuss the decision ahead of the announcement.
The president, they said, believes that keeping the command in Colorado Springs would avoid a disruption in readiness that the move would cause, particularly as the U.S. races to compete with China in space. And they said Biden firmly believes that maintaining stability will help the military be better able to respond in space over the next decade. Those factors, they said, outweighed what the president believed would be any minor benefits of moving to Alabama.
Biden’s decision is sure to enrage Alabama lawmakers and fuel accusations that abortion politics played a role in the choice. The location debate has become entangled in the ongoing battle between Alabama Republican Sen. Tommy Tuberville and the Defense Department over the move to provide travel for troops seeking reproductive health care. Tuberville opposed the policy is blocking hundreds of military promotions in protest.
The U.S. officials said the abortion issue had no effect at all on Biden’s decision. And they said the president fully expected there would be different views on the matter within the Defense Department.
Formally created in August 2019, the command was temporarily based in Colorado, and Air Force and Space Force leaders initially recommended it stay there. In the final days of his presidency Donald Trump decided it should be based in Huntsville.
The change triggered a number of reviews.
Proponents of keeping the command in Colorado have argued that moving it to Huntsville and creating a new headquarters would set back its progress at a time it needs to move quickly to be positioned to match China’s military space rise. And Colorado Springs is also home to the Air Force Academy, which now graduates Space Force guardians, and more than 24 military space missions, including three Space Force bases.
Officials also argued that any new headquarters in Alabama would not be completed until sometime after 2030, forcing a lengthy transition.
Huntsville, however, scored higher than Colorado Springs in a Government Accountability Office assessment of potential locations and has long been a home to some of earliest missiles used in the nation’s space programs, including the Saturn V rocket. It is home to the Army’s Space and Missile Defense Command.
According to officials, Air Force Secretary Frank Kendall, who ordered his own review of the matter, leaned toward Huntsville, while Dickinson was staunchly in favor of staying put. The officials said Defense Secretary Lloyd Austin presented both options to Biden.
The decision was good news for Colorado lawmakers.
“For two and a half years we’ve known any objective analysis of this basing decision would reach the same conclusion we did, that Peterson Space Force Base is the best home for Space Command,” Sen. John Hickenlooper, D-Colo., said in a statement. “Most importantly, this decision firmly rejects the idea that politics — instead of national security — should determine basing decisions central to our national security.”
Sen. Michael Bennet, D-Colo., said the decision “restores integrity to the Pentagon’s basing process and sends a strong message that national security and the readiness of our Armed Forces drive our military decisions.”
Copyright 2023 The Associated Press. All rights reserved.
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INDIANAPOLIS — The Indianapolis Colts running back problems are growing.
The man running with the starters in Jonathan Taylor's absence, Zack Moss, is now out with a broken arm.
The 25-year-old left practice Monday holding his right wrist/arm area.
It was confirmed that Moss broke his arm and is on a six-week timeline to get back on the field.
It comes as Indianapolis Colts running back Jonathan Taylor has requested a trade. Taylor, the 2021 NFL rushing champ, has been seeking a contract extension before his rookie contract expires at the end of this season and he's been one of several running backs to publicly air their grievances throughout the offseason.
Indianapolis Colts rookie quarterback Anthony Richardson missed Monday’s practice and could sit out again Tuesday after undergoing nose surgery.
Before practice, team officials announced the former Florida star had a procedure to correct his nasal septum. Richardson was the fourth overall pick in April’s NFL draft.
Indy was expected to hold its first practice in full pads Monday. But Richardson, who started only one full season with his home state Gators, was not available.
It’s unclear whether Richardson could miss even more time than this week’s first two workouts.
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MESA, Ariz., July 31, 2023 /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today that it will report financial results for the second quarter ended June 30, 2023, after market close on August 9, 2023.
Verra Mobility's Chief Executive Officer, David Roberts, and Chief Financial Officer, Craig Conti, will host a conference call and live webcast to discuss financial results for investors and analysts at 5:00 p.m. ET on August 9, 2023.
To access the conference call, dial 1-888-886-7786 (U.S. toll-free) or 1-416-764-8658 (International) with conference ID 11014275 or click on the following link and request a return call: callme.viavid.com. A live webcast will be available on the Company's Investor Relations website at ir.verramobility.com.
An audio replay of the call will also be available until 11:59 p.m. ET on August 23, 2023, by dialing 1-844-512-2921 (U.S. toll-free), or 1-412-317-6671 (International) and entering passcode 11014275.
In addition, an archived webcast will be available in the "News & Events" section of Verra Mobility's Investor Relations website at ir.verramobility.com.
About Verra Mobility
Verra Mobility Corporation (NASDAQ: VRRM) is a leading provider of smart mobility technology solutions that make transportation safer, smarter and more connected. The company sits at the center of the mobility ecosystem, bringing together vehicles, hardware, software, data and people to enable safe, efficient solutions for customers globally. Verra Mobility's transportation safety systems and parking management solutions protect lives, improve urban and motorway mobility and support healthier communities. The company also solves complex payment, utilization and compliance challenges for fleet owners and rental car companies. Headquartered in Arizona, Verra Mobility operates in North America, Europe, Asia and Australia. For more information, please visit www.verramobility.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about Verra Mobility's plans, objectives, expectations, beliefs and intentions and other statements including words such as "hope," "anticipate," "may," "believe," "expect," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology. The forward-looking statements herein represent the judgment of the Verra Mobility, as of the date of this release, and Verra Mobility disclaims any intent or obligation to update forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. This press release should be read in conjunction with the information included in Verra Mobility's other press releases, reports and other filings with the SEC and on the SEC website, www.sec.gov. Understanding the information contained in these filings is important in order to fully understand Verra Mobility's reported financial results and our business outlook for future periods. Actual results may differ materially from the results anticipated in the forward-looking statements and the assumptions and estimates used as a basis for the forward-looking statements.
Additional Information
We periodically provide information for investors on our corporate website, www.verramobility.com, and our investor relations website, ir.verramobility.com. We intend to use our website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following the Company's press releases, SEC filings and public conference calls and webcasts.
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NPR's Sacha Pfeiffer talks to security and counter-terrorism Asfandyar Mir about how instability in the Taliban's Afghanistan has spilled into Pakistan, after a suicide bombing that killed dozens.
Copyright 2023 NPR
NPR's Sacha Pfeiffer talks to security and counter-terrorism Asfandyar Mir about how instability in the Taliban's Afghanistan has spilled into Pakistan, after a suicide bombing that killed dozens.
Copyright 2023 NPR
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