text
string | url
string | crawl_date
timestamp[ms] | label
int64 | id
string |
|---|---|---|---|---|
- 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:
View original content to download multimedia:
SOURCE BioMarin Pharmaceutical Inc.
|
https://www.kold.com/prnewswire/2023/07/31/biomarin-announces-strong-second-quarter-2023-results-record-breaking-revenues-first-half-2023-including-13-year-over-year-growth-year-to-date/
| 2023-07-31T21:03:31
| 0
|
https://www.kold.com/prnewswire/2023/07/31/biomarin-announces-strong-second-quarter-2023-results-record-breaking-revenues-first-half-2023-including-13-year-over-year-growth-year-to-date/
|
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.
|
https://www.wvasfm.org/arts/arts/2023-07-31/open-the-pod-bay-door-hal-heres-how-ai-became-a-movie-villain
| 2023-07-31T21:03:33
| 1
|
https://www.wvasfm.org/arts/arts/2023-07-31/open-the-pod-bay-door-hal-heres-how-ai-became-a-movie-villain
|
MONTGOMERY, Ala. (AP) — Health care providers in Alabama, where abortion is almost entirely illegal, filed a lawsuit Monday against the state’s attorney general that seeks to prevent him from prosecuting people who help women travel outside the state to receive an abortion.
The providers say Attorney General Steve Marshall has made statements suggesting that anti-conspiracy laws could be used against groups that provide assistance for Alabama women to travel to states where abortion is legal. The lawsuit, filed in federal court by two former abortion clinics and an obstetrician, seeks a legal ruling that state laws can’t be used to prosecute people who provide referrals and appointment help.
A similar lawsuit filed Monday by Yellowhammer Fund, a group that once provided financial assistance to women seeking abortions, seeks to clarify it can’t be prosecuted for providing monetary help.
“What the attorney general has tried to do via these threats is to effectively extend Alabama’s abortion ban outside of its borders for Alabama residents,” Meagan Burrows, a lawyer with the American Civil Liberties Union, which is representing the providers in the lawsuit.
The lawsuits seek to block Alabama from using prosecution, or the threat of it, to hinder efforts to help state residents obtain abortions where it remains legal. In a separate case, advocacy groups and an attorney sued Idaho earlier this month over a law that makes it illegal to help minors to travel to another state to get an abortion without their parents’ consent.
Marshall has not prosecuted anyone for providing abortion assistance, but he has made statements saying that his office would “look at” groups that provide help.
“Attorney General Marshall will continue to vigorously enforce Alabama laws protecting unborn life which include the Human Life Protection Act. That includes abortion providers conspiring to violate the Act,” Marshall’s office said in an emailed response to the lawsuit. His office did not respond to an email asking to clarify if actions such as providing financial assistance could be prosecuted.
Those statement have had a chilling effect on abortion rights advocates, who already feel like they live with a legal target on their back, providers said.
The suit was filed by the West Alabama Women’s Center in Tuscaloosa, the Alabama Women’s Center in Huntsville, and Dr. Yashica Robinson, an obstetrician. Robinson said she once made referrals for patients seeking abortions, coordinating health history information for medically complex patients, but no longer does so because of the fear of prosecution.
“Tragically, banning abortion in Alabama seems to not have been enough,” Robinson said in a statement. “Those in power want to muzzle providers like me to prevent us from sharing information with our pregnant patients about the options they have.”
The phone rings at least once a day at the former clinic in Tuscaloosa as women — sometimes crying and often desperate — try to find where they can go in other states to end an unwanted pregnancy, the clinic director said.
“We get a lot of the anger — and we know that it’s not us that they are angry at,” said Robin Marty, operations director for the West Alabama Women’s Center. “It’s the situation, but it is very, very hard for my staff. They want to be able to help them.”
After the U.S. Supreme Court overturned Roe v. Wade and handed authority on abortion law to the states, the Deep South quickly became an area of limited abortion access.
Alabama bans abortion at any stage of pregnancy with no exceptions for rape and incest. The only exemption is if it’s needed because pregnancy seriously threatens the health of the woman. Nineteen states have enacted restrictions and many southern states have near complete bans. Marty said that means women often have to travel long distances to receive care, which can bring financial and logistical hardship.
Marty said most people who reach out to the clinic know “there is no abortion in Alabama. What they aren’t aware of is how far that extends.”
|
https://www.wric.com/health/ap-alabama-health-care-providers-sue-over-threat-of-prosecution-for-abortion-help/
| 2023-07-31T21:03:33
| 0
|
https://www.wric.com/health/ap-alabama-health-care-providers-sue-over-threat-of-prosecution-for-abortion-help/
|
PORT ANGELES, Washington (WJW) – An 8-year-old child was attacked by a cougar at Olympic National Park’s Lake Angeles on Saturday evening.
The child was with their family at Lake Angeles, south of Port Angeles, when the attack happened Saturday night, the National Park Service said Monday.
“The cougar casually abandoned its attack after being yelled and screamed at by the child’s mother,” NPS wrote in a news release. The child suffered only minor injuries and was taken to a local hospital for evaluation.
Park officials then evacuated the remaining campers in the Lake Angeles area, closing the space and Heather Park to the public. Olympic National Park wildlife biologist Tom Kay said in a statement that the decision to close the Lake Angeles Trail, Heather Park Trail, Switchback Trail, and the entire Klahhane Ridge Trail was made “out of an abundance of caution.”
Early Sunday morning, park law enforcement and wildlife personnel who specialize in cougar tracking were dispatched to the last known location of the cougar at Lake Angeles, the park service reported. If located, the cougar will be euthanized and removed from the park for a necropsy.
“This may provide clues as to why the animal attacked since cougars are rarely seen and attacks on humans are extraordinarily rare,” park officials said. “Olympic National Park has extensive protocols in place for wildlife observations, interactions, and attacks and the lethal removal of this cougar is in line with these protocols.”
Because Olympic National Park is considered “cougar territory,” NPS recommends visitors be prepared for the encounter. They should not hike or jog alone, and children should remain near adults. Pets should also be left at home.
Should you encounter a cougar, you should remain calm and avoid running, according to wildlife experts. Do your best to appear as large as possible, continue watching the animal, and be loud. NPS also recommends throwing items like rocks or sticks at the cougar.
There have been no recent deaths caused by cougars in Olympic National Park, according to NPS data.
It’s not the first wildlife attack in the national parks this year, though.
Last week, a woman was found dead after an “apparent bear encounter” near Yellowstone National Park. Earlier this month, a woman in the park suffered “significant injuries” after being gored by a bison.
The park warns that between mid-July and mid-August, bison are in mating season and “can become agitated more quickly.”
|
https://www.kark.com/news/national-news/child-8-attacked-by-cougar-in-olympic-national-park-saved-by-mother/
| 2023-07-31T21:03:34
| 0
|
https://www.kark.com/news/national-news/child-8-attacked-by-cougar-in-olympic-national-park-saved-by-mother/
|
WASHINGTON – Defending champion Liudmila Samsonova stretched her winning streak in Washington to six matches by beating 2022 Australian Open finalist Danielle Collins 6-1, 6-3 in the first round of the DC Open on Monday.
The eighth-seeded Samsonova saved both break points she faced while winning four of Collins' service games. Collins hurt herself by double-faulting eight times.
Samsonova is a 24-year-old from Russia who is currently ranked 18th. Her trophy on the hard courts of the U.S. Open tune-up tournament a year ago was one of four singles titles she's won.
In other women's matches on Day 1 at the first combined ATP-WTA 500 event, sixth-seeded Belinda Bencic advanced when Anastasia Potapova retired from their match in the first set with an injured left ankle, and Marta Kostyuk eliminated 2019 U.S. Open champion Bianca Andreescu 2-6, 6-3, 7-6 (5).
In men's action, Aslan Karatsev beat Kiranpal Pannu 7-6 (3), 6-1, Alexander Shevchenko defeated Maxime Cressy 6-3, 7-6 (8), Michael Mmoh beat Bradley Klahn 6-3, 6-3, and Yosuke Watanuki moved into the second round when Wu Yibing stopped playing because of illness.
___
AP tennis: https://apnews.com/hub/tennis
|
https://www.wsls.com/sports/2023/07/31/defending-champion-liudmila-samsonova-defeats-daniella-collins-at-dc-open-in-washington/
| 2023-07-31T21:03:35
| 1
|
https://www.wsls.com/sports/2023/07/31/defending-champion-liudmila-samsonova-defeats-daniella-collins-at-dc-open-in-washington/
|
Connecticut US Rep. Rosa DeLauro gets inked at age 80 alongside her 18-year-old granddaughter
NEW HAVEN, Conn. (AP) — Connecticut U.S. Rep. Rosa DeLauro has been known for years for her colorful clothing and hairstyle. But it has taken one of her six grandchildren to finally convince the 80-year-old lawmaker to complement her fashion-forward look with a tattoo. The Democrat revealed in a statement Monday that she and her granddaughter got inked together. DeLauro says her granddaughter wanted them to both get tattooed for her 18th birthday. DeLauro says the rose on her left upper arm is her first tattoo but may not be the last. She has four more grandchildren who have yet to turn 18.
|
https://kion546.com/ap-colorado/2023/07/31/connecticut-us-rep-rosa-delauro-gets-inked-at-age-80-alongside-her-18-year-old-granddaughter/
| 2023-07-31T21:03:36
| 0
|
https://kion546.com/ap-colorado/2023/07/31/connecticut-us-rep-rosa-delauro-gets-inked-at-age-80-alongside-her-18-year-old-granddaughter/
|
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
|
https://www.wdiy.org/2023-07-31/c-k-chaus-take-on-pride-and-prejudice-takes-readers-to-2000s-new-york-chinatown
| 2023-07-31T21:03:37
| 1
|
https://www.wdiy.org/2023-07-31/c-k-chaus-take-on-pride-and-prejudice-takes-readers-to-2000s-new-york-chinatown
|
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.
View original content to download multimedia:
SOURCE The Aaron’s Company, Inc.
|
https://www.mysuncoast.com/prnewswire/2023/07/31/aarons-company-inc-reports-second-quarter-2023-financial-results-updates-full-year-outlook/
| 2023-07-31T21:03:37
| 1
|
https://www.mysuncoast.com/prnewswire/2023/07/31/aarons-company-inc-reports-second-quarter-2023-financial-results-updates-full-year-outlook/
|
Jon Berti Player Prop Bets: Marlins vs. Phillies - July 31
Published: Jul. 31, 2023 at 4:26 PM EDT|Updated: 37 minutes ago
Jon Berti and his .514 on-base percentage over his past 10 games (174 points higher than his season-long percentage), will be in action for the Miami Marlins versus the Philadelphia Phillies and Taijuan Walker on July 31 at 6:40 PM ET.
He strung together two hits (going 2-for-4) in his most recent game against the Tigers.
Jon Berti Game Info & Props vs. the Phillies
- Game Day: Monday, July 31, 2023
- Game Time: 6:40 PM ET
- Stadium: LoanDepot park
- Live Stream: Watch this game on Fubo!
- Phillies Starter: Taijuan Walker
- TV Channel: BSFL
- Hits Prop: Over/under 0.5 hits (Over odds: -278)
- Home Runs Prop: Over/under 0.5 home runs (Over odds: +1050)
- RBI Prop: Over/under 0.5 RBI (Over odds: +180)
- Runs Prop: Over/under 0.5 runs (Over odds: +115)
Looking to place a prop bet on Jon Berti? Check out what's available at BetMGM and use bonus code "GNPLAY" when you sign up with this link!
Read More About This Game
Jon Berti At The Plate
- Berti is batting .299 with 12 doubles, two triples, two home runs and 17 walks.
- Berti has picked up a hit in 65.4% of his 81 games this year, with multiple hits in 25.9% of them.
- He has gone deep in two of 81 games played this season, and in 0.7% of his plate appearances.
- Berti has driven in a run in 16 games this year (19.8%), including four games with more than one RBI (4.9%).
- He has scored in 28 games this year (34.6%), including multiple runs in seven games.
Ready to play FanDuel Daily Fantasy? Get in the game using our link.
Jon Berti Home/Away Batting Splits
Phillies Pitching Rankings
- The Phillies pitching staff is seventh in MLB with a collective 9.2 strikeouts per nine innings.
- The Phillies have a 4.04 team ERA that ranks 11th across all league pitching staffs.
- The Phillies allow the seventh-fewest home runs in baseball (115 total, 1.1 per game).
- The Phillies are sending Walker (11-4) out to make his 22nd start of the season. He is 11-4 with a 4.06 ERA and 98 strikeouts through 113 2/3 innings pitched.
- His most recent time out came on Tuesday against the Baltimore Orioles, when the right-hander threw 5 2/3 innings, surrendering two earned runs while allowing six hits.
- The 30-year-old ranks 36th in ERA (4.06), 38th in WHIP (1.274), and 47th in K/9 (7.8) among qualifying pitchers in MLB play this season.
© 2023 Data Skrive. All rights reserved.
|
https://www.wflx.com/sports/betting/2023/07/31/jon-berti-mlb-player-prop-bets/
| 2023-07-31T21:03:38
| 0
|
https://www.wflx.com/sports/betting/2023/07/31/jon-berti-mlb-player-prop-bets/
|
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.
View original content to download multimedia:
SOURCE BR Marketing Group
|
https://www.kold.com/prnewswire/2023/07/31/br-marketing-group-launches-webvr-immersive-service-new-way-boost-brand-loyalty-engagement/
| 2023-07-31T21:03:38
| 1
|
https://www.kold.com/prnewswire/2023/07/31/br-marketing-group-launches-webvr-immersive-service-new-way-boost-brand-loyalty-engagement/
|
NPR's Ailsa Chang talks with trucker Alex Mai, who runs a YouTube Channel about trucking news, about how 30,000 workers are losing their jobs as the shipping company Yellow has shut down operations.
Copyright 2023 NPR
NPR's Ailsa Chang talks with trucker Alex Mai, who runs a YouTube Channel about trucking news, about how 30,000 workers are losing their jobs as the shipping company Yellow has shut down operations.
Copyright 2023 NPR
|
https://www.wvasfm.org/business/business/2023-07-31/how-the-shutdown-of-transport-company-yellow-could-have-ripple-effects-for-truckers
| 2023-07-31T21:03:40
| 0
|
https://www.wvasfm.org/business/business/2023-07-31/how-the-shutdown-of-transport-company-yellow-could-have-ripple-effects-for-truckers
|
WASHINGTON (AP) — The National Institutes of Health is beginning a handful of studies to test possible treatments for long COVID, an anxiously awaited step in U.S. efforts against the mysterious condition that afflicts millions.
Monday’s announcement from the NIH’s $1.15 billion RECOVER project comes amid frustration from patients who’ve struggled for months or even years with sometimes-disabling health problems — with no proven treatments and only a smattering of rigorous studies to test potential ones.
“This is a year or two late and smaller in scope than one would hope but nevertheless it’s a step in the right direction,” said Dr. Ziyad Al-Aly of Washington University in St. Louis, who isn’t involved with NIH’s project but whose own research highlighted long COVID’s toll. Getting answers is critical, he added, because “there’s a lot of people out there exploiting patients’ vulnerability” with unproven therapies.
Scientists don’t yet know what causes long COVID, the catchall term for about 200 widely varying symptoms. Between 10% and 30% of people are estimated to have experienced some form of long COVID after recovering from a coronavirus infection, a risk that has dropped somewhat since early in the pandemic.
“If I get 10 people, I get 10 answers of what long COVID really is,” U.S. Health and Human Services Secretary Xavier Becerra said.
That’s why so far the RECOVER initiative has tracked 24,000 patients in observational studies to help define the most common and burdensome symptoms –- findings that now are shaping multipronged treatment trials. The first two will look at:
— Whether taking up to 25 days of Pfizer’s antiviral drug Paxlovid could ease long COVID, because of a theory that some live coronavirus, or its remnants, may hide in the body and trigger the disorder. Normally Paxlovid is used when people first get infected and for just five days.
— Treatments for “brain fog” and other cognitive problems. They include Posit Science Corp.’s BrainHQ cognitive training program, another called PASC-Cognitive Recovery by New York City’s Mount Sinai Health System, and a Soterix Medical device that electrically stimulates brain circuits.
Two additional studies will open in the coming months. One will test treatments for sleep problems. The other will target problems with the autonomic nervous system — which controls unconscious functions like breathing and heartbeat — including the disorder called POTS.
A more controversial study of exercise intolerance and fatigue also is planned, with NIH seeking input from some patient groups worried that exercise may do more harm than good for certain long COVID sufferers.
The trials are enrolling 300 to 900 adult participants for now but have the potential to grow. Unlike typical experiments that test one treatment at a time, these more flexible “platform studies” will let NIH add additional potential therapies on a rolling basis.
“We can rapidly pivot,” Dr. Amy Patterson with the NIH explained. A failing treatment can be dropped without ending the entire trial and “if something promising comes on the horizon, we can plug it in.”
The flexibility could be key, according to Dr. Anthony Komaroff, a Harvard researcher who isn’t involved with the NIH program but has long studied a similarly mysterious disorder known as chronic fatigue syndrome or ME/CFS. For example, he said, the Paxlovid study “makes all sorts of sense,” but if a 25-day dose shows only hints of working, researchers could extend the test to a longer course instead of starting from scratch.
Komaroff also said that he understands people’s frustration over the wait for these treatment trials, but believes NIH appropriately waited “until some clues came in about the underlying biology,” adding: “You’ve got to have targets.”
___
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.
|
https://www.wric.com/health/ap-brain-fog-and-other-long-covid-symptoms-are-the-focus-of-new-small-treatment-studies/
| 2023-07-31T21:03:40
| 1
|
https://www.wric.com/health/ap-brain-fog-and-other-long-covid-symptoms-are-the-focus-of-new-small-treatment-studies/
|
(WKBN) — August begins with a full moon – and what’s more, it’s a supermoon.
The next full moon will occur at 2:32 p.m. ET Tuesday, Aug. 1. The moon will be below the horizon at that time, so you will have to wait until later in the day to catch the full moon.
Tuesday’s moon is the second of this year’s four “supermoons,” which appear bigger and brighter in the sky due to the distance of the moon from the Earth.
It is also the second of three full moons that will occur during the summer season.
What is the August full moon called?
According to NASA, the August full moon is called the “sturgeon moon,” a name that was published in the 1930s in the Maine Farmer’s Almanac.
According to the publication, the Native American tribe Algonquin gave the August full moon that name because it was easier for them to catch the prehistoric-looking sturgeon fish in larger bodies of water during this time of year.
NASA says another name for the August full moon is the “green corn” moon.
When can you see the Sturgeon supermoon?
The sturgeon moon will be nearly full when it rises Monday evening, July 31, but it will reach full illumination Tuesday afternoon, hitting its peak at 2:32 p.m. ET. However, it will be below the horizon at the time that 100% illumination is achieved.
You can catch a glimpse of the moon rising on Tuesday evening by looking toward the southeast after sunset.
The moon phase Monday evening through Tuesday morning is called the Waxing Gibbous, when the illuminated part of the moon goes from 50.1% to 99.9%.
The moon will still appear nearly full when rising Wednesday, Aug. 2.
What is a supermoon?
NASA defines a supermoon as any full moon occurring around the same time as the moon’s perigee, or closest point of orbit with the Earth. In contrast, an apogee is the point where the moon is farthest from the Earth.
The moon takes about 27 days to orbit the Earth, with its perigee occurring during each 27-day cycle.
NASA says there are roughly three to four supermoons each year, and they usually occur back to back. When the full moon occurs during its perigee, it will appear about 17% bigger and about 30% brighter than when it is at its apogee. To be considered a supermoon, the full moon has to occur when the moon is within at least 90% of its perigee.
According to the Farmer’s Almanac, the moon’s perigree can vary slightly from “month to month and year to year,” meaning the distance from Earth may not be the same each time.
Incidentally, the Farmer’s Almanac stated, this year’s new moon (the opposite of a full moon) on Jan. 21 was at its closest distance to Earth “in nearly 1,000 years (992 to be exact).”
A blue supermoon, one of 2023’s rare celestial occurrences, is coming later this month on Aug. 30. A blue moon occurs when there are two full moons in one month.
The last time two full supermoons graced the sky in the same month was in 2018. It is not expected to happen again until 2037.
This year’s first supermoon was in July. The fourth and last will be in September. The two in August will be closer than either of those.
The Associated Press contributed to this report.
|
https://www.kark.com/news/national-news/second-supermoon-of-the-year-coming-on-tuesday/
| 2023-07-31T21:03:40
| 0
|
https://www.kark.com/news/national-news/second-supermoon-of-the-year-coming-on-tuesday/
|
WASHINGTON – 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.”
___
AP tennis: https://apnews.com/hub/tennis and https://twitter.com/AP_Sports
|
https://www.wsls.com/sports/2023/07/31/washington-tennis-tournament-offers-equal-status-for-women-and-men-but-unequal-prize-money/
| 2023-07-31T21:03:41
| 0
|
https://www.wsls.com/sports/2023/07/31/washington-tennis-tournament-offers-equal-status-for-women-and-men-but-unequal-prize-money/
|
Damar Hamlin puts aside fear and practices in pads for the first time since cardiac arrest
By JOHN WAWROW
AP Sports Writer
PITTSFORD, N.Y. (AP) — Buffalo Bills safety Damar Hamlin says he’s put aside his fear to find joy after practicing in pads for the first time since going into cardiac arrest during a game last season. Hamlin said he leaned on his faith in God and himself and the support of family and teammates to overcome any feelings of trepidation he had. The padded practice at training camp marked the next step in the 25-year-old Hamlin’s pursuit to resume playing football. Hamlin collapsed and needed to be resuscitated on the field in January. He was cleared to play in April.
|
https://kion546.com/ap-colorado/2023/07/31/damar-hamlin-puts-aside-fear-and-practices-in-pads-for-the-first-time-since-cardiac-arrest/
| 2023-07-31T21:03:42
| 1
|
https://kion546.com/ap-colorado/2023/07/31/damar-hamlin-puts-aside-fear-and-practices-in-pads-for-the-first-time-since-cardiac-arrest/
|
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
|
https://www.wdiy.org/2023-07-31/how-a-suicide-bombing-in-pakistan-shows-spillover-effect-from-talibans-afghanistan
| 2023-07-31T21:03:43
| 1
|
https://www.wdiy.org/2023-07-31/how-a-suicide-bombing-in-pakistan-shows-spillover-effect-from-talibans-afghanistan
|
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)
View original content to download multimedia:
SOURCE Amgen
|
https://www.mysuncoast.com/prnewswire/2023/07/31/amgen-announces-webcast-2023-second-quarter-financial-results/
| 2023-07-31T21:03:44
| 0
|
https://www.mysuncoast.com/prnewswire/2023/07/31/amgen-announces-webcast-2023-second-quarter-financial-results/
|
AUSTIN (KXAN) — A KXAN viewer said she saw baby foxes, also known as kits, playing on a trampoline in her garden Sunday in the north Austin, Texas, area.
That was only a couple of weeks after another viewer said she saw a family of foxes playing on the St. Edward’s University campus in Austin.
According to the Humane Society of the United States, it’s not unusual to see foxes in cities and towns, where food sources are easily found, including in your garbage.
While foxes live around the world in many different types of habitats, according to the Texas Wildlife Association, including the Arctic, the desert and even in trees, some foxes have also adapted to life in such urban environments as neighborhoods.
“Next time you are outside in a park, remember to look up, because if you are lucky, you might see a fox up in the trees,” TWA said.
TWA said three types of foxes live in Texas, including the swift fox, the red fox and the gray fox.
The swift, or kit fox, lives in the northwestern part of the state, the red fox inhabits the eastern and central parts, and the gray fox, the most common variety, can be found statewide, the TWA said.
The Humane Society said foxes are scared of people and are not typically dangerous except when they are rabid, which the society says is rare.
“Even then, a fox’s natural tendency is to flee rather than fight,” the Human Society stated.
|
https://www.kark.com/news/national-news/video-foxes-seen-playing-on-trampoline-in-texas/
| 2023-07-31T21:03:45
| 0
|
https://www.kark.com/news/national-news/video-foxes-seen-playing-on-trampoline-in-texas/
|
SAN FRANCISCO (AP) — A brightly flashing “X” sign has been removed from the San Francisco headquarters of the company formerly known as Twitter just days after it was installed.
The San Francisco Department of Building Inspection said Monday it received 24 complaints about the unpermitted structure over the weekend, including concerns about its structural safety and illumination.
The Elon Musk-owned company, which has been rebranded as X, had removed the Twitter sign and iconic blue bird logo from the building last week. That work was temporarily paused because the company did not have the necessary permits.
The city of San Francisco had opened a complaint and launched an investigation into the giant “X” sign that was installed Friday on top of the downtown building as Musk continues his rebrand of the social media platform.
Representatives for X did not immediately respond to a message for comment Monday.
|
https://www.seattletimes.com/business/brightly-flashing-x-sign-removed-from-the-former-twitters-san-francisco-headquarters/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_business
| 2023-07-31T21:03:44
| 0
|
https://www.seattletimes.com/business/brightly-flashing-x-sign-removed-from-the-former-twitters-san-francisco-headquarters/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_business
|
Nick Fortes Player Prop Bets: Marlins vs. Phillies - July 31
Published: Jul. 31, 2023 at 4:26 PM EDT|Updated: 36 minutes ago
Nick Fortes -- with an on-base percentage of .211 in his past 10 games, 51 points lower than his season-long percentage -- will be in action for the Miami Marlins against the Philadelphia Phillies, with Taijuan Walker on the mound, on July 31 at 6:40 PM ET.
In his previous game, he went 1-for-4 with a double and an RBI against the Tigers.
Nick Fortes Game Info & Props vs. the Phillies
- Game Day: Monday, July 31, 2023
- Game Time: 6:40 PM ET
- Stadium: LoanDepot park
- Live Stream: Watch this game on Fubo!
- Phillies Starter: Taijuan Walker
- TV Channel: BSFL
- Hits Prop: Over/under 0.5 hits (Over odds: -167)
- Home Runs Prop: Over/under 0.5 home runs (Over odds: +825)
- RBI Prop: Over/under 0.5 RBI (Over odds: +195)
- Runs Prop: Over/under 0.5 runs (Over odds: +155)
Looking to place a prop bet on Nick Fortes? Check out what's available at BetMGM and use bonus code "GNPLAY" when you sign up with this link!
Explore More About This Game
Nick Fortes At The Plate
- Fortes is hitting .214 with four doubles, four home runs and 13 walks.
- Fortes has gotten a hit in 33 of 67 games this season (49.3%), with multiple hits on 11 occasions (16.4%).
- He has hit a home run in 6.0% of his games in 2023 (four of 67), and 1.8% of his trips to the dish.
- Fortes has driven in a run in 18 games this year (26.9%), including two games with multiple runs batted in.
- In 18 of 67 games this season, he has scored, including multiple runs once.
Ready to play FanDuel Daily Fantasy? Get in the game using our link.
Nick Fortes Home/Away Batting Splits
Phillies Pitching Rankings
- The Phillies pitching staff is seventh in MLB with a collective 9.2 strikeouts per nine innings.
- The Phillies have the 11th-ranked team ERA across all league pitching staffs (4.04).
- The Phillies give up the seventh-fewest home runs in baseball (115 total, 1.1 per game).
- Walker (11-4 with a 4.06 ERA and 98 strikeouts in 113 2/3 innings pitched) gets the start for the Phillies, his 22nd of the season.
- In his last time out on Tuesday against the Baltimore Orioles, the righty tossed 5 2/3 innings, giving up two earned runs while surrendering six hits.
- Among qualifying pitchers in MLB action this season, the 30-year-old ranks 36th in ERA (4.06), 38th in WHIP (1.274), and 47th in K/9 (7.8).
© 2023 Data Skrive. All rights reserved.
|
https://www.wflx.com/sports/betting/2023/07/31/nick-fortes-mlb-player-prop-bets/
| 2023-07-31T21:03:45
| 1
|
https://www.wflx.com/sports/betting/2023/07/31/nick-fortes-mlb-player-prop-bets/
|
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.
____________________
____________________
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.
___________
___________
___________
___________
View original content:
SOURCE CNO Financial Group, Inc.
|
https://www.kold.com/prnewswire/2023/07/31/cno-financial-group-reports-second-quarter-2023-results/
| 2023-07-31T21:03:45
| 1
|
https://www.kold.com/prnewswire/2023/07/31/cno-financial-group-reports-second-quarter-2023-results/
|
WASHINGTON (AP) — President Joe Biden will travel to Arizona, New Mexico and Utah next week and is expected to talk about his administration’s efforts to combat climate change as the region endures a brutally hot summer with soaring temperatures, the White House said Monday.
Biden is expected to discuss the Inflation Reduction Act, America’s most significant response to climate change, and the push toward more clean energy manufacturing. The act aims to spur clean energy on a scale that will bend the arc of U.S. greenhouse gas emissions.
July has been the hottest month ever recorded. Biden last week announced new steps to protect workers in extreme heat, including measures to improve weather forecasts and make drinking water more accessible.
Members of Biden’s administration also are fanning out over the next few weeks around the anniversary of the landmark climate change and health care legislation to extol the administration’s successes as the Democratic president seeks reelection in 2024.
Vice President Kamala Harris heads to Wisconsin this week with Commerce Secretary Gina Raimondo to talk about broadband infrastructure investments. Secretary of Agriculture Tom Vilsack goes to Oregon to highlight wildfire defense grants, Transportation Secretary Pete Buttigieg will go to Illinois and Texas, and Secretary of Education Miguel Cardona heads to Maryland to talk about career and technical education programs.
The Inflation Reduction Act included roughly $375 billion over a decade to combat climate change and capped the cost of a month’s supply of insulin at $35 for older Americans and other Medicare beneficiaries. It also helps an estimated 13 million Americans pay for health care insurance by extending subsidies provided during the coronavirus pandemic.
The measure is paid for by new taxes on large companies and stepped-up IRS enforcement of wealthy individuals and entities, with additional funds going to reduce the federal deficit.
|
https://www.wric.com/news/politics/ap-biden-goes-west-to-talk-about-his-administrations-efforts-to-combat-climate-change/
| 2023-07-31T21:03:46
| 1
|
https://www.wric.com/news/politics/ap-biden-goes-west-to-talk-about-his-administrations-efforts-to-combat-climate-change/
|
NPR's Ailsa Chang talks with trucker Alex Mai, who runs a YouTube Channel about trucking news, about how 30,000 workers are losing their jobs as the shipping company Yellow has shut down operations.
Copyright 2023 NPR
NPR's Ailsa Chang talks with trucker Alex Mai, who runs a YouTube Channel about trucking news, about how 30,000 workers are losing their jobs as the shipping company Yellow has shut down operations.
Copyright 2023 NPR
|
https://www.wdiy.org/2023-07-31/how-the-shutdown-of-transport-company-yellow-could-have-ripple-effects-for-truckers
| 2023-07-31T21:03:49
| 0
|
https://www.wdiy.org/2023-07-31/how-the-shutdown-of-transport-company-yellow-could-have-ripple-effects-for-truckers
|
Wall Street is closing out its latest winning month with another lift.
The S&P 500 rose 0.1% Monday to cap its fifth straight month of gains. It’s at a 16-month high after rallying on hopes cooling inflation will mean the economy can avoid a long-predicted recession. The Dow Jones Industrial Average and the Nasdaq composite also finished higher.
Critics have said the rally has come too quickly. Several reports this week could back them up, including updates on the job market and profits at the market’s most influential companies.
On Monday:
The S&P 500 rose 6.73 points, or 0.1%, to 4,588.96.
The Dow Jones Industrial Average rose 100.24 points, or 0.3%, to 35,559.53.
The Nasdaq composite rose 29.37 points, or 0.2%, to 14,346.02.
The Russell 2000 index of smaller companies rose 21.64 points, or 1.1%, to 2,003.18.
For the year:
The S&P 500 is up 749.46 points, or 19.5%.
The Dow is up 2,412.28 points, or 7.3%.
The Nasdaq is up 3,879.54 points, or 37.1%.
The Russell 2000 is up 241.93 points, or 13.1%.
|
https://www.seattletimes.com/business/how-major-us-stock-indexes-fared-monday-7-31-2023/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_business
| 2023-07-31T21:03:49
| 1
|
https://www.seattletimes.com/business/how-major-us-stock-indexes-fared-monday-7-31-2023/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_business
|
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
View original content to download multimedia:
SOURCE Belle Haven Investments
|
https://www.mysuncoast.com/prnewswire/2023/07/31/belle-haven-investments-earns-2023-great-place-work-certification/
| 2023-07-31T21:03:51
| 1
|
https://www.mysuncoast.com/prnewswire/2023/07/31/belle-haven-investments-earns-2023-great-place-work-certification/
|
Greek prime minister seeks improved relations with Turkey but says Ankara must drop aggression
NICOSIA, Cyprus (AP) — Greece’s prime minister says his country wants to take full advantage of a more positive climate with neighboring Turkey in order to improve bilateral relations despite a string of decades-old disputes. But Prime Minister Kyriakos Mitsotakis says that doesn’t mean Turkey has “substantially changed” its stance on key differences between the two countries and must “decisively abandon its aggressive and unlawful conduct” against Greece’s sovereignty and territorial integrity. Turkey and Greece remain at odds over maritime boundaries in the eastern Mediterranean, a dispute that affects illegal migration into the European Union, mineral rights, and the projection of military power.
|
https://kion546.com/ap-colorado/2023/07/31/greek-prime-minister-seeks-improved-relations-with-turkey-but-says-ankara-must-drop-aggression/
| 2023-07-31T21:03:52
| 0
|
https://kion546.com/ap-colorado/2023/07/31/greek-prime-minister-seeks-improved-relations-with-turkey-but-says-ankara-must-drop-aggression/
|
BISMARCK, N.D. (AP) — Two pipeline operators have agreed to pay a $12.5 million civil penalty related to crude oil spills in Montana and North Dakota.
The U.S. Environmental Protection Agency on Monday announced the settlement in a 2022 federal court lawsuit. Belle Fourche Pipeline Company and Bridger Pipeline LLC will pay the $12.5 million to resolve the claims made under the Clean Water Act and Pipeline Safety Laws, EPA said. The affiliated companies own and operate oil pipelines in Montana, North Dakota and Wyoming.
In 2015, Bridger’s Poplar Pipeline broke and spilled more than 50,000 gallons (about 190,000 liters) of crude into the Yellowstone River near Glendive, Montana. Bridger has completed cleanup of the site, and in 2021 settled a lawsuit with federal and Montana authorities for $2 million.
In 2016, Belle Fourche’s Bicentennial Pipeline in Billings County, North Dakota, broke due to a landslide and spilled over 600,000 gallons (about 2.3 million liters) of oil, impacting an unnamed tributary, Ash Coulee Creek and the Little Missouri River. Belle Fourche’s cleanup is ongoing with oversight from North Dakota’s Department of Environmental Quality, according to EPA.
Belle Fourche also will pay the state’s past response costs, totaling over $98,000, according to court documents filed Monday.
“Oil pipeline spills can cause enormous and long-lasting damage to the environment,” Principal Deputy Assistant Administrator Larry Starfield of EPA’s Office of Enforcement and Compliance Assurance said in a statement. “This settlement holds Belle Fourche and Bridger Pipeline accountable for their significant oil spills and requires them to take meaningful measures to prevent future spills from their oil pipelines.”
The operators also are required to implement specified compliance measures, in addition to the civil penalty.
Belle Fourche and Bridger are owned by Wyoming-based True Companies, whose spokesman, when reached by email, did not have an immediate comment on the agreement.
|
https://www.seattletimes.com/business/pipeline-operators-to-pay-12-5m-after-spills-in-montana-north-dakota/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_business
| 2023-07-31T21:03:52
| 0
|
https://www.seattletimes.com/business/pipeline-operators-to-pay-12-5m-after-spills-in-montana-north-dakota/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_business
|
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.”
|
https://www.wric.com/news/politics/ap-biden-has-decided-to-keep-space-command-in-colorado-rejecting-move-to-alabama-officials-tell-ap/
| 2023-07-31T21:03:53
| 1
|
https://www.wric.com/news/politics/ap-biden-has-decided-to-keep-space-command-in-colorado-rejecting-move-to-alabama-officials-tell-ap/
|
For Q2 2023, revenue increased 15% to $19.4 million and customer locations increased 7% to 124,000. Q2 net loss dropped 75% from $3.9 million in Q2 2022 to $978,000 in Q2 2023, and ARR* for TTM** increased $11.8 million from $59.3 million as at June 30, 2022 to $71.1 million as at June 30, 2023, growth of 20%.
TORONTO , July 31, 2023 /PRNewswire/ - Givex Corp. ("Givex") (TSX: GIVX) (OTCQX: GIVXF), is pleased to present its financial results for the three-month period and six-month period ending June 30, 2023.
Givex reports in Canadian dollars and in accordance with International Financial Reporting Standards ("IFRS").
"In Q2 2023, Givex continued to increase adjusted EBITDA by increasing gross profit and keeping a tight rein on payroll costs," said Don Gray, CEO of Givex. "Net loss decreased 75%, from $3.9 million to $978,000. We are working hard to continue this trend for the rest of the year."
Second Quarter Financial Highlights
Three-month period ending June 30, 2023 (with comparisons relative to the three-month period ending June 30, 2022)
- Revenue increased $2.6 million from $16.8 million to $19.4 million, 15% growth.
- Gross Profit increased $1.9 million from $12.2 million to $14.1 million, 16% growth.
- Adjusted EBITDA*** increased $0.7 million from $1.0 million to $1.7 million, 69% growth.
- Net Loss decreased $2.9 million from $3.9 million to $978,000, 75% decrease.
- Total Gross Transactional Value**** increased approximately $0.35 billion from $1.77 billion to $2.12 billion, 20% growth.
- POS Gross Transactional Value***** increased approximately $128 million from $347 million to $474 million, 37% growth.
- Customer Locations****** increased approximately 8,000, from 116,000 to 124,000, 7% growth.
Six-month period ending June 30, 2023 (with comparisons relative to the six-month period ending June 30, 2022)
- Revenue increased $5.4 million from $33.2 million to $38.6 million, 16% growth.
- Gross Profit increased $4.2 million from $23.1 million to $27.3 million, 18% growth.
- Adjusted EBITDA*** increased $0.4 million from $2.3 million to $2.7 million, 18% growth.
- Net Loss decreased $4.3 million from $6.5 million to $2.2 million, 66% decrease.
- Total Gross Transactional Value**** increased approximately $0.65 billion from $3.05 billion to $3.7 billion, 21% growth.
- POS Gross Transactional Value***** increased approximately $295 million from $584 million to $879 million, 51% growth.
Operational Highlights
- Payroll costs are the key focus to improved EBITDA and positive net earnings. For the 12-month periods ending June 30, 2023 and 2022, Employee Compensation******* as a % of Gross Profit was 53% and 54%, respectively. The company believes that its ability to reduce Employee Compensation as a % of Gross Profit is an indicator of its success in managing costs and profitability.
- ARR* (which is both recurring and reoccurring revenue) for TTM** increased $11.8 million from $59.3 million as at June 30, 2022 to $71.1 million as at June 30, 2023, growth of 20%.
More Information
Additional financial information, such as the audited annual Consolidated Financial Statements, Management's Discussion and Analysis of Financial Condition and Results of Operations, and Annual Information Form, is available on SEDAR+ at www.sedarplus.ca.
More information about Givex, including the Management Presentation and Overview, are posted on the company's investor relations website at investors.givex.com.
About Givex
The world is changing. Givex is ready. Since 1999, Givex has provided technology solutions that unleash the full potential of engagement, creating and cultivating powerful connections that unite brands and customers. With a global footprint of 124,000+ active locations across more than 100 countries, Givex unleashes strategic insights, empowering brands through reliable technology and exceptional support. Givex's integrated end-to-end management solution provides Gift Cards, GivexPOS, Loyalty Programs and more, creating growth opportunities for businesses of all sizes and industries. Learn more about how to streamline workflows, tackle complex challenges and transform data into actionable insights at www.givex.com.
Non-IFRS Measures and Reconciliation of Non-IFRS Measures
The information presented includes certain financial measures such as "Adjusted EBITDA" (see below for definition), which are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.
Forward Looking Statements
This press release contains forward-looking information. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, the risk factors described under the "Risk Factors" section in the Annual Information Form (AIF) dated March 21, 2023, available on SEDAR+ at www.sedarplus.ca and other filings with the Canadian securities regulatory authorities. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information, which speaks only as of the date made. See "Cautionary Note Regarding Forward-Looking Information" in the Filing Statement.
Additional Notes
*ARR is defined as Annual Recurring Revenue, which is both recurring and reoccurring revenue.
**TTM is trailing twelve months from the defined period.
***Adjusted EBITDA is defined as net profit (loss) excluding interest, taxes, depreciation and amortization ("EBITDA") as adjusted for share-based compensation and related expenses, foreign exchange gains and losses and transaction-related expenses including those related to going public and acquisitions.
****Gross transaction volume ("GTV") means the total dollar value of stored and point-of-sale ("POS") transactions processed through our cloud-based SaaS platforms in the period, net of refunds, inclusive of shipping and handling, duty, and value-added taxes. We believe GTV is an indicator of the success of our customers and the strength of our platforms. GTV does not represent revenue earned by us.
*****POS gross transactional volume ("POS GTV") means the total dollar value point-of-sale ("POS") transactions processed through GivexPOS, our cloud-based POS SaaS platform, in the period net of refunds, inclusive of shipping and handling, duty and value-added taxes. We believe POS GTV is an indicator of the success of our customers and the strength of our platforms. POS GTV does not represent revenue earned by us.
******Customer Location means a billing customer location for which the term of services has not ended, or with which we are negotiating a renewal contract. It includes both merchant locations that have transactions processed through our cloud-based SaaS platform, as well as merchant locations not on our platform but for which we provide other Givex services. A single unique customer can have multiple Customer Locations including physical and eCommerce sites. We believe that our ability to increase the number of Customer Locations served by our platform and products is an indicator of our success in terms of market penetration and growth of our business.
*******Employee Compensation as a % of Gross Profit means the total employee compensation for a period divided by the gross profit for the same period. Employee Compensation means total employee compensation including salaries and benefits, excluding both government assistance and share-based compensation. Gross Profit means revenue less direct cost of revenue.
View original content to download multimedia:
SOURCE Givex
|
https://www.kold.com/prnewswire/2023/07/31/givex-announces-second-quarter-2023-financial-results/
| 2023-07-31T21:03:52
| 0
|
https://www.kold.com/prnewswire/2023/07/31/givex-announces-second-quarter-2023-financial-results/
|
NPR's Sacha Pfeiffer talks with Mahnaz Akbari, former commander of the Afghan military's Female Tactical Platoon, about the Afghan Adjustment Act.
Copyright 2023 NPR
NPR's Sacha Pfeiffer talks with Mahnaz Akbari, former commander of the Afghan military's Female Tactical Platoon, about the Afghan Adjustment Act.
Copyright 2023 NPR
|
https://www.wdiy.org/2023-07-31/members-of-an-female-afghan-military-platoon-now-face-uncertain-fate-in-the-u-s
| 2023-07-31T21:03:55
| 0
|
https://www.wdiy.org/2023-07-31/members-of-an-female-afghan-military-platoon-now-face-uncertain-fate-in-the-u-s
|
Politics U.S., France and African leaders give coup leaders in Niger one week to step down By Emmanuel Akinwotu Published July 31, 2023 at 4:47 PM EDT Twitter LinkedIn Email Listen • 5:57 African leaders backed by the U.S. and France have given a week for coup leaders in Niger to step down and restore the democratically elected president. Copyright 2023 NPR
|
https://www.wvasfm.org/politics/2023-07-31/u-s-france-and-african-leaders-give-coup-leaders-in-niger-one-week-to-step-down
| 2023-07-31T21:03:56
| 0
|
https://www.wvasfm.org/politics/2023-07-31/u-s-france-and-african-leaders-give-coup-leaders-in-niger-one-week-to-step-down
|
Leading anti-abortion group rips DeSantis for not pushing for national ban
By SARA BURNETT
Associated Press
CHICAGO (AP) — A leading anti-abortion organization has criticized Republican Ron DeSantis for not supporting a national ban on the procedure, calling the Florida governor’s position “unacceptable” as he seeks the GOP nomination for president. The president of Susan B. Anthony Pro-Life America, an influential player in conservative politics, took issue with DeSantis’ statements in a recent interview. Marjorie Dannenfelser said the anti-abortion movement and Americans across the U.S. deserve a president who will “boldly advocate” for a ban on abortion at 15 weeks of pregnancy. DeSantis’ campaign called the statement unjustified. In the interview, DeSantis says he is “running on doing things that I know I can accomplish.”
|
https://kion546.com/ap-colorado/2023/07/31/leading-anti-abortion-group-rips-desantis-for-not-pushing-for-national-ban/
| 2023-07-31T21:03:58
| 0
|
https://kion546.com/ap-colorado/2023/07/31/leading-anti-abortion-group-rips-desantis-for-not-pushing-for-national-ban/
|
- 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:
View original content to download multimedia:
SOURCE BioMarin Pharmaceutical Inc.
|
https://www.mysuncoast.com/prnewswire/2023/07/31/biomarin-announces-strong-second-quarter-2023-results-record-breaking-revenues-first-half-2023-including-13-year-over-year-growth-year-to-date/
| 2023-07-31T21:03:57
| 0
|
https://www.mysuncoast.com/prnewswire/2023/07/31/biomarin-announces-strong-second-quarter-2023-results-record-breaking-revenues-first-half-2023-including-13-year-over-year-growth-year-to-date/
|
HILLSBORO, Ore. (AP) — HILLSBORO, Ore. (AP) — Lattice Semiconductor Corp. (LSCC) on Monday reported second-quarter earnings of $50.6 million.
The Hillsboro, Oregon-based company said it had profit of 36 cents per share. Earnings, adjusted for one-time gains and costs, were 52 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.
The chipmaker posted revenue of $190.1 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $188.2 million.
For the current quarter ending in September, Lattice said it expects revenue in the range of $187 million to $197 million.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LSCC at https://www.zacks.com/ap/LSCC
|
https://www.seattletimes.com/seattle-news/northwest/lattice-q2-earnings-snapshot/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_seattle-news
| 2023-07-31T21:03:58
| 0
|
https://www.seattletimes.com/seattle-news/northwest/lattice-q2-earnings-snapshot/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_seattle-news
|
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
View original content to download multimedia:
SOURCE Graybar
|
https://www.kold.com/prnewswire/2023/07/31/graybar-achieves-record-net-sales-second-quarter/
| 2023-07-31T21:03:59
| 0
|
https://www.kold.com/prnewswire/2023/07/31/graybar-achieves-record-net-sales-second-quarter/
|
ROCHESTER, N.H. (AP) — In a new policy plan unveiled Monday, Republican presidential hopeful Ron DeSantis took aim at China with a “Declaration of Economic Independence” that also targets taxes, regulations and “elites” he blames for the nation’s decline.
Speaking in a New Hampshire warehouse, the Florida governor promised to diversify and expand the economy by fighting for the middle class.
“Revitalizing economic freedom and opportunity will require building an economy where the concerns of average citizens are elevated over those deemed too big to fail,” he said at Prep Partners Group, which coordinates warehousing, distribution and other logistics for other companies.
“We are a nation with an economy, not the other way around,” DeSantis said. “We are citizens of a republic. We are not cogs in a global economic empire.”
DeSantis said his top priority would be wresting economic control from China by ending the nation’s preferential trade status, banning imports of goods made from stolen intellectual property and preventing companies from sharing critical technologies with China. Current polices, he said, have created an “abusive relationship” between the two countries.
“The elites sold us a bill of goods when it came to China. They were wrong, and we need to get it right,” he said.
The 10-point economic plan is the third major policy proposal put forth by DeSantis, who remains a distant second to former President Donald Trump in most polls and is fighting for momentum in the midst of a campaign reset. He recently shed more than one-third of his staff as federal filings showed his campaign was burning through cash at an unsustainable rate.
But on Monday, his focus was on reckless federal government spending. His plan describes him as a “new sheriff in town” who will veto wasteful spending and mandate work requirements for welfare programs. He also claimed he could achieve 3% annual economic growth by keeping taxes low, eliminating bureaucracy and incentivizing investment.
On the education front, DeSantis said he will stop incentivizing “useless degrees” by making universities responsible for the loans their students accrue.
“It’s wrong to say that a truck driver should have to pay off the debt of somebody who got a degree in gender studies,” he said.
After the speech, in what was billed as a news conference, DeSantis sidestepped a question about Trump’s mounting legal fees. That’s even as the DeSantis campaign has been attacking Trump for devoting much of his political fundraising to his legal entanglements.
“We’re here to talk about restoring this economy. We’re here to talk about uplifting the middle class,” DeSantis said. “To me, if you ask voters, are they more interested in hearing about that or the process stories about politics? I think that they want to hear about the country’s future so that’s what we’re going to talk about.”
A spokesperson for the Democratic National Committee said DeSantis should be talking about the economic woes he created in Florida including the rising costs of housing, property insurance and health care.
“It remains a mystery why DeSantis would try to reboot his dumpster fire of a campaign by promising to bring his failures as governor nationwide,” Ammar Moussa said.
|
https://www.wric.com/news/politics/ap-desantis-unveils-new-economic-policy-that-targets-china-taxes-and-regulations/
| 2023-07-31T21:03:59
| 1
|
https://www.wric.com/news/politics/ap-desantis-unveils-new-economic-policy-that-targets-china-taxes-and-regulations/
|
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.
|
https://www.wdiy.org/2023-07-31/open-the-pod-bay-door-hal-heres-how-ai-became-a-movie-villain
| 2023-07-31T21:04:01
| 1
|
https://www.wdiy.org/2023-07-31/open-the-pod-bay-door-hal-heres-how-ai-became-a-movie-villain
|
NPR's Sacha Pfeiffer catches up with professional soccer player Sam Mewis about the action going down at Women's World Cup. Mewis was a member of the U.S. team that won the World Cup in 2019.
Copyright 2023 NPR
NPR's Sacha Pfeiffer catches up with professional soccer player Sam Mewis about the action going down at Women's World Cup. Mewis was a member of the U.S. team that won the World Cup in 2019.
Copyright 2023 NPR
|
https://www.wvasfm.org/sports/2023-07-31/unlikely-heroes-are-stepping-up-at-the-womens-world-cup
| 2023-07-31T21:04:02
| 0
|
https://www.wvasfm.org/sports/2023-07-31/unlikely-heroes-are-stepping-up-at-the-womens-world-cup
|
NASA listens for Voyager 2 spacecraft after wrong command cuts contact
By MARCIA DUNN
AP Aerospace Writer
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.
___
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.
|
https://kion546.com/ap-colorado/2023/07/31/nasa-listens-for-voyager-2-spacecraft-after-wrong-command-cuts-contact-2/
| 2023-07-31T21:04:04
| 0
|
https://kion546.com/ap-colorado/2023/07/31/nasa-listens-for-voyager-2-spacecraft-after-wrong-command-cuts-contact-2/
|
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.
View original content to download multimedia:
SOURCE BR Marketing Group
|
https://www.mysuncoast.com/prnewswire/2023/07/31/br-marketing-group-launches-webvr-immersive-service-new-way-boost-brand-loyalty-engagement/
| 2023-07-31T21:04:04
| 1
|
https://www.mysuncoast.com/prnewswire/2023/07/31/br-marketing-group-launches-webvr-immersive-service-new-way-boost-brand-loyalty-engagement/
|
The Seattle City Council will vote on whether to enact sweeping rent control on Tuesday, likely issuing the final verdict on one of Councilmember Kshama Sawant’s most divisive proposals.
Sawant, the council’s most senior member and only socialist, will leave office when her third term ends at the end of the year. Before then, she is trying to push one of her heftiest outstanding policy priorities: a bill capping rent increases citywide.
The proposal, introduced by Sawant in June, would cap annual residential rent increases in the city at the rate of inflation — without exceptions — to curtail rapidly increasing rents, citing an increase of more than 90% in local rents between 2010-2020.
“Corporate landlords have been raising rents far faster than inflation, and that has meant renters have fallen farther and farther behind,” Sawant said at a July committee meeting, noting that wages have not risen nearly as quickly.
“So, rent control will affect only those landlords who gouge their tenants,” Sawant added.
However, current Washington state law prohibits local rent control. Despite multiple recent attempts to undo the ban, the bill, if passed, would be a so-called “trigger law” and only go into effect in the event that the state repealed the preemption.
That scenario and other concerns about Sawant’s proposal have given her council colleagues qualms about passing the bill, resulting in a rare recommendation last week by the Sustainability & Renters’ Rights Committee, which is chaired by Sawant, to not pass the legislation.
After a three-hour committee meeting earlier this month, the committee voted 3-2 against the bill. Councilmembers Sara Nelson and Andrew Lewis, plus Council President Debora Juarez, opposed the bill.
“I think that the Legislature not letting local government tailor housing issues to local government is unjust,” Juarez said during the committee meeting, noting that she does support the state repealing the preemption law.
“This isn’t a rent control law,” Juarez added. “My concern is that if people out there think that if the city of Seattle passes this — it’s a trigger law — that somehow we’re going to be in control of keeping rents. And we’re not.”
Sawant, who urged council members not to “hold their breath” waiting for the state to repeal the ban, and Councilmember Tammy Morales supported the bill.
“It’s been 42 years, it’s not going to happen,” Sawant said.
Though the bill failed in committee, it will go before the full council for a vote at 2 p.m. Tuesday during its regularly scheduled meeting.
|
https://www.seattletimes.com/seattle-news/politics/divided-seattle-city-council-to-vote-on-rent-control/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_seattle-news
| 2023-07-31T21:04:05
| 1
|
https://www.seattletimes.com/seattle-news/politics/divided-seattle-city-council-to-vote-on-rent-control/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_seattle-news
|
Published: Jul. 31, 2023 at 1:05 PM MST|Updated: 59 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.
|
https://www.kold.com/prnewswire/2023/07/31/harmonic-announces-second-quarter-2023-results/
| 2023-07-31T21:04:05
| 1
|
https://www.kold.com/prnewswire/2023/07/31/harmonic-announces-second-quarter-2023-results/
|
WASHINGTON (AP) — Hunter Biden’s former business partner insisted in testimony to Congress Monday that President Joe Biden was never directly involved in their financial dealings, though Hunter would often put his famous father on speakerphone to impress clients and business associates.
The Republican-led House Oversight Committee conducted a more than-five hour interview with Devon Archer as part of its expanding congressional inquiry into the Biden family businesses as the GOP explores a potential impeachment inquiry into the president.
Both Republican and Democratic lawmakers inside the closed-door interview said Archer testified that over the span of 10 years, Hunter Biden put his father on the phone around 20 times while in the company of associates but “never once spoke about any business dealings.”
New York Rep. Dan Goldman, who was representing Democrats inside the room, told reporters after the interview that Archer testified that Hunter sold the “illusion of access” to his father by taking credit for things his father did as vice president that he had no part in.
But Rep. Andy Biggs, a Republican member of the Oversight Committee, came out of the interview saying that testimony implicated the president directly. “I think we should do an impeachment inquiry,” the Arizona lawmaker told reporters.
Biggs, reading from his notes, said Archer testified that the Ukrainian gas company “Burisma would have gone out of business sooner if the Biden brand had not been invoked. People would be intimidated to legally mess with Burisma because of the Biden family brand.”
Archer, who served with Hunter Biden on the board of Burisma, has been seen by Republicans as a key witness in their search to directly connect the president to his son’s various international business transactions.
Rep. James Comer, the GOP chairman of Oversight Committee, issued a subpoena to Archer in June, saying he “played a significant role in the Biden family’s business deals abroad, including but not limited to China, Russia, and Ukraine.” He said Archer’s testimony would be critical to the committee’s investigation.
Republicans have focused much attention on an unverified tip to the FBI that alleged a bribery scheme involving Joe Biden when he was vice president. The claim, which first emerged in 2019, was that Biden pressured Ukraine to fire its top prosecutor in order to stop an investigation into Burisma, the oil-and-gas company where Hunter Biden was on the board.
Democrats on the committee, including Maryland Rep. Jamie Raskin, the ranking minority member, have reiterated that the Justice Department investigated the Burisma claim when Donald Trump was president and closed the matter after eight months, finding “insufficient evidence” that it was true. Democrats have also highlighted the transcript of an interview with Mykola Zlochevsky, Burisma’s co-founder, in which he denied having any contact with Joe Biden while Hunter Biden worked for the company.
“Mr. Zlochevsky’s statements are just one of the many that have debunked the corruption allegations,” Raskin said.
On top of his relationship with Hunter Biden, who is currently facing federal tax charges, Archer has his own legal troubles stemming from a 2018 felony conviction for his role in a conspiracy to defraud a Native American tribe. That conviction was overturned later that year, but the court of appeals in New York reinstated it in 2020. His sentencing in the case has been repeatedly delayed by appeals.
Archer’s appearance before lawmakers had been scheduled and canceled several times since June. Republicans suggested it was about to be delayed again after the Justice Department over the weekend asked a judge to schedule a date for Archer to surrender to prison and begin serving out his one-year sentence in the unrelated fraud case.
Republicans — led by Comer — criticized that delay, calling it an effort by the Justice Department to intimidate a witness. But the Justice Department in a follow-up memo to the court noted Archer’s surrender was not imminent and asked a judge to ensure that he testified to Congress before reporting to prison.
“Mr. Archer will do what he has planned to do all along, which is to show up this morning and to honestly answer the questions that are put to him by the congressional investigators,” said Archer’s attorney, Matthew Schwartz, who is a managing partner at New York-based firm Boies Schiller Flexner.
|
https://www.wric.com/news/politics/ap-hunter-bidens-former-business-partner-appears-for-closed-door-interview-with-gop-led-committee/
| 2023-07-31T21:04:06
| 1
|
https://www.wric.com/news/politics/ap-hunter-bidens-former-business-partner-appears-for-closed-door-interview-with-gop-led-committee/
|
African leaders backed by the U.S. and France have given a week for coup leaders in Niger to step down and restore the democratically elected president.
Copyright 2023 NPR
African leaders backed by the U.S. and France have given a week for coup leaders in Niger to step down and restore the democratically elected president.
Copyright 2023 NPR
|
https://www.wdiy.org/2023-07-31/u-s-france-and-african-leaders-give-coup-leaders-in-niger-one-week-to-step-down
| 2023-07-31T21:04:07
| 1
|
https://www.wdiy.org/2023-07-31/u-s-france-and-african-leaders-give-coup-leaders-in-niger-one-week-to-step-down
|
Nearly 400 Pakistani migrants were freed in raid on Libyan trafficking warehouse, rights group says
By JACK JEFFERY
Associated Press
CAIRO (AP) — A migrants rights group says security authorities in eastern Libya have freed at least 385 Pakistani migrants who were held in trafficking warehouses in an overnight raid. It said the Pakistani nationals were released early Monday from smuggling warehouses near the eastern city of Tobruk. A spokesperson for the rights group said the migrants were planning to travel to Europe by boat but were detained by smugglers who demanded a ransom for their release. Libya is the dominant transit point for migrants from Africa and the Middle East trying to make it to Europe.
|
https://kion546.com/ap-colorado/2023/07/31/nearly-400-pakistani-migrants-were-freed-in-raid-on-libyan-trafficking-warehouse-rights-group-says/
| 2023-07-31T21:04:10
| 1
|
https://kion546.com/ap-colorado/2023/07/31/nearly-400-pakistani-migrants-were-freed-in-raid-on-libyan-trafficking-warehouse-rights-group-says/
|
NPR's Sacha Pfeiffer catches up with professional soccer player Sam Mewis about the action going down at Women's World Cup. Mewis was a member of the U.S. team that won the World Cup in 2019.
Copyright 2023 NPR
NPR's Sacha Pfeiffer catches up with professional soccer player Sam Mewis about the action going down at Women's World Cup. Mewis was a member of the U.S. team that won the World Cup in 2019.
Copyright 2023 NPR
|
https://www.wdiy.org/2023-07-31/unlikely-heroes-are-stepping-up-at-the-womens-world-cup
| 2023-07-31T21:04:11
| 0
|
https://www.wdiy.org/2023-07-31/unlikely-heroes-are-stepping-up-at-the-womens-world-cup
|
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.
___
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.
|
https://www.seattletimes.com/seattle-news/science/nasa-listens-for-voyager-2-spacecraft-after-wrong-command-cuts-contact/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_seattle-news
| 2023-07-31T21:04:11
| 0
|
https://www.seattletimes.com/seattle-news/science/nasa-listens-for-voyager-2-spacecraft-after-wrong-command-cuts-contact/?utm_source=RSS&utm_medium=Referral&utm_campaign=RSS_seattle-news
|
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.
____________________
____________________
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.
___________
___________
___________
___________
View original content:
SOURCE CNO Financial Group, Inc.
|
https://www.mysuncoast.com/prnewswire/2023/07/31/cno-financial-group-reports-second-quarter-2023-results/
| 2023-07-31T21:04:11
| 1
|
https://www.mysuncoast.com/prnewswire/2023/07/31/cno-financial-group-reports-second-quarter-2023-results/
|
CHICAGO (AP) — A leading anti-abortion organization criticized Republican Ron DeSantis on Monday for not supporting a national ban on the procedure, calling the Florida governor’s position “unacceptable” as he seeks the GOP nomination for president.
The president of Susan B. Anthony Pro-Life America, an influential player in conservative politics, took issue with DeSantis’ statements in a recent interview in which he declined to back a national abortion ban. SBA President Marjorie Dannenfelser said the anti-abortion movement and Americans across the U.S. deserve a president who will “boldly advocate” for a ban on abortion at 15 weeks of pregnancy.
“A pro-life president has a duty to protect the lives of all Americans. He should be the National Defender of Life,” she said. “Gov. DeSantis’s dismissal of this task is unacceptable to prolife voters. A consensus is already formed. Intensity for it is palpable and measurable. There are many pressing legislative issues for which Congress does not have the votes at the moment, but that is not a reason for a strong leader to back away from the fight. This is where presidential leadership matters most.”
DeSantis’ campaign called the statement unjustified.
“Governor DeSantis delivers results and acts, especially when it comes to protecting life. He did so in Florida by signing the heartbeat bill and will be a pro-life president,” Press Secretary Bryan Griffin said. “He does not kowtow to DC interest groups. This unjustified attack on him is another example of the DC political games that have seen conservatives falter in Washington while Governor DeSantis has produced unmatched conservative victories in Florida.”
Susan B. Anthony Pro-Life America was responding to a recent interview in which Megyn Kelly asked DeSantis if he would support a national abortion ban. The U.S. Supreme Court last year overturned Roe v. Wade, the roughly 50-year-old ruling that established a federal right to abortion. Susan B. Anthony has said it would not support any White House candidate in 2024 who did not at a minimum support a 15-week federal ban.
In the interview, DeSantis noted he signed legislation in Florida to ban abortion at six weeks of pregnancy but suggested that individual states should decide the issue. He said he is “pro-life” but added that he is “running on doing things that I know I can accomplish.”
Democrats say the Supreme Court’s decision and Republicans’ focus on restricting abortion rights have helped motivate voters to favor more liberal candidates, and the party believes it will be a major factor again in 2024. Abortion rights were on the ballot in six states in 2022, and in every contest voters opted to protect them. In the battleground state of Wisconsin, a liberal candidate who made abortion rights a centerpiece of her campaign won an April election for a seat on the state’s highest court.
A recent poll from The Associated Press-NORC Center for Public Affairs Research found that the majority of U.S. adults want abortion to be legal at least through the initial stages of pregnancy. About two-thirds of Americans said abortion should generally be legal, but only about a quarter said it should always be legal and only about 1 in 10 said it should always be illegal.
About half of Americans say abortions should be permitted at the 15-week mark, though 55% of those living in states with the most restrictive laws say abortion should be banned by that point, the poll found.
The criticism from a powerful organization comes at a tenuous time for DeSantis, who is seen as the top rival to former President Donald Trump for the GOP presidential nomination, but who has been running a distant second to Trump in public polling. DeSantis’ campaign has been working in recent weeks to improve his trajectory and reboot his campaign, including cutting staff.
He is not alone in drawing criticism from Susan B. Anthony Pro-Life America, however. The group also was critical of Trump for not supporting the 15-week federal ban.
Trump has defended that position, noting he appointed the Supreme Court justices who made it possible for Roe v. Wade to be overturned. Trump also has said that Republicans’ focus on restricting abortion
Some other Republicans seeking the nomination support the national ban. Former Vice President Mike Pence said he would go further, endorsing a ban at six weeks of pregnancy, or before some women know they are pregnant.
He told The Associated Press that abortion should be banned when a pregnancy isn’t viable — a standard that would force women to carry pregnancies to term even when doctors have determined there is no chance a baby will survive outside the womb.
___
Associated Press reporter Michelle L. Price contributed from New York.
|
https://www.wric.com/news/politics/ap-leading-anti-abortion-group-rips-desantis-for-not-pushing-for-national-ban/
| 2023-07-31T21:04:12
| 0
|
https://www.wric.com/news/politics/ap-leading-anti-abortion-group-rips-desantis-for-not-pushing-for-national-ban/
|
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
View original content:
SOURCE Heidrick & Struggles International, Inc.
|
https://www.kold.com/prnewswire/2023/07/31/heidrick-amp-struggles-reports-second-quarter-2023-results/
| 2023-07-31T21:04:12
| 1
|
https://www.kold.com/prnewswire/2023/07/31/heidrick-amp-struggles-reports-second-quarter-2023-results/
|
New Hampshire beachgoers witness small plane crash into surf, flip in water
HAMPTON BEACH, N.H. (AP) — A small plane that crashed into the ocean just off a New Hampshire beach over the weekend flipped upside down when it hit the water before slowly rolling back into an upright position. The pilot of the single-engine Piper PA-18 plane that had been pulling a banner made his own way out of the aircraft after Saturday’s crash and was assisted ashore by Hampton Beach lifeguards. Police say he was not hurt. Beachgoer Tammy Nowlan says the plane first dropped the banner then slowly descended until it hit the water. The aircraft is registered to a local aerial advertising company. The cause is under investigation.
|
https://kion546.com/ap-colorado/2023/07/31/new-hampshire-beachgoers-witness-small-plane-crash-into-surf-flip-in-water/
| 2023-07-31T21:04:17
| 0
|
https://kion546.com/ap-colorado/2023/07/31/new-hampshire-beachgoers-witness-small-plane-crash-into-surf-flip-in-water/
|
Updated July 31, 2023 at 4:09 PM ET
Pee-wee Herman, the comic creation of actor/writer Paul Reubens, would often toss taunts of the schoolyard into his casual conversation. It was one of the character's go-to bits.
"Why don't you take a picture? It'll last longer!"
"That's my name! Don't wear it out!"
And, most iconically,
"I know you are, but what am I?"
Of course, when it came to Pee-wee himself, with his tight gray suit, red bow tie, crew cut, rouged cheekbones and ruby-red lips, "What am I?" was the real question – it was the one he posed merely by existing.
Reubens died Sunday of cancer at the age of 70. He was an actor – but for a long time, he tried to convince the public that Pee-wee was a real person, not a character.
Folks didn't know what to make of Reubens' petulant man-child at first. Created in 1977, while Reubens was a member of the Los Angeles sketch troupe The Groundlings, Pee-wee was part prop comic, part brat and part trickster spirit. There was something fearless in Pee-wee, something unapologetic and brash that took you a second to process. The character was very obviously and intentionally what folks used to call a sissy – but how could a sissy own the stage like he did? Bask in the spotlight like he did? How could a sissy so confidently and explicitly dictate the terms for his audience on how to experience him?
The Pee-wee Herman Show at The Groundlings Theatre soon had LA hipsters lining up around the block for a midnight show that mixed puppets and parody with archival educational films – the precise fuel mixture that powered Reubens' later CBS Saturday morning show, Pee-wee's Playhouse.
It was never Peter Pan, what he was doing. Yes, Pee-wee was a boy who never grew up, but he was more than that — he was one singular adult's remembrance of what it was like being a kid. Specifically, of those parts of childhood we pretend not to see in our own children — the narcissism, the selfishness, the utter lack of basic human empathy. The monstrous bits.
In Pee-wee's Big Adventure, it manifested in his hilariously obsessive drive to recover his stolen bike — a quest which would cause him to trample on the feelings of friends like Amazing Larry (Lou Cutell) and Dottie (E.G. Daily). On Pee-wee's Playhouse, it took the form of gleeful admonitions to his viewers to "scream real loud" whenever anyone said the week's secret word. (Spare a thought for the long-suffering parents who'd hoped that sitting their kids in front of the TV would allow them a moment's peace to finish their coffee.) On 1988's magnificent holiday staple Pee-wee's Playhouse Christmas Special, Reubens zeroed in kids' ravenous greed for presents, turning Pee-wee into a monster who only reluctantly sees the light once guilted into it. (Like Scrooge, he's a lot more fun to hang around with before his last-minute epiphany.)
To watch Pee-wee was to re-experience childhood the way we'd forgotten it actually was – pure, concentrated, distilled to its essence, when riding your bike and playing with your toys and screaming real loud was all it took to fill a day. Pee-wee was a creature of impulse, anarchy and id – which is probably why Reubens' frequent appearances on Late Night with David Letterman helped launch him to stardom.
Reubens' silliness worked on a different frequency than Letterman's – Pee-wee was wilder and far less inhibited than Letterman could ever hope to be, and Letterman knew to play up his own tetchy, aggrieved discomfort at Pee-wee's hijinks for comedic effect. The two men vibrated at opposite ends of the comedic spectrum, but they worked together brilliantly. In those interview segments, which quickly devolved into Pee-wee's signature giggles, you laughed at Reubens' ability to take complete control of the experience, and at Letterman's entirely uncharacteristic willingness to give over the reins.
In the coming days, our social media feeds will fill up with a lot of Pee-wee's greatest hits – Large Marge; "Tequila!"; Jambi the Genie; Chairy; Reubens' extended and entirely improvised death scene in the Buffy the Vampire Slayer movie; "I'm a loner, Dot. A rebel."; and, of course, "Come on, Simone. Let's talk about your big 'but.'"
Me, though, I'll be putting on the aforementioned Pee-wee's Playhouse Christmas Special, because it will remind me of one of Reubens' most overlooked talents – his ability to sneak an artisanal blend of fey subversiveness into the mainstream. That special injected a defiantly, yet matter-of-fact, queer sensibility into the CBS primetime airwaves of Reagan's America: The Del Rubio Triplets! Zsa Zsa Gabor! Little Richard! Annette Funicello and Frankie Avalon! KD Lang! Charo! The LA Men's Chorus dressed up as a Marine choir! And, most indelibly, Grace Jones as green Gumby, drag singing a club mix of "The Little Drummer Boy."
Keep your "I meant to do that." Keep your dancing on the biker bar to "Tequila." The image of Reubens that I'll be holding closest to my heart over the next few days is of him rocking out in the background as Jones sings in the glare of the spotlight.
Because I swear you can see, in just the way he holds his body, the mischievous delight he's taking in what he's unleashing on an unsuspecting public: Grace Jones, ladies and gentlemen, delivered unto your living rooms, pulling up to the bumper of your cozy family holiday special, an entirely singular brand of weirdness served up to you hot and fresh, with a high, unselfconscious giggle.
Jennifer Vanasco contributed to earlier versions of this story.
Copyright 2023 NPR. To see more, visit https://www.npr.org.
|
https://www.wdiy.org/npr-news/npr-news/2023-07-31/but-what-am-i-pee-wee-herman-creator-paul-reubens-dies-at-70
| 2023-07-31T21:04:17
| 1
|
https://www.wdiy.org/npr-news/npr-news/2023-07-31/but-what-am-i-pee-wee-herman-creator-paul-reubens-dies-at-70
|
MIAMI (AP) — The property manager of Donald Trump’s Mar-a-Lago estate made his first court appearance on Monday on charges in the classified documents case against the former president but did not enter a plea because he has not found a Florida-based attorney to represent him.
Carlos De Oliveira is accused of scheming with Trump to try to delete security footage sought by investigators probing the former president’s hoarding of classified documents at his Palm Beach club. De Oliveira was added last week to the indictment with Trump and the ex-president’s valet, Walt Nauta, and faces charges including conspiracy to obstruct justice and lying to investigators.
De Oliveira, wearing a blue suit and tie, answered questions from a magistrate judge during a brief hearing in Miami federal court. He was ordered to turn over his passport and sign an agreement to pay $100,000 if he doesn’t return to court. He was represented by Washington, D.C.-based attorney John Irving, but under court rules he needs local counsel to proceed with his arraignment, which was scheduled for Aug. 10 in Fort Pierce.
Irving told reporters after the hearing that he looks forward to seeing what potential evidence the Justice Department has. He declined to comment about whether De Oliveira has been asked to testify against Trump.
De Oliveira’s court appearance comes as Trump braces for possible charges stemming from investigations into his efforts to cling to power after he lost the 2020 election to Joe Biden.
Trump, the early front-runner in the 2024 Republican presidential primary, has been informed he’s a target of special counsel Jack Smith’s investigation into efforts to overturn the 2020 election, and Trump’s lawyers met with Smith’s team last week. A Georgia prosecutor is also expected to seek a grand jury indictment in the coming weeks in her investigation into efforts by Trump and his allies to subvert his election loss there.
Trump, who pleaded not guilty in June, has denied any wrongdoing. He posted on his Truth Social platform last week that the Mar-a-Lago security tapes were voluntarily handed over to investigators and that he was told the tapes were not “deleted in any way, shape or form.”
Prosecutors have not alleged that security footage was actually deleted or kept from investigators.
Nauta has also pleaded not guilty. U.S. District Judge Aileen Cannon had previously scheduled the trial of Trump and Nauta to begin in May, and it’s unclear whether the addition of De Oliveira to the case may impact the case’s timeline.
The latest indictment, unsealed on Thursday, alleges that Trump tried to have security footage deleted after investigators visited in June 2022 to collect classified documents the former president took with him after he left the White House.
Trump was already facing dozens of felony counts — including willful retention of national defense information — stemming from allegations that he mishandled government secrets that as commander-in-chief he was entrusted to protect. Experts have said the new allegations bolster the special counsel’s case and deepen the former president’s legal jeopardy.
Video from Mar-a-Lago would ultimately become vital to the government’s case because, prosecutors said, it shows Nauta moving boxes in and out of a storage room — an act alleged to have been done at Trump’s direction and in effort to hide records not only only from investigators but also from Trump’s own lawyers.
Days after the Justice Department sent a subpoena for video footage at Mar-a-Lago to the Trump Organization in June 2022, prosecutors say, De Oliveira asked an information technology staffer how long the server retained footage and told the employee “the boss” wanted it deleted. When the employee said he didn’t believe he was able to do that, De Oliveira insisted the “boss” wanted it done, asking, “What are we going to do?”
Shortly after the FBI searched Mar-a-Lago and found classified records in the storage room and Trump’s office, prosecutors say, Nauta called a Trump employee and said words to the effect of “someone just wants to make sure Carlos is good.” The indictment says the employee responded that De Oliveira was loyal and wouldn’t do anything to affect his relationship with Trump. That day, the indictment alleges, Trump called De Oliveira directly to say that he would get De Oliveira an attorney.
Prosecutors allege that De Oliveira later lied in interviews with investigators, falsely claiming that he hadn’t even seen boxes moved into Mar-a-Lago after Trump left the White House.
___
Richer reported from Boston. Associated Press journalist Daniel Kozin in Miami contributed.
|
https://www.wric.com/news/politics/ap-mar-a-lago-worker-charged-in-trumps-classified-documents-case-to-make-first-court-appearance/
| 2023-07-31T21:04:18
| 0
|
https://www.wric.com/news/politics/ap-mar-a-lago-worker-charged-in-trumps-classified-documents-case-to-make-first-court-appearance/
|
For Q2 2023, revenue increased 15% to $19.4 million and customer locations increased 7% to 124,000. Q2 net loss dropped 75% from $3.9 million in Q2 2022 to $978,000 in Q2 2023, and ARR* for TTM** increased $11.8 million from $59.3 million as at June 30, 2022 to $71.1 million as at June 30, 2023, growth of 20%.
TORONTO , July 31, 2023 /PRNewswire/ - Givex Corp. ("Givex") (TSX: GIVX) (OTCQX: GIVXF), is pleased to present its financial results for the three-month period and six-month period ending June 30, 2023.
Givex reports in Canadian dollars and in accordance with International Financial Reporting Standards ("IFRS").
"In Q2 2023, Givex continued to increase adjusted EBITDA by increasing gross profit and keeping a tight rein on payroll costs," said Don Gray, CEO of Givex. "Net loss decreased 75%, from $3.9 million to $978,000. We are working hard to continue this trend for the rest of the year."
Second Quarter Financial Highlights
Three-month period ending June 30, 2023 (with comparisons relative to the three-month period ending June 30, 2022)
- Revenue increased $2.6 million from $16.8 million to $19.4 million, 15% growth.
- Gross Profit increased $1.9 million from $12.2 million to $14.1 million, 16% growth.
- Adjusted EBITDA*** increased $0.7 million from $1.0 million to $1.7 million, 69% growth.
- Net Loss decreased $2.9 million from $3.9 million to $978,000, 75% decrease.
- Total Gross Transactional Value**** increased approximately $0.35 billion from $1.77 billion to $2.12 billion, 20% growth.
- POS Gross Transactional Value***** increased approximately $128 million from $347 million to $474 million, 37% growth.
- Customer Locations****** increased approximately 8,000, from 116,000 to 124,000, 7% growth.
Six-month period ending June 30, 2023 (with comparisons relative to the six-month period ending June 30, 2022)
- Revenue increased $5.4 million from $33.2 million to $38.6 million, 16% growth.
- Gross Profit increased $4.2 million from $23.1 million to $27.3 million, 18% growth.
- Adjusted EBITDA*** increased $0.4 million from $2.3 million to $2.7 million, 18% growth.
- Net Loss decreased $4.3 million from $6.5 million to $2.2 million, 66% decrease.
- Total Gross Transactional Value**** increased approximately $0.65 billion from $3.05 billion to $3.7 billion, 21% growth.
- POS Gross Transactional Value***** increased approximately $295 million from $584 million to $879 million, 51% growth.
Operational Highlights
- Payroll costs are the key focus to improved EBITDA and positive net earnings. For the 12-month periods ending June 30, 2023 and 2022, Employee Compensation******* as a % of Gross Profit was 53% and 54%, respectively. The company believes that its ability to reduce Employee Compensation as a % of Gross Profit is an indicator of its success in managing costs and profitability.
- ARR* (which is both recurring and reoccurring revenue) for TTM** increased $11.8 million from $59.3 million as at June 30, 2022 to $71.1 million as at June 30, 2023, growth of 20%.
More Information
Additional financial information, such as the audited annual Consolidated Financial Statements, Management's Discussion and Analysis of Financial Condition and Results of Operations, and Annual Information Form, is available on SEDAR+ at www.sedarplus.ca.
More information about Givex, including the Management Presentation and Overview, are posted on the company's investor relations website at investors.givex.com.
About Givex
The world is changing. Givex is ready. Since 1999, Givex has provided technology solutions that unleash the full potential of engagement, creating and cultivating powerful connections that unite brands and customers. With a global footprint of 124,000+ active locations across more than 100 countries, Givex unleashes strategic insights, empowering brands through reliable technology and exceptional support. Givex's integrated end-to-end management solution provides Gift Cards, GivexPOS, Loyalty Programs and more, creating growth opportunities for businesses of all sizes and industries. Learn more about how to streamline workflows, tackle complex challenges and transform data into actionable insights at www.givex.com.
Non-IFRS Measures and Reconciliation of Non-IFRS Measures
The information presented includes certain financial measures such as "Adjusted EBITDA" (see below for definition), which are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.
Forward Looking Statements
This press release contains forward-looking information. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, the risk factors described under the "Risk Factors" section in the Annual Information Form (AIF) dated March 21, 2023, available on SEDAR+ at www.sedarplus.ca and other filings with the Canadian securities regulatory authorities. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information, which speaks only as of the date made. See "Cautionary Note Regarding Forward-Looking Information" in the Filing Statement.
Additional Notes
*ARR is defined as Annual Recurring Revenue, which is both recurring and reoccurring revenue.
**TTM is trailing twelve months from the defined period.
***Adjusted EBITDA is defined as net profit (loss) excluding interest, taxes, depreciation and amortization ("EBITDA") as adjusted for share-based compensation and related expenses, foreign exchange gains and losses and transaction-related expenses including those related to going public and acquisitions.
****Gross transaction volume ("GTV") means the total dollar value of stored and point-of-sale ("POS") transactions processed through our cloud-based SaaS platforms in the period, net of refunds, inclusive of shipping and handling, duty, and value-added taxes. We believe GTV is an indicator of the success of our customers and the strength of our platforms. GTV does not represent revenue earned by us.
*****POS gross transactional volume ("POS GTV") means the total dollar value point-of-sale ("POS") transactions processed through GivexPOS, our cloud-based POS SaaS platform, in the period net of refunds, inclusive of shipping and handling, duty and value-added taxes. We believe POS GTV is an indicator of the success of our customers and the strength of our platforms. POS GTV does not represent revenue earned by us.
******Customer Location means a billing customer location for which the term of services has not ended, or with which we are negotiating a renewal contract. It includes both merchant locations that have transactions processed through our cloud-based SaaS platform, as well as merchant locations not on our platform but for which we provide other Givex services. A single unique customer can have multiple Customer Locations including physical and eCommerce sites. We believe that our ability to increase the number of Customer Locations served by our platform and products is an indicator of our success in terms of market penetration and growth of our business.
*******Employee Compensation as a % of Gross Profit means the total employee compensation for a period divided by the gross profit for the same period. Employee Compensation means total employee compensation including salaries and benefits, excluding both government assistance and share-based compensation. Gross Profit means revenue less direct cost of revenue.
View original content to download multimedia:
SOURCE Givex
|
https://www.mysuncoast.com/prnewswire/2023/07/31/givex-announces-second-quarter-2023-financial-results/
| 2023-07-31T21:04:18
| 1
|
https://www.mysuncoast.com/prnewswire/2023/07/31/givex-announces-second-quarter-2023-financial-results/
|
Published: Jul. 31, 2023 at 1:15 PM MST|Updated: 49 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.
|
https://www.kold.com/prnewswire/2023/07/31/huntsman-announces-second-quarter-2023-earnings/
| 2023-07-31T21:04:19
| 0
|
https://www.kold.com/prnewswire/2023/07/31/huntsman-announces-second-quarter-2023-earnings/
|
NEW HAMPTON, Iowa – Construction has officially begun on a new agronomy complex in Burchinal.
The project will utilize 1,900 yards of ready mix, over 230,000 pounds of rebar, and 1,351 sheets of plywood for the dry fertilizer plant. The 10-acre expansion includes a 3,929-ton dry fertilizer plant, a 24,620 square foot liquid fertilizer and seed warehouse with office space, and a 500,000-gallon UAN tank bringing convenience to customers in the Burchinal area.
“We are excited about this new facility,” says Five Star CEO Scott Black. “We remain committed to our cooperative’s longevity while maintaining a sharp focus on our membership’s needs. Our Burchinal Agronomy Complex demonstrates this dedication to the continued strength of our cooperative and our invaluable members.”
Five Star says key to choosing Cerro Gordo County for the new facility was proximity to Interstate 35 and Highway 218 for incoming ingredients and outbound shipments for efficient movement of product.
“When I think about this project, the word cooperation comes to mind. It started with a disaster with the tornado in Mason City,” says Five Star Board Chairman Tom Shatek. “It was a lot of cooperation between team members, the board, the insurance company, the management team, Marcus Construction, neighboring cooperatives, and all those involved to keep our chins up and know better days are ahead. We are excited we are here today starting the facility.”
Five Star has partnered with Marcus Construction for the project and anticipates the site to be operational in the spring of 2024.
|
https://www.kimt.com/news/ag-news/multi-million-dollar-ag-project-officially-starts-construction-in-cerro-gordo-county/article_eab95e2e-2fd2-11ee-93f2-b7781b9e9144.html
| 2023-07-31T21:04:23
| 1
|
https://www.kimt.com/news/ag-news/multi-million-dollar-ag-project-officially-starts-construction-in-cerro-gordo-county/article_eab95e2e-2fd2-11ee-93f2-b7781b9e9144.html
|
Islamic group suggests that member nations downgrade ties with countries that allow Quran burnings
By ABBY SEWELL and DAVID KEYTON
BEIRUT (AP) — The Organization for Islamic Cooperation is urging its member nations to take action against countries that permit public burning or desecration of the Quran, including the recalling of ambassadors. The Saudi Arabia-based group made the call in a statement following an emergency online meeting of its foreign ministers to discuss recent incidents in which the Islamic holy book was burned or otherwise defaced at officially permitted protests in Sweden and Denmark. The organization’s 57 member countries should “consider taking any necessary decisions and actions that they deem appropriate in their relations” with Sweden, Denmark, and other countries that allow such incidents, including recalling their ambassadors, the statement said.
|
https://kion546.com/ap-colorado/2023/07/31/organization-of-islamic-cooperation-mulls-proposals-to-deal-with-quran-burning-at-emergency-meeting/
| 2023-07-31T21:04:23
| 1
|
https://kion546.com/ap-colorado/2023/07/31/organization-of-islamic-cooperation-mulls-proposals-to-deal-with-quran-burning-at-emergency-meeting/
|
Country singer Craig Morgan reenlists in military while on Grand Ole Opry stage
NASHVILLE, Tenn. (Gray News) – Country singer Craig Morgan reenlisted in the military Saturday night while on stage at the Grand Ole Opry in hopes of encouraging others to enlist.
According to a news release, Morgan was sworn into the U.S. Army Reserve on stage by U.S. Army Forces Command Gen. Andrew Poppas.
Sen. Marsha Blackburn joined them on stage.
After the ceremony, Morgan returned to the microphone to perform his song “Soldier.”
Morgan previously served in the Army for 17 years, with certifications including Airborne, Air Assault and Rappel Master.
“I’m excited to once again serve my country and be all I can be in hopes of encouraging others to be a part of something greater than ourselves,” Morgan said in a news release. “I love being an artist, but I consider it a true privilege and honor to work with what I believe are the greatest of Americans, my fellow soldiers. God Bless America. Go Army.”
Morgan plans to continue touring and releasing new music while serving in the Army Reserve.
The 59-year-old singer is known to frequently perform at military bases both in the U.S. and abroad. In 2006, Morgan was awarded the USO Merit Award for his support.
Morgan began his music career in 2000. He is best known for his No. 1 single “That’s What I Love About Sunday” from 2004.
He was inducted as a member of the Grand Ole Opry in 2008.
Copyright 2023 Gray Media Group, Inc. All rights reserved.
|
https://www.wibw.com/2023/07/31/country-singer-craig-morgan-reenlists-military-while-grand-ole-opry-stage/
| 2023-07-31T21:04:23
| 0
|
https://www.wibw.com/2023/07/31/country-singer-craig-morgan-reenlists-military-while-grand-ole-opry-stage/
|
TONYA MOSLEY, HOST:
This is FRESH AIR. The new podcast "Dreamtown: The Story Of Adelanto" is about a small California desert town that turns to legal cannabis sales to try to revive its small economy. Critic Nick Quah sees it as a worthy addition to a handful of podcasts he calls civic noir, examining small city life, corruption and renewal.
NICK QUAH, BYLINE: It's an image straight out of an old Western or the Bible. A small desert community finds itself on the brink of disaster when a stranger appears with a bold vision for the future. The dream was realized, and for a while, things were good until they weren't. In this case, the desert community is a tiny city called Adelanto, located just north of the greater Los Angeles area. Like so many other places in the United States, Adelanto was hard hit by the 2008 recession, and the city's finances were so dire it almost went bankrupt in 2014. That's when the stranger comes through. His name is John Woodard, but he goes by Bug. And the vision he brings is the dream of a modern gold rush - a legal marijuana economy.
(SOUNDBITE OF PODCAST, "DREAMTOWN: THE STORY OF ADELANTO")
DAVID WEINBERG: Bug's plan was to make Adelanto the first city in California to legalize commercial cannabis cultivation, which, it turns out, is a very difficult and complicated thing to pull off.
BETSY ZYKO: It's hard to overstate how much riskier and more dangerous the cannabis industry is because of the inconsistency between federal and state law.
WEINBERG: But still, Bug persisted. And his idea started to catch on with the rest of the city.
JOHN BUG WOODARD: The wheels are in motion. Ain't nobody getting in the way. I don't care if you're the sheriff. I don't care if you're the governor. I don't care who you are.
QUAH: Such is the setup for a limited audio documentary series called "Dreamtown: The Story Of Adelanto," the fascinating tale of crisis and capital told through the lens of a city's local politics. And just to paint a picture of how local the story is, in his quest to turn Adelanto into a legal weed hub, Bug runs for a seat on the city council and wins, spending only $700 on the effort. Adelanto's bet on weed pays off to some extent. And the city's finances begin to improve. But what starts out as a quirky tale of economic redevelopment quickly transforms into something else - a dense saga of shady real estate deals, zoning disputes and political corruption. Within a few years, federal investigators become a common sight in the city.
"Dreamtown" fits neatly into a growing podcast subgenre that digs into the drama and oddities of city lore. The vibe is a kind of civic noir, exemplified in recent years by podcasts like "California City," which recounts the tale of another false fortune in a desert, "Crooked City," which continues the documentarian Marc Smerling's interest in organized crime making the leap into local government, and "Boomtown," about a small West Texas city's transformation by the oil industry. These shows collectively capture an anxious, melancholic feeling around the fragility of local democracies, constantly vulnerable to forces beyond their control. That melancholia pervades "Dreamtown" as well.
The series is reported and hosted by David Weinberg, a veteran radio journalist. His best work, the nonfiction anthology series "Welcome To LA," is filled with stories about odd characters building colorful lives in and around Southern California. In many ways, "Dreamtown" is a continuation of that project, with its keen interest in the people that make up Adelanto and the way their lives are transformed by the larger shifts around them. Weinberg has a distinct style - quiet, observant, wry. He has a wonderful eye for vivid imagery, which he translates into evocative scenes written for the ear.
(SOUNDBITE OF PODCAST, "DREAMTOWN: THE STORY OF ADELANTO")
WEINBERG: Tim is in his 60s, collared dress shirt and a vape pen in hand as he navigated the poorly paved streets of Adelanto. In the distance are the peaks of the Angeles National Forest. All around us, Joshua trees were sticking up out of the ground. And along the side of the road were bulldozers flattening the land for the foundations of the massive warehouses that would soon be filled with weed.
QUAH: That understated approach serves the material well, given how ornate and bizarre things can get in "Dreamtown." One episode, for example, traces the story of another Adelanto city councilmember, Jermaine Wright, whose time in government ended with a federal prison sentence for taking a bribe to help open a cannabis business while also trying to commit insurance fraud by hiring someone to burn down his own restaurant.
(SOUNDBITE OF PODCAST, "DREAMTOWN: THE STORY OF ADELANTO")
WEINBERG: So Jermaine gave this fake electrician a tour of his restaurant. They set a date for the fire, and Jermaine paid him the money for the job. And it was actually kind of a steal. Apparently, it only costs 1,500 bucks to burn down someone's restaurant, at least, you know, if you're paying an FBI agent to do it. But before the scheduled torching, the FBI showed up to the restaurant with a search warrant. And they interviewed Jermaine, and he confessed.
QUAH: There is often a fable-like quality to "Dreamtown," which speaks to the somewhat archetypal nature of Adelanto's predicament. Across the United States, there are countless other rural cities grappling with some form of the same economic quandaries and ethical temptation. "Dreamtown" might seem like a Coen Brothers-esque caper, but it's fundamentally a story about what a city represents, the kinds of people who feel drawn to fight for its preservation and what can happen when you make a deal with forces you're not quite prepared to grapple with. Whether a fable or cautionary tale, one thing's for sure. It's a deeply American story.
MOSLEY: Nick Quah is a podcast critic for New York Magazine and Vulture. He reviewed "Dreamtown: The Story Of Adelanto," from Crooked Media. Tomorrow on FRESH AIR, award-winning actor Richard E. Grant joins us to talk about his new memoir, "A Pocketful Of Happiness," which chronicles his 35-year marriage to the late acclaimed dialect coach to the stars Joan Washington. I hope you can join us. To keep up with what's going on with the show and to get highlights of our interviews, follow us on Instagram at @NPRFreshAir.
(SOUNDBITE OF TEDDY WILSON'S "MOONGLOW")
MOSLEY: FRESH AIR's executive producer is Danny Miller. Our technical director and engineer is Audrey Bentham. A special thank you to Conor Anderson for engineering this show from WDET in Detroit. Our interviews and reviews are produced and edited by Amy Salit, Phyllis Myers, Sam Briger, Lauren Krenzel, Heidi Saman, Ann Marie Baldonado, Therese Madden, Thea Chaloner, Seth Kelley and Susan Nyakundi. Our digital media producer is Molly Seavy-Nesper. Roberta Shorrock directs the show. For Terry Gross, I'm Tonya Mosley.
(SOUNDBITE OF TEDDY WILSON'S "MOONGLOW") Transcript provided by NPR, Copyright NPR.
NPR transcripts are created on a rush deadline by an NPR contractor. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.
|
https://www.wdiy.org/npr-news/npr-news/2023-07-31/dreamtown-podcast-examines-how-legal-marijuana-transformed-one-small-town
| 2023-07-31T21:04:23
| 1
|
https://www.wdiy.org/npr-news/npr-news/2023-07-31/dreamtown-podcast-examines-how-legal-marijuana-transformed-one-small-town
|
WASHINGTON (AP) — The FBI should stop using a U.S. spy database of foreigners’ emails and other communications for investigating crimes that aren’t related to national security, a group of White House intelligence advisers recommended in a report released Monday.
The President’s Intelligence Advisory Board’s findings come as the White House pushes Congress to renew Section 702 of the Foreign Intelligence Surveillance Act before its expiration at the end of this year. U.S. intelligence officials say Section 702 enables investigations of Chinese and Russian espionage, potential terrorist plots, and other threats.
But spy agencies also end up capturing the communications of U.S. citizens and businesses, and a series of intelligence mistakes at the FBI has fanned bipartisan criticism of the bureau that has shaped the debate over renewing the law. Some lawmakers in both parties and civil liberties groups have called for stronger curbs on how the FBI uses foreign surveillance to search for Americans’ data.
While the White House did not commit to accepting the recommended changes, administration officials on Monday praised the board’s work and again called on Congress to reauthorize the surveillance program. The board argues in its report that Section 702 is critical to U.S. national security and suggests that allowing the program to lapse would be an “intelligence failure” and a step backward from changes made after the Sept. 11 attacks.
The board says the FBI made “inappropriate use” at times of Section 702 information. Those include queries for a U.S. senator and state senator’s names without properly limiting the search, looking for someone believed to have been at the Capitol during the Jan. 6, 2021, insurrection and doing large queries of names of protesters following the 2020 death of George Floyd.
“Unfortunately, complacency, a lack of proper procedures, and the sheer volume of Section 702 activity led to FBI’s inappropriate use of Section 702 authorities, specifically U.S. person queries,” the board said in its report. “U.S. person queries” generally mean searches for U.S. citizens and businesses.
The board recommends the FBI no longer search the data when it is seeking evidence of a crime not related to national security. Currently, the FBI conducts fewer than two dozen such searches a year, a senior administration official told reporters Monday. The official spoke on condition of anonymity under ground rules set by the White House.
The White House has not decided whether it will accept the recommendation but is studying the board’s work and report, the official said.
The board’s report largely lines up with the White House’s positions on other changes being debated in Congress. The board opposed requiring the FBI to obtain a warrant before it searches Section 702 data, saying that change would be impractical. It also says the FBI needs to maintain access to foreign spy collection because unlike other intelligence agencies, it has law enforcement authorities inside the U.S. and can warn Americans that they are being targeted by foreign spies or criminals.
Already, both Republicans and Democrats have called for broader changes affecting the FBI, including a handful of lawmakers in both parties who want to require warrants for any search.
Sen. Jon Ossoff, D-Ga., sharply questioned Assistant Attorney General Matt Olsen in June about how it searches Section 702 data and signaled he would push for new protections.
“I don’t think you’ve effectively made the case that there shouldn’t be a warrant requirement, whether or not it is constitutionally required, for a U.S. person search that is crime only,” he said.
Many in the GOP, meanwhile, are furious about the FBI’s investigations of former President Donald Trump and mistakes found by the Justice Department inspector general and other reviewers.
In a statement, the FBI said the report highlighted “how crucial” foreign intelligence was to the bureau’s mission.
“We agree that Section 702 should be reauthorized in a manner that does not diminish its effectiveness, as well as reassures the public of its importance and our ability to adhere rigorously to all relevant rules,” the bureau’s statement said.
|
https://www.wric.com/news/politics/ap-the-fbi-should-face-new-limits-on-its-use-of-us-foreign-spy-data-a-key-intelligence-board-says/
| 2023-07-31T21:04:24
| 1
|
https://www.wric.com/news/politics/ap-the-fbi-should-face-new-limits-on-its-use-of-us-foreign-spy-data-a-key-intelligence-board-says/
|
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
View original content to download multimedia:
SOURCE Graybar
|
https://www.mysuncoast.com/prnewswire/2023/07/31/graybar-achieves-record-net-sales-second-quarter/
| 2023-07-31T21:04:25
| 0
|
https://www.mysuncoast.com/prnewswire/2023/07/31/graybar-achieves-record-net-sales-second-quarter/
|
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.
View original content to download multimedia:
SOURCE IBM
|
https://www.kold.com/prnewswire/2023/07/31/ibm-elects-michael-miebach-its-board-directors/
| 2023-07-31T21:04:26
| 1
|
https://www.kold.com/prnewswire/2023/07/31/ibm-elects-michael-miebach-its-board-directors/
|
AUSTIN, Minn. – Austin Utilities (AU) and a longtime employee were honored at the recent conference of the American Public Gas Association (APGA).
AU say it received the APGA Community Service Award, recognizing its accomplishments on improving and enhancing the quality of life of the community it serves. 30-year Austin Utilities employee Kelly Lady was also presented the J Hardie Johnston Award, which goes to an APGA public gas member for community service.
AU issued the following statement on the two awards:
“Connections for Better Living is not just a tagline, it is something Austin Utilities (AU) strives for. AU supports several local non-profit organizations. It partners with the Red Cross by hosting blood drives and United Way with employee donations and volunteering for annual events. The Salvation Army is supported by collecting customer donations for the HeatShare Program, serving community meals and fundraising with Pizza Ranch.”
“AU staff participates in customer outreach by hosting building tours, holding open houses and community education classes, and attending job fairs – teaching students about career opportunities within the utility industry. Last year, the Employee Volunteer Program was implemented, allowing employees to earn vacation time in exchange for volunteer hours.”
|
https://www.kimt.com/news/austin-utilities-receives-national-award-for-community-service/article_d7ea6d3e-2fd6-11ee-b52c-0f67684f5bc1.html
| 2023-07-31T21:04:29
| 0
|
https://www.kimt.com/news/austin-utilities-receives-national-award-for-community-service/article_d7ea6d3e-2fd6-11ee-b52c-0f67684f5bc1.html
|
Pipeline operators to pay $12.5M after spills in Montana, North Dakota
By JACK DURA
Associated Press
BISMARCK, N.D. (AP) — Two pipeline operators have agreed to pay a $12.5 million civil penalty related to crude oil spills in 2015 in Montana and in 2016 in North Dakota. The U.S. Environmental Protection Agency announced the settlement on Monday. The 2015 Montana spill involved over 50,000 gallons of oil leaking into the Yellowstone River near Glendive, Montana. The 2016 North Dakota spill involved over 600,000 gallons of oil leaking into an unnamed tributary and impacting waterways including Ash Coulee Creek and the Little Missouri River. Belle Fourche also will pay over $98,000 to North Dakota’s Department of Environmental Quality for past response costs.
|
https://kion546.com/ap-colorado/2023/07/31/pipeline-operators-to-pay-12-5m-after-spills-in-montana-north-dakota/
| 2023-07-31T21:04:29
| 1
|
https://kion546.com/ap-colorado/2023/07/31/pipeline-operators-to-pay-12-5m-after-spills-in-montana-north-dakota/
|
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.
|
https://www.wibw.com/2023/07/31/high-prices-disproportionately-pinching-younger-americans-data-shows/
| 2023-07-31T21:04:29
| 1
|
https://www.wibw.com/2023/07/31/high-prices-disproportionately-pinching-younger-americans-data-shows/
|
ATLANTA (AP) — A Georgia prosecutor is expected to seek a grand jury indictment in the coming weeks in her investigation into efforts by Donald Trump and his Republican allies to overturn the then-president’s 2020 election loss.
Fulton County District Attorney Fani Willis began investigating more than two years ago, shortly after a recording was released of a January 2021 phone call Trump made to Georgia’s secretary of state.
Willis has strongly hinted that any indictment would come between Monday and Aug. 18. One of two grand juries seated July 11 is expected to hear the case.
If Trump is indicted by a Georgia grand jury, it would add to a growing list of legal troubles as he campaigns for president. Trump is set to go to trial in New York in March to face state charges related to hush money payments made during the 2016 presidential campaign. And he has another trial scheduled for May on federal charges related to his handling of classified documents. He has pleaded not guilty in those cases.
The Justice Department is also investigating Trump’s role in trying to halt the certification of 2020 election results in the run-up to the Jan. 6, 2021, assault on the U.S. Capitol. Trump said he’s been told he’s a target of that investigation, which likely has some overlap with the one in Georgia.
An attempt by Trump to derail the Georgia case suffered a setback on Monday when a judge rejected his request to bar Willis from prosecuting him and to toss out the final report of an investigative special grand jury that had been seated to aid the investigation. A similar motion to be heard by a different judge is set for a hearing next week.
Details of the Georgia investigation that have become public have fed speculation that Willis, a Democrat, is building a case under the Georgia Racketeer Influenced and Corrupt Organizations Act, which would allow her to charge numerous people in a potentially wide-ranging scheme.
Here are six investigative threads Willis and her team have explored:
The Georgia investigation was prompted by the Jan. 2, 2021, phone call Trump made to Georgia Secretary of State Brad Raffensperger, a fellow Republican. Trump suggested the state’s top elections official could help “find” the votes needed to put him ahead of Democrat Joe Biden in the state.
“All I want to do is this: I just want to find 11,780 votes, which is one more than we have,” Trump is heard saying on a recording of the call, which was leaked to news outlets. “Because we won the state.”
Trump has insisted he did nothing wrong and has repeatedly said the call was “perfect.”
Trump also called other top state officials in his quest to overturn his 2020 election loss, including Gov. Brian Kemp, then-House Speaker David Ralston, Attorney General Chris Carr and the top investigator in the secretary of state’s office.
U.S. Sen. Lindsey Graham, a South Carolina Republican, also called Raffensperger shortly after the November election. Raffensperger said at the time that Graham asked whether he had the power to reject certain absentee ballots, which Raffensperger has said he interpreted as a suggestion to toss out legally cast votes.
Graham has denied wrongdoing, saying he just wanted to learn about the signature verification process.
Biden won Georgia by a margin of fewer than 12,000 votes. Just over a month after the election, on Dec. 14, 2020, a group 16 Georgia Democratic electors met in the Senate chamber at the state Capitol to cast the state’s Electoral College votes for him. They each marked paper ballots that were counted and confirmed by a voice roll call.
That day, in a committee meeting room at the Capitol, 16 prominent Georgia Republicans — a lawmaker, activists and party officials — met to sign a certificate falsely stating that Trump had won and declaring themselves the state’s “duly elected and qualified” electors. They sent that certificate to the National Archives and the U.S. Senate.
Georgia was one of seven battleground states that Trump lost where Republican fake electors signed and submitted similar certificates. Trump allies in the U.S. House and Senate used those certificates to argue for delaying or blocking the certification of the election during a joint session of Congress.
Prosecutors in Fulton County have said in court filings that they believe Trump associates worked with state Republicans to coordinate and execute the plan.
The multi-state effort was ultimately unsuccessful. Despite public pressure from Trump and his supporters, then-Vice President Mike Pence refused on Jan. 6, 2021, to introduce the unofficial pro-Trump electors. After the attack on the U.S. Capitol put a violent halt to the certification process, lawmakers certified Biden’s win in the early hours of Jan. 7, 2021.
At least eight of the fake electors have since reached immunity deals with Willis’ team. And a judge last summer barred Willis from prosecuting another one, Lt. Gov. Burt Jones, because of a conflict of interest.
Republican state lawmakers held several hearings at the Georgia Capitol in December 2020 to examine alleged problems with the November election. During those meetings, former New York mayor Rudy Giuliani and other Trump allies made unproven claims of widespread election fraud.
They alleged that election workers tallying absentee ballots at State Farm Arena in Atlanta had told outside observers to leave and then pulled out “suitcases” of unlawful ballots and began scanning them. The Trump allies played clips of surveillance video from the arena to support their allegations. State and federal officials investigated and said there was no evidence of election fraud at the site.
Some Trump allies also said thousands of people who were ineligible — including people convicted of felonies, people under the age of 18, people who had voted in another state — had cast votes in Georgia. The secretary of state’s office has debunked those claims.
Two of the election workers seen in the State Farm Arena surveillance video, Ruby Freeman and her daughter Wandrea “Shaye” Moss, said they faced relentless harassment online and in person as a result of the allegations made by Trump and his allies.
Giuliani last week conceded that statements he made about the two election workers were false.
In a bizarre episode detailed by prosecutors in court filings, a woman traveled from Chicago to Georgia and met with Freeman on Jan. 4, 2021. The woman initially said she wanted to help Freeman but then warned that Freeman could go to prison and tried to pressure her into falsely confessing to committing election fraud, prosecutors wrote in court filings last year.
Trump-allied lawyer Sidney Powell and others hired a computer forensics team to copy data and software on election equipment in Coffee County, some 200 miles (322 kilometers) southeast of Atlanta, according to invoices, emails, security video and deposition testimony produced in response to subpoenas in a long-running lawsuit.
The county Republican Party chair at the time — who also served as a fake elector — greeted them when they arrived at the local elections office on Jan. 7, 2021, and some county elections officials were also on hand during the daylong visit. The secretary of state’s office has said this amounted to “alleged unauthorized access” of election equipment and the Georgia Bureau of Investigation is looking into it at the secretary of state’s request.
Two other men who have been active in efforts to question the 2020 election results also visited Coffee County later that month and spent hours inside.
U.S. Attorney BJay Pak, the top federal prosecutor in Atlanta, abruptly resigned two days after Trump called Raffensperger and a day after a recording of that call was made public. During that conversation, Trump called Pak a “never-Trumper,” implying that he didn’t support the president.
In December 2020, then-U.S. Attorney General William Barr asked Pak to investigate allegations by Giuliani and other Trump allies of widespread election fraud. Pak, who had been appointed by Trump in 2017, reported back that he had found no evidence of such fraud.
In August 2021, Pak told the U.S. Senate Judiciary Committee, which was investigating Trump’s post-election actions, that he resigned on Jan. 4, 2021, after learning from Department of Justice officials that Trump did not believe enough was being done to investigate allegations of election fraud and wanted him gone as U.S. attorney.
|
https://www.wric.com/news/politics/ap-trump-could-be-indicted-soon-in-georgia-heres-a-look-at-that-investigation/
| 2023-07-31T21:04:30
| 0
|
https://www.wric.com/news/politics/ap-trump-could-be-indicted-soon-in-georgia-heres-a-look-at-that-investigation/
|
Published: Jul. 31, 2023 at 4:05 PM EDT|Updated: 59 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.
|
https://www.mysuncoast.com/prnewswire/2023/07/31/harmonic-announces-second-quarter-2023-results/
| 2023-07-31T21:04:32
| 1
|
https://www.mysuncoast.com/prnewswire/2023/07/31/harmonic-announces-second-quarter-2023-results/
|
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.
View original content:
SOURCE John Hancock Investment Management
|
https://www.kold.com/prnewswire/2023/07/31/john-hancock-premium-dividend-fund/
| 2023-07-31T21:04:33
| 0
|
https://www.kold.com/prnewswire/2023/07/31/john-hancock-premium-dividend-fund/
|
We're moving right along through the summer and county fair season, and there are more fairs coming up during the month of August in southern Minnesota and North Iowa.
Freeborn County - Albert Lea, MN - August 1-6
Fair Website: https://www.co.freeborn.mn.us/490/Freeborn-County-Fair
Mitchell County - Osage, IA - August 2-6
Fair Website: https://mitchellcountyfair.org/
Goodhue County - Zumbrota, MN - August 8-12
Fair Website: https://www.goodhuecountyfair.com/
Mower County - Austin, MN - August 8-13
Fair Website: https://www.mowercountyfair.com/
Steele County - Owatonna, MN - August 15-20
Fair Website: https://scff.org/
Houston County - Caledonia, MN - August 16-20
Fair Website: https://www.houstoncountyfair.com/
Chickasaw County - Nashua, IA - August 31-September 4
Fair Website: http://www.big4fair.net/
|
https://www.kimt.com/news/county-fairs-coming-up-in-the-month-of-august/article_a07466b2-2fda-11ee-aea5-ff9f912d755c.html
| 2023-07-31T21:04:35
| 0
|
https://www.kimt.com/news/county-fairs-coming-up-in-the-month-of-august/article_a07466b2-2fda-11ee-aea5-ff9f912d755c.html
|
UN chief welcomes Kenya’s offer to `positively consider’ leading police force to combat Haiti gangs
By EDITH M. LEDERER
Associated Press
UNITED NATIONS (AP) — The United Nations chief has welcomed Kenya’s offer to “positively consider” leading a multinational police force to help combat Haiti’s gangs and improve security in the violence-wracked Caribbean nation. Haiti’s Prime Minister Ariel Henry sent an urgent appeal last October for “the immediate deployment of a specialized armed force” to stop the gangs. Since then, U.N. Secretary-General António Guterres has been appealing unsuccessfully for a lead nation. Kenya’s Foreign Ministry says its offer includes a commitment to send 1,000 police to help train and assist the Haitian National Police as they “restore normalcy.” U.N. deputy spokesman Farhan Haq says Guterres “welcomes Kenya’s positive response to his call” and is grateful to Kenya for its “solidarity.”
|
https://kion546.com/ap-colorado/2023/07/31/un-chief-welcomes-kenyas-offer-to-positively-consider-leading-police-force-to-combat-haiti-gangs/
| 2023-07-31T21:04:35
| 0
|
https://kion546.com/ap-colorado/2023/07/31/un-chief-welcomes-kenyas-offer-to-positively-consider-leading-police-force-to-combat-haiti-gangs/
|
Royals send veteran infielder Nicky Lopez to Atlanta for pitcher Taylor Hearn
KANSAS CITY, Mo. (KCTV) - On Sunday, the Kansas City Royals traded infielder Nicky Lopez for left-hand pitcher Taylor Hearn.
Hearn made his Major League debut with the Rangers in 2019. He was named Texas’ Roberto Clemente Award nominee in 2022 and was the Jim Sundberg Community Achievement Award recipient that year.
The Kansas City Royals will be Hearn’s fifth organization since he was selected by Washington in the fifth round of the 2015 Draft. He was acquired by Atlanta last Monday and has pitched in five big league games this season.
ALSO READ: Why Bobby Witt Jr.’s walk-off grand slam was historic
Lopez, 28, was selected by the Royals in the fifth round of the 2016 Draft.
Lopez has spent his entire professional career in the Royals organization. He made his Major League debut in 2019 and was named the Joe Burke Special Achievement Award recipient in 2021, after batting .300 (149-for-497) in 151 games.
In 2022, Lopez was the Royals Roberto Clemente Award nominee for his involvement in the Kansas City community.
To get the latest news sent to your phone, download the KCTV5 News app here.
Copyright 2023 KCTV. All rights reserved.
|
https://www.wibw.com/2023/07/31/royals-send-veteran-infielder-nicky-lopez-atlanta-pitcher-taylor-hearn/
| 2023-07-31T21:04:35
| 0
|
https://www.wibw.com/2023/07/31/royals-send-veteran-infielder-nicky-lopez-atlanta-pitcher-taylor-hearn/
|
WASHINGTON (AP) — Former President Donald Trump ‘s mounting legal woes are growing more expensive, leading his campaign to request a refund from a supportive super PAC and launch a new legal defense fund to help cover costs.
His political action committee, Save America, is expected to disclose Monday that it spent more than $40 million on legal fees during the first half of the year for costs related to defending the former president, his aides and other allies, according to a person familiar with the filing who spoke on the condition of anonymity before the deadline. The number was first reported by The Washington Post.
At the same time, Trump’s allies are creating a new legal defense fund that will help pay the soaring legal fees as Trump faces dozens of criminal charges stemming from indictments in New York and Florida, with more expected as soon as this week. The Patriot Legal Defense Fund, as it is called, is intended to raise money to defray costs for those “defending against legal actions arising from an individual or group’s participation in the political process,” according to a filing made last month with the IRS. The group will be run by Trump campaign senior advisers Susie Wiles and Michael Glassner.
“The weaponized Department of Justice and the deranged Jack Smith have targeted innocent Americans associated with President Trump,” said Trump spokesman Steven Cheung. “In order to combat these heinous actions by Joe Biden’s cronies and to protect these innocent people from financial ruin and prevent their lives from being completely destroyed, a new legal defense fund will help pay for their legal fees.” The fund was first reported by The New York Times.
Smith is the special counsel leading the federal investigations of Trump. His team has expressed interest in the payment of legal fees for Trump-aligned witnesses in the investigations and has sought information about it, according to a person familiar with the matter who spoke on the condition of anonymity in order to discuss ongoing criminal probes.
Trump’s PAC has also requested that his super PAC, MAGA Inc., return some of the money that it transferred to seed the group to help cover costs. It is unclear whether money was actually transferred or how much.
A spokesman for the super PAC did not respond to a request for comment.
Trump launched his PAC, Save America, in the days after the 2020 election, which he lost to President Joe Biden. For weeks, the group bombarded supporters with a nonstop stream of text messages and emails that purported to raise money for an “election defense fund” that would be used to contest the election’s outcome.
But the $170 million that the effort raised in less than a month was not used to contest the election, records show. Instead, it was used to pay down campaign debt and replenish the coffers of the Republican National Committee, with Trump also stockpiling another large chunk for his future political endeavors. Last year, the Justice Department issued a round of grand jury subpoenas that sought information about the political action committee’s fundraising practices.
Since then, Save America has served as a different sort of “defense fund,” covering the legal expenses for Trump operatives, allies and employees who have been ensnared in the Justice Department’s ongoing investigation.
Some of Save America’s money has been used to boost other candidates, though it’s a pittance compared to how much Trump has spent on ballooning legal costs.
As the 2022 midterm elections approached, Trump pledged to back congressional candidates loyal to him. But of the roughly $65 million earmarked by Save America for political spending, less than a third — about $20 million — was used to back midterm candidates through campaign contributions or paid advertising.
“Forty million dollars — I’ve never seen anything like it,” said Paul S. Ryan, a longtime campaign finance attorney in Washington, referring to the sum the group spent on legal fees this year. “There’s no legal issue. It’s really just a question for his donors: Do they want to be funding lawyers?”
___
Colvin reported from New York.
|
https://www.wric.com/news/politics/ap-trump-political-committee-splurges-over-40m-on-lawyers-fees-as-legal-peril-mounts/
| 2023-07-31T21:04:38
| 1
|
https://www.wric.com/news/politics/ap-trump-political-committee-splurges-over-40m-on-lawyers-fees-as-legal-peril-mounts/
|
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.
View original content:
SOURCE John Hancock Investment Management
|
https://www.kold.com/prnewswire/2023/07/31/john-hancock-tax-advantaged-dividend-income-fund/
| 2023-07-31T21:04:39
| 1
|
https://www.kold.com/prnewswire/2023/07/31/john-hancock-tax-advantaged-dividend-income-fund/
|
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
View original content:
SOURCE Heidrick & Struggles International, Inc.
|
https://www.mysuncoast.com/prnewswire/2023/07/31/heidrick-amp-struggles-reports-second-quarter-2023-results/
| 2023-07-31T21:04:39
| 1
|
https://www.mysuncoast.com/prnewswire/2023/07/31/heidrick-amp-struggles-reports-second-quarter-2023-results/
|
Trump’s legal problems grow. So does his political power
Analysis by Zachary B. Wolf, CNN
(CNN) — Former President Donald Trump’s fortunes seem to be moving in opposing directions.
He is burning cash on an expanding, multipronged legal war with fronts in courtrooms up and down the East Coast: New York, Florida, Georgia and Washington, DC. Trials are already scheduled for March in Manhattan and May in Florida.
But Trump’s place atop the Republican primary field for the 2024 presidential race has never felt more secure and his chances against President Joe Biden have never felt more competitive.
Trump’s political power feeds on his criminal exposure
In a self-propelling cycle, Trump’s grassroots political supporters give a portion of their donations to his leadership PAC, which is paying his epic legal bills – more than $40 million in the first half of this year alone.
And his campaign, fueled by outrage over his legal problems that Trump alleges are politically motivated, remains his best bet for outlasting the two criminal cases he currently faces.
Two more criminal trials could be coming. Federal prosecutors may carry forward with allegations related to Trump’s efforts to overturn the 2020 election. And the Fulton County district attorney in Georgia is wrapping up her own case and could bring charges by the end of August.
Read CNN’s full report on Trump’s legal bills.
Separately, The New York Times and CNN’s Kristen Holmes reported Monday that Trump’s leadership PAC, Save America, has asked for a refund on a $60 million contribution it gave to a super PAC formed to support Trump.
A legal defense fund is also being set up to help offset legal costs for Trump’s associates. His aide Walt Nauta and the Mar-a-Lago property manager Carlos De Oliveira are listed as co-defendants in federal charges related to alleged attempts to hide classified material from the FBI.
Related interactive: Track the indictments against Trump.
De Oliveira made an initial court appearance Monday in Miami. But he did so without a Florida-based attorney, which might seem like an accident if Nauta had not done the same thing. Arraignments for both men were delayed as a result.
Delay is Trump’s top legal strategy. His legal team has been working hard to delay and disassemble the cases against him.
“Every day of delay counts,” said CNN’s senior justice correspondent Evan Perez, appearing on “Inside Politics.” “Every bit of it will add up. The former president’s overall goal – he has made it very clear – is to … wait until after the election to actually go to trial.”
Evidence of the delay strategy in many of his moves
Trump’s request to have charges brought by Manhattan DA Alvin Bragg – regarding a 2016 hush-money payment scheme involving an adult-film star – moved to federal court has been denied. Trump is appealing the ruling.
He has also tried to revive a previously abandoned RICO lawsuit alleging a conspiracy against him by Democrats and Hillary Clinton. Read CNN’s report by Kara Scannell and Tierney Sneed on Trump’s legal maneuvers.
Endgame in Georgia
Security measures have been ramped up around the Atlanta courthouse in Fulton County, Georgia, and a yearslong investigation into efforts to overturn the 2020 presidential election results in that state is complete, according to District Attorney Fani Willis.
“We’ve been working for two and half years. We’re ready to go,” Willis told CNN affiliate WXIA.
Whether that means Trump will ultimately face charges in Georgia is unclear, although Willis has said she would make a decision by the end of August.
On Monday, the judge who has overseen Willis’ investigation, Fulton County Superior Court Judge Robert McBurney, dismissed Trump’s latest effort to circumvent the Georgia case, making clear the former president will have to wait until he is actually indicted there to fight potential charges.
‘Rumpelstiltskin’
He also alluded in a footnote to how Trump has fanned fury at his legal problems for his own political purposes.
“And for some, being the subject of a criminal investigation can, à la Rumpelstiltskin, be turned into golden political capital, making it seem more providential than problematic,” McBurney wrote, drawing a parallel between the former president and the villain of the Brothers Grimm fairy tale who turns straw into gold.
Trump is also trying to have McBurney bounced from the case. A hearing before another judge is scheduled for August 10.
Read CNN’s full report on the Fulton County probe by Sara Murray and Jason Morris.
Trump’s political fortunes stay bright
CNN’s Harry Enten has two very important points in his analysis.
Trump is in a very strong position to win the GOP primary.
Enten: No one in Trump’s current polling position in the modern era has lost an open presidential primary that didn’t feature an incumbent. He’s pulling in more than 50% of support in the national primary polls, i.e., more than all his competitors combined.
Proving Enten’s point, in a new New York Times/Siena College poll, Trump has the support of more than half, 54%, of the Republican primary electorate. He roughly triples the support for his nearest competitor, the flagging Florida Gov. Ron DeSantis, who is under 20%.
Trump would be competitive in November 2024 against Biden.
Enten: What should arguably be more amazing is that despite most Americans agreeing that Trump’s two indictments thus far were warranted, he remains competitive in a potential rematch with President Joe Biden. A poll out last week from Marquette University Law School had Biden and Trump tied percentage-wise (with a statistically insignificant few more respondents choosing Trump).
Enten notes that general election polling so far from the election should not be viewed as predictive, which could give Democrats some solace. But the fact is that both men have poor favorability ratings. And Trump is neck and neck with Biden in some key states like Pennsylvania.
And note: The primary will mostly be completed by the end of March, when the first of the currently scheduled criminal trials is set to get underway.
The-CNN-Wire
™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
|
https://kion546.com/cnn-opinion/2023/07/31/trumps-legal-problems-grow-so-does-his-political-power/
| 2023-07-31T21:04:41
| 0
|
https://kion546.com/cnn-opinion/2023/07/31/trumps-legal-problems-grow-so-does-his-political-power/
|
STEWARTVILLE, Minn. – Brent Rempe has been named the new President and CEO of First Alliance Credit Union.
Rempe is taking over for Mike Rosek, who is retiring after serving in the role for six years.
“I am excited to join the passionate and talented First Alliance team,” says Rempe. “Mike Rosek, the Board, and the team have built a purpose-driven organization that strives to fulfill the credit union difference by serving the entire community. I look forward to being part of First Alliance’s next chapter as we continue to create an impact in the lives of Southeast Minnesotans.”
First Alliance says Rempe has worked in the credit union space for almost 10 years, beginning his credit union career at Weokie Federal Credit Union as the Director of Education. He later moved into the role of AVP of Credit Union Development and went on to work at CUNA Mutual Group as a Client Strategist. In his most recent role, he served as the Chief Lending Officer at Allegiance Credit Union.
“Even with a group of highly qualified candidates, Brent still stood out as the best choice for our next President/CEO,” says Theresa Hornberg, First Alliance Board Chair. “The Board was unanimous in our agreement that Brent’s strategic, purpose-driven approach will propel First Alliance to the next level of success.”
First Alliance Credit Union serves more than 20,000 members in Olmsted, Dodge, Goodhue, Wabasha, and Winona counties and has its headquarters in Stewartville
|
https://www.kimt.com/news/first-alliance-credit-union-names-new-president-ceo/article_b555d0d6-2fd8-11ee-bcdd-7b04b50ef24e.html
| 2023-07-31T21:04:41
| 1
|
https://www.kimt.com/news/first-alliance-credit-union-names-new-president-ceo/article_b555d0d6-2fd8-11ee-bcdd-7b04b50ef24e.html
|
San Francisco prosecutors lay out murder case against consultant in death of Cash App’s Bob Lee
SAN FRANCISCO (AP) — DNA from a bloody knife and video footage are crucial pieces of evidence against a tech consultant charged with murder in the stabbing death of Cash App founder Bob Lee, who was found bleeding on a deserted San Francisco street in April, prosecutors argued Monday.
The San Francisco prosecutor’s office began laying out its case against Nima Momeni, 38, at a preliminary hearing in which a judge will decide if there’s enough evidence to go to trial.
Prosecutors say Momeni planned the attack, drove Lee to a secluded spot and stabbed him three times after a dispute related to Momeni’s younger sister.
They have not spelled out a motive, but previously offered a timeline in a case that has drawn outsized media attention, partly due to Lee’s status in the tech world. Lee created Cash App, a mobile payment service, and was the chief product officer of the cryptocurrency MobileCoin.
Momeni, who has been in jail since his arrest April 13, has pleaded not guilty. He faces 26 years to life if convicted.
The arrest came more than a week after Lee, 43, was found in a deserted part of downtown San Francisco early April 4. He later died at a hospital.
On Monday morning, Assistant District Attorney Omid Talai introduced evidence, including photos of a knife that prosecutors say Momeni used to stab Lee, a trail of blood left by Lee as he staggered for help, and video footage showing the two men leave Momeni’s sister’s condo building before the stabbing.
Talai said at a May hearing that the weapon was part of a unique kitchen set belonging to his sister and that analysis showed Momeni’s DNA on the weapon’s handle and Lee’s DNA on the bloody blade. Police recovered a knife with a 4-inch (10-centimeter) blade at the scene.
Saam Zangeneh, one of Momeni’s lawyers, suggested to reporters Monday during a break that the investigation conducted by the San Francisco police was far from thorough.
He questioned why the rubber handle of the knife was tested for only DNA and not fingerprints. SFPD crime scene investigator Rosalyn Check said that it is difficult to get prints off rubber.
“When you want to see if someone’s touching something, you do fingerprint analysis, right?” he said. “And they weren’t done on the handle, which is the most important, relevant portion of who, if any, was handling that item.”
Zangeneh has yet to elaborate on the defendant’s version of events.
Momeni brought in Zangeneh and Bradford Cohen, both based in Florida. His first attorney, Paula Canny, withdrew in late May, citing a conflict of interest that she declined to disclose.
At prosecutors’ urging, Momeni has been held without bail. In arguing for release pending trial, Canny said that Momeni was not a flight risk and would not leave the two people he loves most, his sister and mother. She said Momeni needs to fight the charges or face deportation to Iran, a country that his mother fled when the children were younger to escape a violent husband.
An unnamed friend of Lee told homicide investigators they had been hanging out and drinking with Momeni’s sister the day before the stabbing, prosecutors said in their motion to deny bail.
The friend said Momeni later questioned Lee about whether his sister was doing drugs or otherwise engaging in inappropriate behavior and Lee said she had not.
Surveillance video showed Lee later entering the posh Millennium Tower downtown, where Momeni’s sister Khazar lives with her husband, prominent San Francisco plastic surgeon Dino Elyassnia. Video footage then showed Lee and Momeni leaving the building together shortly after 2 a.m. and driving off in Momeni’s car.
Lee was found shortly after 2:30 a.m. in the Rincon Hill neighborhood, which has tech offices and condominiums but little activity in the early morning hours.
Copyright 2023 The Associated Press. All rights reserved.
|
https://www.wibw.com/2023/07/31/san-francisco-prosecutors-lay-out-murder-case-against-consultant-death-cash-apps-bob-lee/
| 2023-07-31T21:04:41
| 1
|
https://www.wibw.com/2023/07/31/san-francisco-prosecutors-lay-out-murder-case-against-consultant-death-cash-apps-bob-lee/
|
DES MOINES, Iowa (AP) — Another day, another billion dollar lottery jackpot.
At least, that’s how it seems ahead of Tuesday night’s Mega Millions drawing for an estimated $1.05 billion top prize.
It’s a huge sum of money, but such giant jackpots have become far more common, with five prizes topping $1 billion since 2021 — and one jackpot reaching $2.04 billion in 2022.
The massive prizes are due in part to chance, but it’s not all happenstance. Rising interest rates coupled with changes to the odds of winning are also big reasons the prizes grow so large.
HOW DO INTEREST RATES INCREASE JACKPOTS?
Nearly all jackpot winners opt for a lump sum payout, which for Tuesday night’s drawing would be an estimated $527.9 million. The lump sum is the cash that a winner has actually won. The highlighted $1.05 billion prize is for a sole winner who is paid through an annuity, which is funded by that lump sum and will be doled out annually over 30 years.
That’s where the higher interest rate becomes a factor, because the higher the interest rate, the larger the annuity can grow over three decades. The U.S. is in the midst of a remarkable run of interest rate increases, with the Federal Reserve raising a key rate 11 times in 17 months, and that higher rate enables a roughly $500 million lump sum prize to be advertised as a jackpot of about twice that size.
HOW DOES THE ANNUITY WORK?
A winner who chooses the annuity option would receive an initial payment and then 29 annual payments that rise by 5% each year. Opting for an annuity has some tax advantages, as less of the winnings would be taxed at the top federal income tax rate of 37%. It also could be an option for winners who don’t trust themselves to manage so much money all at once.
If lottery winners die before 30 years, the future payments would go to their beneficiaries.
WHY DO WINNERS SNUB THE ANNUITY OPTION?
The annuities pay out big money, but not nearly as big as taking the lump sum.
For example, a sole winner of Tuesday night’s Mega Millions could choose a lump sum of an estimated $527.9 million or an initial annuity payment of about $15.8 million. Of course, those annuity payments would continue for decades and gradually increase until the final check paid about $65.1 million, according to lottery officials.
In both cases, the winnings would be subject to federal taxes, and many states also tax lottery winnings.
Given all that, nearly all jackpot winners think they could make more money by investing the money themselves, or they simply want the biggest initial payout possible.
WHAT ABOUT THE ODDS OF WINNING?
That’s another factor that has created so many huge prizes for those who match all six numbers.
In 2015, the Powerball odds were changed from 1 in 175.2 million to 1 in 292.2 million. Mega Millions took a similar action in 2019 by lengthening the game’s odds from 1 in 258.9 million to 1 in 302.6 million.
For lottery officials, the hope was that by making it harder to win jackpots, the prizes would roll over for weeks and create truly massive pots of money that would in turn generate higher sales.
The result is that all of the billion dollar jackpots have come after the changes in the odds.
HOW LONG UNTIL THERE IS A WINNER?
Luck remains a big factor, as the odds of any ticket being a winner never changes. However, the more people who play Mega Millions, the more of the potential 302.6 million number combinations are covered.
For the last Mega Millions drawing on Friday night, 20.1% of possible number combinations were purchased. Typically, the larger the jackpot grows, the more people buy tickets and the more potential combinations are covered.
Tuesday night’s drawing will be the 30th since the last jackpot winner. That is inching closer to the longest Mega Millions jackpot drought, which reached 37 drawings from Sept. 18, 2020, to Jan. 22, 2021.
The longest jackpot run was for a Powerball prize that stretched over 41 drawings and ended with a record $2.04 billion prize on Nov. 7, 2022.
___
The top federal tax bracket has been corrected to 37%.
|
https://www.wric.com/news/u-s-world/ap-1-05-billion-mega-million-jackpot-is-among-a-surge-in-huge-payouts-due-to-more-than-just-luck/
| 2023-07-31T21:04:44
| 1
|
https://www.wric.com/news/u-s-world/ap-1-05-billion-mega-million-jackpot-is-among-a-surge-in-huge-payouts-due-to-more-than-just-luck/
|
LINKBANCORP, Inc. Announces Second Quarter 2023 Financial Results
Published: Jul. 31, 2023 at 1:30 PM MST|Updated: 34 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.
|
https://www.kold.com/prnewswire/2023/07/31/linkbancorp-inc-announces-second-quarter-2023-financial-results/
| 2023-07-31T21:04:46
| 0
|
https://www.kold.com/prnewswire/2023/07/31/linkbancorp-inc-announces-second-quarter-2023-financial-results/
|
8-year-old girl falls out of SUV during Pennsylvania police chase
By KDKA Staff
Click here for updates on this story
ARNOLD, Pennsylvania (KDKA) — An 8-year-old girl fell out of an SUV when a woman with a suspended license led officers on a chase in Arnold, police said.
According to the criminal complaint, Arnold police were called to Leishman Avenue and Drey Street shortly before 1 a.m. Saturday for a domestic fight where a woman was trying to get another person to blow into an intoxilyzer interlock system.
When they arrived at the scene, police said they found Amanda Shaw, who they knew had a suspended license related to a DUI, behind the wheel of a GMC SUV.
Shaw failed to stop and drove around a patrol vehicle, speeding away, police said.
When she made a sharp left turn, police said an 8-year-old girl fell out of the passenger side front window. An officer rendered aid to the child while another officer continued to follow Shaw.
Police said Shaw stopped in her backyard then tried to run away. Police ordered her to the ground at gunpoint and she was taken into custody.
The criminal complaint said the officer smelled alcohol on Shaw’s breath and her eyes were bloodshot and glassy. Her speech was also slurred, police said.
Officers said Shaw refused a blood test but agreed to a breath test. It showed she had a blood alcohol content of .106%, the criminal complaint said.
Shaw is facing multiple charges, including aggravated assault, endangering the welfare of children, DUI and attempting to elude an officer.
There was no word on the 8-year-old girl’s condition.
Please note: This content carries a strict local market embargo. If you share the same market as the contributor of this article, you may not use it on any platform.
|
https://kion546.com/cnn-regional/2023/07/31/8-year-old-girl-falls-out-of-suv-during-pennsylvania-police-chase/
| 2023-07-31T21:04:47
| 0
|
https://kion546.com/cnn-regional/2023/07/31/8-year-old-girl-falls-out-of-suv-during-pennsylvania-police-chase/
|
(CNN) — Paul Reubens, who found fame as the quirky man-child character Pee-wee Herman, has died, his publicist announced.
He was 70.
“Last night we said farewell to Paul Reubens, an iconic American actor, comedian, writer and producer whose beloved character Pee-wee Herman delighted generations of children and adults with his positivity, whimsy and belief in the importance of kindness,” a post on his verified social media reads. “Paul bravely and privately fought cancer for years with his trademark tenacity and wit. A gifted and prolific talent, he will forever live in the comedy pantheon and in our hearts as a treasured friend and man of remarkable character and generosity of spirit.”
Reubens left a statement with his team to share with the public after his death.
“Please accept my apology for not going public with what I’ve been facing the last six years,” Reubens wrote. “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.”
Born in Peekskill, New York, Reubens grew up in Sarasota, Florida, and developed an affinity for comedy early on in his life that he attributed in part to Sarasota being the winter home of the Ringling Bros. and Barnum Circus.
In sixth grade, while attending Southside Elementary, Reubens stepped onto a stage for the first time as Nick Burns in “A Thousand Clown”s at The Players Theatre. While at Brookside Junior High, he appeared at The Players in “The Riot Act”, “Camelot” and “On A Clear Day You Can See Forever.”
He led his high school drama club and appeared in starring roles in productions of “The Comedy of Errors,” “My Fair Lady” and “Guys and Dolls.” He was also voted “Most Talented” during his senior year.
After high school graduation, Reubens enrolled in Boston University’s theatre department before moving to Los Angeles to attend the acting program at California Institute of the Arts, the new school founded by Walt Disney.
It was after college that Reubens created the iconic character Pee-wee Herman while a member of the famed Los Angeles improv group, The Groundlings.
“The Pee-wee Herman Show” premiered at The Groundlings Theatre in 1981 before moving to The Roxy on Sunset Strip, where it ran for an unprecedented five months.
The HBO broadcast of the show introduced the Pee-wee Herman character to a national audience.
The character was later brought to the big screen in the 1985 comedy, “Pee-wee’s Big Adventure,” which Reubens co-wrote.
Reubens went on to create, co-write and co-direct the series “Pee-wee’s Playhouse” on CBS, where the series earned 22 Emmy Awards during its run from 1986 to 1991. Reubens was nominated for 14 Emmy Awards during his career, winning twice.
In 2010, he produced, co-wrote and starred in an updated revival of “The Pee-wee Herman Show” in Los Angeles. The production later traveled to Broadway, opening to rave reviews at The Stephen Sondheim Theater.
Five years later, he teamed with director Judd Apatow for the Netflix film “Pee-wee’s Big Holiday.”
His success as Pee-wee Herman also helped Reubens usher other actors into the spotlight on their road to fame. Some of his “Pee-wee’s Playhouse” costar included Laurence Fishburne, Natasha Lyonne, Jimmy Smits, Sandra Bernhard and S. Epatha Merkerson.
Away from the cameras, Reubens faced legal trouble over the years.
He was arrested for indecent exposure in 1991 at a theater showing X-rated films, for which he later entered a plea of no contest.
In 2002, Reubens was charged with one misdemeanor count of possessing material depicting children engaged in sexual conduct, a charge that was later dropped with the actor pleading guilty to a charge of obscenity instead.
“I probably have become more infamous from two misdemeanors than probably anyone I could think of,” Reubens told NBC in 2004.
Some of his more recent acting credits include roles on “Gotham,” “What We Do In The Shadows,” “The Blacklist,” “Portlandia,” “30 Rock,” “Pushing Daisies,” “Reno 911” and “Everybody Loves Raymond.”
Friend and colleagues paid tribute to Reubens on social media on Monday.
“My heart is broken into a billion pieces. Then I looked at the text you sent me last week: a meme of a person in giant hair getting a pie in the face and I burst out laughing,” director Adam Shankman wrote. “Laughing and crying. This my friend says everything about you and what you gave the world.”
The-CNN-Wire
™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
|
https://www.kimt.com/news/national/paul-reubens-pee-wee-herman-star-dead-at-70/article_91e5b562-11f6-5163-9e08-a4ae8f9b3e59.html
| 2023-07-31T21:04:47
| 0
|
https://www.kimt.com/news/national/paul-reubens-pee-wee-herman-star-dead-at-70/article_91e5b562-11f6-5163-9e08-a4ae8f9b3e59.html
|
Published: Jul. 31, 2023 at 4:15 PM EDT|Updated: 49 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.
|
https://www.mysuncoast.com/prnewswire/2023/07/31/huntsman-announces-second-quarter-2023-earnings/
| 2023-07-31T21:04:46
| 0
|
https://www.mysuncoast.com/prnewswire/2023/07/31/huntsman-announces-second-quarter-2023-earnings/
|
CANBERRA, Australia (AP) — The Australian army helicopter that crashed Friday during a multinational exercise hit the water with a “catastrophic impact” and there is no chance its four crew members survived, officials said Monday.
Australia’s fleet of more than 40 of the MRH-90 Taipan helicopters, made by French Airbus, has been grounded since the crash and there are doubts any will fly again.
They will be grounded until crash investigators determine what caused the tragedy. The government announced in January it plans to replace them with 40 U.S. Black Hawks. The Taipans’ retirement date of December 2024 would be 13 years earlier than Australia had initially planned.
Defense Minister Richard Marles said the search and rescue effort changed Monday to a victim recovery operation with no chance that Capt. Danniel Lyon, Lt. Maxwell Nugent, Warrant Officer Joseph Laycock or Cpl. Alexander Naggs had survived.
“There was a catastrophic incident and with every passing hour, it is now clear that any hope of finding (the four crew) alive has been lost,” Marles told reporters.
The helicopter crashed during a nighttime exercise with the United States and other nations near the Whitsunday Islands on the Great Barrier Reef.
Marles had said on Saturday the helicopter “ditched,” which refers to an emergency landing. But on Monday he would not rule our pilot error or disorientation in the dark causing the crash into the water. He urged against speculation about potential causes.
“There was a catastrophic impact on the helicopter when it hit the water,” Marles said.
“We will move through the process of putting the Black Hawks into service as quickly as we can … and we will not be flying MRH90s until we understand what has happened,” Marles added.
The lost Taipan had been taking part in Talisman Sabre, a biennial U.S.-Australian military exercise that is largely based in Queensland state. This year’s exercise involves 13 nations and more than 30,000 military personnel.
The exercise was continuing on Monday with some changes near the recovery operation, Australian Defense Force Chief Gen. Angus Campbell said.
Campbell thanked the United States and Canada for their help in the search and recovery efforts, which he said was “not an easy operation.”
The wreckage lay in the path of strong currents and tidal movements. It was too deep for standard diving operations.
Part of the airframe had been retrieved by Monday but most of the helicopter remained on the seabed, Campbell said.
It was the second emergency involving an Australian Taipan since March. The fleet was grounded after one ditched into the sea off the New South Wales state coast near the naval base at Jervis Bay during a nighttime counterterrorism training exercise. All 10 passengers and crew members were rescued.
Retired Maj. Gen. Fergus McLachlan was involved in integrating the Taipan into the Australian army when they arrived in 2007 and had been responsible for keeping them airworthy. He said the Taipan did not have the proven record of the Lockheed Martin-designed Black Hawks.
“We bought into an unproven system. In real terms, it was a developmental aircraft and it has never really matured,” McLachlan told Australian Broadcasting Corp.
“It was always a battle to maintain it and keep it flying,” McLachlan added.
|
https://www.wric.com/news/u-s-world/ap-4-crew-members-on-australian-army-helicopter-that-crashed-off-coast-didnt-survive-officials-say/
| 2023-07-31T21:04:50
| 0
|
https://www.wric.com/news/u-s-world/ap-4-crew-members-on-australian-army-helicopter-that-crashed-off-coast-didnt-survive-officials-say/
|
Arlington police investigating cars ‘tagged with racist, vulgar graffiti’
By ANNIE GIMBEL
Click here for updates on this story
ARLINGTON, Texas (KTVT) — Arlington police are investigating after 17 cars were tagged with racist and vulgar graffiti between Friday night and Saturday morning in multiple neighborhoods.
Vandals randomly tagged cars in the East and South Districts, according to police.
“We do not have any evidence that would indicate any of the victims’ vehicles were specifically targeted by the vandals. The victims are multiple races, genders, and ages,” police said.
Detectives are canvassing the affected neighborhoods for information and surveillance video. Based on their investigation, police said they believe all the incidents. The vandalism was “likely committed by the same individuals” as well.
Law enforcement officials are following up on leads but have yet to identify the culprit.
Please note: This content carries a strict local market embargo. If you share the same market as the contributor of this article, you may not use it on any platform.
|
https://kion546.com/cnn-regional/2023/07/31/arlington-police-investigating-cars-tagged-with-racist-vulgar-graffiti/
| 2023-07-31T21:04:53
| 1
|
https://kion546.com/cnn-regional/2023/07/31/arlington-police-investigating-cars-tagged-with-racist-vulgar-graffiti/
|
MASON CITY, Iowa – Pritchard Family Auto Stores says it has bought Mason City Motors, bringing the Mason City GMC and Nissan car dealerships back under local ownership.
The company says the move allows them to welcome more than three dozen new employees into Pritchard Family Auto Stores.
“It was during The Great Depression that my family first opened a location in Mason City, and I am extremely proud to bring us back to town,” said Pritchard Companies President & CEO Joe Pritchard, fourth-generation leader of the company. “We’ve heard from many of the former Mason City Motors employees that they’re excited to now be part of Pritchard Family Auto Stores, but I think the true benefit is to the company. These are some talented and hard-working people who truly want to do the best they can for our customers and community.”
Pritchard Family Auto Stores now owns eight dealerships in North Iowa, including Pritchard’s Lake Chevrolet in Clear Lake, Pritchard Auto Company in Britt and Garner, Pritchard’s of Belmond, and two locations in Forest City: Forest City Auto and Chrysler of Forest City. Founded in 1913, Pritchard’s has over 300 employees nationwide.
|
https://www.kimt.com/news/pritchard-family-auto-stores-returns-to-mason-city/article_bd132fd4-2fd4-11ee-8783-fbefab46bc6b.html
| 2023-07-31T21:04:53
| 0
|
https://www.kimt.com/news/pritchard-family-auto-stores-returns-to-mason-city/article_bd132fd4-2fd4-11ee-8783-fbefab46bc6b.html
|
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.
View original content to download multimedia:
SOURCE IBM
|
https://www.mysuncoast.com/prnewswire/2023/07/31/ibm-elects-michael-miebach-its-board-directors/
| 2023-07-31T21:04:53
| 1
|
https://www.mysuncoast.com/prnewswire/2023/07/31/ibm-elects-michael-miebach-its-board-directors/
|
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
View original content to download multimedia:
SOURCE Livent Corporation
|
https://www.kold.com/prnewswire/2023/07/31/livent-publishes-2022-sustainability-report/
| 2023-07-31T21:04:53
| 1
|
https://www.kold.com/prnewswire/2023/07/31/livent-publishes-2022-sustainability-report/
|
KHAR, Pakistan (AP) — A suicide bomber blew himself up at a political rally in a former stronghold of militants in northwest Pakistan bordering Afghanistan on Sunday, killing at least 44 people and wounding nearly 200 in an attack that a senior leader said was meant to weaken Pakistani Islamists.
The Bajur district near the Afghan border was a stronghold of the Pakistani Taliban — a close ally of Afghanistan’s Taliban government — before the Pakistani army drove the militants out of the area. Supporters of hard-line Pakistani cleric and political party leader Fazlur Rehman, whose Jamiat Ulema Islam generally supports regional Islamists, were meeting in Bajur in a hall close to a market outside the district capital. Party officials said Rehman was not at the rally but organizers added tents because so many supporters showed up, and party volunteers with batons were helping control the crowd.
Officials were announcing the arrival of Abdul Rasheed, a leader of the Jamiat Ulema Islam party, when the bomb went off in one of Pakistan’s bloodiest attacks in recent years.
Provincial police said in a statement that the attack was carried out by a suicide bomber who detonated his explosives vest close to the stage where several senior leaders of the party were sitting. It said initial investigations suggested the Islamic State group — which operates in Afghanistan and is an enemy of the Afghan Taliban — could be behind the attack, and officers were still investigating.
“There was dust and smoke around, and I was under some injured people from where I could hardly stand up, only to see chaos and some scattered limbs,” said Adam Khan, 45, who was knocked to the ground by the blast around 4 p.m. and hit by splinters in his leg and both hands.
The Pakistan Taliban, or TTP, said in a statement sent to The Associated Press that the bombing was aimed at setting Islamists against each other. Zabiullah Mujahid, a spokesman for the Afghan Taliban, said on the social media platform X, formerly known as Twitter, that “such crimes cannot be justified in any way.”
The Afghan Taliban’s seizure of power in Afghanistan in mid-August 2021 emboldened the TTP. They unilaterally ended a cease-fire agreement with the Pakistani government in November, and have stepped up attacks across the country.
The bombing came hours before the arrival of Chinese Vice Premier He Lifeng in Islamabad, where he was to participate in an event to mark a decade of the China-Pakistan Economic Corridor, or CPEC, a sprawling package under which Beijing has invested billions of dollars in Pakistan.
In recent months, China has helped Pakistan avoid a default on sovereign payments. However, some Chinese nationals have also been targeted by militants in northwestern Pakistan and elsewhere.
Feroz Jamal, the provincial information minister, told The Associated Press that so far 44 people had been “martyred” and nearly 200 wounded in the bombing.
The bombing was one of the four worst attacks in the northwest since 2014, when 147 people, mostly schoolchildren, were killed in a Taliban attack on an army-run school in Peshawar. In January, 74 people were killed in a bombing at a mosque in Peshawar. n February, more than 100 people, mostly policemen, died in a bombing at a mosque inside a high-security compound housing Peshawar police headquarters.
Prime Minister Shehbaz Sharif and President Arif Alvi condemned the attack and asked officials to provide all possible assistance to the wounded and the bereaved families. Sharif later, in a phone call to Rehman, the head of the JUI, conveyed his condolences to him and assured him that those who orchestrated the attack would be punished.
The U.S. Embassy in Islamabad also condemned the attack. In a post on social media platform X, formerly known as Twitter, it expressed its condolences to the families and loved ones of the victims killed in the attack..
Maulana Ziaullah, the local chief of Rehman’s party, was among the dead. JUI leaders Rasheed and former lawmaker Maulana Jamaluddin were also on the stage but escaped unhurt.
Rasheed, the regional chief of the party, said the attack was an attempt to remove JUI from the field before parliamentary elections in November, but he said such tactics would not work. The bombing drew nationwide condemnation, with the ruling and opposition parties extending condolences to the families of those who died in the attack.
Rehman is considered to be a pro-Taliban cleric and his political party is part of the coalition government in Islamabad. Meetings are being organized across the country to mobilize supporters for the upcoming elections.
“Many of our fellows lost their lives and many more wounded in this incident. I will ask the federal and provincial administrations to fully investigate this incident and provide due compensation and medical facilities to the affected ones,” Rasheed said.
Mohammad Wali, another attendant at the rally, said he was listening to a speaker address the crowd when the huge explosion temporarily deafened him.
“I was near the water dispenser to fetch a glass of water when the bomb exploded, throwing me to the ground,” he said. “We came to the meeting with enthusiasm but ended up at the hospital seeing crying, wounded people and sobbing relatives taking the bodies of their loved ones.”
___
Riaz Khan reported from Peshawar. Associated Press writer Munir Ahmad contributed from Islamabad.
|
https://www.wric.com/news/u-s-world/ap-a-bomb-at-a-political-rally-in-northwest-pakistan-kills-10-people-and-wounds-more-than-50/
| 2023-07-31T21:04:56
| 1
|
https://www.wric.com/news/u-s-world/ap-a-bomb-at-a-political-rally-in-northwest-pakistan-kills-10-people-and-wounds-more-than-50/
|
Baby makes his way into the world born in Utah parking lot
By Lucy Nelson
Click here for updates on this story
OGDEN, Utah (KSTU) — One-week-old Finnean made his way into the world in the middle of the parking lot at Browning Park in Ogden.
“It was not, not what we expected. but he had other plans,” said mom Tiana Hutter.
On July 21, Tiana began having some light labor pains, so her husband Keegan drove them to McKay-Dee Hospital.
“I thought we were closer than we were, but they kept us for a few hours,” said Tiana. They sent us home because it was not, nothing was happening.”
The two got home at around 11:30 p.m. that night.
Just a few hours later at around 2 a.m., Keegan said he woke up to Tiana screaming, in labor.
They scooped up their two-year-old son and got in the car.
“Buchanan was in the back seat freaking out,” said Keegan, “And you know I was driving pretty fast through the neighborhood trying to get to the hospital on time and she says, ‘Pull over, it’s happening.”
They only made it about two blocks away from their home in Shadow Valley.
“Instead of pulling over in front of some poor person’s driveway,” explained Keegan. “I made it to the park over here.”
It didn’t take long for their little boy to be born.
“I don’t even remember it was all very stressful,” said Keegan, “All of a sudden, the baby was born, and the dispatcher is walking me through, you know, tie off the umbilical cord, make sure he has a blanket, he’s breathing.”
Tiana added: “She’s like, ‘Do you have like a string to tie off the cord? Do you have a shoelace or a blanket?’ He’s like, we don’t have anything. We’re in our car!”
Paramedics arrived five minutes later and took Tiana and their healthy newborn to the hospital.
The couple was relieved Finnean was okay.
“That was my first concern is that he would have been injured or unsafe in another way after he, you know, was born in a parking lot in the front seat of my car,” said Keegan. “So, he was ok and that’s all I really care about.”
The Hutters were having trouble picking a middle name for Finnean, that is until they thought of where he was born.
“My father-in-law suggested the middle name ‘Browning’ because he was born at ‘Browning Park’ and we were both like, that’s amazing. We love it,” said Tiana. “So, he’s stuck with it now I guess.”
The park forever serves as a reminder of that chaotic early morning when they added a new member to their family.
“I guess now every time I drive by, like, you know, that’s where I delivered a baby in that parking lot right there,” said Keegan.
Please note: This content carries a strict local market embargo. If you share the same market as the contributor of this article, you may not use it on any platform.
|
https://kion546.com/cnn-regional/2023/07/31/baby-makes-his-way-into-the-world-born-in-utah-parking-lot/
| 2023-07-31T21:04:59
| 0
|
https://kion546.com/cnn-regional/2023/07/31/baby-makes-his-way-into-the-world-born-in-utah-parking-lot/
|
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.
View original content:
SOURCE John Hancock Investment Management
|
https://www.mysuncoast.com/prnewswire/2023/07/31/john-hancock-premium-dividend-fund/
| 2023-07-31T21:05:00
| 0
|
https://www.mysuncoast.com/prnewswire/2023/07/31/john-hancock-premium-dividend-fund/
|
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.
View original content to download multimedia:
SOURCE Jackpocket
|
https://www.kold.com/prnewswire/2023/07/31/massachusetts-lottery-fans-can-now-play-record-105b-mega-millions-their-phone/
| 2023-07-31T21:05:00
| 1
|
https://www.kold.com/prnewswire/2023/07/31/massachusetts-lottery-fans-can-now-play-record-105b-mega-millions-their-phone/
|
A Los Angeles-based restaurant chain is bringing its authentic hot chicken to Anne Arundel County, the company announced.
Crimson Coward Nashville Hot Chicken is set to open a location in Pasadena by the end of this year, according to a news release from Hyatt Commercial, the commercial real estate firm representing the restaurant chain. The restaurant, which has sold the famously spicy chicken since 2018, will be located in the Lake Shore Plaza shopping mall on Mountain Road.
Other franchises are slated for Owings Mills and Columbia, with 25 new locations planned for Maryland and Virginia over the next year, according to Hyatt.
The Maryland expansion is being led by John Filipiak and Nabil Asad, managing partners with Restaurant Management Group-Mid Atlantic. The ambitious expansion is part of a broader goal to open 200 restaurants nationwide by 2027, they said.
“We both were familiar with the region and we knew that the area is diverse and enjoys great food so it seemed like the perfect area to expand first,” said Filipiak, a Baltimore native. Asad is from Virginia.
The restaurant is just one of a recent string of southern-inspired chicken restaurants to begin popping up in the county. It was announced last year that beloved chicken finger purveyor Raising Cane’s was expected to open this year in Gambrills.
Hot chicken is a more spicy counterpart that originated in Nashville, Tennessee in the 1970s that features fried chicken covered in a paste spiced with cayenne pepper.
Crimson Coward offers a variety of hand cut, marinated chicken meals along with homemade sides. Their chicken flavors are country, which has no heat, mild, medium, Crimson-hot, and Burn Baby Burn.
“Everything will be made fresh, never frozen aside from the fries,” Filipiak said. “The open kitchen design of our restaurants will allow guests to see their meals being prepared which I believe they enjoy.”
Crimson Coward was started in 2018 by Ali Ajazi who wanted to bring hot chicken to Los Angeles. Ajazi opened his first restaurant in Downey, California and it received rave reviews, Filipiak said.
But then the pandemic struck in 2020 slowing a planned expansion. Now that COVID has waned, the restaurant plans to move rapidly throughout the East Coast, Filipiak said.
The two men have already opened a Crimson Coward in Woodbridge, Virginia earlier this year, the first location on the East Coast. Leases have been executed in Pasadena and Columbia, according to Hyatt Commercial, with plans to open before year’s end. An Owings Mills location is expected by early 2024.
“The expansion is quick but it’s organic for Nabil and I,” Filipiak said. “If we’re going to open something like this so quickly it’s because we truly believe in its potential.”
The Evening Sun
The restaurant currently boasts four California locations, one each in Michigan and Texas. More California and Virginia franchises are coming soon, according to the company’s website.
Filipiak and Asad have years of experience in the food and franchising industry and used their connections to bting Crimson Coward to the region.
“I have many years of experience in this industry and I truly believe in the Crimson Coward concept,” Asad said. “That’s why we feel like this is a great place to bring to the East Coast and this area specifically. We tried probably every hot chicken concept before we committed to this one.”
|
https://www.baltimoresun.com/business/real-estate/ac-cn-crimson-coward-hot-chicken-pasadena-20230731-aslghi2xtzcolcgnu3bgfc2tzq-story.html
| 2023-07-31T21:05:02
| 0
|
https://www.baltimoresun.com/business/real-estate/ac-cn-crimson-coward-hot-chicken-pasadena-20230731-aslghi2xtzcolcgnu3bgfc2tzq-story.html
|
VATICAN CITY (AP) — When Pope Francis made the first foreign trip of his papacy, to Rio de Janeiro for World Youth Day in 2013, he urged young people to make a “mess” in their local churches, to shake things up even if it ruffled the feathers of their bishops.
As he embarks this week on another edition of World Youth Day, in Lisbon, Portugal, Francis in many ways has taken his own advice to heart. After 10 years as pope, Francis is accelerating his reform agenda and making revolutionary changes in personnel and policy that are definitely shaking things up.
Unencumbered by the shadow of Pope Benedict XVI, who died seven months ago, and despite recovering from a second intestinal surgery in as many years, the 86-year-old Francis is opening a frenetic second half of the year with his Portugal visit. He seems aware that he has a limited sweet spot of time to solidify the changes he believes are necessary for the 21st century church, and is looking to the next generation of faithful and leaders to execute them.
“The sense I get is that this is the consolidation phase of the pontificate,” said papal biographer Austen Ivereigh. “He’s laying the basis now, laying the ground, for the future.”
And no better place to put it on display than at a World Youth Day. The international rally, which St. John Paul II launched in 1986 to galvanize young Catholics in their faith, is expected to draw up to 1 million people for the first post-pandemic event of its kind. Francis’ perennial social justice concerns about climate change, social inequality and fraternity, as well as Russia’s war in Ukraine, are expected to be major themes.
Beyond Portugal, though, Francis’ multifold strategy for laying the groundwork for the future is coming together and will hit significant marks in the coming months.
His global canvassing of rank-and-file Catholics about their vision for the future comes to fruition this October with a big synod at the Vatican. The meeting is intended to give direction on such hot-button issues as the place of LGBTQ+ Catholics and women in the church, and for the first time will feature women and young people voting on proposals alongside bishops.
“I really think that for Pope Francis, he felt that ‘OK, now it’s mature’ and it would be good really to involve all the members, all the people in the synod as members” with the right to vote, said Sister Nathalie Becquart, who is one of the key synod organizers.
To then implement the vision that emerges from the synod, Francis has been naming a slew of unusually young bishops for key archdioceses — in his native Buenos Aires, Madrid and Brussels, among others. At the same time, he’s elevated several cardinals in their 50s — and in some cases their 40s — including the auxiliary bishop of Lisbon who is organizing World Youth Day.
Putting such young clerics in such important positions ensures a generation’s worth of likeminded leadership in the Vatican and archdioceses around the world. While not all are cookie-cutter proteges of Francis, many are seen as similarly pastorally minded and thus more game to implement his reforms, especially as the older generation of bishops and cardinals dies out.
After Francis is gone, the youngest of these new cardinals will have some three decades’ worth of local leadership and conclave votes to select future popes, suggesting a generational and ideological shift in the church leadership is very much underway.
Francis’ most important young “legacy” appointment was that of the Vatican’s new doctrinal czar, Argentine Cardinal-elect Victor Manuel Fernandez, 61. Francis’ theological ghostwriter ran into Vatican problems in the past over questions about his doctrinal orthodoxy, and his appointment sent shockwaves through the conservative and traditionalist wings of the church.
Fernandez sees his appointment as part of Francis’ longer-term agenda. “He is proposing a more inclusive church, more respectful of different ways of living, even of thinking,” Fernandez said in an interview.
Portuguese Cardinal-elect Americo Aguiar, who is in charge of World Youth Day, is another young churchman who also understands his appointment as part of a generational turning point for the Catholic hierarchy.
At age 49 he will become the second-youngest member of the College of Cardinals when he is installed Sept. 30. He is just six months older than the current youngest cardinal, whom Francis elevated this time last year: Cardinal Giorgio Marengo, head of the church in Mongolia where Francis will travel at the end of August.
“My reading of it is that this has to do with young people, it has to do with youth, it has to do with Portugal, it has to do with World Youth Day, it has to do with all of that,” Aguiar said in an interview. “I think that his objective and his underlining was exactly to send a signal to the young people, to every young person who is preparing the day, whether in Portugal or in the world, to feel identified with this decision.”
Francis said as much in his monthly prayer intentions for August, this time dedicated to the Lisbon event.
“In Lisbon, I would like to see a seed for the world’s future,” Francis said. “A world where love is at the center, where we can sense that we are sisters and brothers.”
His wish in many ways echoed his words at the 2013 World Youth Day in Rio, which now seem prescient in outlining many of the key pastoral messages Francis has emphasized over the past decade. Delivering a spontaneous, off-the-cuff exhortation to a gathering of Argentine pilgrims that was organized at the last minute, Francis urged the young to get out into the streets, spread their faith and “make a mess.”
“I want to see the church get closer to the people,” Francis said then, speaking in his native Spanish. “I want to get rid of clericalism, the mundane, this closing ourselves off within ourselves, in our parishes, schools or structures.”
Realizing the radical nature of his message, Francis apologized to the bishops for what was about to come, even though in the 10 years since, he has only gone further than anyone could have imagined at the time.
“The true reform of the church, you know, is not a revolution bringing something completely from outside,” said Becquart, the French nun, as she reflected on Francis’ agenda. “It’s a path of change that is a way to unfold tradition, but in a very dynamic way.”
___
AP reporters Helena Alvez in Lisbon, Portugal, and Almudena Calatrava in Buenos Aires contributed.
___
Associated Press religion coverage receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.
|
https://www.wric.com/news/u-s-world/ap-as-the-pope-heads-to-portugal-he-is-laying-the-groundwork-for-the-churchs-future-and-his-legacy/
| 2023-07-31T21:05:03
| 1
|
https://www.wric.com/news/u-s-world/ap-as-the-pope-heads-to-portugal-he-is-laying-the-groundwork-for-the-churchs-future-and-his-legacy/
|
Harford County investigating alleged wiretapping of elected, government officials
By CHRISTIAN OLANIRAN
Click here for updates on this story
BALTIMORE (WJZ) — The Harford County Sheriff’s Office is conducting an investigation after reports of illegal wiretapping, the agency said Monday.
According to a criminal complaint, the wiretapping victims include elected and government officials, and “members of the business community.”
Harford County Sheriff said that if the allegations are founded, then this case is “particularly egregious,” adding that “Maryland boasts some of the most comprehensive and stringent wiretapping laws in the nation.”
The agency said that detectives from Harford County Sheriff’s Office Criminal Investigations Division were assigned to the case, and will report directly to the Harford County State’s Attorney.
This story is still developing and will be updated.
Please note: This content carries a strict local market embargo. If you share the same market as the contributor of this article, you may not use it on any platform.
|
https://kion546.com/cnn-regional/2023/07/31/harford-county-investigating-alleged-wiretapping-of-elected-government-officials/
| 2023-07-31T21:05:05
| 0
|
https://kion546.com/cnn-regional/2023/07/31/harford-county-investigating-alleged-wiretapping-of-elected-government-officials/
|
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.
View original content:
SOURCE John Hancock Investment Management
|
https://www.mysuncoast.com/prnewswire/2023/07/31/john-hancock-tax-advantaged-dividend-income-fund/
| 2023-07-31T21:05:06
| 0
|
https://www.mysuncoast.com/prnewswire/2023/07/31/john-hancock-tax-advantaged-dividend-income-fund/
|
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.
View original content to download multimedia:
SOURCE QDOBA
|
https://www.kold.com/prnewswire/2023/07/31/modern-restaurant-concepts-announces-appointment-prashant-budhale-chief-technology-officer/
| 2023-07-31T21:05:06
| 0
|
https://www.kold.com/prnewswire/2023/07/31/modern-restaurant-concepts-announces-appointment-prashant-budhale-chief-technology-officer/
|
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.”
Howard County Times: Top stories
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.
|
https://www.baltimoresun.com/maryland/howard/cng-ho-blueprint-state-approval-20230731-prbdkseaunehzaodanhxrvmvoq-story.html
| 2023-07-31T21:05:08
| 1
|
https://www.baltimoresun.com/maryland/howard/cng-ho-blueprint-state-approval-20230731-prbdkseaunehzaodanhxrvmvoq-story.html
|
SACRAMENTO, Calif. (AP) — The largest dam removal project in United States history is underway along the California-Oregon border — a process that won’t conclude until the end of next year with the help of heavy machinery and explosives.
But in some ways, removing the dams is the easy part. The hard part will come over the next decade as workers, partnering with Native American tribes, plant and monitor nearly 17 billion seeds as they try to restore the Klamath River and the surrounding land to what it looked like before the dams started to go up more than a century ago.
The demolition is part of a national movement to return the natural flow of the nation’s rivers and restore habitat for fish and the ecosystems that sustain other wildlife. More than 2,000 dams have been removed in the U.S. as of February, with the bulk of those having come down within the last 25 years, according to the advocacy group American Rivers.
When demolition is completed by the end of next year, more than 400 miles (644 kilometers) of river will have opened for threatened species of fish and other wildlife. By comparison, the 65 dams removed in the U.S. last year combined to reconnect 430 miles (692 kilometers) of river.
Along the Klamath, the dam removals won’t be a major hit to the power supply; they produced less than 2% of power company PacifiCorp’s energy generation when they were running at full capacity — enough to power about 70,000 homes. Though the hydroelectric power produced by dams is considered a clean, renewable source of energy, many larger dams in the U.S. West have become a target for environmental groups and tribes because of the harm they cause to fish and river ecosystems.
The project will empty three reservoirs over about 3.5 square miles (9 square kilometers) near the California-Oregon border, exposing soil to sunlight in some places for the first time in more than a century.
For the past five years, Native American tribes have gathered seeds by hand and sent them to nurseries with plans to sow the seeds along the banks of the newly wild river. Helicopters will bring in hundreds of thousands of trees and shrubs to plant along the banks, including wads of tree roots to create habitat for fish.
This growth usually takes decades to happen naturally. But officials are pressing nature’s fast-forward button because they hope to repel an invasion of foreign plants, such as starthistle, which dominate the landscape at the expense of native plants.
“Why not just let nature take its course? Well, nature didn’t take its course when dams got put in. We can’t pretend this gigantic change in the landscape has not happened and we can’t just ignore the fact that invasive species are a big problem in the west and in California,” said Dave Meurer, director of community affairs for Resource Environmental Solutions, the company leading the restoration project.
PacifiCorp built the dams starting in 1918 to generate electricity. The dams halted the natural flow of the river and disrupted the lifecycle of salmon, a fish that spends most of its life in the Pacific Ocean but returns to the chilly mountain streams to lay eggs. The fish are culturally and spiritually significant to a number of Native American tribes, who historically survived by fishing the massive runs of salmon that would come back to the rivers each year.
A combination of low water levels and warm temperatures in 2002 led to a bacterial outbreak that killed more than 34,000 fish, mostly Chinook salmon. The loss jumpstarted decades of advocacy from Native American tribes and environmental groups, culminating last year when federal regulators approved a plan to remove the dams.
“The river is our church, the salmon is our cross. That’s how it relates to the people. So it’s very sacred to us,” said Kenneth Brink, vice chairman of the Karuk Tribe. “The river is not just a place we go to swim. It’s life. It creates everything for our people.”
The project will cost $500 million, paid for by taxpayers and PacifiCorps ratepayers. Crews have mostly removed the smallest of the four dams, known as Copco No. 2. The other three dams are expected to come down next year. That will leave some homeowners in the area without the picturesque lake they have lived on for years.
The Siskiyou County Water Users Association, which formed about a decade ago to stop the dam removal project, filed a federal lawsuit. But so far they have been unable to stop the demolition.
“Unfortunately it’s a mistake you can’t turn back from,” association President Richard Marshall said.
The water level in the lakes will drop between 3 feet and 5 feet (1 meter to 1.5 meters) per day over the first few months of next year. Crews will follow that water line, taking advantage of the moisture in the soil to plant seeds from more than 98 native plant species including wooly sunflower, Idaho fescue and Blue bunch wheat grass.
Tribes have been invested in the process from the start. Resource Environmental Solutions hired tribal members to gather seeds from native plants by hand. The Yurok Tribe even hired a restoration botanist.
Each species has a role to play. Some, like lupine, grow quickly and prepare the soil for other plants. Others, like oak trees, take years to fully mature and provide shade for other plants.
“It’s a wonderful marriage of tribal traditional ecological knowledge and western science,” said Mark Bransom, CEO of the Klamath River Renewal Corporation, the nonprofit entity created to oversee the project.
The previous largest dam removal project was on Washington state’s Elwha River, which flows out of Olympic National Park into the Strait of Juan de Fuca. Congress in 1992 approved the demolition of the two dams on the river constructed in the early 1900s. After two decades of planning, workers finished removing them in 2014, opening about 70 miles (113 kilometers) of habitat for salmon and steelhead.
Biologists say it will take at least a generation for the river to recover, but within months of the dams being removed, salmon were already recolonizing sections of the river they had not accessed in more than a century. The Lower Elwha Klallam Tribe, which has been closely involved in restoration work, is opening a limited subsistence fishery this fall for coho salmon, its first since the dams came down.
Brink, the Karuk Tribe vice chair, hopes similar success will happen on the Klamath River. Multiple times per year, Brink and other tribal members participate in ceremonial salmon fishing using handheld nets. In many years, there have been no fish to catch, he said.
“When the river gets to flow freely again, the people can also begin to worship freely again,” he said.
___
Associated Press writer Eugene Johnson in Seattle contributed.
|
https://www.wric.com/news/u-s-world/ap-as-work-begins-on-the-largest-us-dam-removal-project-tribes-look-to-a-future-of-growth/
| 2023-07-31T21:05:09
| 0
|
https://www.wric.com/news/u-s-world/ap-as-work-begins-on-the-largest-us-dam-removal-project-tribes-look-to-a-future-of-growth/
|
‘He was a huge fan’: Lifelong supporter in Mississippi buried in Chiefs-wrapped coffin
By Greg Dailey
Click here for updates on this story
KANSAS CITY, Missouri (KCTV) — There are Chiefs fans. And then there was Vernon Taylor.
The 66-year-old from Jackson, Mississippi, passed away on July 21 and was buried over the weekend. It was the family’s wish to have a Kansas City Chiefs sticker on his coffin when he was laid to rest, but Westhaven Memorial Funeral Home did one better.
Rob Jay, his younger brother, remembered Vernon as someone who always strove to give people a better life. Vernon was a counselor at Jim Hill High School, and he also lent his time to We Care Church as a counselor.
Jay recalled that giving spirit in his brother, especially in the way he would reach out to communities living in homelessness.
“He was the only guy in the family that went right to the homeless community to feed them, to clothe them,” Jay said. “He would ask us for extra clothes around the house just so he could take them to the homeless.”
Taylor had another passion besides his charitable side, though: the Kansas City Chiefs.
“Ah man, he was a huge fan of Len Dawson and Willie Lanier,” Jay shared with a laugh.
Rob Jay used to play football with his brother Vernon on an electric football set. He said his family had two teams for the set: the Chiefs and the Minnesota Vikings.
“He was always the Chiefs, and he beat me all the time,” Jay said of Vernon. So they both grew up Chiefs fans from playing that game, and Vernon collected Chiefs gear over time, even having a separate room in house dedicated to his fandom.
While he was never able to make it to Kansas City for a game, Vernon was able to see his favorite team play against the New Orleans Saints at the Superdome.
“Jamaal Charles went off that day,” Jay remembered.
And he was right: Charles went for 233 rushing yards, including a 91-yard touchdown run, carrying the Chiefs to a 27-24 win in overtime.
“He had a song about the Chiefs, I can still hear him singing,” Jay said. “Watch that defense: Lanier, Lynch…he would name them all — Buchanan, Albert Lewis.”
Vernon Taylor died at the age of 66. “His lungs just gave out,” Jay said. But his spirit and passion for the Chiefs remains.
Jay’s wife had thought it would be a touching tribute to place a Chiefs sticker on Vernon’s coffin. The Westhaven funeral home said they could do one better, and they wrapped it.
Please note: This content carries a strict local market embargo. If you share the same market as the contributor of this article, you may not use it on any platform.
|
https://kion546.com/cnn-regional/2023/07/31/he-was-a-huge-fan-lifelong-supporter-in-mississippi-buried-in-chiefs-wrapped-coffin/
| 2023-07-31T21:05:11
| 0
|
https://kion546.com/cnn-regional/2023/07/31/he-was-a-huge-fan-lifelong-supporter-in-mississippi-buried-in-chiefs-wrapped-coffin/
|
LINKBANCORP, Inc. Announces Second Quarter 2023 Financial Results
Published: Jul. 31, 2023 at 4:30 PM EDT|Updated: 34 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.
|
https://www.mysuncoast.com/prnewswire/2023/07/31/linkbancorp-inc-announces-second-quarter-2023-financial-results/
| 2023-07-31T21:05:12
| 1
|
https://www.mysuncoast.com/prnewswire/2023/07/31/linkbancorp-inc-announces-second-quarter-2023-financial-results/
|