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How to prioritize your health during ‘National Wellness Month’
We’re celebrating “National Wellness Month,” reminding everyone to prioritize their health and well-being during this busy time. Joining us today is the esteemed Dr. Yael Varnado, affectionately known as “Dr. V,” a TV personality and practicing physician at Johns Hopkins. As the founder of “Get Checked Four Life,” Dr. V joined us to share her valuable insights and inspiration for achieving wellness.
We discussed a few important topics, including Dr. V’s top tip for National Wellness Month, and how we can make healthy habits a part of our daily lives. Additionally, with hectic schedules, finding time to relax is often a challenge. How crucial is relaxation in achieving wellness goals, and what are some effective ways to incorporate it into our routines? Dr. V has all the answers.
As we aim to cover various aspects of wellness, let’s not forget about men’s health. Dr. V, shared valuable hygiene tips specifically for men’s well-being and exercise recommendations to keep us active and healthy.
To learn more about National Wellness Month and to follow Dr. V’s expert advice, make sure to watch the full interview above and visit “Get Checked Four Life” for additional information. Let’s all prioritize our health and wellness as we navigate the busy days ahead!
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https://www.wishtv.com/lifestylelive/how-to-prioritize-your-health-during-national-wellness-month/
| 2023-07-31T21:23:19
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https://www.wishtv.com/lifestylelive/how-to-prioritize-your-health-during-national-wellness-month/
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WATKINSVILLE, Ga. and ELBERTON, Ga., July 31, 2023 /PRNewswire/ -- Oconee Financial Corporation (OTCQX: "OSBK") ("Oconee") announced today it has completed its acquisition of Elberton Federal Savings & Loan Association ("Elberton Federal") of Elberton, GA, and its related common stock offering, in a conversion merger transaction, effective July 31, 2023.
As a result of the conversion merger, Elberton Federal converted from a mutual savings association to a stock savings association and immediately merged with and into Oconee's wholly owned subsidiary, Oconee State Bank. On August 1, 2023, Elberton Federal's financial center on East Church Street in Elberton will open as a branch of Oconee State Bank.
In the stock offering required by regulations applicable to the merger conversion, Oconee sold 149,015 shares of common stock, at a discounted price of $28.94 per share, to depositors and borrowers of Elberton Federal in a subscription offering, and to stockholders of Oconee and members of the general public in a community offering. Gross offering proceeds totaled approximately $4.3 million. The stock offering was oversubscribed.
"We are thrilled by the overwhelming interest we received from investors in the offering," remarked Oconee President and CEO Neil Stevens. "The transaction closed at the maximum of the authorized offering range and generated a lot of interest in the banking experience we are bringing to our customers."
Stevens continued: "We welcome the addition of Elberton Federal President and CEO Daniel Graves, a number of new teammates, and our newest customers in Elbert County. We aim to provide them the same high level of service and care our current customers enjoy."
Graves will serve as Senior Vice President and Community President of the Northeast Georgia market.
"It is a privilege to join such a high-quality institution and group of people in partnering with Oconee," Graves said. "Neil and I talk often about the importance of culture, and this is a perfect fit. We are thrilled about the opportunity this presents for our people and our customers, and we look forward to being an even more meaningful part of the next chapter of prosperity in Elbert County."
Performance Trust Capital Partners assisted Oconee, on a best-efforts basis, in selling its common stock in the subscription and community offerings and served as financial advisor to Oconee in connection with the merger. RP Financial LC provided the conversion appraisal. Alston & Bird LLP served as legal counsel to Oconee, Fenimore Kay Harrison LLP served as legal counsel to Elberton Federal, and Luse Gorman PC served as legal counsel to Performance Trust Capital Partners.
About Oconee Financial Corporation
Oconee State Bank was established in 1960 and is headquartered in Watkinsville, Georgia. It operates six full-service financial centers in Georgia, located in Oconee, Athens-Clarke, Gwinnett, and Macon-Bibb counties, including its newest location in Elbert County. Pro forma for this transaction, the bank has approximately $556 million in assets. The bank is the only locally owned and operated community bank headquartered in Oconee County. Oconee State Bank proudly serves its communities, providing unparalleled commitment to personalized service, innovative products and solutions, and brings exceptional value to all stakeholders, through local ownership, involvement, and decision making. The bank strives to be essential to those it serves, by creating remarkable experiences that significantly mark the lives of others. Oconee Financial Corporation was established in January 1999 to serve as the holding company of Oconee State Bank.
Please visit Oconee State Bank's website, www.oconeestatebank.com for a full listing of products and services.
View original content:
SOURCE Oconee Financial Corporation
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https://www.wymt.com/prnewswire/2023/07/31/oconee-financial-corporation-completes-acquisition-elberton-federal-savings-amp-loan-association-related-common-stock-offering/
| 2023-07-31T21:23:22
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https://www.wymt.com/prnewswire/2023/07/31/oconee-financial-corporation-completes-acquisition-elberton-federal-savings-amp-loan-association-related-common-stock-offering/
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‘Styx’ to take the stage at Indiana State Fair
Get ready to rock at the Indiana State Fair as the iconic band Styx takes the stage at the Hoosier Lottery Free Stage on August 4th! We’re thrilled to have singer and keyboardist Lawrence Gowan join us as they bring their legendary music and electric performances to the fairgrounds.
With their signature sound and timeless hits, Styx is set to deliver an unforgettable concert experience that will have the crowd singing along and dancing in delight. So mark your calendars and get ready to be blown away by Styx’s electrifying performance at the Indiana State Fair!
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https://www.wishtv.com/lifestylelive/styx-to-take-the-stage-at-indiana-state-fair/
| 2023-07-31T21:23:25
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https://www.wishtv.com/lifestylelive/styx-to-take-the-stage-at-indiana-state-fair/
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DENVER, July 31, 2023 /PRNewswire/ -- Palantir Technologies Inc. (NYSE: PLTR) today announced that it was selected by the Defense Information Systems Agency (DISA) to support coordination between federal and commercial licensees of the 3450 - 3550 MHz spectrum band. Palantir will provide its software platform to enable end-to-end automation that will enhance coordination between the Department of Defense and commercial spectrum licensees for shared use of the 3450-3550 MHz band within cooperative planning area (CPA) and periodic use area (PUA) coordination zone boundaries.
As part of an ongoing interagency effort to facilitate the shared usage of critically important mid-band spectrum, Palantir's software will enable DISA's Defense Spectrum Organization (DSO) to support formal and informal coordination processes between the Department of Defense and commercial licensees. Existing and future government activities in the spectrum band are vital to protect national security and ensure military readiness.
Palantir software will be used to integrate multiple existing functions and capabilities into a single infrastructure that will result in more efficient workflows, reducing the timelines for licensee coordination with DoD to establish sharing agreements and enable deployment of 5G wireless services within CPA/PUA boundaries. Palantir software will also be used to demonstrate the ability to support more advanced spectrum sharing use cases.
"We are proud to partner with DISA DSO to support the complex task of sharing limited spectrum resources between federal and commercial users," said Akash Jain, President, Palantir USG. "We are excited to rapidly deploy software that will accelerate and automate coordination workflows and enable the increasingly dynamic and efficient use of spectrum."
"As military and commercial use of radio-frequency spectrum continues to grow, spectrum coordination will be increasingly necessary to preserve the effectiveness of critical national security capabilities while enabling U.S. commercial leadership in 5G and other critical technology areas. Palantir looks forward to working alongside the Department of Defense to deploy innovative software solutions that support advanced spectrum sharing workflows and processes," said Miriam Marwick, SVP, Emerging Technologies, Palantir USG.
About Palantir Technologies Inc.
Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir's expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms' reliability; and our customer's ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
Media Contact
Lisa Gordon
media@palantir.com
View original content to download multimedia:
SOURCE PALANTIR TECHNOLOGIES INC.
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https://www.wymt.com/prnewswire/2023/07/31/palantir-selected-by-department-defense-automate-spectrum-coordination-workflows/
| 2023-07-31T21:23:28
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https://www.wymt.com/prnewswire/2023/07/31/palantir-selected-by-department-defense-automate-spectrum-coordination-workflows/
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The Cleveland Guardians traded starting pitcher Aaron Civale to the Tampa Bay Rays for first base prospect Kyle Manzardo on Monday.
The Guardians announced the trade on social media one day before the trade deadline.
Civale’s name has been thrown around in trade speculation for weeks, which has coincided with the right-hander pitching as well as he has in several seasons. Civale posted a 1.45 ERA in six July starts.
On Sunday, Civale pitched six scoreless innings in a win over the Chicago White Sox to improve to 5-2.
The move is a bit surprising from Cleveland’s standpoint since the Guardians are just one-half game out of first place in the AL Central and they have several pitchers, including ace Shane Bieber out with injuries.
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https://www.nbcsports.com/mlb/news/cleveland-guardians-trade-pitcher-aaron-civale-to-tampa-bay-rays-for-prospect
| 2023-07-31T21:23:29
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https://www.nbcsports.com/mlb/news/cleveland-guardians-trade-pitcher-aaron-civale-to-tampa-bay-rays-for-prospect
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Crews are battling ‘fire whirls’ in California’s Mojave Desert
MOJAVE NATIONAL PRESERVE, Calif. (AP) — Crews battled “fire whirls” in California’s Mojave National Preserve this weekend as a massive wildfire crossed into Nevada amid dangerously high temperatures and raging winds. The York Fire has been mapped at roughly 120 square miles on Monday with no containment. The blaze erupted Friday near the remote Caruthers Canyon area of the vast wildland preserve, crossed the state line into Nevada on Sunday and sent smoke further east into the Las Vegas Valley. Wind-driven flames 20 feet high in some spots charred tens of thousands of acres of desert scrub, juniper and Joshua tree woodland. The fire’s cause is under investigation.
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https://www.wishtv.com/news/crews-are-battling-fire-whirls-in-californias-mojave-desert/
| 2023-07-31T21:23:31
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https://www.wishtv.com/news/crews-are-battling-fire-whirls-in-californias-mojave-desert/
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A one-day sales event unlike any other invites customers to stock up on used books for just one cent per page.
BIRMINGHAM, Ala., July 31, 2023 /PRNewswire/ -- The busiest day of the year at 2nd & Charles is officially on the docket: Penny-A-Page, happening on Saturday, August 12, at all 2nd & Charles locations nationwide.
Where miles of books are surrounded by pure, boundless energy, customers can purchase up to five books for just one cent per page during 2nd & Charles' first-ever Penny-A-Page.
This unique and rare promotional event applies to all used books, giving customers the opportunity to fill their shelves with lengthy, expensive, and well-loved volumes – all for a fraction of the price. Yes, on a 250-page book, 2nd and Charles customers will pay just $2.50.
"Our loyal customers love it when we offer a discount on multiple books at the same time," says Eric Bishop, Senior Vice President at 2nd & Charles. "This is a 'can't miss' day! We are opening early at 9 a.m. to accommodate all our impassioned readers wanting to get a head start on their summer reading," he says.
Communities across the nation now have a remarkable opportunity to find their next stack of great books at an extraordinary price. Arrive early for the best selection! Come in, get lost, and find yourself at 2nd & Charles.
ABOUT 2ND & CHARLES
2nd & Charles is a unique retail concept specializing in an ever-changing inventory of new and used books, music, games, toys, collectibles, decor, accessories, and pop culture merchandise. Since its first store opened in Birmingham, AL, in 2010, 2nd & Charles has expanded to include more than 40 stores in 18 states—and counting.
A sister store to Books-A-Million, the nation's second largest book retailer, 2nd & Charles has established itself as a hip and fun-loving purveyor of passions catering to readers, gamers, and collectors of all ages. Through the store's buyback program, customers can sell their gently used merchandise in exchange for cash or store credit.
Click here to find your nearest 2nd & Charles store, and follow 2nd & Charles on Facebook, Instagram, and Twitter.
CONTACT
Olivia Anderson McDaniel
Vice President of Marketing, Omnichannel
205.909.3563
mcdanielo@booksamillion.com
View original content to download multimedia:
SOURCE Books-A-Million, Inc.
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https://www.wymt.com/prnewswire/2023/07/31/penny-a-page-hottest-used-book-promotion-happening-2nd-amp-charles/
| 2023-07-31T21:23:35
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https://www.wymt.com/prnewswire/2023/07/31/penny-a-page-hottest-used-book-promotion-happening-2nd-amp-charles/
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Columbus man arrested after stealing A.C. unit, makes getaway on city bus
COLUMBUS, Ind. (WISH) — A Columbus man was arrested after stealing an air conditioning unit and attempting to make a getaway on a city bus, police say.
Around 4:25 p.m. Saturday, police officers were sent to a Walmart located at 735 Whitfield Dr. on a report of a theft.
Store security informed officers that a man, identified as 31-year-old Cameron Sampson, stole an air conditioning unit and was seen boarding a Columbus city bus with the unit.
Investigators tracked down the bus a short time later, and spoke with Sampson as he exited the bus. Police searched the bus and located a large white box with the unit inside on a bus seat.
Sampson was then taken into custody.
He is currently being held at the Bartholomew County jail. He is facing a felony charge for theft.
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https://www.wishtv.com/news/crime-watch-8/columbus-indiana-man-arrested-after-stealing-a-c-unit-makes-getaway-on-city-bus/
| 2023-07-31T21:23:37
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https://www.wishtv.com/news/crime-watch-8/columbus-indiana-man-arrested-after-stealing-a-c-unit-makes-getaway-on-city-bus/
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Four drivers are within 40 points of the final playoff spot heading into the last four races of the regular season.
Michael McDowell continues to hold on to the 16th and final playoff spot for Front Row Motorsports.
Ty Gibbs moved up two spots to 17th in the standings. He’s 18 points behind McDowell after gaining 10 points at Richmond with his 15th-place finish.
AJ Allmendinger fell a spot to 18th in the standings. He is 22 points from the final playoff spot after losing five points to McDowell. Allmendinger was 27th at Richmond.
Daniel Suarez finished 33rd at Richmond and fell a spot to 19th in the season standings. He’s 34 points from the cutline after losing 11 points on Sunday.
Chase Elliott’s 13th-place finish at Richmond helped him gain 16 points on the cutline. He’s 20th in season standings, 40 points behind McDowell.
The series heads to Michigan International Speedway for Sunday’s race (2:30 p.m. ET on USA Network).
Kevin Harvick can clinch a playoff spot if he leaves Michigan 181 points ahead of the driver 17th in the standings
Those in yellow in the graphic below have secured a spot in the playoffs. The red line marks the playoff cutline.
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https://www.nbcsports.com/nascar/news/cup-playoff-grid-after-richmond
| 2023-07-31T21:23:39
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https://www.nbcsports.com/nascar/news/cup-playoff-grid-after-richmond
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DENVER, July 31, 2023 /PRNewswire/ -- The Principal Real Estate Income Fund (NYSE:PGZ) announces the sources of a distribution paid on July 31, 2023 of $0.1050 per share to shareholders of record at the close of business on July 18, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission and includes the notice below sent to shareholders regarding the source of the distribution.
Statement Pursuant to Section 19(a) of the Investment Company Act of 1940
The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. In accordance with generally accepted accounting principles ("GAAP"), the Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.
The Fund estimates that it has distributed more than its income; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.
The timing and character of distributions for federal income tax purposes are determined in accordance with income tax regulations, which may differ from GAAP. As such, all or a portion of this distribution may be reportable as taxable income on your 2023 federal income tax return. The final tax character of any distribution declared in 2023 will be determined in January 2024 and reported to you on IRS Form 1099-DIV.
The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution record date.
While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market. Past performance does not guarantee future results. Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.
Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.
Please retain this document for your records.
ALPS Advisors, Inc. is the investment adviser to the Fund.
Principal Real Estate Investors LLC is the investment sub-adviser to the Fund. Principal Real Estate Investors LLC is not affiliated with ALPS Advisors, Inc. or any of its affiliates.
ALPS Portfolio Solutions Distributor, Inc. is the FINRA Member.
PRE000386 7/31/2024
View original content:
SOURCE Principal Real Estate Income Fund
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https://www.wymt.com/prnewswire/2023/07/31/principal-real-estate-fund-announces-notification-sources-distribution/
| 2023-07-31T21:23:42
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https://www.wymt.com/prnewswire/2023/07/31/principal-real-estate-fund-announces-notification-sources-distribution/
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IMPD seeking help in locating missing 17-year-old girl
INDIANAPOLIS (WISH) — The Indianapolis Metropolitan Police Department is seeking the public’s help in locating 17-year-old Aniya Hannah.
Hannah was described as 5 feet 5 inches, 160 lbs, with brown hair and brown eyes. She was last seen Saturday on the northwest side of Indianapolis.
She may require medical attention.
If located, please call 911 immediately.
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https://www.wishtv.com/news/local-news/impd-seeking-help-in-locating-missing-17-year-old-girl/
| 2023-07-31T21:23:43
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https://www.wishtv.com/news/local-news/impd-seeking-help-in-locating-missing-17-year-old-girl/
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The Fitness Superstore to Exclusively Carry the REP Line
DENVER, July 31, 2023 /PRNewswire/ -- Home and commercial gyms in the United Kingdom and Ireland are about to level up.
One of the USA's top gym equipment brands has joined forces with the UK's largest speciality fitness retailer. Starting this summer, Bodypower Sports Ltd. (trading as Fitness Superstore) will carry a large range of REP Fitness equipment. This expansion was in response to a growing demand overseas, after REP took the US by storm. It kicks off the launch of REP products throughout all of Europe, so more people can have access to REP's versatile, quality, innovative equipment.
REP, founded a decade ago in Colorado by two gym-loving brothers, has risen to become America's most popular brand in the home gym market. It offers a full line of gym gear, all designed by in-house, weightlifting engineers for both commercial and home gyms.
REP's award-winning power racks, benches, functional training gyms, and more will soon be available for UK customers to try out and order in Fitness Superstore showrooms across the UK (11 stores). Fitness Superstore, founded in 1994, is the largest supplier of specialist fitness equipment in the UK and is proud to feature the largest fitness equipment showrooms in the UK.
Fitness Superstore will also carry REP on its website, to be delivered throughout the UK and Ireland.
"Fitness Superstore is proud to exclusively represent this fantastic and innovative brand in the UK," says Paul Walker, Fitness Superstore managing director and owner.
Ryan McGrotty, co-founder or REP, echoes that. He says Fitness Superstore and REP make a great partnership because both are staffed by real-life fitness enthusiasts and professionals; they both offer a full range of equipment, and they both value creating community and making fitness accessible to all.
"We're excited to be working with such a strong partner in the UK with Fitness Superstore. We know they will offer a great shopping experience for all our fans in the UK who have been eagerly awaiting the availability of our products," says McGrotty. "Their broad store footprint will make it convenient for everyone to easily see and test our products before taking them home.
ABOUT REP
REP Fitness designs and sells world-class, innovative strength equipment that is sold around the world. REP was founded in Colorado in 2012 by two brothers with a shared passion for fitness and has grown into more than 300,000 square feet of office and distribution space and a team of more than 150 dedicated fitness enthusiasts. That shared passion for fitness is what drives REP's innovative spirit, where creating class-leading fitness equipment, with an emphasis on incredible home gyms, is paramount.
REP has been listed twice on the Inc. 5,000 fastest-growing companies — in 2018 and in 2021. REP products are frequently listed as top choices in many fitness publications, such as Men's Health.
For more information, visit repfitness.com. Connect with REP on Instagram, YouTube, Facebook, TikTok, and LinkedIn.
ABOUT FITNESS SUPERSTORE
Fitness Superstore, founded in 1994, is the largest supplier of specialist fitness equipment in the UK and is proud to feature the largest fitness equipment showrooms in the UK.
Learn more at fitness-superstore.co.uk. You can also connect with Fitness Superstore on Facebook, Instagram, YouTube, and TikTok.
View original content:
SOURCE Rep Fitness
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https://www.wymt.com/prnewswire/2023/07/31/rep-fitness-equipment-now-available-pre-order-uk-ireland/
| 2023-07-31T21:23:48
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https://www.wymt.com/prnewswire/2023/07/31/rep-fitness-equipment-now-available-pre-order-uk-ireland/
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IndyGo to begin final stage of Red Line work at Broad Ripple station
INDIANAPOLIS (WISH) — IndyGo announced Monday that it will begin the final stage of the Red Line enhancement work starting Aug. 7.
The enhancement will run along College Avenue, between Kessler Boulevard and Broad Ripple Avenue, and includes bus pad reinforcement and concrete pouring at the Broad Ripple station.
The Broad Ripple station will be closed during the work. North and southbound service will be available to riders at temporary stops at Westfield Boulevard and College Avenue.
IndyGo says through traffic will be detoured around the station using Westfield Boulevard, Central Avenue, and Kessler Boulevard.
The work is expected to continue through late August.
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https://www.wishtv.com/news/local-news/indygo-to-begin-final-stage-of-red-line-work-at-broad-ripple-station/
| 2023-07-31T21:23:49
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https://www.wishtv.com/news/local-news/indygo-to-begin-final-stage-of-red-line-work-at-broad-ripple-station/
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For the past two seasons, Marcus Smart has been the starting point guard for a Boston Celtics team that went to the NBA Finals one season and seven games into the Eastern Conference Finals the next.
Smart is now out and big man Kristaps Porzingis is in. What does that mean for the Celtics’ starting five? Coach Joe Mazzulla said this at a recent press conference, via Jared Weiss at The Athletic.
So what does the starting five look like? Four/fifths of it are locked in: Derrick White at the one, Jaylen Brown at the two, Jayson Tatum at the three, then Porzingis. The question is, who is the fifth Beatle? My money would be on Al Horford because Mazzulla leans into offensive-first lineups and Horford can space the floor as a shooter and is still a plus defender. However, if Mazzulla goes defensive (figuring there is plenty of offense on the floor already), Robert Williams III starts, although his minutes need to be managed. One could even make a case for going small and starting Malcolm Brogdon, although it makes more sense to leave the reigning Sixth Man of the Year in that role.
White, Brown, Tatum, Porzingis, and Horford start, then it is Brogdon and Williams the first two off the bench. After that some combination of Payton Pritchard, Luke Kornet, Sam Hauser and Oshae Brissett likely get minutes.
The Jays will still initiate the offense on most trips down the court, but Weiss noted that having Porzingis set screens for White — or being part of a Spain pick-and-roll (where a second screen is set to slow the roll man’s defender) — could be a nice upgrade for the Boston offense.
The Celtics’ offense will be one of the top five in the NBA this season.
Is that enough? Will the team get enough stops, can Porzingis stay healthy and play to the level he did a season ago, and can this team play at their best day in and day out, not only when their backs are against a wall?
Boston enters next season as a legit title contender, a team that — on paper — is better than the one from a season ago. White at the point is part of that, he brings more offense to the table. The big question is whether this Celtics team can show the grit and heart to consistently play up to the standard of a contender. One that may not get answered until next May.
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https://www.nbcsports.com/nba/news/mazzulla-says-derrick-white-starts-at-the-point-what-does-celtics-rotation-look-like
| 2023-07-31T21:23:49
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https://www.nbcsports.com/nba/news/mazzulla-says-derrick-white-starts-at-the-point-what-does-celtics-rotation-look-like
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Bicyclist critically injured in crash with IMPD officer
INDIANAPOLIS (WISH) — A bicyclist was critically injured Monday afternoon in a crash involving an Indianapolis Metropolitan Police Department officer, police say.
Around 2:19 p.m., police were sent to the intersection of East 10th and North LaSalle Streets on a report of an accident involving a bicyclist and an IMPD officer.
During their investigation, officers learned that the IMPD officer was traveling east on 10th Street with lights and sirens activated to respond to a possible home invasion.
Officers believe that while traveling, a vehicle failed to yield to the officer and blocked the lane the officer was traveling in.
To avoid hitting the vehicle, the officer swerved into the westbound lane and collided with a male bicyclist. Investigators say both the bicyclist and officer attempted to avoid each other.
After the crash, the officer exited his police car and attempted to help the bicyclist until emergency services arrived.
The male was taken to a nearby hospital in critical condition. The officer was also taken to a hospital for blood work as required by Indiana law when there is a serious crash.
Major Mike Lepper with the IMPD told News 8 that the “officer appeared to be visibly upset from the incident that occurred.”
Investigators say they are reviewing security camera footage from a nearby store that caught the crash. They are also searching for the vehicle that failed to yield to the officer.
Police are asking the public to avoid 10th Street between LaSalle and Olney Streets.
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https://www.wishtv.com/news/local-news/police-investigating-crash-involving-impd-officer-and-bicyclist/
| 2023-07-31T21:23:55
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https://www.wishtv.com/news/local-news/police-investigating-crash-involving-impd-officer-and-bicyclist/
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MENLO PARK, Calif., July 31, 2023 /PRNewswire/ -- Robert Half Inc. (NYSE: RHI) announced today that its board of directors has approved a quarterly cash dividend of $0.48 per share. The cash dividend will be paid on Sept. 15, 2023, to all shareholders of record as of Aug. 25, 2023.
Robert Half is the world's first and largest specialized talent solutions and business consulting firm that connects people with meaningful work and provides companies with the talent and subject matter expertise they need to confidently compete and grow. Robert Half is the parent company of Protiviti®, a global consulting firm that provides internal audit, risk, business and technology consulting solutions. Robert Half, including Protiviti, has been named to the Fortune® Most Admired Companies™ and Most Innovative Companies lists and is a Forbes Best Employer for Diversity. Robert Half has talent solutions and consulting operations in more than 400 locations worldwide.
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SOURCE Robert Half
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https://www.wymt.com/prnewswire/2023/07/31/robert-half-announces-quarterly-dividend/
| 2023-07-31T21:23:55
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It has been an awful day for the Broncos receivers room.
Not long after Tim Patrick was carted off with a non-contact injury to his lower left leg that the team fears is a torn Achilles, KJ Hamler announced he was diagnosed with pericarditis. He will step away from football to treat the mild heart irritation, and the Broncos will waive him with a non-football illness designation, Mike Klis of 9News reports.
Hamler is expected to be cleared for football activities sometime in a few weeks, and the procedural move will allow for his return this season. The Broncos are keeping the door open for Hamler to rejoin them, per Klis.
“After feeling some chest pains while working out on the break before camp starter, I got everything checked out and was diagnosed with mild heart irritation, called pericarditis,” Hamler wrote on Instagram. “I’ve got a great treatment plan with medicine and am taking a quick break to get this all taken care of so I can get back to doing what I love. I will be back on the field — better and stronger than ever — as soon as possible this season! I feel great physically and this is very frustrating for me to deal with. I know most of you have heard of or know of my story and these past few years what I’ve been going through on and off the field.
“It’s tough to deal with this when I was ready for a breakout year, but adversity is nothing new to me. I have been through hell and back, but it’s hard to reach paradise if you don’t go through hell first. I’ll get past this just like everything else on this journey. I will continue to elevate. I forever stand on business.
“This is not a farewell. This is not a good-bye. This is a see you soon as I take a break for my health.”
Hamler went on to encourage anyone with chest pains to see a doctor immediately.
A second-round pick in 2020, Hamler has appeared in only 10 games the past two years because of injuries. His 2021 season ended with an ACL tear in Week 3, and he missed the final nine games of last season with a hamstring injury.
Hamler then underwent surgery this offseason for a torn pectoral muscle.
The Broncos have 11 other receivers on the roster, with Jerry Jeudy, Courtland Sutton and rookie second-round pick Marvin Mims at the top of the depth chart.
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https://www.nbcsports.com/nfl/profootballtalk/rumor-mill/news/kj-hamler-diagnosed-with-pericarditis-broncos-will-waive-him-with-nfi-designation
| 2023-07-31T21:23:59
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Staying near normal and not as humid through midweek
INDIANAPOLIS (WISH) — We had a tolerable warm and not-so muggy day to conclude the month of July. The start to August is set to continue featuring these nice conditions before we gradually transition back towards hot and muggy air with storm chances in the mix.
Monday night: We’re in for a mainly clear and pleasant night with lows falling into the low 60s. It will also be a perfect night to view the flyover of the space station, which will take place from 9:49 PM to 9:55 PM.
Tuesday: Expect a near normal and bright Tuesday to open up the month of August. We will also re-introduce hazy skies due to wildfire smoke for parts of the state, and this could impact the air quality. Winds will remain light out of the east as highs get into the mid 80s.
Wednesday: Haze may stick around through Wednesday for parts of Indiana. Along with the haze, the muggy meter will begin to creep along the uncomfortable line, but it won’t feel too miserable. Dry air will hang with us as temperatures rise back into the mid 80s.
8-Day Forecast: After enjoying more tolerable air for the first half of this week, we’ll quickly flip back towards hotter and muggy conditions through the second half of the week. There is currently a very low chance for showers and storms Thursday and Friday, but the bulk of the activity looks to pass through southern Indiana for now. Highs are set to push near 90 by Friday, and the first full weekend of August will see numbers in the mid 80s. Higher rain and storm chances are possible for this weekend too.
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| 2023-07-31T21:24:01
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Published: Jul. 31, 2023 at 4:30 PM EDT|Updated: 54 minutes ago
Business highlights include $50 million share repurchase, continued progress integrating recent acquisitions, ongoing development and implementation of organic growth and customer experience initiatives including our new University Park, IL service center, and eighth consecutive increase in the quarterly dividend. Quarterly results include strong cash flow generation.
CHICAGO, July 31, 2023 /PRNewswire/ -- Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributor of industrial metals, today reported results for the second quarter ended June 30, 2023.
Highlights:
Achieved Net Income attributable to Ryerson Holding Corporation of $37.6 million with Adjusted EBITDA1, excluding LIFO of $70.1 million
Earned Diluted EPS2 of $1.06 on revenue of $1.3 billion
Generated Operating Cash Flow of $115.3 million and Free Cash Flow of $69.1 million
Maintained Net Leverage ratio within target range at 1.4x, debt of $396 million and net debt3 of $366 million as of June 30, 2023
Repurchased 1.4 million shares directly from an affiliate of Platinum Equity, concurrent to their secondary public offering, creating value for shareholders and contributing to free float increasing to 77% as of June 30, 2023
Announced third quarter 2023 dividend of $0.1825 per share, a 1.4% increase from the prior quarter
A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included below in this news release.
Management Commentary Eddie Lehner, Ryerson's President and Chief Executive Officer, said, "I want to thank all of my Ryerson teammates for their continued dedication to operating safely and productively, and I want to thank our customers for the opportunity to create and deliver better customer experiences which we never take for granted. Counter-cyclical industry conditions, particularly within our stainless-steel products franchise, arrived mid-quarter and were evidenced by industrial metals bellwether price index declines and demand contraction in Ryerson's later-cycle end markets. Counter-cyclical conditions as experienced during the second half of last year re-emerged in the second quarter of this year for a myriad of reasons. Shifting consumer spending patterns, higher interest rates, quieted but still present financial system stress and tightening as well as an economic recovery in China that has failed to materialize all contributed to a subdued manufacturing macro environment during the quarter. Ryerson is investing in and preparing for the next synchronized manufacturing upturn whose secular characteristics around the necessity of above trend growth in fixed-asset investment with greater supply-chain resiliency remain intact. We are confident that carrying our growth and operating model investments across counter-cyclical waters as expressed through our recent acquisitions, greenfield service centers and facility modernizations and capital expenditures around value-added fabrication as well as ongoing investments in digitalization, future-state systems and additive manufacturing will position Ryerson well for both the next cyclical upturn and the longer term secular growth in North American manufacturing activity that is underway. As we have during past counter-cycles, we will take out non-value-added costs, flex expenses down, and better optimize our industrial metals inventories as we move through the third quarter and back-half of the year."
Second Quarter Results Ryerson generated net sales of $1.3 billion in the second quarter of 2023, a decrease of 4.5%, compared to the first quarter of 2023. This was largely driven by sequentially lower volumes, which decreased 4.4%, while average selling prices remained unchanged, compared to the first quarter of 2023.
Gross margin expanded sequentially by 60 basis points to 19.4% in the second quarter, compared to 18.8% in the first quarter. Gross Margins reflected LIFO income of $9M, as the commodity price curves for our metals products sales mix decreased resulting in a LIFO credit in costs of goods sold.
Excluding the impact of LIFO, gross margin contracted 40 basis points to 18.7% in the second quarter, compared to 19.1% in the first quarter. This was primarily driven by a decrease in stainless steel commodity prices coupled with continued high inventories in the channel that put downward pressure on average selling prices. Warehousing, delivery, selling, general and administrative expenses increased 4.3% to $202.6 million in the second quarter, compared to $194.2 million in the first quarter, primarily driven by expense related to acquisitions, higher depreciation expense driven by higher capital expenditures on growth initiatives, reorganization expenses related to an ERP systems implementation and start-up costs associated with the University Park service center, which were partially offset by lower fixed operating expenses.
Net income attributable to Ryerson Holding Corporation for the second quarter of 2023 was $37.6 million, or $1.06 per diluted share, compared to net income of $47.3 million, or $1.27 per diluted share in the previous quarter. Ryerson generated Adjusted EBITDA, excluding LIFO of $70.1 million in the second quarter, compared to the first quarter Adjusted EBITDA, excluding LIFO of $90.1 million.
Liquidity & Debt Management Ryerson generated $115.3 million of cash from operations in the second quarter of 2023, supported by net income attributable to Ryerson Holding of $37.6 million and working capital release of $37.8 million. The Company ended the second quarter of 2023 with $396 million of debt and $366 million of net debt, sequential increases of $1 million and $15 million, respectively, compared to the first quarter. Ryerson's leverage ratio as of the second quarter was 1.4x, within the Company's target leverage range. Ryerson's global liquidity, composed of cash and cash equivalents and availability on its revolving credit facilities was $790 million as of June 30, 2023.
Shareholder Return Activity
Dividends. During the second quarter of 2023, Ryerson paid a quarterly dividend in the amount of $0.1800 per share, amounting to a cash return of approximately $6.2 million. On July 31, 2023, the Board of Directors declared a quarterly cash dividend of $0.1825 per share of common stock, payable on September 14, 2023, to stockholders of record as of August 31, 2023.
Share Repurchase. On May 8, 2023, Ryerson repurchased 1,369,300 shares of common stock for approximately $50.0 million directly from an affiliate of Platinum Equity. Additionally, over the course of the second quarter of 2023, the Company repurchased 12,872 shares for $0.4 million in the open market. In total, Ryerson repurchased 1,382,172 shares of common stock resulting in a return to shareholders of approximately $50.4 million for the second quarter of 2023. Ryerson made these repurchases in accordance with its share repurchase authorization, which allows the Company to acquire up to an aggregate amount of $100.0 million of the Company's common stock through April of 2025. As of June 30, 2023, $49.6 million of the $100.0 million remained under the existing share repurchase authorization.
Outlook Commentary For the third quarter of 2023, Ryerson expects a continuation of slowing demand conditions, with customer shipments expected to decrease approximately 2% to 4%, quarter-over-quarter. The Company anticipates third-quarter net sales to be in the range of $1.25 billion to $1.30 billion, with average selling prices decreasing 1% to 2%. LIFO income in the third quarter of 2023 is expected to be $2 million. We expect adjusted EBITDA, excluding LIFO in the range of $43 million to $47 million and earnings per diluted share in the range of $0.31 to $0.43.
Earnings Call Information Ryerson will host a conference call to discuss second quarter 2023 financial results for the period ended June 30, 2023, on Tuesday, August 1, 2023, at 10 a.m. Eastern Time. The live online broadcast will be available on the Company's investor relations website, ir.ryerson.com. A replay will be available at the same website for 90 days.
About Ryerson Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China. Founded in 1842, Ryerson has around 4,300 employees in approximately 100 locations. Visit Ryerson at www.ryerson.com.
Notes: 1For EBITDA, Adjusted EBITDA and Adjusted EBITDA excluding LIFO please see Schedule 2 2EPS is Earnings per Share 3Net debt is defined as long term debt plus short term debt less cash and cash equivalents and excludes restricted cash
Legal Disclaimer The contents herein are provided for general information purposes only and do not constitute an offer to sell or buy, or a solicitation of an offer to buy, any security ("Security") of the Company or its affiliates ("Ryerson") in any jurisdiction. Ryerson does not intend to solicit, and is not soliciting, any action with respect to any Security or any other contractual relationship with Ryerson. Nothing in this release, individually or taken in the aggregate, constitutes an offer of securities for sale or buy, or a solicitation of an offer to buy, any Security in the United States, or to U.S. persons, or in any other jurisdiction in which such an offer or solicitation is unlawful.
Safe Harbor Provision Certain statements made in this presentation and other written or oral statements made by or on behalf of the Company constitute "forward-looking statements" within the meaning of the federal securities laws, including statements regarding our future performance, as well as management's expectations, beliefs, intentions, plans, estimates, objectives, or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as "objectives," "goals," "preliminary," "range," "believes," "expects," "may," "estimates," "will," "should," "plans," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. The Company cautions that any such forward-looking statements are not guarantees of future performance and may involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various factors. Among the factors that significantly impact our business are: the cyclicality of our business; the highly competitive, volatile, and fragmented metals industry in which we operate; the impact of geopolitical events, including Russia's invasion of Ukraine and global trade sanctions; fluctuating metal prices; our indebtedness and the covenants in instruments governing such indebtedness; the integration of acquired operations; regulatory and other operational risks associated with our operations located inside and outside of the United States; the ownership of a significant portion of our equity securities by a single investor group; work stoppages; obligations under certain employee retirement benefit plans; currency fluctuations; and consolidation in the metals industry. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth above and those set forth under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2022,our quarterly report on Form 10-Q for the quarter ended June 30, 2023 and in our other filings with the Securities and Exchange Commission. Moreover, we caution against placing undue reliance on these statements, which speak only as of the date they were made. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances, new information or otherwise.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
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| 2023-07-31T21:24:01
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A Villanova guard claims he made 70 three pointers in a row. He has video evidence of the first 48.
Sophomore Brendan Hausen went 27-for-63 from long range in his freshman season. This display was far more impressive.
Someone’s been practicing.
Villanova basketball sophomore Brendan Hausen put on a shooting clinic on social media over the weekend. On Thursday, the guard posted a video on X, the social platform formerly known as Twitter, of himself knocking down a flurry of three pointers from the corner.
Count ‘em up — that’s 48 in a row.
Hausen later clarified that he actually made 70 consecutive three-pointers in this session, but was unable to post the video of remaining 22 shots on X. (The video he posted is 2 minutes and 20 seconds long, indeed the maximum length allowed to be posted on X for a non-Twitter Blue account.)
Hausen paced the Wildcats with a 42.9% three-point percentage as a freshman, going 27-for-63 in just under nine minutes per game off the bench.
The sharpshooter has a little further to go to match the 105 consecutive threes Steph Curry made at a Golden State practice in 2020, but it’s still very good company to have. Earlier this summer, third-year Sixers guard Jaden Springer made 100 of 121 three pointers during a workout.
» READ MORE: Wali Jones, still a wonder, now on a West Philly mural too
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https://www.inquirer.com/college-sports/villanova/villanova-basketball-three-pointers-brendan-hausen-steph-curry-20230731.html
| 2023-07-31T21:24:08
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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.
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.
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.
SEE MORE: U.S. Space Command Is Reestablished After 17 Years
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.
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.
Trending stories at Scrippsnews.com
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https://www.kgun9.com/biden-to-keep-space-command-in-colorado-won-t-move-to-alabama
| 2023-07-31T21:24:08
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SAN JOSE, Calif., July 31, 2023 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the fiscal third quarter ended July 1, 2023 and outlook for its fiscal fourth quarter ending September 30, 2023.
"Our third quarter results were in line with our outlook. We continue to execute well and deliver consistent operating margins and solid cash generation," stated Jure Sola, Chairman and Chief Executive Officer. "Our strong performance in the first nine months and achievement of our outlook for the fourth quarter would result in fiscal 2023 revenue growth of approximately 14 percent and non-GAAP EPS growth of approximately 35 percent. The team remains focused on excellence in quality, delivery and consistently meeting the needs of our customers. We have a strong foundation and promising future," Sola concluded.
Fourth Quarter Fiscal 2023 Outlook
The following outlook is for the fiscal fourth quarter ending September 30, 2023. These statements are forward-looking and actual results may differ materially.
- Revenue between $2.1 billion to $2.2 billion
- GAAP diluted earnings per share between $1.24 to $1.34
- Non-GAAP diluted earnings per share between $1.47 to $1.57
Safe Harbor Statement
The statements above concerning our financial outlook for the fourth quarter fiscal 2023 and our expectations for growth in revenue and non-GAAP earnings per share in fiscal 2023 should such outlook be achieved, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, most notably ongoing supply chain constraints and geopolitical uncertainty, including from the conflict in Ukraine. Other factors that could cause our results to differ from our forward-looking statements include adverse changes to the key markets we target; significant uncertainties that can cause our future sales and net income to be variable; reliance on a small number of customers for a substantial portion of our sales; risks arising from our international operations; and the other risk factors set forth in the Company's annual and quarterly reports filed with the Securities Exchange Commission.
The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.
Company Conference Call Information
Sanmina will hold a conference call to review its financial results for the third quarter and outlook for the fourth quarter of fiscal 2023 on Monday, July 31, 2023 at 5:30 p.m. ET (2:30 p.m. PT). The access numbers are: domestic 833-816-1390 and international 412-317-0483. The conference will also be webcast live over the Internet. You can log on to the live webcast at Q3 Webcast Link. Additional information in the form of a slide presentation is available on Sanmina's website at www.sanmina.com. A replay of the conference call will be available for 48-hours. The access numbers are: domestic 877-344-7529 and international 412-317-0088, access code is 1520057.
About Sanmina
Sanmina Corporation, a Fortune 500 company, is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure markets. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com.
Sanmina Contact
Paige Melching
SVP, Investor Communications
408-964-3610
Schedule 1
The statements above and financial information provided in this earnings release include non-GAAP measures of operating income, operating margin, net income, diluted earnings per share and pre-tax return on invested capital (ROIC). Management excludes from these measures stock-based compensation, restructuring, acquisition and integration expenses, impairment charges, amortization charges and other unusual or infrequent items, as adjusted for taxes, as more fully described below.
Management excludes these items principally because such charges or benefits are not directly related to the Company's ongoing core business operations. We use such non-GAAP measures in order to (1) make more meaningful period-to-period comparisons of the Company's operations, both internally and externally, (2) guide management in assessing the performance of the business, internally allocating resources and making decisions in furtherance of Company's strategic plan, (3) provide investors with a better understanding of how management plans and measures the business and (4) provide investors with a better understanding of our ongoing, core business. The material limitations to management's approach include the fact that the charges, benefits and expenses excluded are nonetheless charges, benefits and expenses required to be recognized under GAAP and, in some cases, consume cash which reduces the Company's liquidity. Management compensates for these limitations primarily by reviewing GAAP results to obtain a complete picture of the Company's performance and by including a reconciliation of non-GAAP results to GAAP results in its earnings releases.
Additional information regarding the economic substance of each exclusion, management's use of the resultant non-GAAP measures, the material limitations of management's approach and management's methods for compensating for such limitations is provided below.
Stock-based Compensation Expense, which consists of non-cash charges for the estimated fair value of equity awards granted to employees and directors, is excluded in order to permit more meaningful period-to-period comparisons of the Company's results since the Company grants different amounts and value of equity awards each quarter. In addition, given the fact that competitors grant different amounts and types of equity awards and may use different valuation assumptions, excluding stock-based compensation permits more accurate comparisons of the Company's core results with those of its competitors.
Restructuring, Acquisition and Integration Expenses, which consist of severance, lease termination costs, exit costs, environmental investigation, remediation and related costs and other charges primarily related to closing and consolidating manufacturing facilities and those associated with the acquisition and integration of acquired businesses, are excluded because such charges (1) can be driven by the timing of acquisitions and exit activities which are difficult to predict, (2) are not directly related to ongoing business results and (3) generally do not reflect expected future operating expenses. In addition, given the fact that the Company's competitors complete acquisitions and adopt restructuring plans at different times and in different amounts than the Company, excluding these charges or benefits permits more accurate comparisons of the Company's core results with those of its competitors. Items excluded by the Company may be different from those excluded by the Company's competitors and restructuring and integration expenses include both cash and non-cash expenses. Cash expenses reduce the Company's liquidity. Therefore, management also reviews GAAP results including these amounts.
Impairment Charges, which consist of non-cash charges, are excluded because such charges are non-recurring and do not reduce the Company's liquidity. In addition, given the fact that the Company's competitors may record impairment charges at different times, excluding these charges permits more accurate comparisons of the Company's core results with those of its competitors.
Amortization Charges, which consist of non-cash charges impacted by the timing and magnitude of acquisitions of businesses or assets, are also excluded because such charges do not reduce the Company's liquidity. In addition, such charges can be driven by the timing of acquisitions, which is difficult to predict. Excluding these charges permits more accurate comparisons of the Company's core results with those of its competitors because the Company's competitors complete acquisitions at different times and for different amounts than the Company.
Other Unusual or Infrequent Items, such as charges or benefits associated with distressed customers, expenses, charges and recoveries relating to certain legal matters, gains and losses on sales of assets, deferred tax adjustments and discrete tax items, are excluded because such items are typically non-recurring, difficult to predict or not directly related to the Company's ongoing or core operations and are therefore not considered by management in assessing the current operating performance of the Company and forecasting earnings trends. However, items excluded by the Company may be different from those excluded by the Company's competitors. In addition, these items include both cash and non-cash expenses. Cash expenses reduce the Company's liquidity. Management compensates for these limitations by reviewing GAAP results including these amounts.
Adjustments for Taxes, which consist of the tax effects of the various adjustments that we exclude from our non-GAAP measures, and adjustments related to deferred tax and discrete tax items. Including these adjustments permits more accurate comparisons of the Company's core results with those of its competitors. We determine the tax adjustments based upon the various applicable effective tax rates. In those jurisdictions in which we do not expect to realize a tax cost or benefit (due to a history of operating losses or other factors), a reduced tax rate is applied.
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The Packers claimed center James Empey off waivers from the Titans, the team announced.
He practiced with the team Monday.
The Titans waived Empey to create a roster spot for the free agent signing of offensive lineman Chris Hubbard.
Empey, a first-year player out of Brigham Young, originally signed with the Cowboys as an undrafted free agent in 2022. Dallas waived him at the end of training camp, and Empey spent last season on the Dolphins’ practice squad.
Miami elevated Empey to the active roster for one game, but he did not play.
In four seasons at BYU (2018-21), he started all 41 games in which he appeared at center and was a two-time captain for the Cougars.
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https://www.nbcsports.com/nfl/profootballtalk/rumor-mill/news/packers-claim-c-james-empey-off-waivers
| 2023-07-31T21:24:10
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Flyers’ 2022 draft pick Alex Bump asks for release from Vermont, will enter the transfer portal
Bumps' request comes two weeks after Vermont fired head coach Todd Woodcroft.
Alex Bump, the Flyers’ fifth-round pick in the 2022 NHL entry draft, has asked for a release from Vermont and will enter the transfer portal, according to College Hockey News.
His request comes two weeks after the University of Vermont relieved head coach Todd Woodcroft of his duties and named assistant coach Steve Wielder the interim coach.
Woodcroft was the subject of an investigation by the university’s Office of Affirmative Action and Equal Opportunity involving inappropriate text messages with a student. A statement from athletic director Jeff Schulman stated Woodcroft failed to meet the expectations of conduct and that the messages “failed to maintain professional boundaries.”
» READ MORE: Ranking the Flyers’ top 5 prospects after the 2023 NHL draft
The 2023-2024 season will be Bump’s freshman year of NCAA hockey. The 19-year-old played two seasons in the USHL for the Omaha Lancers and the Tri-City Storm.
Bump attended his second Flyers development camp in July. He impressed with his noticeable improvement from last season. His two goals in the scrimmage were particularly eye-opening.
”From talking to the strength guys from last year to this year he’s one of the most drastically improved players,” assistant general manager Brent Flahr said. “And you can see it. He’s just stronger on the skates. Skating still has to come a little bit, but his top end speeds fine. And he just knows how to score.”
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https://www.inquirer.com/flyers/alex-bump-transfer-portal-vermont-flyers-draft-pick-20230731.html
| 2023-07-31T21:24:14
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Climate change has been an important issue for President Joe Biden since the beginning of his administration. And while a majority of Americans agree that we need to work to reduce global warming, the partisan divide surrounding climate change is growing.
"I don't think anybody can deny the impact of climate change anymore," Biden said during a press conference on extreme heat.
Amid a sizzling hot summer, Biden announced new actions to combat extreme heat and drought. It comes as Americans across the country are feeling first-hand evidence of the changing climate.
"All of these kinds of events are really starting to literally hit home. And many Americans are starting to go, 'Oh my God, this isn't distant in time and space. This is happening right now. And we need to act,'" said Anthony Leiserowitz, the director of the Yale Program on Climate Change Communication.
SEE MORE: Extreme heat expected to be costly, especially in Texas
According to polling from the Pew Research Center,a majority of Americans, 54%, think climate change is a major threat, but there's also a stark partisan divide. Over last 15 years, the percent of Democrats who say climate change is a major threat has gone up, while that answer went down among Republicans.
That partisan impact means politicians aren't the best messengers for climate change. But experts say new voices are stepping up to raise alarm about the warming planet in an impactful way.
"We're now seeing doctors and nurses talking about how climate change is showing up in their emergency room and in the waiting room. We're hearing from faith leaders saying our religion, Christianity, Judaism, Buddhism, Islam, all of these major leaders have said climate change is a fundamental moral issue that we must address as religious people," said Leiserowitz.
Local meteorologists can be some of the most effective messengers for climate change, and the White House appears to recognize that. The vice president's office has reached out to local weather forecasters to start a discussion on best practices for talking about climate change and its impact.
Trending stories at Scrippsnews.com
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SEATTLE, July 31, 2023 /PRNewswire/ -- Seabourn, the leader in ultra-luxury voyages and expedition travel, took delivery of its second expedition ship, Seabourn Pursuit, today during an official handover maritime ceremony at the T. Mariotti shipyard in Genoa, Italy. Seabourn Pursuit is the company's second purpose-built, ultra-luxury expedition ship and the newest expedition ship in the industry.
"I am honored to share this incredible moment with the entire Seabourn family as we welcome Seabourn Pursuit, our highly anticipated second ultra-luxury expedition ship, into our fleet," expressed Natalya Leahy, Seabourn President. "With remarkable craftsmanship by the Mariotti team, an abundance of space, and the breathtaking style of Tihany Design, Seabourn Pursuit raises the bar for ultra-luxury expedition travel. We are grateful to Mariotti and Tihany Design for their expertise in shaping and making our dream come true for our guests."
Leahy added that the state-of-the-art Seabourn Pursuit will provide the perfect combination of luxury and expedition. "Seabourn Pursuit offers the best of both worlds: our well-known signature luxury and elegance with the world of exploration and adventure. The ship is masterfully designed for our guests, who are extraordinary people looking for out of the ordinary experiences. Our guests will indulge in Seabourn's ultra-luxury style and enjoy our intuitive, personalized service, while the ship takes them to awe-inspiring destinations around the world that only few will ever visit in a lifetime."
"Today, one year after the delivery of Seabourn Venture, we are very happy to have completed and delivered her sister ship, Seabourn Pursuit," said Marco Ghiglione, Managing Director of T. Mariotti. "We are truly proud to have built the most outstanding ultra-luxury expedition ship for Seabourn, one of the leading cruise lines in the luxury market. This is another important masterpiece for Italian shipbuilding coming out of T. Mariotti shipyard, demonstrating again that our leadership in this sector is well consolidated. Thanks to Seabourn, all people involved in this journey, Lloyd's Register and the pencil of Adam Tihany, here is the new expedition jewel."
Seabourn Pursuit offers the same luxurious "yacht like" small ship experience that travelers have come to expect from Seabourn, enhanced by world-class equipment that allows the line to offer its widest range of expedition activities led by an expert 24-person expedition team of scientists, scholars, naturalists, and more. Seabourn Pursuit is designed and built for remote, diverse environments to PC6 Polar Class standards and will include a plethora of modern hardware and technology that will extend the ship's global deployment and capabilities. Seabourn Pursuit has close to 30,000 square feet of deck space and special touches at every turn. Those include indoor and outdoor guest areas with nearly 270-degree views, and a 4K GSS Cineflex Camera mounted on the mast of the Constellation Lounge capable of broadcasting imagery from miles ahead on monitors located throughout the ship and in guest suites.
In addition, Seabourn Pursuit, like the rest of the ships in the Seabourn fleet, offers an abundance of space and elegance, eight dining facilities serving gourmet cuisine, and luxurious all-suite accommodations, including a pair of two-level Wintergarden suites.
Seabourn Pursuit is scheduled to enter service August 12, 2023, and will sail five voyages in the Mediterranean before embarking on two voyages across the Atlantic and through the Caribbean. On October 10, 2023, the ship will arrive in Barbados to begin its expedition journeys, taking guests to remote corners of the globe. Seabourn Pursuit will head south for expeditions exploring coastal South America, the Amazon, and Antarctica into late March 2024.
Following its inaugural Antarctic season, the ship will head across the islands of the South Pacific and eventually to Australia, which will be the start of the line's first exploration of the Kimberley region in the Northern Territory and Western Australia between June and August 2024. The iconic Kimberley, with its red sandstone gorges, rivers, waterfalls, wildlife, and Aboriginal life and history, is the ideal setting for a truly, world-class expedition experience. In addition to the Kimberley, Seabourn Pursuit will visit Papua New Guinea, West Papua, Indonesia, and sail across the South Pacific between Chile and Melanesia between March and October 2024.
For more details about Seabourn, or to explore the worldwide selection of Seabourn cruising options, contact a professional travel advisor, call Seabourn at 1-800-929-9391 or visit www.seabourn.com.
About Seabourn:
Seabourn represents the pinnacle of ultra-luxury ocean and expedition travel and operates a suite of six modern ships with one under construction. The all-inclusive, boutique ships offer all-suite accommodations with oceanfront views; award-winning dining; complimentary premium spirits and fine wines available at all times; renowned service provided by an industry-leading crew; a relaxed, sociable atmosphere that makes guests feel at home; a pedigree in expedition travel through the Ventures by Seabourn program and two new ultra-luxury purpose-built expedition ships, including Seabourn Venture that launched in 2022 and Seabourn Pursuit scheduled to enter service in 2023. Seabourn takes travelers to every continent on the globe, visiting more than 400 ports including marquee cities and lesser-known ports and hideaways. Guests of Seabourn experience extraordinary offerings and programs, including partnerships with leading entertainers, dining, personal health and wellbeing, and engaging speakers.
For more details about Seabourn, or to explore the worldwide selection of Seabourn cruising options, contact a professional travel advisor, call Seabourn at 1-800-929-9391 or visit www.seabourn.com.
Seabourn is a brand of Carnival Corporation and plc (NYSE/LSE: CCL and NYSE: CUK).
Find Seabourn on Twitter, Facebook, Instagram, YouTube and Pinterest.
Notes to Editors:
Seabourn is consistently ranked among the world's top travel choices by professional critics and the discerning readers of prestigious travel publications such as Departures, Travel + Leisure and Condé Nast Traveler. Its stylish, distinctive cruising vacations are renowned for:
- Purpose-built expedition ships, PC6 ice-strengthened hull, with advanced maneuvering technology for superior stability, safety, and comfort
- World-class Expedition Team, delivering immersive experiences
- All veranda, all ocean-front suites luxuriously appointed
- Handcrafted itineraries developed for the expedition traveler to the most coveted and familiar remote destinations in the world
- Intimate ships with a private club atmosphere
- Intuitive, personalized service provided by staff passionate about exceeding guests' expectations
- Inclusive expedition experiences with Zodiacs, scuba diving and snorkeling
- Optional expedition experiences with kayaks and custom-built, 6-guest submarines giving the option to extend your expedition further for greater ocean exploration**
- Welcome toast and complimentary in-suite bar stocked with your preferences
- Hosted bridge policy* with Expedition team members providing firsthand access to the ship's command center and officers navigating your journey
- World-class dining venues are all complimentary, dine where, when and with whom you wish
- Tipping is neither required, nor expected
- Complimentary premium spirits and fine wines available on board at all times
- Meticulous and purposeful adventurers' resort at sea designed for the luxury traveler with unique attributes and spaces to enhance your experience
- Spa & Wellness with Dr. Andrew Weil, featuring an exclusive mindful living program**
- Committed to environmental stewardship and sustainability
*At the Captain's discretion
** Optional programs, for additional charge
View original content to download multimedia:
SOURCE Seabourn
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Jets tackle Mekhi Becton missed practice time early in training camp because of his knee, but head coach Robert Saleh said on Monday that things have been moving in a better direction for the 2020 first-round pick.
Saleh said that Becton has had “back-to-back really good practices” as he continues to work his way back from knee issues that have kept him out of game action since Week One of the 2021 season.
“He’s been able to finish all the way through and he’s getting stronger on that knee,” Saleh said, via the team’s website. “I think he’s getting more confidence in it. The big thing for him is rather than rush to be a first teamer, let’s rush and see us get through a game and have that ability to finish a game, a practice, a week. There’s no denying his talent, but right now it’s about building confidence, building strength, the endurance. Once all that comes, then we’ll take the next step and see how he can perform with the 1s and all that.”
Becton’s absence from games is set to end at this week’s Hall of Fame Game against the Browns. If he gets through that action unscathed, he may be on his way to his long-awaited return to the starting lineup.
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https://www.nbcsports.com/nfl/profootballtalk/rumor-mill/news/robert-saleh-mekhi-becton-gaining-more-confidence-in-his-knee
| 2023-07-31T21:24:20
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The products and services mentioned below were selected independent of sales and advertising. However, Simplemost may receive a small commission from the purchase of any products or services through an affiliate link to the retailer's website.
Malala Yousafzai is a Barbie Girl in the real world.
It may not sound like a quality connected with the 26-year-old activist and Nobel Peace Prize winner. However, the proof is in a post of a photo showing her and her husband, Asser Malik, in a movie theater’s promotional “Barbie Box” this past weekend.
Yousafzai shared a picture on her social media channels that echoed the movie’s cast announcements, which were set on a Barbie-packaging backdrop and included marketing blurbs (“This Barbie is a mermaid,” “This Barbie has a Nobel Prize in physics” or “He’s just Ken”) for each character. Yousafzai and Malik look relaxed and happy in their photo. But it’s the caption that makes this post social media perfection.
“This Barbie has a Nobel Prize He’s just Ken,” she wrote.
This Barbie has a Nobel Prize He’s just Ken pic.twitter.com/Ljbqdfpgfd
— Malala Yousafzai (@Malala) July 30, 2023
MORE: ‘Barbie’ is hitting the big screen, but is the movie meant for kids?
And how does this Barbie’s “Ken” feel about his new title?
Malik countered with a comment that will be familiar to anyone who has seen the movie — specifically Ken’s “I am Kenough” sweatshirt in the closing scenes.
I’m Kenough
— Asser Malik (@MalikAsser) July 30, 2023
“I’m Kenough,” he replied, clearly in on his wife’s joke.
The Twitter post has nearly 42 million views and is closing in on 1 million likes as of July 31.
In a longer post on her Instagram account, Yousafzai shared the couple’s reaction to the movie and explained that her joke was not meant as a jab against her beloved husband.
“We loved the movie. It was so funny and thoughtful ,” she wrote in her Instagram post. “I hope this caption doesn’t hurt all the Kens as much as the movie Ken.”
These viral social media posts are the latest images of the evolution of Malala Yousafzai since the world first got to know her in 2012 at age 15, when she was attacked on a school bus in her homeland of Pakistan for speaking out in favor of education rights for all people.
Following her attack, her family moved to England, where the young girl continued to advocate for gender equality in education. In 2013, she wrote “I Am Malala,” a best-selling book which, along with other writings and outreach, helped the teenager to become the youngest Nobel Peace Prize winner in 2014.
Since that time, Yousafzai launched the Malala Fund, graduated from Oxford University and continues to advocate for accessible education for everyone.
This story originally appeared on Simplemost. Check out Simplemost for additional stories.
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| 2023-07-31T21:24:20
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Fox Chase nurses who answer patient phone calls want to join the center’s new nurses union
The nurses at the Temple-owner cancer center unionized in June. Twenty-one nurses who answer patient calls were left out of the bargaining unit.
The nurses who answer the phone calls of concerned patients at Fox Chase Cancer Center filed paperwork to join a union last week. They would be the third group of workers at the Northeast Philadelphia hospital to unionize since June.
The 21 nurses were excluded from the much-larger group of 350 registered nurses at Fox Chase who voted to unionize in June.
The phone triage nurses planned to unionize with the rest of the center’s nursing staff, but hospital management argued they should be a separate bargaining unit because they do not physically care for patients, said Rossana Caputo, one of the 21 nurses who staff the patient phone line at Fox Chase. Caputo and her peers worried that fighting the decision would delay and jeopardize the vote for the rest of the nurses.
“We had a really good momentum,” Caputo said. “We didn’t want to lose that.”
» READ MORE: Fox Chase nurses vote to unionize, inspired by Temple’s contract. ‘We can have those things, too!’
The phone triage nurses submitted a petition to join the collective bargaining unit with the National Labor Review Board last week. She hopes that management will agree to a quick election, in which she believes a yes vote for the union will be close to unanimous.
Fox Chase is one of two National Cancer Institute-designated comprehensive cancer centers in Philadelphia and has been part of the Temple University Health System since 2012. The hospital did not respond to request for comment.
Two weeks before the nurses’ election in June, 125 techs and licensed practical nurses at Fox Chase voted to unionize. In January, a union of 35 certified registered nurse anesthetists working both at Fox Chase and at the nearby Temple University Hospital-Jeanes Campus ratified their first contract.
Techs and nurses cited staffing levels, retention of employees, and benefits as their motivation to organize. The phone triage nurses share these concerns.
“We definitely want to be included,” Caputo said. “We want more of a voice.”
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https://www.inquirer.com/health/fox-chase-union-election-phone-triage-nurses-nlrb-20230731.html
| 2023-07-31T21:24:23
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Companies combine expertise to deliver innovative technology solutions for arenas, stadiums, convention and exhibition centers, and performing arts venues
TUCSON, Ariz., July 31, 2023 /PRNewswire/ -- Simpleview and ASM Global are pleased to announce a partnership created to provide a unified network of websites and technology solutions for the ASM Global portfolio of venues. The partnership was strategically designed to develop cohesive branding powered by a best-in-class technology stack and ticketing integrations that promote visitors and drive web conversions for arenas, stadiums, convention and exhibition centers, and performing arts venues.
Simpleview, a leading provider of CRM, CMS, and marketing solutions for destinations worldwide, and ASM Global, the world's leading venue management and services company, will serve the meetings and events ecosystem; by leveraging Simpleview's advanced technology and ASM Global's extensive global network, this partnership will enable clients to create captivating digital experiences that drive engagement and ticket sales and enhance venue marketing efforts.
Highlights of the partnership include:
- Enhanced Website Capabilities: a new generation of website solutions with state-of-the-art features and functionalities equipped with user-friendly content management systems, robust event and ticketing integrations, interactive mapping tools, and seamless integration with social media platforms
- Personalized Experiences: clients can deliver tailored content and offers to individual users, ensuring a highly personalized and engaging journey for every visitor
- Mobile-Optimized Design: prioritization of mobile optimization, ensuring that websites are fully accessible across all screen sizes and platforms
- Data-Driven Insights: comprehensive analytics and reporting gain insights into visitor behavior, marketing performance, and conversion rates so venues can make informed decisions and optimize marketing strategies effectively
"ASM Global is thrilled to work in partnership with Simpleview to create a cohesive, best-in-class website solution for our diverse global portfolio of stadiums, arenas, theaters, and convention centers," said Alex Merchán, chief marketing officer at ASM Global. "From the start of this relationship, Simpleview has impressed us with its tech stack, service offering, data-driven approach, and talented team. We look forward to building and scaling this partnership in the years ahead."
About Simpleview
Simpleview is a worldwide leading provider of CRM, CMS, website design, digital marketing services, and data insights for convention bureaus, venues, tourism boards, destination marketing organizations (DMOs), and attractions. The company employs staff across the globe, serving clients of all sizes, including small towns, world capitals, top meeting destinations, and countries across multiple continents.
View original content to download multimedia:
SOURCE SIMPLEVIEW
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| 2023-07-31T21:24:22
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Arizona saw 1,294 traffic fatalities in 2022, an increase of 8.6% when compared to 2021, according to a study released by the Arizona Department of Transportation.
The study showed the lion's share of deaths and injuries were due to speeding. Law enforcement recorded the second-highest numbers of traffic deaths in 2022 after 2006, a year in which 1,301 people died, according to the study.
The Motor Vehicle Crash Facts report is released annually and is an analysis of crash reports provided by law enforcement agencies across the state, according to ADOT.
Pima County saw more than 9,800 crashes in 2022, 166 of which were fatal. Maricopa County, where Phoenix is located, saw nearly 86,000 crashes. More than 600 of those crashes were fatal, the report said.
Speed was the reason behind 426 fatalities and 20,069 injuries in 2022, the report said.
There were 302 pedestrian deaths and 48 bicycle deaths in the same year, both increased numbers from the year prior.
Alcohol-related vehicle deaths saw a decline, dropping from 253 deaths in 2021 to 223 in 2022, the report said.
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https://www.kgun9.com/news/local-news/adot-crash-deaths-increased-in-arizona-from-2021-to-2022
| 2023-07-31T21:24:29
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Fox 29′s Bob Kelly assaulted during an event in Sea Isle City
Kelly didn't suffer an serious injuries and is expected to be back on 'Good Day, Philadelphia' Tuesday, sources said.
Fox 29 traffic anchor Bob Kelly is recovering after being assaulted during an event at the Jersey Shore Sunday, sources with knowledge of the incident told The Inquirer.
The longtime Philadelphia TV fixture was emceeing a party at Oar House Pub in Sea Isle City when a young man filmed himself pouring beer on Kelly’s shoulder and head, according to sources with knowledge of the incident. When Kelly reacted and attempted to swat away the beer, sources said the man filming punched him in the face.
Kelly was taken to Cape Regional Medical Center, but did not suffer any serious injuries, sources said. It’s unclear if he’ll be back on Good Day Philadelphia Tuesday. He’s usually off on Mondays during the summer.
Sea Isle City police have not released any information about the incident. Sources say the man was apprehended by the pub’s bouncers and later arrested, but Sea Isle City police did not confirm an arrest. No information about the suspect has been released.
A Philly native known to viewers as “The Dean of Traffic,” Kelly has been the traffic anchor at Fox 29 on Good Day Philadelphia since 2014. He also hosts Kelly Drives, in which he showcases unique spots across the Philadelphia region. He’s a regular fixture up and down the Shore, where he regularly films segments and takes parts in events.
Kelly began his Philly TV career at CBS3, where he spent 13 years as a traffic reporter. Prior to that, he reported on the traffic on the radio at KYW Newsradio and other outlets after a career as a DJ didn’t appear in the cards.
“I got started at 102.9 MGK and worked up and down the dial at all the hot stations,” Kelly told South Jersey Magazine in 2018. “But the music industry was starting to change. Fewer DJs were actually live on the radio; everything was prerecorded. My agent said to me, ‘Traffic is going to be huge. What if you DJ that?’ Traffic is live; it’ll always be live, you can’t prerecord it. So instead of talking up the Rolling Stones, I decided to DJ the traffic.”
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https://www.inquirer.com/news/fox-29-bob-kelly-assault-jersey-shore-sea-isle-20230731.html
| 2023-07-31T21:24:29
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BALTIMORE, July 31, 2023 /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) announced today that its Board of Directors has declared a quarterly dividend of $1.22 per share payable September 28, 2023, to stockholders of record as of the close of business on September 15, 2023.
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price (NASDAQ: TROW) helps people around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Investors rely on the award-winning firm for its retirement expertise and active management approach of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price manages $1.40 trillion in assets under management as of June 30, 2023, and serves millions of clients globally. News and other updates can be found on Facebook, Instagram, LinkedIn, Twitter, YouTube, and troweprice.com/newsroom.
View original content:
SOURCE T. Rowe Price Group, Inc.
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| 2023-07-31T21:24:29
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Working Families Party candidates file to run and will try to boot the GOP from City Hall
The three progressive candidates submitted more than 21,000 signatures — three times more than required to get on the ballot. They are seeking two City Council seats and a city commissioner position.
A slate of progressive third-party candidates filed nomination papers Monday to run for office in Philadelphia, pledging during a news conference to oust Republicans they say “do not deserve governing power” in City Hall.
“This party is actively sabotaging civil rights,” Nicolas O’Rourke, a City Council candidate running as a member of the Working Families Party, said Monday. “It’s actively busting unions, actively chipping away at the foundation of our democracy, and actively standing in the way of progress in Philadelphia.”
The GOP candidates they’re running against say attempts to connect them to national Republicans will fall flat with voters.
“It’s not a surprise to me that they are going to try to tie us to what they’re going to term as the ‘party of Trump,’” said Drew Murray, a Republican running for Council who describes himself as a moderate. “And that is not who we are.”
It sets up a contentious fall, as Republicans try to defend the few officeholders they have remaining in City Hall from the third party that’s gained traction among the city’s progressives. Those races will be the most closely watched in the November general election — because Democrats outnumber Republicans 7-1 citywide, the mayoral race between Democrat Cherelle Parker and Republican David Oh is seen as far less competitive.
O’Rourke, a pastor, is running for Council for the second time alongside Kendra Brooks, an incumbent City Council member. They hope to take two at-large seats on the 17-member legislative body that are effectively reserved for non-Democrats — both seats were held by Republicans for 70 years until Brooks won one in 2019 in historic fashion.
» READ MORE: The Working Families Party is gearing up to try to oust the few Republicans left in Philadelphia government
They’ve formed a slate alongside Jarrett Smith, a former labor lobbyist running to be one of three city commissioners, officials who administer elections. He’s trying to top Seth Bluestein, the Republican nominee and former deputy to ex-City Commissioner Al Schmidt, who is now Pennsylvania’s secretary of state. Bluestein replaced Schmidt and held the seat until he launched his campaign earlier this year. (Under city law, candidates can’t administer elections they’re running in.)
The trio of Working Families Party candidates on Monday submitted more than 21,000 petition signatures to get their names on the ballot in the November general election — about three times the amount required. The labor-aligned party said the haul indicates grassroots support for their bid to pick off members of the GOP.
“We organized,” Smith said. “We spent our summer in the streets talking to voters to build such a large movement for our campaigns.”
The city’s Home Rule Charter requires that two Council seats be held by members who are not in the majority party. Voters select five candidates, so the Democratic City Committee expects its five nominees to coast to victory in November.
For a third-party candidate to beat a Republican, they generally need to siphon away some voters who usually pick five Democrats and have them instead select fewer Democrats and vote for one or two third-party candidates. Democratic Party chair Bob Brady has warned city committee members against supporting or electioneering for third-party candidates, which a party rule prohibits.
» READ MORE: Philly Democrats to party officials: Don’t back Working Families Party candidates
The GOP, for its part, nominated five candidates but is encouraging Republican voters to strategically select just two: Murray, a longtime civic leader in Center City, and Jim Hasher, a real estate agent and bar owner.
Only one Republican currently sits on Council. Longtime Councilmember Brian O’Neill, who represents Northeast Philadelphia’s 10th District, is in a competitive fight for reelection against Democrat Gary Masino, business manager of the Sheet Metal Workers Local 19. Former Councilmember David Oh resigned earlier this year and is the GOP nominee for mayor.
Murray said he thinks city voters want “balance and common sense” and pointed out that multiple high-profile candidates backed by the Working Families Party this spring lost their races.
For mayor, the party endorsed former City Councilmember Helen Gym, who lost in a crowded primary field to Parker, a more moderate candidate who consolidated support in majority-Black and brown neighborhoods. The party also backed six candidates for City Council. Three won — the ones who were also endorsed by the city Democratic Party.
O’Rourke said the losses served as “a reminder that in organizing, we do not stop.”
“It wasn’t just this last election where there have been times when we haven’t quite gotten there,” he said. “We continued to build over the last four years, and we’re going to continue to build from now all the way through November as well.”
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https://www.inquirer.com/politics/election/working-families-third-party-targets-philadelphia-republicans-20230731.html
| 2023-07-31T21:24:30
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Cowboys running back Ronald Jones will not be available for the first two weeks of the regular season.
The NFL announced that Jones has been suspended for two games. Jones violated the league’s performance-enhancing drug policy.
Jones signed with the Cowboys this offseason as a free agent. He ran 17 times for 70 yards and a touchdown in six games with the Chiefs last season. Jones ran 488 times for 2,174 yards and 18 touchdowns in four seasons with the Buccaneers.
Tony Pollard is the No. 1 running back in Dallas. Malik Davis, Rico Dowdle, and sixth-round pick Deuce Vaughn are the other backs on the 90-man roster.
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https://www.nbcsports.com/nfl/profootballtalk/rumor-mill/news/ronald-jones-suspended-two-games
| 2023-07-31T21:24:30
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TUCSON, Ariz. (KGUN) — Tucson Police have shared an update on the victim of the June 10 stabbing near St. Mary's and Silverbell Roads.
Police have identified the victim as 60-year-old Jonathan Bartholomew. They say he passed away on Saturday, July 15—a little over a month since he was stabbed.
According to TPD, Bartholomew had been involved in a physical incident with another man leading up to the stabbing. Police say the suspect had left the area by the time they arrived.
No other information on the attack is available at this time, but police say the case is now being investigated as a homicide. They ask that anyone with information call 911 or 88-CRIME. Anonymous tips are welcome, says TPD.
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https://www.kgun9.com/news/local-news/tpd-june-stabbing-victim-passes-away
| 2023-07-31T21:24:30
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TUCSON, Ariz. (KGUN) — Tucson Police Department is at the location of an alleged aggravated assault, and tell KGUN 9 the scene near East Blacklidge Drive and North Dodge Boulevard is "still very active."
Reports say SWAT is at the location. According to police, officers are currently working on finding the suspect.
They say no injuries are currently reported. KGUN 9 will provide updates as more information becomes available.
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https://www.kgun9.com/news/local-news/tucson-police-working-active-scene-near-blacklidge-and-dodge
| 2023-07-31T21:24:36
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https://www.kgun9.com/news/local-news/tucson-police-working-active-scene-near-blacklidge-and-dodge
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CHARLOTTE, N.C., July 31, 2023 /PRNewswire/ -- Ten Oaks Group, a recognized family office and standout in the corporate carve out sector, proudly announces the addition of four exceptional professionals to its esteemed team of Operating Partners. The recent hiring of James Deng, Greg Warren, David Izquierdo, and Lauren Celano underscores Ten Oaks Group's commitment to bringing accomplished talent with diverse capabilities and amplifying its capacity for turnaround, legal, and international investment exceptionalism.
James Deng assumes the position of Operating Partner at Ten Oaks Group. Prior to joining, he was a Vice President at Audax Private Equity supporting value creation initiatives. James has also served as Director of Revenue Growth Management at Keurig Dr Pepper and a management consultant at Ernst & Young focused on Corporate and Growth Strategy.
Greg Warren brings a wealth of legal and restructuring knowledge as he joins as Assistant General Counsel and Operating Partner. Greg previously was a member of White & Case LLP's financial restructuring and insolvency practice, representing debtors and creditors both in and out of bankruptcy. Greg has experience in operational, corporate, and financial matters, as well as litigation and acquisitions.
David Izquierdo joins as an Operating Partner focused on Ten Oaks Group's European portfolio companies. Prior to Ten Oaks, David focused on designing and implementing strategic and transformation programs across a wide variety of industries in roles in corporate development at Selenis and management consulting at Monitor Deloitte and PwC.
Lastly, Lauren Celano joins the team as Associate Operating Partner, leveraging her vast experience from the healthcare and pharmaceutical industries, where she also led business development efforts. Additionally, she has experience at Alvarez & Marsal and other private equity and venture capital firms.
"At Ten Oaks Group, we believe that attracting top-notch talent is essential for leading value creation efforts for our portfolio," said Kendall Thurlow, head of value creation at Ten Oaks Group. "Lauren, James, David, and Greg embody the caliber of professionals we seek to bring on board, and we are excited to welcome them as valuable members of our team of Operating Partners."
Ten Oaks Group is committed to cultivating a dynamic and growth-oriented environment for its practitioners. With a commitment to fostering private equity careers, the company offers comprehensive opportunities for professional development and advancement.
To learn more about the background and expertise of the newly hired Operating Partners and explore potential career opportunities with Ten Oaks Group, visit www.tenoaksgroup.com.
About Ten Oaks Group:
Ten Oaks Group is a family office focused exclusively on investing in corporate divestitures. It brings speed, flexibility and certainty to divestitures of non-core businesses that no longer fit their parent company's corporate strategy. Following acquisition, Ten Oaks Group leverages its experienced team of Operating Partners to manage the transition and separation process and implement operational strategies that reveal and optimize the underlying potential of each business.
Each company within Ten Oaks Group operates independently under its own dedicated management team and receives management support services from Ten Oaks Management, LLC. Ten Oaks Group was founded by Matt Magan and Mike Hahn and has closed 25 carve-out transactions across 10 countries since inception.
To learn more about Ten Oaks Group's unique approach to corporate divestitures, please visit www.tenoaksgroup.com.
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https://www.wymt.com/prnewswire/2023/07/31/ten-oaks-group-expands-capabilities-with-strategic-hires/
| 2023-07-31T21:24:36
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As work begins on the largest US dam removal project, tribes look to a future of growth
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.
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Associated Press writer Eugene Johnson in Seattle contributed.
Copyright 2023 The Associated Press. All rights reserved.
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https://www.mysuncoast.com/2023/07/31/work-begins-largest-us-dam-removal-project-tribes-look-future-growth/
| 2023-07-31T21:24:37
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With Seahawks running backs Kenneth Walker and Zach Charbonnet both dealing with injuries, Seattle has brought in another player at the position.
Seattle announced on Monday that the team has signed SaRodorick Thompson.
An undrafted rookie out of Texas Tech, Thompson rushed for 2,664 yards with 40 touchdowns in his college career. He spent time with the Saints in the spring.
Walker, who rushed for 1,050 yards with nine touchdowns last season, is dealing with a groin injury. He may be out for a few weeks. Charbonnet, a second-round pick this year, has a shoulder injury and the team isn’t sure how long he’ll be out.
Additionally, Seattle has waived undrafted rookies safety Morell Osling and linebacker Cam Bright.
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https://www.nbcsports.com/nfl/profootballtalk/rumor-mill/news/seahawks-sign-rb-sarodorick-thompson
| 2023-07-31T21:24:40
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https://www.nbcsports.com/nfl/profootballtalk/rumor-mill/news/seahawks-sign-rb-sarodorick-thompson
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These days, there are so many options to watch content online. A Forbes survey found 86% of people pay for more than one streaming service each month.
What if you were scrolling for something to watch on one of those streaming services, and half of the shows and movies were created by artificial intelligence?
Would you want to know which ones were, and which ones weren't?
This isn't a reality yet, but it's a possibility in our future and a big reason why both screenwriters and actors are on strike right now. They want to have rules and guidance surrounding artificial intelligence so they still have jobs in a decade.
Sachin Dharwadker is a Writers Guild of America screenwriter in Los Angeles. He’s written one tv show so far, and was in the final stages of developing his own show when the strike started.
"I think if you go out and ask anyone if they want to watch stuff written by AI or kind of spearheaded by AI, most of them would laugh at that," Dharwadker said. "Most of them would say, like, 'that sounds horrible.' When it comes down to it, I don't think people actually want to watch that. And that's ultimately the question that has to be answered."
Dharwadker says he hopes there will be strict cap on how AI can be used.
"There is not a viable path for it to have like anything more than a supporting role in what we do," Dharwadker said. "Writing is a very difficult profession, and it requires, if you want to make a good story about human experience, you have to be a human. I mean, you just can't be something else."
AI expert Chris Gomes Muffat is the founder of Promptify. It's a service that will soon let you design a template for AI to write a screenplay or novella.
He doesn't believe the need for screenwriters will disappear, but he thinks they will see a major shift in their career.
"I think they will be the one that will prompt the generative AI to produce the story," Muffat said. "And your ability to be a good writer will not be in producing the right content, but rather asking the right question."
Muffat says there will need to be rigorous testing for bias within the AI, but he thinks it will increase productivity.
He also thinks it will open up the screenwriting industry to more people.
"I can compete with Hollywood just because of the technology I have access to," Muffat said.
Whether AI becomes a huge part of the screenwriting experience or not, Dharwadker says he doesn't plan to use it.
In the meantime, while he waits for the unions and Hollywood industry to come to an agreement, he’s exploring other creative avenues to pay the bills like posting a Substack newsletter about the strike and movies he’s watching.
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https://www.kgun9.com/news/national/will-artificial-intelligence-take-away-the-need-for-screenwriters
| 2023-07-31T21:24:49
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https://www.kgun9.com/news/national/will-artificial-intelligence-take-away-the-need-for-screenwriters
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The New Jersey Devils have signed defenseman Kevin Bahl to a two-year contract worth $2.1 million.
Devils general manager Tom Fitzgerald said Monday the 23-year-old will earn $900,000 this season and $1.2 million in 2024-25.
Bahl appeared in his third NHL season with New Jersey and played in a career-high 42 games, finishing with two goals and six assists. His 6.52 hits per 60 minutes ranked second for all New Jersey defensemen who played in more than 10 games. He played in 11 of the team’s 12 playoff games and averaged 13 minutes, 31 seconds in time on ice.
The Devils acquired Bahl from Arizona in December 2019 in the deal that sent Taylor Hall to the Coyotes. He made his NHL debut against Philadelphia late in the 2020-21 season. Before that, he played for the Devils’ American Hockey League affiliates at Binghamton and Utica.
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https://www.nbcsports.com/nhl/news/devils-re-sign-defenseman-kevin-bahl-to-a-2-year-contract-worth-2-1-million
| 2023-07-31T21:24:50
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MESA, Ariz., July 31, 2023 /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today that it will report financial results for the second quarter ended June 30, 2023, after market close on August 9, 2023.
Verra Mobility's Chief Executive Officer, David Roberts, and Chief Financial Officer, Craig Conti, will host a conference call and live webcast to discuss financial results for investors and analysts at 5:00 p.m. ET on August 9, 2023.
To access the conference call, dial 1-888-886-7786 (U.S. toll-free) or 1-416-764-8658 (International) with conference ID 11014275 or click on the following link and request a return call: callme.viavid.com. A live webcast will be available on the Company's Investor Relations website at ir.verramobility.com.
An audio replay of the call will also be available until 11:59 p.m. ET on August 23, 2023, by dialing 1-844-512-2921 (U.S. toll-free), or 1-412-317-6671 (International) and entering passcode 11014275.
In addition, an archived webcast will be available in the "News & Events" section of Verra Mobility's Investor Relations website at ir.verramobility.com.
About Verra Mobility
Verra Mobility Corporation (NASDAQ: VRRM) is a leading provider of smart mobility technology solutions that make transportation safer, smarter and more connected. The company sits at the center of the mobility ecosystem, bringing together vehicles, hardware, software, data and people to enable safe, efficient solutions for customers globally. Verra Mobility's transportation safety systems and parking management solutions protect lives, improve urban and motorway mobility and support healthier communities. The company also solves complex payment, utilization and compliance challenges for fleet owners and rental car companies. Headquartered in Arizona, Verra Mobility operates in North America, Europe, Asia and Australia. For more information, please visit www.verramobility.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about Verra Mobility's plans, objectives, expectations, beliefs and intentions and other statements including words such as "hope," "anticipate," "may," "believe," "expect," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology. The forward-looking statements herein represent the judgment of the Verra Mobility, as of the date of this release, and Verra Mobility disclaims any intent or obligation to update forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. This press release should be read in conjunction with the information included in Verra Mobility's other press releases, reports and other filings with the SEC and on the SEC website, www.sec.gov. Understanding the information contained in these filings is important in order to fully understand Verra Mobility's reported financial results and our business outlook for future periods. Actual results may differ materially from the results anticipated in the forward-looking statements and the assumptions and estimates used as a basis for the forward-looking statements.
Additional Information
We periodically provide information for investors on our corporate website, www.verramobility.com, and our investor relations website, ir.verramobility.com. We intend to use our website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following the Company's press releases, SEC filings and public conference calls and webcasts.
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https://www.wymt.com/prnewswire/2023/07/31/verra-mobility-schedules-second-quarter-2023-earnings-call/
| 2023-07-31T21:24:49
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Funding by California Transportation Commission and Oregon Department of Environmental Quality
LONG BEACH, Calif., July 31, 2023 /PRNewswire/ -- On the heels of opening the nation's largest public charging depot for electric commercial trucks at the Port of Long Beach, WattEV announced today it has secured $40.5 million in grants to further expand its growing network of electric truck stops into Northern California and Oregon.
WattEV, the industry leader in heavy-duty freight electrification, has been awarded two separate grants: one for a solar-powered truck charging depot across Interstate 5 from the airfreight hub adjacent to Sacramento International Airport, and another for a grid-connected charging depot along Interstate 5 in Salem, Ore.
WattEV has secured a $34 million federal grant through the California Transportation Commission to build and operate what will become the nation's largest electric charging depot on more than 100 acres of land immediately south of Sacramento International Airport (SMF) on Interstate 5.
The SMF project is expected to open in mid- to late-2025 with 15.6 MW of solar power supplemented by 7.2 MW of grid power supplied by the Sacramento Municipal Utility District.
The SMF depot will have 30 DC fast chargers for passenger vehicles, 90 high-power CCS-1 cords for medium- and heavy-duty commercial electric vehicles, and 18 megawatt cords for pass-through charging of HD trucks using the upcoming Megawatt Charging Standard (MCS).
"We're proud to partner with WattEV as they continue to advance transition of U.S. trucking transport to zero emissions," said Cindy Nichol, Director of Sacramento County Department of Airports. "Sacramento International Airport's proximity to one of largest goods distribution centers in the state makes this an ideal location to serve California's 'electric highway.'"
WattEV was also awarded $6.5 million from the Oregon Department of Environmental Quality to build a 6-acre EV charging depot. The Salem, Ore., site will be grid-connected in cooperation with Portland General Electric.
Planning for the Salem electric truck stop includes 30 CCS 240 KW chargers and six MCS 1200 KW chargers. It's expected to open in 2025 as well.
"These grant awards will allow us to meet our plans to expand our network of electric-truck charging depots from the Mexican border to Portland, Oregon, via Interstate 5, on what government planners and industry stakeholders are calling the 'electric highway,'" explained WattEV co-founder and CEO Salim Youssefzadeh.
The grant for the SMF project comes from the U.S. Department of Transportation's "Trade Corridor Enhancement Program," which distributes funding through state transportation agencies.
"We're building out the West Coast corridor while also reaching eastward along the I-10 toward Arizona and Texas and, eventually, to the East Coast," Youssefzadeh said. "To expand the WattEV network, we'll match our grants with private capital to fund this massive infrastructure buildout."
WattEV selects the locations of its charging depots based on analysis of freight routes, range of electric trucks and energy supply.
"We picked our site in Sacramento because of its strategic location next to the Metro Air Park Logistics Center, where more than 10-million square-feet of warehouse space is planned," said Youssefzadeh, "and its close proximity to downtown Sacramento – just 10 minutes away."
Sacramento County and surrounding areas contain one of the largest concentrations of California's goods distribution centers, serving many of the largest shippers in the country.
The Sacramento Metropolitan Air Quality Management District (Sac Metro Air District) has committed to working closely with WattEV on the project as it will have significant air quality benefits for Sacramento.
"Emissions from fossil-fuel powered cars and trucks are the largest source of air pollution in the Sacramento region," said Sac Metro Air District Transportation and Climate Change Program Manager Raef Porter. "Over the past 25 years, the Air District has invested $300 million in clean air projects. We're proud to continue that commitment by partnering with WattEV on this transformative solar-powered, electric charging depot. Building new electric vehicle infrastructure is imperative to the successful transition to clean transportation and ensuring a clean air and low carbon future for all."
The SMF depot will initially serve as a charging hub for local and regional distribution centers, and later as a depot serving the north-south freight corridor stretching from WattEV's newly opened charging depot in the Port of Long Beach, connecting to Oregon and Washington state.
"We not only have the demand for regional distribution in Sacramento County," Youssefzadeh explained, "but we also have existing shippers asking us to transport freight from their logistic centers in the Los Angeles area to distribution centers of retailers in Sacramento."
About WattEV
WattEV's mission is to accelerate the transition of U.S. trucking transport to zero emissions. It relies on a combination of business and technology innovations to create charging infrastructure and data-driven workflow that provide truckers and fleet operators the lowest total cost of ownership. WattEV's goal is to get 12,000 heavy-duty electric trucks on California roads by the end of 2030, exceeding existing forecasts. More information is available online at www.WattEV.com.
About the Sac Metro Air District
The Sac Metro Air District is the leading Sacramento region agency responsible for monitoring air quality, reducing air pollution, enforcing air quality regulations, and promoting decarbonization efforts through innovative incentive programs and projects. The Air District also works to ensure clean air and meet National Ambient Air Quality standards. For more information about the Air District, please visit www.AirQuality.org.
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https://www.wymt.com/prnewswire/2023/07/31/wattev-awarded-405-million-build-truck-charging-depots-northern-california-oregon-along-electric-highway/
| 2023-07-31T21:24:56
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ST. PAUL, Minn. (AP) The Minnesota Wild signed goalie Filip Gustavsson to a three-year, $11.25 million contract on Monday, avoiding salary arbitration after his strong first season with the club.
The Wild have little room left on their salary cap after accounting for Gustavsson’s $3.75 million annual average value, but general manager Bill Guerin said he expects the 25-year-old to compete with veteran Marc-Andre Fleury for the starting job this season. The Wild also have top prospect Jesper Wallstedt waiting in the wings in the AHL.
“Having good goalie is a luxury, and we’ve got three of them, so we’re very happy about that,” Guerin said. “I think three years at the age that Gus is, it gives him a nice runway to really prove what he can be, and if he can continue to get better and build on the season that he had last year, then at 27 or 28 years old he’s going to be looking at an even better deal down the road.”
Gustavsson made 37 starts last season, going 22-9-7 with three shutouts, a 2.10 goals-against average and a .931 save percentage. He had a shutout streak of 177 minutes, 13 seconds across four games from Feb. 28 to March 12, the third-longest in franchise history.
Gustavsson, who is from Sweden, was acquired a year ago in a trade with Ottawa for goalie Cam Talbot. He was 2-3 in five starts in the playoffs, including a 51-save performance in a double overtime win over Dallas in Game 1 of the first-round series.
“I’m really happy to have three years instead of just having one year and having all the pressure on my shoulders again to really perform for this year to get another contract,” Gustavsson said.
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AP NHL: https://apnews.com/hub/NHL and https://twitter.com/AP-Sports
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https://www.nbcsports.com/nhl/news/wild-gustavsson-agree-to-a-3-year-11-25m-contract-to-avoid-arbitration-with-young-goalie
| 2023-07-31T21:25:00
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https://www.nbcsports.com/nhl/news/wild-gustavsson-agree-to-a-3-year-11-25m-contract-to-avoid-arbitration-with-young-goalie
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ENGLEWOOD, Colo., July 31, 2023 /PRNewswire/ -- WOW! Internet, TV & Phone (NYSE: WOW), a leading broadband provider in the United States, announced today it will host a webcast and conference call on Tuesday, August 8, 2023, at 8:00 a.m. ET to discuss financial and operating results for the second quarter 2023. WOW! will issue a news release reporting its results earlier that morning.
The conference call will be broadcast live on the company's investor relations website at ir.wowway.com. Those parties interested in participating via telephone should dial (888) 330-3556 with the conference ID number 4844814. International callers should dial (646) 960-0826 and use the same conference ID number.
A replay of the call will be available August 8, 2023, at 11:00 a.m. ET, on the investor relations website or by telephone. To access the telephone replay, which will be available until August 22, 2023, at 11:59 p.m. ET, please dial (800) 770-2030 or (647) 362-9199 and use conference ID 4844814.
About WOW! Internet, TV & Phone
WOW! is one of the nation's leading broadband providers, with an efficient and high-performing network that passes nearly 2 million residential, business and wholesale consumers. WOW! provides services in 15 markets, primarily in the Midwest and Southeast, including Michigan, Alabama, Tennessee, South Carolina, Georgia and Florida, including the new all-fiber network in Central Florida. With an expansive portfolio of advanced services, including high-speed Internet services, cable TV, home phone, mobile phone, business data, voice, and cloud services, the company is dedicated to providing outstanding service at affordable prices. WOW! also serves as a leader in exceptional human resources practices, having been recognized 10 times by the National Association for Business Resources as a Best & Brightest Company to Work For in the Nation, winning the award for the last six consecutive years and making the 2022 Top 101 National Winners list. Visit wowway.com for more information.
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SOURCE WideOpenWest, Inc.
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https://www.wymt.com/prnewswire/2023/07/31/wideopenwest-inc-announce-second-quarter-2023-financial-results/
| 2023-07-31T21:25:03
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NEW YORK (WABC) -- John Scheinfeld has earned both Emmy and Grammy nominations for his TV documentaries about music and his new one out this summer tells the story of "Reinventing Elvis," how a single TV show revived his career back in 1968.
Although his subjects include some of the most famous artists that have ever lived, his name may not ring a bell. However, Scheinfeld says that's just the way he likes it.
When ABC wanted to remember the "Happy Days" of the late Garry Marshall, they turned to a director with more than two decades of experience making documentaries, but most often his films focus on those who make music.
John Coltrane is familiar to many of us -- John Lennon is familiar to just about all of us. John Scheinfeld? Not so much.
"The fact that my name is less well-known to the public is actually a help I think," Scheinfeld said.
To this filmmaker, the story is the star and few stories are more dramatic than the 1968 comeback of Elvis Presley because he was performing in front of an audience for the first time in nine years.
"You find people that were there at the time that were witnesses to what was going on, and you talk to them," he said.
"It's a great American, authentic, original finding himself again," the trailer for "Reinventing Elvis: The '68 Comeback" said.
"I wanted people that were in the audience that actually saw Elvis. What did you see in the room that day when they were shooting? How did you feel about it?" Scheinfeld said.
The result is both a portrait of the man behind the myth and a mirror held up to a society in turmoil more than half a century ago.
"What was going on specifically in 1968 that made that the most-watched TV show of the year?" he said.
Context is key here and always answering the question: why should we care as much as he does?
"Not just presenting facts but more taking a deep dive into what made that person tick? And, why did they do what they did? And how did it impact their lives?" Scheinfeld said.
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Throughout the summer, in a series called Hometown Hopefuls, NBC is spotlighting the stories of Olympic and Paralympic hopefuls from all fifty states, as well as Washington, D.C. and Puerto Rico, as they work towards the opportunity to represent their country at the Paris 2024 Games next year. We’ll learn about their paths to their sports’ biggest stage, and the towns and communities that have been formative along the way. Visit NBCSports.com/hometownhopefuls for more stories from across America as these Olympic and Paralympic hopefuls prepare for Paris in summer 2024.
In a history-making showing at the Tokyo Olympics, Honolulu, Hawaii native Carissa Moore delivered on the promise of the pre-event favorite, winning gold in women’s surfing in the event’s Olympic debut. Next summer, surfing returns for the 2024 Paris Olympics but will take place almost 10,000 miles from the host city itself, in Tahiti in French Polynesia, the furthest away any Olympic medal competition has been held from the host city. Teahupoʻo, on Tahiti’s southwestern coast, is known as the home of one of the world’s most challenging reef breaks, with stunning clear waters, major waves, and a shallow reef for riders to navigate. With the Games less than a year away, Moore would arrive in this beautiful and demanding venue with the unique pressure of reigning Olympic champion. But for the 30-year old, currently top-ranked on the World Surf League Championship Tour, that pressure is far from top of mind.
RELATED: Paris Olympic storylines, one year out from the Opening Ceremony
“I think my biggest goal for the rest of the season is to have fun and make it as enjoyable as possible,” Moore told NBC Sports this summer. “I’ve realized winning is great, but I feel like that’s a byproduct of really being in the moment and surfing well and having a good time. I want to just look back at [this season] and just be like, ‘Wow, I had a really good time, you know, and I hung out with the people that I loved. And I made good memories. And I surfed hard, and I gave it everything I had.’”
It’s a mindset shift that’s come with experience on the circuit for the five-time WSL champion.
“It’s easy to get caught up in in the results, but I feel like I lose the joy there,” Moore said. “That’s when all the pressure and anxiety come in. In the beginning of my career, the motivation was maybe a little bit different. But I found that maybe I wasn’t as happy, or it was easier to get burned out that way. So this has been a lot more sustainable, and a lot more fun, too.”
Having the support of her community in her native Hawaii, where she first took up surfing on the waves of Waikiki in Honolulu with her father Chris, has helped too.
“I remember just getting to come home [from the Tokyo Games] and seeing the stoke on my family,” Moore recalled. “I remember driving home for the first time and like everyone in my neighborhood put up signs. So that was super memorable, I still have the pictures on my phone. They painted like a huge mural of me on a building, which was like, really, it’s kind of bizarre and overwhelming, but super rad and something that I feel very honored to be a part of.”
The mural, the work of local Hawaii artist Kamea Hadar, stands some 12 stories tall at the intersection of Pensacola and South King Street in downtown Honolulu. Moore is joined on the mural by Duke Kahanamoku, a five-time Olympic medalist in swimming even more famous as the pioneer of modern surfing, who was born in Hawaii in 1890, just three years before the overthrow of the Hawaiian monarchy. Hadar’s intention in celebrating Moore and Kahanamoku, and in pairing them on the mural, has echoes of Moore’s approach to her competitive career.
“Hawaii is a special place, and the people here are full of ‘aloha,’ which is that love, that friendliness,” Hadar told CNN in 2021. “Carissa and Duke are very much ambassadors of aloha, and they spread that aloha around the world. I try to do the same with my art. I think that with positivity and aloha, you can make the world a better place – a happier place.”
RELATED: Hometown Hopefuls: Noah Malone, Indiana
Maintaining positivity can be a challenge for anyone, and elite athletes are no exception. Moore has been open throughout her career about her struggles with body image and self-confidence, how far she’s come since her early days as a pro, and how she’s spun forward her own experience as a female athlete.
“Growing up as a young, young girl and young woman, our bodies go through so many changes, and I think at that time of my life, I maybe didn’t have the all the positive tools and resources to embrace those changes,” she said. “I think there was a lot of comparison and negative self-talk. I was really hard on myself. Now I just see that hey, there isn’t this perfect mold that we’re all supposed to fit into. We all have beautiful bodies and things to celebrate. I’m not stick thin; I definitely have a few more pounds on me than maybe I’d like, but I try to appreciate that. My legs are giving me the strength to surf a long wave here at the Surf Ranch, my arms help me give good hugs, and just learning how to celebrate my imperfections rather than tearing myself down.”
Moore started her foundation, Moore Aloha, in 2018, inspired to find strength in service at a time when she herself was at a significant mental low. The foundation is focused on organizing events in and around the water for young women.
RELATED: Paris Olympic organizers set specific environment-friendly measures for 2024 Games
“Moore Aloha is really sharing that love with other girls and other women, using surfing, using mentorship, using the Aloha values to really help women find that positive path in life, to find their passion and live it,” Moore said.
Thanks to three wins and three third-place finishes, Moore leads the WSL standings heading into the 10th and final event of the 2023 season before September’s final – the SHISEIDO Tahiti Pro on August 11th, which will provide riders with a test of the Paris 2024 experience. She’s already mathematically qualified for the Games, with the official team designation still to come, and has the chance to further cement her place in surfing history, for herself and for Hawaii.
“I just really felt like it was a win that was bigger than myself,” Moore said of her victory in Tokyo. “It felt like it was really for all of Hawaii. It was really special to be able to bring it back to where the birthplace of surfing is, and to honor Duke and breathe life into his legacy.”
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Delivered record-breaking second quarter performance in Total Revenues, Operating Profit and net new adds
Total Revenues up 25%; System Sales grew 32% in constant currency; Operating Profit increased 216%
Store openings accelerated, 655 net new adds in the first half, on track for full-year net new store target
SHANGHAI, July 31, 2023 /PRNewswire/ -- Yum China Holdings, Inc. (the "Company" or "Yum China") (NYSE: YUMC and HKEX: 9987) today reported unaudited results for the second quarter ended June 30, 2023.
Second Quarter Highlights
- Total revenues increased 25% year over year to $2.65 billion from $2.13 billion (a 32% increase excluding foreign currency translation ("F/X")).
- Total system sales increased 32% year over year, with increases of 32% at KFC and 30% at Pizza Hut, excluding F/X. Growth was mainly attributable to same-store sales, new unit contribution and lapping of temporary store closures in the prior year.
- Same-store sales increased 15% year over year, with increases of 15% at KFC and 13% at Pizza Hut, excluding F/X.
- Opened 422 net new stores during the quarter; total store count reached 13,602, as of June 30, 2023.
- Operating Profit increased 216% year over year to $257 million from $81 million (a 228% increase excluding F/X), primarily driven by sales leveraging and margin expansion.
- Adjusted Operating Profit increased 215% year over year to $259 million from $82 million (a 227% increase excluding F/X).
- Restaurant margin was 16.1%, compared with 12.1% in the prior year period.
- Effective tax rate was 24.7%.
- Net Income increased 138% to $197 million from $83 million in the prior year period, primarily due to the increase in Operating Profit.
- Adjusted Net Income increased 137% to $199 million from $84 million in the prior year period (a 207% increase excluding the net loss of $9 million in the second quarter of 2023 and net gain of $16 million in the second quarter of 2022, from the mark-to-market equity investment in Meituan; a 219% increase if further excluding F/X).
- Diluted EPS increased 135% to $0.47 from $0.20 in the prior year period.
- Adjusted Diluted EPS increased 135% to $0.47 from $0.20 in the prior year period (a 206% increase excluding the net loss from the mark-to-market equity investments in the second quarter of 2023 and net gain in the second quarter of 2022; a 219% increase if further excluding F/X).
Key Financial Results
CEO and CFO Comments
Joey Wat, CEO of Yum China, commented, "We achieved outstanding results, delivering substantial growth in the top-line and bottom-line, in the second quarter, thanks to our teams' dedication and creativity. This once again demonstrates our anti-fragile business model and ability to capture opportunities in good times and stay resilient in bad times. Our innovative products and compelling value captured customer demand and drove double-digit same-store sales growth. KFC's "K-zza" and Pizza Hut's new menu items were hugely popular. Our exciting campaign with Genshin Impact and fun toy offerings with Sanrio and Pokemon spurred strong demand and brought consumers moments of joy. We registered record daily transactions of 8.5 million on Children's Day. Our amazing operations team, robust end-to-end digital capabilities and agile supply chain enabled us to flexibly handle surges in customer traffic through holiday periods and special marketing campaigns, while maintaining consistent quality and customer service. As a result of these collective efforts, our operating profit for the first half of this year already exceeded the entire year of 2022."
Wat continued, "We accelerated the pace of new store openings in the second quarter and celebrated two milestones. Pizza Hut surpassed 3,000 stores in China and KFC exceeded 500 stores in Shanghai alone. With 655 net new stores in the first half of 2023, we are on track to meet our expansion goals for the year. Importantly, new store payback periods remain healthy. Furthermore, we see abundant white space in China. With a presence in 1,900 cities, we are still tracking over 800 cities without a KFC. Similarly, Pizza Hut has a great potential for expanding its footprint. With our flexible store formats, we continue to expand addressable markets across city tiers. By actively pursuing our RGM (Resilience-Growth-Moat) strategy and leveraging our industry-leading strengths, we are confident in our ability to capture long-term growth opportunities."
Andy Yeung, CFO of Yum China, added, "We delivered record second-quarter revenues and profits, despite challenging macro conditions and an uptick of COVID infections during the quarter. When customer demand softened in May, we adjusted nimbly to address consumer needs, captured holiday spending and successfully regained sales momentum. Sales growth and proactive cost structure rebasing helped us improve operating leverage, expanding restaurant margins and delivering record operating profit in the quarter. Even though same-store sales remained below 2019 levels, our revenue in the second quarter has increased by 25% and operating profits have risen by 26% compared to pre-pandemic levels in 2019."
"As we move into the third quarter, driving sales remains our top priority. We have lined up exciting marketing campaigns and resources to seize sales opportunities in the peak summer season. Our efforts on efficiency improvement and cost structure rebasing should continue to benefit profitability in the long run. But, it is worth noting that last year's record third-quarter restaurant margins set a relatively high benchmark, due to austerity measures and temporary reliefs. We will continue to stay agile through evolving market conditions, expand our store network and fortify our competitive moat to drive sustainable long-term growth," Yeung concluded.
Share Repurchases and Dividends
- During the second quarter, the Company repurchased approximately 1 million shares of Yum China common stock for $62 million at an average price of $60.23 per share. As of June 30, 2023, approximately $1 billion remained available for future share repurchases under the current authorization.
- The Board declared a cash dividend of $0.13 per share on Yum China's common stock, payable on September 18, 2023 to shareholders of record as of the close of business on August 28, 2023.
Digital and Delivery
- The KFC and Pizza Hut loyalty programs exceeded 445 million members combined, as of quarter-end. Member sales accounted for approximately 66% of system sales in the second quarter of 2023.
- Delivery contributed approximately 35% of KFC and Pizza Hut's Company sales in the second quarter of 2023, a decrease of 3% compared with the prior year period.
- Digital orders, including delivery, mobile orders and kiosk orders, accounted for approximately 90% of KFC and Pizza Hut's Company sales in the second quarter of 2023.
New-Unit Development and Asset Upgrade
- The Company opened 422 net new stores in the second quarter of 2023, mainly driven by development of the KFC and Pizza Hut brands.
- The Company remodeled 171 stores in the second quarter of 2023.
Restaurant Margin
- Restaurant margin was 16.1% in the second quarter of 2023 compared with 12.1% in the prior year period, driven primarily by sales leveraging and ongoing benefits of cost structure rebasing efforts; partially offset by lapping austerity measures in the prior year, higher promotion costs, and wage inflation.
2023 Outlook
The Company's fiscal year 2023 targets remain unchanged:
- To open approximately 1,100 to 1,300 net new stores.
- To make capital expenditures in the range of approximately $700 million to $900 million.
Company Updates
- On July 17, 2023, the Company announced the appointment of Mr. David Hoffmann to the Board of the Directors. With this appointment, the Board is now comprised of 10 directors, nine of whom are independent.
Note on Non-GAAP Measures
Reported GAAP results include Special Items, which are excluded from non-GAAP adjusted measures. Special Items are not allocated to any segment and therefore only impact reported GAAP results of Yum China. See "Reconciliation of Reported GAAP Results to Non-GAAP Adjusted Measures" within this release. In addition, for the non-GAAP measures of Restaurant profit and Restaurant margin, see "Reconciliation of GAAP Operating Profit to Restaurant Profit" under "Segment Results" within this release.
Conference Call
Yum China's management will hold an earnings conference call at 8:00 p.m. U.S. Eastern Time on Monday, July 31, 2023 (8:00 a.m. Beijing/Hong Kong Time on Tuesday, August 1, 2023).
A live webcast of the call may be accessed at https://edge.media-server.com/mmc/p/4rchbbk4/.
To join by phone, please register in advance of the conference through the link provided below. Upon registering, you will be provided with participant dial-in numbers, a passcode and a unique access PIN.
Pre-registration Link: https://s1.c-conf.com/diamondpass/10031360-wcv829.html
A replay of the conference call will be available one hour after the call ends until Tuesday, August 8, 2023 and may be accessed by phone at the following numbers:
Additionally, this earnings release, the accompanying slides, as well as the live and archived webcast of this conference call will be available at Yum China's Investor Relations website at http://ir.yumchina.com.
For important news and information regarding Yum China, including our filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange, visit Yum China's Investor Relations website at http://ir.yumchina.com. Yum China uses this website as a primary channel for disclosing key information to its investors, some of which may contain material and previously non-public information.
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 under "2023 Outlook." We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as "expect," "expectation," "believe," "anticipate," "may," "could," "intend," "belief," "plan," "estimate," "target," "predict," "project," "likely," "will," "continue," "should," "forecast," "outlook," "commit" or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements include, without limitation, statements regarding the future strategies, growth, business plans, investment, dividend and share repurchase plans, earnings, performance and returns of Yum China, anticipated effects of population and macroeconomic trends, the expected impact of the COVID-19 pandemic, pace of recovery of Yum China's business, the anticipated effects of our innovation, digital and delivery capabilities and investments on growth and beliefs regarding the long-term drivers of Yum China's business. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: whether we are able to achieve development goals at the times and in the amounts currently anticipated, if at all, the success of our marketing campaigns and product innovation, our ability to maintain food safety and quality control systems, changes in public health conditions, including the COVID-19 pandemic, our ability to control costs and expenses, including tax costs, as well as changes in political, economic and regulatory conditions in China. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results.
About Yum China Holdings, Inc.
Yum China is the largest restaurant company in China with a mission to make every life taste beautiful. The Company has over 400,000 employees and operates over 13,000 restaurants under six brands across 1,900 cities in China. KFC and Pizza Hut are the leading brands in the quick-service and casual dining restaurant spaces in China, respectively. Taco Bell offers innovative Mexican-inspired food. Yum China has also partnered with Lavazza to develop the Lavazza coffee concept in China. Little Sheep and Huang Ji Huang specialize in Chinese cuisine. Yum China has a world-class, digitalized supply chain which includes an extensive network of logistics centers nationwide and an in-house supply chain management system. Its strong digital capabilities and loyalty program enable the Company to reach customers faster and serve them better. Yum China is a Fortune 500 company with the vision to be the world's most innovative pioneer in the restaurant industry. For more information, please visit http://ir.yumchina.com.
In this press release:
- The Company provides certain percentage changes excluding the impact of foreign currency translation ("F/X"). These amounts are derived by translating current year results at prior year average exchange rates. We believe the elimination of the F/X impact provides better year-to-year comparability without the distortion of foreign currency fluctuations.
- System sales growth reflects the results of all restaurants regardless of ownership, including Company-owned, franchise and unconsolidated affiliate restaurants that operate our restaurant concepts, except for non-Company-owned restaurants for which we do not receive a sales-based royalty. Sales of franchise and unconsolidated affiliate restaurants typically generate ongoing franchise fees for the Company at an average rate of approximately 6% of system sales. Franchise and unconsolidated affiliate restaurant sales are not included in Company sales in the Condensed Consolidated Statements of Income; however, the franchise fees are included in the Company's revenues. We believe system sales growth is useful to investors as a significant indicator of the overall strength of our business as it incorporates all of our revenue drivers, Company and franchise same-store sales as well as net unit growth.
- Effective January 1, 2018, the Company revised its definition of same-store sales growth to represent the estimated percentage change in sales of food of all restaurants in the Company system that have been open prior to the first day of our prior fiscal year, excluding the period during which stores are temporarily closed. We refer to these as our "base" stores. Previously, same-store sales growth represented the estimated percentage change in sales of all restaurants in the Company system that have been open for one year or more, including stores temporarily closed, and the base stores changed on a rolling basis from month to month. This revision was made to align with how management measures performance internally and focuses on trends of a more stable base of stores.
- Company sales represent revenues from Company-owned restaurants. Company Restaurant profit ("Restaurant profit") is defined as Company sales less expenses incurred directly by our Company-owned restaurants in generating Company sales, including cost of food and paper, restaurant-level payroll and employee benefits, rent, depreciation and amortization of restaurant-level assets, advertising expenses, and other operating expenses. Company restaurant margin percentage is defined as Restaurant profit divided by Company sales.
- Certain comparative items in the Condensed Consolidated Financial Statements have been reclassified to conform to the current period's presentation to facilitate comparison.
Reconciliation of Reported GAAP Results to Non-GAAP Adjusted Measures
(in millions, except per share data)
(unaudited)
In addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") in this press release, the Company provides non-GAAP measures adjusted for Special Items, which include Adjusted Operating Profit, Adjusted Net Income, Adjusted Earnings Per Common Share ("EPS"), Adjusted Effective Tax Rate and Adjusted EBITDA, which we define as net income including noncontrolling interests adjusted for equity in net earnings (losses) from equity method investments, income tax, interest income, net, investment gain or loss, certain non-cash expenses, consisting of depreciation and amortization as well as store impairment charges, and Special Items. We also use Restaurant profit and Restaurant margin (as defined above) for the purposes of internally evaluating the performance of our Company-owned restaurants and we believe Restaurant profit and Restaurant margin provide useful information to investors as to the profitability of our Company-owned restaurants.
The following table set forth the reconciliation of the most directly comparable GAAP financial measures to the non-GAAP adjusted financial measures. The reconciliation of GAAP Operating Profit to Restaurant Profit is presented in Segment Results within this release.
Net income, along with the reconciliation to Adjusted EBITDA, is presented below:
Details of Special Items are presented below:
(1) In February 2020, the Company granted Partner PSU Awards to select employees who were deemed critical to the Company's execution of its strategic operating plan. These PSU awards will only vest if threshold performance goals are achieved over a four-year performance period, with the payout ranging from 0% to 200% of the target number of shares subject to the PSU awards. Partner PSU Awards were granted to address increased competition for executive talent, motivate transformational performance and encourage management retention. Given the unique nature of these grants, the Compensation Committee does not intend to grant similar, special grants to the same employees during the performance period. The impact from these special awards is excluded from metrics that management uses to assess the Company's performance.
(2) The tax expense was determined based upon the nature, as well as the jurisdiction, of each Special Item at the applicable tax rate.
The Company excludes impact from Special Items for the purpose of evaluating performance internally. Special Items are not included in any of our segment results. In addition, the Company provides Adjusted EBITDA because we believe that investors and analysts may find it useful in measuring operating performance without regard to items such as equity in net earnings (losses) from equity method investments, income tax, interest income, net, investment gain or loss, depreciation and amortization, store impairment charges, and Special Items. Store impairment charges included as an adjustment item in Adjusted EBITDA primarily resulted from our semi-annual impairment evaluation of long-lived assets of individual restaurants, and additional impairment evaluation whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. If these restaurant-level assets were not impaired, depreciation of the assets would have been recorded and included in EBITDA. Therefore, store impairment charges were a non-cash item similar to depreciation and amortization of our long-lived assets of restaurants. The Company believes that investors and analyst may find it useful in measuring operating performance without regard to such non-cash item.
These adjusted measures are not intended to replace the presentation of our financial results in accordance with GAAP. Rather, the Company believes that the presentation of these adjusted measures provides additional information to investors to facilitate the comparison of past and present results, excluding those items that the Company does not believe are indicative of our ongoing operations due to their nature.
View original content:
SOURCE Yum China Holdings, Inc.
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President Biden overturned a decision from the Trump administration to relocate the temporary headquarters of Space Command to Alabama, deciding instead to keep the base in Colorado.
The decision was made because Biden believes keeping the HQ in Colorado Springs, rather than relocating it to Huntsville, would maintain stability and not impact readiness, according to a senior U.S. official.
The senior administration official said Biden consulted with Defense Secretary Lloyd Austin and other military leaders before deciding to keep the base in Colorado permanently.
Gen. James Dickinson, the head of Space Command, also helped to convince Biden to not relocate the base, according to the Associated Press.
U.S. Space Command headquarters is set to achieve “full operational capability” at Colorado Springs later this month, according to the senior administration official.
The official said moving the headquarters to Alabama would force a transition process that does not allow the new base to open until the mid-2030’s.
“The President found that risk unacceptable, especially given the challenges we may face in the space domain during this critical time period,” the official said. “Locating Headquarters U.S. Space Command in Colorado Springs ensures peak readiness in the space domain for our nation during a critical period.”
Biden’s reversal is likely to spark the fury of Alabama Republicans who have for months feared the administration would scrap the relocation plan.
Alabama Rep. Mike Rogers (R), the chairman of the House Armed Services Committee, has been investigating the delay behind the relocation plan, which was first put in motion when Space Command was resurrected in 2019.
Former President Trump’s decision to temporarily establish a headquarters in Colorado and relocate Space Command to Alabama was criticized as a political choice based upon a more favorable constituency in the Yellowhammer state.
Since coming into office, the Biden administration ordered reviews of the decision, none of which found anything improper in Trump’s decision, though they found the former president could have followed better practices in the process.
The delayed relocation reached new heights over the spring when NBC News reported the Biden administration was considering scrapping the relocation plan because of restrictive abortion laws in Alabama.
Rogers and other Alabama Republicans objected to any such plan, saying Huntsville, also known as Rocket City, was selected based on its merits and in a fair process, while pointing to the reviews that found nothing improper.
The House version of the annual defense bill that passed earlier this month includes provisions that slash funding for the Air Force Secretary until the administration makes a final decision. It’s unclear whether Rogers will be satisfied with a reversal.
Other Alabama politicians, including Gov. Kay Ivey (R), are likely to also object to the decision.
Sen. Katie Britt (R-Ala.) said the base Redstone Arsenal in Alabama was the correct location based on its merits, arguing “Biden has irresponsibly decided to yank a military decision out of the Air Force’s hands in the name of partisan politics.”
“The President’s blatant prioritization of partisan political considerations at the expense of our national security, military modernization, and force readiness is a disservice and a dishonor to his oath of office as our nation’s Commander-in-Chief,” she said in a statement.
Colorado Sen. Michael Bennett (D) joined officials from his state in celebrating Biden’s decision.
“Over the past two and half years, we have repeatedly made the case that the Trump administration’s decision to relocate U.S. Space Command was misguided,” the senator wrote on the platform X, formerly known as Twitter.
“Today’s 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,” he added.
Updated at 5:01 pm ET.
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EDEN — Forty-four years ago, Dan Willie operated a bookkeeping service that managed service stations and small businesses out of Pocatello, and he remembers one of his accounts being connected to a simple stop along Interstate 84.
Willie saw potential in the two-bay service station in Eden, so when the owner talked about walking away, the opportunity seemed too hard to pass up.
What followed was the beginnings of the Travelers' Oasis Garden of Eden Truck Plaza, now located off the interstate in Jerome County.
That was in 1979, and from there, the brainstorming began. He and his partners focused on ways to increase foot traffic and provide quality customer service.
The original station, Willie recalled, included a detached gift shop that he believed carried more potential if it was closer to the bathrooms. That marked the first expansion.
People are also reading…
Then, he said, he removed the service station side and began to create services around the store and a restaurant.
"Breakfast and Burgers," Willie told the Times-News was one of the first restaurants.
The growth continued and developed into a 22,000-square-foot Travelers' Oasis Plaza that offered an escape from the road with a gift shop and restaurants, featuring decor based around a tree, playing off the name "Garden of Eden."
But the brainstorming didn't stop there.
Now, with a sharpened focus on efficiency, the Travelers' Oasis is opening a new 33,000-square-foot building that stands behind the shell of the original location.
Willie refers to the old building as his "home base," the place that launched his company that now includes 31 Oasis Stop N' Go gas stations. The 32nd location will soon open on the Grandview Drive and Falls Avenue in Twin Falls.
But he sees the silver lining in knocking down the old building.
"The way I look at it, I was there for 44 years, that's more than half my life. Yeah, it's going to be sad," Willie told the Times-News. "I'm going to miss that old building, but it's time to go, move on to something new."
Expanding the Oasis
The new Travelers' Oasis brings all the features of the old with added convenience and efficiency.
The expansion includes four additional gas pumps, bringing the total to 16, and the bays are built at a 45-degree angle, to make it more "convenient" for trailers.
"We will have a lot better parking than we ever had," Willie added.
Willie said he also bought 66 acres to the south of the store to expand truck parking.
There's change inside the plaza, too — including the Garden of Grapes, tucked in one corner.
"We have a big variety of wine," he said. "Six-hundred bottles of wine on display, from six different vendors."
He added, "This will be better priced than the whole city of Twin Falls," said Willie, who hopes the Garden of Grapes will become a destination for travelers heading to Boise or Salt Lake City.
The plaza offers a broader selection of snacks and groceries, along with a wide selection of sodas, energy drinks and water.
"We are getting heavier in the groceries," he said, due to more truck drivers and RV travelers eating less in restaurants.
Cinnabon, Sonic and more
But travelers will still find restaurants inside.
Situated in the center of store is Sinful Delights, designed to satisfy every traveler's sweet tooth.
"A place to pig out and not worry about calories," Willie said. "We will have candy apples, caramel apples, lots of flavors of popcorn, cotton candy, and fudge."
The selection of restaurants has expanded as well. The second Cinnabon location in the Twin Falls area, now open, will be one of the few nationally to serve breakfast sandwiches.
Taco Time, Travelers' Oasis Home Cookin, Pizza Hut, Sonic and Krispy Krunchy Chicken also have locations at the store.
Taco Time and Krunchy Chicken are already operating. Pizza Hut is scheduled to open by next week, while Sonic will be the last to open, Willie said.
Additionally, the Travelers' Oasis features automatic ordering kiosks connected to every restaurant, aside from Cinnabon, to ease the ordering process.
"This is the neatest thing of all," he said.
This will allow a family to place a single order from multiple restaurants at one time, with a single receipt.
Not everything needed to change, though.
The iconic tree is still in the store, surrounded by the Garden of Eden, with live and fake plants.
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https://magicvalley.com/news/local/business/idaho-travelers-oasis-truck-plaza-eden-jerome-county/article_f9ece44a-2bf1-11ee-86dc-7fc24dad2ce5.html
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ONEDIA COUNTY, N.Y. (WSYR-TV) — A man from Woodhaven, New York, is dead after a jet ski accident on Oneida Lake this past weekend.
The Oneida County Sheriff’s Office says 27-year-old Gerald Capunay of Woodhaven, Queens died after falling off of his jet ski and drowning.
Sheriff Robert Maciol said the Oneida County Sheriff’s Office Marine Patrol on Oneida Lake got the initial call about a person who had fallen from their jet ski and was in distress on Sunday, July 30.
The caller indicated that they were on another boat and had been flagged down by the man’s friend who was on another jet ski in the area of Lewis Point.
The Marine Patrol responded along with members of the Sylvan Beach Fire Department’s water rescue and were able to locate Capunay, who was still in the water and had become unconscious.
Capunay was removed from the water and transported to shore by Sylvan Beach Fire Department where he was pronounced dead.
The cause of his death is pending examination by the Onondaga County Medical Examiner’s Office but his death does not appear to be suspicious at this time.
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SYRACUSE, N.Y. (WSYR-TV) — During a routine traffic stop on the city’s northside, Syracuse Police seized four guns and a large amount of crack cocaine and molly.
On Tuesday, July 25, around 11:50 p.m., Syracuse Police officers Fellows and Brauchle conducted a traffic stop near the 110 block of North Salina Street over a vehicle with very dark window tint and an illegal license plate cover over their rear plate.
There were three men inside the vehicle.
When officers were talking to the men, “Officer Brauchle observed a magazine sticking out from one of the passenger’s pockets,” said SPD.
The officers then asked the men to put their hands on the dash, and a search of the vehicle followed.
Syracuse Police found:
- $4,698 dollars in cash
- Four guns identified as:
- A sawed off .22 caliber semi-auto Ruger 10-22 rifle
- 9mm Glock 43 handgun
- 9mm Beretta USA Corp handgun
- 9mm Smith and Wesson SD9VE handgun
- Body armor
- A black scale
- A large amount of crack cocaine and molly inside a “Paw Patrol” lunchbox
The three men inside the vehicle were arrested. They have been identified as 44-year-old Delmetri Turner, 43-year-old Jermel Moore, and 36-year-old Willie Carter.
They were all taken and booked at Onondaga County Justice Center.
SPD says they each face 11 different charges, including Criminally Using Drug Paraphernalia in the Second Degree (packaging), Criminal Possession of a Weapon in the Third Degree, and Unlawful Purchase of Body Armor.
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SYRACUSE, N.Y. (WSYR-TV) — On Wednesday, wear pink and purchase your Mean Girls tickets, which are going on sale August 2.
Broadway In Syracuse has announced tickets for the Landmark Theatre premiere of Mean Girls will go on sale at 10:00 a.m. Wednesday, August 2.
The Broadway show, which will be making its Landmark Theatre debut, arrives in Syracuse in September where they will rehearse for three weeks before kicking off their national tour and starting performances on September 26 through the 30.
“Direct from Broadway, MEAN GIRLS is the hilarious hit musical from an award-winning creative team, including book writer TINA FEY (“30 Rock”), composer JEFF RICHMOND (“Unbreakable Kimmy Schmidt”), lyricist NELL BENJAMIN (Legally Blonde) and original director and choreographer CASEY NICHOLAW (The Book of Mormon). Cady Heron may have grown up on an African savanna, but nothing prepared her for the vicious ways of her strange new home: suburban Illinois. Soon, this naïve newbie falls prey to a trio of lionized frenemies led by the charming but ruthless Regina George. But when Cady devises a plan to end Regina’s reign, she learns the hard way that you can’t cross a Queen Bee without getting stung,” stated Broadway In Syracuse.
Tickets can be purchased at the Landmark Theatre Box Office, through Ticketmaster, or online at BroadwayInSyracuse.com. Group orders of 10 or more may be placed by calling Famous Artists at 315-424-8210.
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(KTLA) – The Los Angeles County Sheriff’s Department is investigating the discovery of a body inside a 55-gallon drum in Malibu Lagoon on Monday.
A park worker first saw the drum floating by the Pacific Coast Highway bridge Sunday night but didn’t think much of it at the time, a spokesperson for the L.A. County Fire Department told Nexstar’s KTLA.
When lifeguards arrived at work Monday morning, they saw the drum in the lagoon and tried to pull it out at which point they discovered the body inside, officials said.
No information about the victim was immediately known.
KTLA helicopter footage showed the black plastic drum standing upright in shallow water and the beach appeared to be closed for the investigation.
Late last spring, a body was found in a barrel in Nevada’s Lake Mead. Authorities said the body may have been there for four decades but have not yet identified the victim, despite identifying other bodies that appeared due to receding water levels.
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Police have opened a battery investigation after Cardi B threw her microphone into the crowd when a concertgoer tossed a drink at her during a recent show.
In a video making the rounds on social media, the Grammy-winning rapper is seen throwing a microphone at an audience member who tossed a drink at her during her performance at Drai's Beachclub in Las Vegas on Saturday.
Cardi B was performing her 2017 hit "Bodak Yellow" in the clip when she gets a good dousing of the liquid, then angrily throws the mic at them while appearing to have words with the person. The fan was escorted out by security.
RELATED: Drink tossed at Cardi B on stage - she fires back with her microphone
A separate video showed that Cardi B told fans she was hot and to throw her some water. It's unclear at what point in the show this video was recorded.
Cardi B addressed the incident Sunday on Stationhead, saying, "A (bleep) got (bleep) assaulted. When water and ice get thrown in your (bleep) face and hit you mad hard. What happened yesterday was blatantly disrespectful."
This is just the latest example of fans throwing things at artists while they're performing onstage. It has happened in recent weeks to artists like Bebe Rexha, Harry Styles, Kelsea Ballerini and more.
"Artists have had enough. I mean, I think that's evident," said Kelley L. Carter, an ABC News entertainment contributor and senior entertainment reporter for Andscape.
Carter added, "So much remains to be seen about how incidents like this might change the concert experience, but I do ... I think there's definitely going to be a zero-tolerance policy that's officially going to be put in place."
The video in the media player above is from a previous report.
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Musk threatens to sue researchers who documented the rise in hateful tweets
WASHINGTON — A nonprofit organization that researches links between social media, hate and extremism has been threatened with a lawsuit by X, the social media platform formerly known as Twitter. An attorney for the platform recently wrote to the Center for Countering Digital Hate accusing the group of trying to hurt the site’s advertising. The center has published numerous research reports documenting an increase in hate speech on the platform since it was purchased last year by Elon Musk. The center says Musk is trying to silence his critics, despite his claims to support free speech.
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Skepticism prevails as Chinese leaders promise to back private businesses to spur slowing economy
BEIJING — Chinese leader Xi Jinping’s government is promising to drag the economy out of a crisis of confidence aggravated by tensions with Washington, wilting exports, job losses and anxiety among foreign companies about an expanded anti-spying law. Its most striking pledge is renewed support for private businesses that generate most jobs and wealth. Over the past decade, they’ve felt under attack as the ruling Communist Party built up state-owned industries, tightened control over business and pressured them to pay for its technology and industrial ambitions. Entrepreneurs and investors are waiting to see what tax, spending or other steps the ruling party might take, and if it will rein in state companies that dominate the economy.
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Pipeline operators to pay $12.5M after spills in Montana, North Dakota
BISMARCK, N.D. — 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.
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Stock market today: Wall Street drifts as it heads toward the close of another winning month
NEW YORK — Stocks are drifting as Wall Street rolls toward the close of another winning month. The S&P 500 was mostly unchanged Monday, on track for a fifth straight month of gains. It’s also near a 16-month high after rallying on hopes cooling inflation will mean the economy can avoid a recession. The Dow was up 45 points, or 0.1%, and the Nasdaq was 0.1% 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.
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Europe’s economy grows a bit after months of stagnation. But rate hikes are weighing on businesses
FRANKFURT, Germany — Europe’s economy is growing again — but not by much. Growth came in at 0.3% in the April-to-June quarter, following zero expansion in the three months immediately before. Stronger performance in Spain and France helped. But Germany, the largest of the 20 economies that use the euro, is holding things back with zero growth. High inflation is still sapping consumer spending power despite rebounding travel. Another factor is the series of interest rate hikes from the European Central Bank, which are making it harder to borrow to spend or invest. Amid inflation and higher rates, prospects for the rest of the year are muted.
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Teamsters say trucking giant Yellow Corp. is ceasing operations, filing for bankruptcy
NEW YORK — Troubled trucking company Yellow Corp. is shutting down and filing for bankruptcy, the Teamsters said Monday. An official backruptcy filing is expected any day for Yellow, after years of financial struggles and growing debt. Its impending liquidation marks a significant shift for the U.S. transportation industry and shippers nationwide. The company’s collapse arrives just three years after Yellow, formerly known as YRC Worldwide Inc., received $700 million in pandemic-era loans from the federal government. But the company was in financial trouble long before that — with industry analysts pointing to poor management and strategic decisions dating back decades.
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Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to know
NEW YORK — Trucking company Yellow Corp. has shut down operations and is headed for a bankruptcy filing, according to the Teamsters Union and multiple media reports. After years of financial struggles, reports of Yellow preparing for bankruptcy emerged last week — as the Nashville, Tennessee-based trucker saw customers leave in large numbers. Yellow shut down operations on Sunday, according to The Wall Street Journal, following the layoffs of hundreds of nonunion employees on Friday. In an announcement early Monday, the Teamsters said that the union received legal notice confirming Yellow was ceasing operations and filing for bankruptcy. The Associated Press reached out to Yellow for comment on Monday. No bankruptcy filings had gone live as of the early morning.
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Customers want instant gratification. Workers say it’s pushing them to the brink
NEW YORK — Drastic changes in consumer demands are driving labor unrest in diverse industries upended by technology. Hollywood actors and writers and UPS delivery drivers are among workers fighting for better pay and working conditions. And they want consumers to understand what it takes to meet rising expectations for speed and convenience. The central issues are that workers are overworked and underpaid. Screenwriters say they are expected to create scripts for the streaming era faster for less pay. UPS drivers say forced overtime got out of hand as online shopping accelerated and delivery exploded. Workers are pushing back against forced overtime, punishing schedules or company reliance on lower-paid part-time or contract forces.
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Michigan court affirms critical benefits for thousands badly hurt in car wrecks
DETROIT — The Michigan Supreme Court is out with a decision that provides critical relief for thousands of people who were badly injured in car wrecks. The court says people getting care for catastrophic crashes before summer 2019 won’t lose their lifetime insurance benefits. For decades, people injured in crashes were entitled to lifetime payment for “all reasonable charges” related to care and rehabilitation. But a new state law that kicked in in 2019 set a fee schedule and a cap on reimbursements. Suddenly, 18,000 people were in at risk. The Supreme Court says a “vested contractual right” to ongoing benefits “cannot be stripped away or diminished.”
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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.
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ATLANTA, July 31, 2023 /PRNewswire/ -- The Aaron's Company, Inc. (NYSE: AAN) today released its second quarter 2023 financial results. Complete financial results are available at investor.aarons.com. Highlights of those results are included below and in the attached supplement.
Second Quarter 2023 Consolidated Results1:
- Revenues were $530.4 million, a decrease of 13.1%
- Net earnings were $6.5 million, an increase of 222.0%; Non-GAAP net earnings2 were $12.2 million, a decrease of 50.6%
- Adjusted EBITDA2,3 was $42.4 million, a decrease of 17.0%
- Diluted EPS was $0.21; Non-GAAP diluted EPS2 was $0.39
- Write-offs were 5.4% in the Aaron's Business, an improvement of 30 basis points
- Reduced debt $36.1 million in the quarter and $124.3 million since the prior year quarter-end
- Updates 2023 full year outlook; lowers revenues, maintains adjusted EBITDA, and increases adjusted free cash flow
Second Quarter 2023 Key Items:
The Aaron's Company
- Earnings were ahead of internal expectations largely due to ongoing expense controls, despite lower revenues in both business segments
- Ended the quarter with cash and cash equivalents of $38.4 million and debt of $186.1 million, resulting in a net debt2 reduction of $30.2 million in the quarter primarily due to strong cash provided by operating activities
Aaron's Business
- Earnings before income taxes were $30.8 million; adjusted EBITDA was $49.5 million, which exceeded internal expectations and increased 3.0% as compared to the prior year quarter primarily due to lower total operating expenses and lower write-offs
- Personnel and other operating expenses benefited from cost optimization initiatives and ongoing investments in technology platforms and marketing analytics
- Ended the quarter with 230 GenNext stores, 101 hubs, and 101 showrooms
- GenNext stores accounted for approximately 29% of lease revenues & fees and retail sales
- E-commerce revenues increased 5.5% as compared to the prior year quarter and represented 17.9% of lease revenues
BrandsMart
- Earnings before income taxes were $1.1 million; adjusted EBITDA was $4.5 million, which exceeded internal expectations despite lower revenues due to continued pressure on customer demand
- Began construction on first new BrandsMart store planned to open in Augusta, GA in Q4 2023
The Company will host an earnings conference call tomorrow, August 1, 2023, at 8:30 a.m. ET. Chief Executive Officer Douglas A. Lindsay will host the call along with President Steve Olsen and Chief Financial Officer C. Kelly Wall. A live audio webcast of the conference call and presentation slides may be accessed at investor.aarons.com and the hosting website at https://events.q4inc.com/attendee/457512107. A transcript of the webcast will also be available at investor.aarons.com.
About The Aaron's Company, Inc.
Headquartered in Atlanta, The Aaron's Company, Inc. (NYSE: AAN) is a leading, technology-enabled, omnichannel provider of lease-to-own and retail purchase solutions of appliances, electronics, furniture, and other home goods across its brands: Aaron's, BrandsMart U.S.A., BrandsMart Leasing, and Woodhaven. Aaron's offers a direct-to-consumer lease-to-own solution through its approximately 1,260 Company-operated and franchised stores in 47 states and Canada, as well as its e-commerce platform. BrandsMart U.S.A. is one of the leading appliance retailers in the country with ten retail stores in Florida and Georgia, as well as its e-commerce platform. BrandsMart Leasing offers lease-to-own solutions to customers of BrandsMart U.S.A. Woodhaven is the Company's furniture manufacturing division. For more information, visit investor.aarons.com, aarons.com, and brandsmartusa.com.
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SOURCE The Aaron’s Company, Inc.
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FRISCO, Texas — FRISCO, Texas — Addus HomeCare Corp. (ADUS) on Monday reported second-quarter net income of $14.9 million.
The provider of home-based personal care, nursing and rehabilitative therapy services posted revenue of $260 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $255.6 million.
Addus HomeCare shares have declined 8% since the beginning of the year. In the final minutes of trading on Monday, shares hit $91.57, a drop of slightly more than 1% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ADUS at https://www.zacks.com/ap/ADUS
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CHICAGO, July 31, 2023 /PRNewswire/ -- The Board of Directors of ACG – the premier midmarket mergers and acquisitions association – announces the appointment of its new Chief Executive Officer, Brent Baxter, effective July 31, 2023.
An executive search committee, led by ACG Chairman Christine Nowaczyk, launched a national search through Korn Ferry to find an innovative leader who can keep up with the growth of the industry while listening and truly understanding the needs of ACG's chapters and members. "We found that person in Brent," said Nowaczyk, "and we are excited for the organization's next chapter. I want to thank my board colleagues and our committee for their contributions toward the extensive search."
Baxter has a long career in middle market M&A, ACG's core focus, with more than 25 years of sell-side and buy-side advisory experience, closing more than 200 transactions with a combined value of more than $1 billion. He also has a long and dedicated history supporting ACG in a volunteer capacity, serving in multiple positions on the ACG Board of Directors, and was recently honored with a Lifetime Achievement Award at the 2023 DealMAX event.
Brent served as ACG Chairman in 2021 and has been a member of the Executive Committee for the past six years – four years with the Office of the Chair, and two years as Finance Chair.
Beginning in 2015, Brent spearheaded many key membership strategies, including a growth initiative targeting corporate/strategic acquirer members, which flourished in 38 of ACG's local chapters. He also co-chaired the first national Strategic Acquirer Summit, which drew 120 high-value corporate attendees in Dallas in 2019. The program was suspended during COVID but successfully returned in 2023 in an invigorated form during ACG's largest event, DealMAX.
Brent has been an active participant in numerous chapter leadership events for 20+ years, forming deep connections with ACG's chapter network. He has attended more than 250 ACG events throughout the U.S. and has been a key member of his local ACG St. Louis chapter, serving in multiple positions, including Board President, Membership Chair, Chair of the Corporate Peer Group, as well as Chair of a key multi-chapter Midwest event, the Growth Conference.
"Brent has played a vital role in the success of ACG for many years, and has a deep familiarity with ACG's strategic plan, leadership and staff, member segments and, most importantly, actionable areas for growth," said Nowaczyk. "He not only embodies the values of ACG but also brings a fresh perspective and innovative ideas. With his experience and passion, we have full confidence that Brent will further enhance ACG's global reputation as a hub for middle-market growth, dealmaking, and thought leadership."
Baxter comes to ACG most recently from Nolan & Associates, a leading boutique investment banking firm with a focus on the middle market, where he has been Managing Director since 2019.
Prior to joining Nolan, Brent spent 18 years as Managing Director of a St. Louis independent investment bank. He also has extensive experience growing private companies through acquisitions, serving as CEO of a food manufacturing company that more than quadrupled its sales in eight years, and is currently on the boards of several privately held companies.
"I am eager to work even more extensively with our board of directors, our dedicated chapter boards and volunteers and our amazingly talented team of ACG professionals as we continue to provide our middle-market M&A community with best-in-class member benefits, innovative resources and expanded, relevant networking opportunities," said Brent Baxter. "ACG's mission is more relevant today than ever. In this dynamic economic landscape, supporting and amplifying middle-market growth is not just a responsibility—it is an opportunity to shape the future of business. I am ready and committed to lead ACG on this exciting journey."
The new CEO will direct all areas of ACG's operations, including several initiatives that are at the core of ACG's mission.
This includes overseeing ACG's expansive chapter network, which offers members a wealth of networking opportunities through more than 2,000 annual meetings and events as well as DealMAX, ACG's annual conference and premier networking opportunity for middle market professionals.
Moreover, Baxter will oversee ACG's media division, which includes the Middle Market Growth suite of publications and digital products (Middle Market Executive, Middle Market DealMaker, and several special reports), GrowthTV, an online media channel providing engaging and insightful content for the middle-market community, and the Middle Market Growth Conversations podcast.
Mid-market private equity valuation and deal terms database GF Data, ACG's first acquisition, is also a key part of the future plans for a revitalized and more robust ACG under Baxter's leadership.
The ACG Board expresses its sincere gratitude to Lisa Harris, the organization's CFO and Interim CEO, for her exceptional leadership and dedication during this transitional period.
We also extend our appreciation to the search firm Korn Ferry for their professional assistance in this pivotal CEO search, and to the entire ACG staff for their unwavering dedication to our organization and its mission.
Please watch a GrowthTV video where Brent Baxter discusses what's next for ACG.
About ACG (Association for Corporate Growth)
Founded in 1954, ACG is the premier M&A dealmaking community with a mission of driving middle-market growth. ACG's global network operates within 61 local markets worldwide and comprises more than 100,000 middle-market professionals who invest in, own and advise growing companies. Learn more about ACG and become a member at www.acg.org.
Media Contact: Sue Ter Maat, ACG, 847-772-4354 or stermaat@acg.org
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SOURCE Association for Corporate Growth
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TEMPE, Ariz. — TEMPE, Ariz. — Amkor Technology Inc. (AMKR) on Monday reported second-quarter net income of $64.3 million.
Amkor Technology shares have climbed 21% since the beginning of the year. In the final minutes of trading on Monday, shares hit $29.09, a climb of 44% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMKR at https://www.zacks.com/ap/AMKR
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SANTA CLARA, Calif. — SANTA CLARA, Calif. — Arista Networks Inc. (ANET) on Monday reported second-quarter profit of $491.9 million.
The cloud networking company posted revenue of $1.46 billion in the period, also topping Street forecasts. Ten analysts surveyed by Zacks expected $1.38 billion.
For the current quarter ending in September, Arista Networks said it expects revenue in the range of $1.45 billion to $1.5 billion.
Arista Networks shares have increased 28% since the beginning of the year. In the final minutes of trading on Monday, shares hit $155.09, an increase of 33% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ANET at https://www.zacks.com/ap/ANET
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THOUSAND OAKS, Calif., July 31, 2023 /PRNewswire/ -- Amgen (NASDAQ:AMGN) today announced that it will report its second quarter financial results on Thursday, August 3, 2023, after the close of the U.S. financial markets. The announcement will be followed by a conference call with the investment community at 1:30 p.m. PT. Participating in the call from Amgen will be Robert A. Bradway, chairman and chief executive officer, and other members of Amgen's senior management team.
Live audio of the conference call will be simultaneously broadcast over the internet and will be available to members of the news media, investors and the general public.
The webcast, as with other selected presentations regarding developments in Amgen's business given by management at certain investor and medical conferences, can be found on Amgen's website, www.amgen.com, under Investors. Information regarding presentation times, webcast availability and webcast links are noted on Amgen's Investor Relations Events Calendar. The webcast will be archived and available for replay for at least 90 days after the event.
About Amgen
Amgen is committed to unlocking the potential of biology for patients suffering from serious illnesses by discovering, developing, manufacturing and delivering innovative human therapeutics. This approach begins by using tools like advanced human genetics to unravel the complexities of disease and understand the fundamentals of human biology.
Amgen focuses on areas of high unmet medical need and leverages its expertise to strive for solutions that improve health outcomes and dramatically improve people's lives. A biotechnology pioneer since 1980, Amgen has grown to be one of the world's leading independent biotechnology companies, has reached millions of patients around the world and is developing a pipeline of medicines with breakaway potential.
Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average and is also part of the Nasdaq-100 index. In 2022, Amgen was named one of the "World's Best Employers" by Forbes and one of "America's 100 Most Sustainable Companies" by Barron's.
For more information, visit Amgen.com and follow us on Twitter, LinkedIn, Instagram, TikTok and YouTube.
CONTACT: Amgen, Thousand Oaks
Jessica Akopyan, 805-440-5721 (media)
Elissa Snook, 609-251-1407 (media)
Arvind Sood, 805-447-1060 (investors)
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ARLINGTON, Va. — ARLINGTON, Va. — AvalonBay Communities Inc. (AVB) on Monday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $2.60 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $367.9 million, or $2.59 per share.
The apartment building owner posted revenue of $690.9 million in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $675.7 million.
For the current quarter ending in September, AvalonBay expects its per-share funds from operations to range from $2.55 to $2.65. Analysts surveyed by Zacks had forecast adjusted FFO per share of $2.66.
The company expects full-year funds from operations in the range of $10.46 to $10.66 per share.
The company’s shares have climbed 17% since the beginning of the year, while the S&P’s 500 index has climbed 20%. In the final minutes of trading on Monday, shares hit $188.65, a fall of 12% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVB at https://www.zacks.com/ap/AVB
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- VOXZOGO® Growth Continued in the Second Quarter Driven by Global Demand Resulting in Increased Full Year 2023 Guidance
- Pivotal Program with VOXZOGO in New, Potential Second Indication, Hypochondroplasia, to Begin in the Fourth Quarter of 2023
- U.S. Approval of ROCTAVIAN™ Received in the Second Quarter and Commercial Launch Underway; Commercial Launch in Europe Making Progress
SAN RAFAEL, Calif., July 31, 2023 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced financial results for the six months and second quarter ended June 30, 2023.
"Outstanding execution across our business led to record revenues in the first half of 2023. We reached more children with VOXZOGO around the world, as physicians and families sought treatment with the only approved medicine targeting the genetic cause of achondroplasia," said Jean-Jacques Bienaimé, Chairman and Chief Executive Officer of BioMarin. "We were also very pleased to have received the highly anticipated U.S. approval of ROCTAVIAN, the only gene therapy treatment for severe hemophilia A. U.S. commercial launch activities are well underway following the June 29 approval, in parallel with launch progress across a number of European countries."
Mr. Bienaimé added, "for the remainder of 2023, we plan to build on the foundation of growth and profitability achieved in the first half of the year, expand VOXZOGO globally and treat the first ROCTAVIAN patients in the U.S. and Europe."
Financial Highlights:
- Total Revenues for the second quarter of 2023 were $595.3 million, an increase of 12% compared to the same period in 2022. The increase in Total Revenues was primarily attributed to the following:
- GAAP and Non-GAAP Net Income increased by $28.3 million and $28.4 million, respectively, for the second quarter of 2023 compared to the same period in 2022. The increased net income was primarily due to higher gross profit and interest income, partially offset by higher spend in research and development programs to support both early-stage research and clinical activities, as well as higher selling, general and administrative expenses due to higher foreign currency losses and to support the commercial launches of VOXZOGO and ROCTAVIAN.
Recent Product Approvals and Launches (ROCTAVIAN and VOXZOGO)
- On June 29, 2023 the FDA approved ROCTAVIAN gene therapy for the treatment of adults with severe hemophilia A (congenital factor VIII (FVIII) deficiency with FVIII activity < 1 IU/dL) without antibodies to adeno-associated virus serotype 5 (AAV5) detected by an FDA-approved test. The FDA approval is based on data from the global Phase 3 GENEr8-1 study, the largest Phase 3 trial of any gene therapy in hemophilia. The one-time, single-dose infusion is the first approved gene therapy for severe hemophilia A in the U.S. ROCTAVIAN was first conditionally approved by the European Commission in August 2022.
Following FDA approval, the Company activated its U.S.-based salesforce and communicated that ROCTAVIAN is expected to be available for commercial use in August. BioMarin estimates that there are approximately 2,500 people living with severe hemophilia A in the United States who are eligible for treatment and receiving care at approximately 140 hemophilia treatment centers. - In Europe, BioMarin continues to make progress on the pricing and reimbursement process for ROCTAVIAN in Germany, France and Italy to facilitate access. BioMarin is working directly with the German National Association of Statuary Health Insurance Funds (GKV) to finalize access to ROCTAVIAN. At present, people in Germany with severe hemophilia A, who are eligible for treatment with ROCTAVIAN, can access treatment through either Named Patient authorizations or previously secured Outcomes Based Agreements. In France and Italy, BioMarin is working directly with the single public insurance funds in each country to secure reimbursement and access to ROCTAVIAN, expected later in 2023.
- As of the end of June 2023, more than 2,000 children with achondroplasia were being treated with VOXZOGO across 36 active markets. In the second quarter, patient growth remained strong worldwide. Based on these trends, today BioMarin updated full-year 2023 VOXZOGO guidance to between $400 million and $440 million. VOXZOGO is currently approved for the treatment of children 2 years old and older in Europe, for children 5 years old and older in the U.S., and approved for all ages from birth in Japan.
VOXZOGO and ROCTAVIAN Market Expansion Opportunities
- Today, BioMarin announced its plan to begin enrollment in the pivotal program with VOXZOGO for the treatment of children with hypochondroplasia, a condition characterized by impaired bone growth. Hypochondroplasia is a genetic statural condition caused by a mutation (gene change) in the fibroblast growth factor receptor-3 (FGFR3) gene.
Leveraging years of safety data from the VOXZOGO development program in achondroplasia, emerging data from an investigator-led Phase 2 study and following receipt of feedback from FDA, BioMarin plans to begin the 6-month observation arm of the study later this year, followed by the 52-week randomized, double-blind, placebo-controlled phase of the 80-participant clinical trial. If successful, BioMarin believes this study will be able to support regulatory approval in this large indication. - In the coming months in the U.S. and Europe, the Company expects to learn the outcome of its request to expand VOXZOGO access to younger age groups, based on favorable results from a Phase 2 study in infants and young children and the importance of starting treatment as early as feasible. Age expansions would provide access to treatment with VOXZOGO to more than 1,000 additional children in the U.S. and Europe.
- Additional product expansion opportunities with ROCTAVIAN continue, including a clinical study investigating ROCTAVIAN treatment in those with active or prior inhibitors and continued exploration of methods of administering ROCTAVIAN in people with pre-existing antibodies against AAV5.
Earlier-stage Development Portfolio (BMN 255, BMN 331, BMN 351, BMN 349, BMN 293)
- BioMarin plans to showcase its Research and Development capabilities and earlier-stage product candidate updates at its R&D Day on September 12, 2023. Details on accessing the live event will be available on BioMarin's website in early September.
- BMN 255 for hyperoxaluria in chronic liver disease: The Company has concluded the multi-ascending dose study with BMN 255 in healthy human volunteers. Based on early data demonstrating a rapid and potent increase in plasma glycolate following treatment with BMN 255, BioMarin plans to open enrollment in an expanded study in patients with chronic liver disease and hyperoxaluria in the second half of 2023. The Company believes the availability of a potent, orally bioavailable, small molecule like BMN 255 may be able to significantly reduce disease and treatment burden in a patient population with significant unmet need.
- BMN 331 gene therapy product candidate for Hereditary Angioedema (HAE): Dosing continues in the Phase 1/2 HAERMONY study to evaluate BMN 331, an investigational AAV5-mediated gene therapy for people living with HAE. In January 2023, BioMarin shared that the first participant treated with the 6e13vg/kg dose demonstrated C1-Inhibitor levels that were approaching the therapeutically relevant range. In March 2023, the second sentinel participant was safely dosed at 6e13vg/kg and this individual has had a similar initial response. BioMarin will continue to monitor the trajectory of expression in these two individuals before deciding on next steps in this program.
- BMN 351 for Duchenne Muscular Dystrophy (DMD): Investigational New Drug application (IND)-enabling activities continue with BMN 351, an antisense oligonucleotide therapy for individuals with exon 51-skip-amenable DMD. BMN 351 was developed using familiar chemistry and superior biology, by targeting a novel, splice enhancer site demonstrating improved binding affinity and tolerability in preclinical models. Preclinical data suggest that restored expression of near-full-length dystrophin protein at levels of up to 40% will convert phenotypes from rapid loss to durable preservation of strength and ambulation.
- BMN 349 for alpha-1 antitrypsin deficiency: Preclinical studies have demonstrated that BMN 349 is an orally bioavailable, small molecule that preferentially sequesters mutant protein, preventing polymerization in liver cells that drive the progressive liver disease form of the illness. In preclinical studies BMN 349 is titratable to effect, with rapid onset and high potency. Preclinical results have strong implications for potential improvement of current management, particularly for severe liver disease requiring rapid action. IND enabling studies are concluding and BioMarin plans to submit the IND in the second half of 2023.
- BMN 293 for MYBPC3 hypertrophic cardiomyopathy (HCM): Mutations in the MYBPC3 gene are the most common cause of inherited HCM. Early investigations suggest that gene therapy-mediated gene transfer can lead to widespread expression of the gene product, cardiac myosin-binding protein C (MyBP-C), in cardiac tissue, which can normalize cardiac hypertrophy, improve relaxation kinetics and potentially alleviate functional deficits in individuals suffering from cardiomyopathy. IND enabling studies are underway and have incorporated pre-IND feedback from the FDA. BioMarin's goal is to submit an IND for BMN 293 in the second half of 2023.
2023 Full-Year Financial Guidance (in millions, except % and EPS amounts) (Updated)
BioMarin will host a conference call and webcast to discuss second quarter 2023 financial results today, Monday, July 31, 2023, at 4:30 p.m. ET. This event can be accessed through this link or on the investor section of the BioMarin website at www.biomarin.com.
About BioMarin
Founded in 1997, BioMarin is a global biotechnology company dedicated to transforming lives through genetic discovery. The Company develops and commercializes targeted therapies that address the root cause of genetic conditions. BioMarin's robust research and development capabilities have resulted in multiple innovative commercial therapies for patients with rare genetic disorders. The Company's distinctive approach to drug discovery has produced a diverse pipeline of commercial, clinical, and pre-clinical candidates that address a significant unmet medical need, have well-understood biology, and provide an opportunity to be first-to-market or offer a substantial benefit over existing treatment options. For additional information, please visit www.biomarin.com.
Forward-Looking Statements
This press release and the associated conference call and webcast contain forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc. (BioMarin), including, without limitation, statements about: the expectations of Total Revenues, Net Product Revenues, Enzyme Product Revenues, Gross Profit, Research and Development Expense (R&D), Selling, General and Administrative Expense (SG&A), GAAP Net Income, Non-GAAP Income, GAAP Diluted EPS and Non-GAAP Diluted EPS for the full-year 2023; cash flows from operating activities; the timing of orders for commercial products; the timing of BioMarin's clinical development and commercial prospects, including announcements of data from clinical studies and trials; the clinical development and commercialization of BioMarin's product candidates and commercial products, including (i) the potential to leverage VOXZOGO in conditions beyond achondroplasia, such as hypochondroplasia, (ii) the results from clinical studies regarding product expansion opportunities for ROCTAVIAN, (iii) BioMarin's plans to initiate and enroll an expanded study of BMN 255 in the second half of 2023, (iv) BioMarin's plan to submit an IND for BMN 349 in the second half of 2023, and (v) BioMarin's goal to submit an IND for BMN 293 in the second half of 2023; the potential approval and commercialization of BioMarin's product candidates, including commercialization of ROCTAVIAN for the treatment of severe hemophilia A in the U.S. following FDA approval in June 2023, and the timing of such approval decisions and product launches, including (i) the anticipated start and growth of commercial sales of VOXZOGO in additional countries, and (ii) BioMarin's expectation that U.S. and EU health authorities take action on its supplemental marketing applications for VOXZOGO in the coming months and the number of additional children that will be eligible for VOXZOGO if such age expansions are accepted; the expected benefits and availability of BioMarin's product candidates; and potential growth opportunities and trends, including that BioMarin expects accelerated growth of VOXZOGO revenues as the product launch continues in future quarters and that BioMarin expects growth of ROCTAVIAN revenues as the product's access is expanded in Europe and following commercial launch in the U.S.
These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: BioMarin's success in the commercialization of its commercial products, impacts of macroeconomic and other external factors on BioMarin's operations; results and timing of current and planned preclinical studies and clinical trials and the release of data from those trials; BioMarin's ability to successfully manufacture its commercial products and product candidates; the content and timing of decisions by the FDA, the European Commission and other regulatory authorities concerning each of the described products and product candidates; the market for each of these products; actual sales of BioMarin's commercial products; the introduction of generic versions of BioMarin's commercial products, in particular generic versions of KUVAN; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission (SEC), including, without limitation, the factors contained under the caption "Risk Factors" in BioMarin's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 as such factors may be updated by any subsequent reports. Stockholders are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.
BioMarin®, BRINEURA®, KUVAN®, NAGLAZYME®, PALYNZIQ®, VIMIZIM® and VOXZOGO® are registered trademarks of BioMarin Pharmaceutical Inc., or its affiliates. ROCTAVIANTM is a trademark of BioMarin Pharmaceutical Inc. ALDURAZYME® is a registered trademark of BioMarin/Genzyme LLC. All other brand names and service marks, trademarks and other trade names appearing in this release are the property of their respective owners.
Non-GAAP Information
The results presented in this press release include both GAAP information and Non-GAAP information. Non-GAAP Income is defined by the Company as GAAP Net Income excluding amortization expense, stock-based compensation expense, contingent consideration expense, and, in certain periods, certain other specified items, as detailed below when applicable. The Company also includes a Non-GAAP adjustment for the estimated tax impact of the reconciling items. Non-GAAP Diluted EPS is defined by the Company as Non-GAAP Income divided by Non-GAAP diluted shares outstanding
BioMarin regularly uses both GAAP and Non-GAAP results and expectations internally to assess its financial operating performance and evaluate key business decisions related to its principal business activities: the discovery, development, manufacture, marketing and sale of innovative biologic therapies. Because Non-GAAP Income, Non-GAAP Diluted EPS and Non-GAAP Diluted Shares are important internal measurements for BioMarin, the Company believes that providing this information in conjunction with BioMarin's GAAP information enhances investors' and analysts' ability to meaningfully compare the Company's results from period to period and to its forward-looking guidance, and to identify operating trends in the Company's principal business. BioMarin also uses Non-GAAP Income internally to understand, manage and evaluate its business and to make operating decisions, and compensation of executives is based in part on this measure.
Non-GAAP Income and its components are not meant to be considered in isolation or as a substitute for, or superior to comparable GAAP measures and should be read in conjunction with the consolidated financial information prepared in accordance with GAAP. Investors should note that the Non-GAAP information is not prepared under any comprehensive set of accounting rules or principles and does not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. Investors should also note that these Non-GAAP financial measures have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. In addition, from time to time in the future there may be other items that the Company may exclude for purposes of its Non-GAAP financial measures; likewise, the Company may in the future cease to exclude items that it has historically excluded for purposes of its Non-GAAP financial measures. Because of the non-standardized definitions, the Non-GAAP financial measure as used by BioMarin in this press release and the accompanying tables may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.
The following tables present the reconciliation of GAAP reported to Non-GAAP adjusted financial information:
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SOURCE BioMarin Pharmaceutical Inc.
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https://www.cleveland19.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/
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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.”
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Area police officer placed on administrative leave following fatal shooting
Published 11:36 am Monday, July 31, 2023
GROVES — A Groves Police Officer is on paid leave pending an evaluation following last week’s officer-involved shooting that left a man dead.
Chief Deputy Kirk Rice said the officer would be evaluated this week, adding that placing an officer on paid administrative leave following an officer-involved shooting is standard procedure.
Police are not releasing the name of the officer at this time.
According to the Rice, four officers were involved in response Thursday, when authorities were called to an emergency with an individual reportedly behaving erratically and in possession of a handgun.
Rice said the officer who fired a fatal shot was placed on leave. He added that three other officers on scene were not involved in the shooting and remain on active duty.
The altercation took place at approximately 2 p.m. Thursday in the 2800 block of Main Avenue.
When law enforcement arrived, the man allegedly brandished a weapon and was shot by officers, a release from Texas Department of Public Safety stated.
The man, later identified as David Guilbeau, 60, of Groves, was brought to The Medical Center of Southeast Texas in Port Arthur, where he was pronounced dead.
Justice of the Peace Joseph Guillory II ordered an autopsy.
The case remains under investigation by the Texas Rangers, a division of DPS.
A spokesperson with the Texas Department of Public Safety said the case has not been submitted to the Jefferson County District Attorney’s Office for review as of Monday.
— Written by Mary Meaux
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https://www.orangeleader.com/2023/07/31/area-police-officer-placed-on-administrative-leave-following-fatal-shooting/
| 2023-07-31T21:25:42
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Imagine stepping on stage with your favorite artist in VR from your browser. Discover secret rooms, join live Q&As with other fans, shop for merch, and more. Connect with your audience like never before.
NEW YORK, July 31, 2023 /PRNewswire/ -- BR Marketing Group, a leading luxury brand marketing agency in NYC, is excited to offer its new Web Virtual Reality (WebVR) service to clients worldwide. With this service, clients can create memorable marketing experiences in WebVR. WebVR is a technology that allows users to enjoy virtual reality from their browsers, without any extra hardware or software.
BR Marketing Group has a team of creative experts who design and promote WebVR experiences that capture the unique essence of each brand. Whether it's a concert, a store, a gallery, or more BR Marketing Group can bring it to life in WebVR.
"Our service stands out because we embrace the future. We know how innovative technologies like WebVR can transform the customer experience," said Andrea Canas, CEO of BR Marketing Group.
- Drake, global superstar, has recently taken his concerts and online store to the next level by adding immersive technology for an interactive virtual experience. He is not alone. Luxury brands and artists are following suit.
- Revenue in the VR Advertising market is projected to reach US$161.70m in 2023, revenue is expected to show an annual growth rate (CAGR 2023-2027) of 2.33%, resulting in a projected market volume of US$177.30m by 2027, according to a recent study.
WebVR is still a new and fast-growing tech, able to give immersive, interactive, awe-inspiring experiences. WebVR also connects with IRL events, enabling users to explore real-world objects, locations, and people through VR.
To get more info on WebVR or work with BR Marketing Group for your next virtual or IRL event, visit us at brmarketgroup.com or call 332-600-4466.
About BR Marketing Group
As one of the first creative agencies to offer WebVR immersive services, BR Marketing Group combines its web development, design, and marketing skills to create amazing VR events that connect the virtual and physical worlds.
BR Marketing Group is a leading luxury brand marketing agency in NYC, led by Andrea Cañas, a visionary Latina leader. She and her team of creative experts' craft captivating and unforgettable marketing experiences that bring out the unique essence of each brand they work with.
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https://www.cleveland19.com/prnewswire/2023/07/31/br-marketing-group-launches-webvr-immersive-service-new-way-boost-brand-loyalty-engagement/
| 2023-07-31T21:25:45
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PARSIPPANY, N.J. — PARSIPPANY, N.J. — Avis Budget Group Inc. (CAR) on Monday reported second-quarter net income of $435 million.
The car rental company posted revenue of $3.12 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $3.21 billion.
Avis Budget shares have risen 34% since the beginning of the year. In the final minutes of trading on Monday, shares hit $219.76, a climb of 21% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CAR at https://www.zacks.com/ap/CAR
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https://www.washingtonpost.com/business/2023/07/31/earns-avis-budget-group/5797e900-2fdf-11ee-85dd-5c3c97d6acda_story.html
| 2023-07-31T21:25:48
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https://www.washingtonpost.com/business/2023/07/31/earns-avis-budget-group/5797e900-2fdf-11ee-85dd-5c3c97d6acda_story.html
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BOISE, Idaho (KTVX) – Lori Vallow Daybell, convicted of murdering her children, among other crimes, was sentenced to five life sentences in prison Monday with no possibility of parole. This sentencing brings closure to nearly four years of investigation and a trial.
Daybell, 49, was found guilty of murder, and conspiracy to commit murder of her children Joshua “JJ” Vallow, 7, and Tylee Ryan, 16. She was also convicted of conspiracy to commit murder in the death of Tammy Daybell, the former wife of her husband, Chad Daybell. Additionally, Lori was found guilty of grand theft.
Lori was sentenced to five life sentences without the possibility of parole, three of which will run consecutively, for her involvement in their murders and the conspiracy to commit murder. While many called for the death penalty, it was ruled out by a judge in March 2023 prior to her murder trial.
The case began in 2018 when Lori and Chad met at a religious conference in St. George. They became close friends, and even lovers, though both were married to other people. In July 2019, Lori’s husband Charles Vallow was killed by her brother, and it was declared self-defense, but later identified as a homicide.
Then in late-2019, Lori’s two children went missing — a case that captivated the United States. And while investigators were frantically searching for the kids, Lori and Chad were in Hawaii getting married.
Chad’s wife Tammy died a few weeks before Lori and Chad ran to Hawaii, but after the children went missing. Her death was originally ruled natural causes but later declared asphyxiation at the hands of another after her body was exhumed.
In February 2020, Lori was arrested on charges of desertion and nonsupport of dependent children. In April, Lori and Chad were both under investigation for conspiracy, attempted murder, and murder. They both pleaded not guilty.
During the final stages of the investigation leading up to their scheduled trials in January 2023, Tylee and JJ’s remains were found buried on Chad’s property.
Because of the large amount of evidence discovered, and the fact that Chad waived his right to a speedy trial, he will face his charges in April 2024. However, Lori did not waive her right to a speedy trial and appeared in court on April 2023, where she was found guilty on all charges.
Now, in July 2023, nearly four years after Lori’s children were murdered, she was sentenced to life in prison on all counts.
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https://www.localsyr.com/news/national/lori-vallow-daybell-given-5-life-sentences-in-prison-for-murders-of-her-two-children/
| 2023-07-31T21:25:48
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https://www.localsyr.com/news/national/lori-vallow-daybell-given-5-life-sentences-in-prison-for-murders-of-her-two-children/
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CULINARY THRILL SEEKING — Gumbo book keeps us real for authentic tastes
Published 9:45 am Monday, July 31, 2023
Gumbo is one of our favorite foods, and Jim LaBove has a new book about it.
No matter how much you already know, you’re sure to learn something new from the man who grew up harvesting seafood out of Sabine Pass waters with his dad.
Cotton’s Seafood fed the area. LaBove’s many books and drawings, which often pop up at farmers markets and craft booths, share his “Cajunisms.”
Look for talkative Jim and his ever-smiling and friendly wife, Dodie. You’ll leave as friends.
His latest release is “The (Real) Gumbo Book,” offering “A Deep Dive into the Lifeblood of Cajun Culture.”
If you’re lucky enough to have met LaBove, you know that his writing is just like having a conversation with him.
Drawings of local ducks, boats, musicians, kitchen tools and even the plant that gives us file help complete the feeling of being down on the bayou.
I always say everybody should think their own grandma’s gumbo is the best.
There’s room for plenty of good recipes, though. I’d love to try all the different duck and seafood ones discussed in this book.
Just follow the recipes.
Here’s what LaBove says: “Gumbo is an evolving dish that seems to be in a constant state of evolution. Her opinion aside, my Mama would be the first to tell you to make gumbo the way you like it and make the final recipe your own.”
In “The (Real) Gumbo Book,” Get the basics on the components of what makes various types of gumbo sing:
- Roux? Basic and important.
- Eggs? Sometimes.
- Sausage? If you like.
- Holy Trinity? We need that.
- File? A thing unto itself.
Lagniappe:
- Okra and the Cajun Diaspora is a chapter title that makes our bowl of gumbo seem legendary.
- Learn about dried shrimp and water gumbo
- The glossary includes words such aslapin, La PAN, Cajun French for Rabbit and poisson rouge, as in redfish.
Flagship Mailroom and Emporium features part of LaBove’s oeuvre. You can shop online at cottons-seafood.com.
Now as for me, I gotta go get some gumbo.
Darragh Doiron is a Southeast Texas foodie already awaiting the next crawfish season. Email her at darraghcastillo@icloud.com.
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https://www.orangeleader.com/2023/07/31/culinary-thrill-seeking-gumbo-book-keeps-us-real-for-authentic-tastes/
| 2023-07-31T21:25:48
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https://www.orangeleader.com/2023/07/31/culinary-thrill-seeking-gumbo-book-keeps-us-real-for-authentic-tastes/
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Total new annualized premiums up 11%; strong capital position
CARMEL, Ind., July 31, 2023 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $73.7 million, or $0.64 per diluted share, in 2Q23 compared to $233.3 million, or $1.99 per diluted share, in 2Q22. Net operating income (1) was $62.3 million, or $0.54 per diluted share, in 2Q23 compared to $135.1 million, or $1.15 per diluted share, in 2Q22.
"Production was strong in both our Consumer and Worksite Divisions, with notable sales increases in Life, Medicare Supplement and Supplemental Health, driven by continued growth in producing agent counts," said Gary C. Bhojwani, chief executive officer.
"Variable investment income results improved sequentially, yet reflect a tough comparable in the second quarter of 2022 when results reached a five-year high. Health claims impacted our results in the quarter. We expect this elevated claims experience to moderate in the second half of the year, based on leading indicators. Our long-term view of the Health business remains positive."
"New money rates were once again strong in the quarter at 6.34%, which drove continued improvement in the earned yield on investments allocated to insurance products. Our consolidated risk based capital (RBC) ratio of 386% was comfortably above our target as was our holding company liquidity of $176 million. Free cash flow generation in the quarter was robust."
Second Quarter 2023 Highlights (as compared to the corresponding period in the prior year where applicable)
- Total Health insurance new annualized premiums ("NAP") (4) up 15%; total Life insurance NAP up 8%
- Medicare Supplement NAP up 29%; Consumer Division field agent-sold Life insurance NAP up 20%
- Consumer Division field producing agent count up 8%; Worksite Division producing agent count up 32%
- Returned $47.4 million to shareholders
- Book value per share was $17.56; book value per diluted share, excluding accumulated other comprehensive loss,(2) was $32.34
- Return on equity ("ROE") of 14.8%; operating ROE, as adjusted,(6) of 8.0%
Adoption of New Accounting Standard
As previously disclosed, we adopted ASU 2018-12 related to targeted improvements to the accounting for long-duration insurance contracts effective January 1, 2023. We selected the modified retrospective transition method except for market risk benefits where we were required to use the full retrospective approach. All prior periods presented herein have been recast in accordance with the new standard. As a result of the adoption of the new guidance, shareholders' equity as of December 31, 2022, increased $368.0 million and was comprised of increases to retained earnings and accumulated other comprehensive income (loss) of $232.2 million and $135.8 million, respectively. Net income and operating earnings (1) for the second quarter of 2022 increased $97.2 million and $35.0 million, respectively. Concurrent with the adoption of the new guidance, we also updated the method of determining non-operating earnings for our fixed indexed annuities to better isolate the volatile non-economic accounting impacts of that line of business.
INSURANCE OPERATIONS
Annuity products accounted for 26 percent of the Company's margin for the quarter and annuity premiums collected decreased 8 percent in 2Q23 compared to 2Q22.
Health products accounted for 48 percent of the Company's insurance margin for the quarter and 63 percent of insurance policy income.
Life products accounted for 26 percent of the Company's insurance margin for the quarter and 36 percent of insurance policy income.
Sales of health products were up 15 percent and sales of life products were up 8 percent in 2Q23 compared to 2Q22.
Total allocated expenses were $149.5 million, down 2 percent from 2Q22.
____________________
____________________
The fair value of CNO's available for sale fixed maturity portfolio was $21.0 billion compared with an amortized cost of $23.6 billion. Net unrealized losses were comprised of gross unrealized gains of $106.1 million and gross unrealized losses of $2,710.8 million. The allowance for credit losses was $66.1 million at June 30, 2023.
At both amortized cost and fair value, 94 percent of fixed maturities, available for sale, were rated "investment grade".
Non-Operating Items
Net investment losses in 2Q23 were $31.3 million including the unfavorable change in the allowance for credit losses of $9.9 million which was recorded in earnings. Net investment losses in 2Q22 were $27.1 million including the unfavorable change in the allowance for credit losses of $23.7 million which was recorded in earnings.
During 2Q23 and 2Q22, we recognized a decrease in earnings of $4.0 million and $21.7 million, respectively, due to the net change in market value of investments recognized in earnings.
During 2Q23 and 2Q22, we recognized an increase in earnings of $50.4 million and $160.6 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities. Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and market risk benefits.
In 2Q22, other non-operating items included an increase in earnings of $14.0 million for the mark-to-market change in the agent deferred compensation plan liability which was impacted by changes in the underlying actuarial assumptions used to value the liability. We recognize the mark-to-market change in the estimated value of this liability through earnings as assumptions change.
Statutory (based on non-GAAP measures) and GAAP Capital Information
Our consolidated statutory risk-based capital ratio was estimated at 386% at June 30, 2023, reflecting estimated 2Q23 statutory operating income of $37 million (and $76 million in the first six months of 2023) and the payment of insurance company dividends (net of capital contributions) to the holding company of $40.5 million during 2Q23 (and $74.7 million in the first six months of 2023).
During 2Q23, we repurchased $30.0 million of common stock under our securities repurchase program (including $0.9 million of repurchases settled in 3Q23). We repurchased 1.4 million common shares at an average cost of $22.28 per share. As of June 30, 2023, we had 113.7 million shares outstanding and had authority to repurchase up to an additional $641.8 million of our common stock. During 2Q23, dividends paid on common stock totaled $17.4 million.
Unrestricted cash and investments held by our holding company were $176 million at June 30, 2023, compared to $167 million at December 31, 2022.
Book value per common share was $17.56 at June 30, 2023 compared to $15.47 at December 31, 2022. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $32.34 at June 30, 2023, compared to $31.89 at December 31, 2022.
The debt-to-capital ratio was 36.3 percent and 39.2 percent at June 30, 2023 and December 31, 2022, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss) (3) was 23.4 percent at both June 30, 2023 and December 31, 2022.
Return on equity for the trailing four quarters ended June 30, 2023 and 2022, was 14.8% and 20.9%, respectively. Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (6) for the trailing four quarters ended June 30, 2023 and 2022, was 8.0% and 12.7%, respectively.
In this news release, CNO includes non-GAAP measures to enhance investors' understanding of management's view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing broader perspective. CNO's definitions of non-GAAP measures may differ from other companies' definitions. More detailed information including various GAAP and non-GAAP measurements are located at CNOinc.com in the Investors section under SEC Filings.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements within the meaning of federal securities laws. These prospective statements reflect management's current expectations, but are not guarantees of future performance. Accordingly, please refer to CNO's cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company's Form 10-K for the year ended December 31, 2022 and any subsequent Form 10-Q or Form 10-K on file with the Securities and Exchange Commission and on the Company's website at CNOinc.com in the Investors section. CNO specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.
EARNINGS RELEASE CONFERENCE CALL WEBCAST:
The Company will host a conference call to discuss results on August 1, 2023 at 11:00 a.m. Eastern Time. During the call, we will be referring to a presentation that will be available at the Investors section of the company's website.
To participate by dial-in, please register at https://www.netroadshow.com/events/login?show=5ac4628b&confId=53584. Upon registering, you will be provided with call details and a registrant ID used to track attendance on the conference call. Reminders will also be sent to registered participants via email.
For those investors who prefer to listen to the call online, we will be broadcasting the call live via webcast. The event can be accessed through the Investors section of the company's website: ir.CNOinc.com. Participants should go to the website at least 15 minutes before the event to register and download any necessary audio software.
ABOUT CNO FINANCIAL GROUP
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, financial services, and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $34 billion in total assets. Our 3,400 associates, 4,600 exclusive agents and 4,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
___________
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View original content:
SOURCE CNO Financial Group, Inc.
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https://www.cleveland19.com/prnewswire/2023/07/31/cno-financial-group-reports-second-quarter-2023-results/
| 2023-07-31T21:25:48
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| 2023-07-31T21:25:51
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TEMPE, Ariz. — TEMPE, Ariz. — Benchmark Electronics Inc. (BHE) on Monday reported second-quarter earnings of $14 million.
For the current quarter ending in September, Benchmark expects its per-share earnings to range from 51 cents to 59 cents.
The company said it expects revenue in the range of $680 million to $720 million for the fiscal third quarter.
Benchmark shares have declined roughly 1% since the beginning of the year. In the final minutes of trading on Monday, shares hit $26.51, an increase of roughly 4% in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BHE at https://www.zacks.com/ap/BHE
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https://www.washingtonpost.com/business/2023/07/31/earns-benchmark-electronics/a9626374-2fe3-11ee-85dd-5c3c97d6acda_story.html
| 2023-07-31T21:25:54
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https://www.washingtonpost.com/business/2023/07/31/earns-benchmark-electronics/a9626374-2fe3-11ee-85dd-5c3c97d6acda_story.html
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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.
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https://www.localsyr.com/news/national/video-foxes-seen-playing-on-trampoline-in-texas/
| 2023-07-31T21:25:54
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Drivers may want to brace for higher prices; gas prices could push to year-high level
Published 6:00 am Monday, July 31, 2023
Gas prices soared over the last week due to heat-related refinery outages that impacted some of the largest refineries in the country.
It happened at a time when summer gasoline demand peaks and gasoline inventories slid to their lowest July level since 2015, according to Patrick De Haan.
The head of petroleum analysis at GasBuddy said in addition, oil prices surged to their highest level in months, rising to more than $80 per barrel due to SPR releases coming to an end and concerns over cuts in supply from Saudi Arabia and Russia, the second and third largest oil producers in the world.
“Motorists have seen average gasoline and diesel prices rise at the fastest pace in over a year, but the rise seen in the last week should now start slowing,” De Haan said. “However, as we get ever closer to the peak of hurricane season, any new issues could easily push the national average over $4 per gallon for the first time in 2023. Drivers may want to brace for potentially higher prices yet.”
Average gasoline prices in Texas have risen 18.6 cents per gallon in the last week, averaging $3.42/g today, according to GasBuddy’s survey of 13,114 stations in Texas.
Prices in Texas are 28.5 cents per gallon higher than a month ago and stand 24.2 cents per gallon lower than a year ago.
The national average price of diesel has jumped 15.5 cents in the last week and stands at $3.99 per gallon.
According to GasBuddy price reports, the cheapest station in Texas was priced at $2.85/g Sunday while the most expensive was $4.29/g, a difference of $1.44/g.
The national average price of gasoline has risen 16.5 cents per gallon in the last week, averaging $3.72/g today.
The national average is up 21.4 cents per gallon from a month ago and stands 45.6 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.
Neighboring areas and their current gas prices:
• Midland Odessa – $3.39/g, up 30.8 cents per gallon from last week’s $3.08/g.
• San Antonio – $3.43/g, up 19.2 cents per gallon from last week’s $3.23/g.
• Austin – $3.46/g, up 19.5 cents per gallon from last week’s $3.27/g.
Historical gasoline prices in Texas and the national average going back ten years:
July 31, 2022: $3.66/g (U.S. Average: $4.17/g)
July 31, 2021: $2.84/g (U.S. Average: $3.16/g)
July 31, 2020: $1.88/g (U.S. Average: $2.18/g)
July 31, 2019: $2.46/g (U.S. Average: $2.72/g)
July 31, 2018: $2.64/g (U.S. Average: $2.87/g)
July 31, 2017: $2.11/g (U.S. Average: $2.31/g)
July 31, 2016: $1.96/g (U.S. Average: $2.13/g)
July 31, 2015: $2.46/g (U.S. Average: $2.66/g)
July 31, 2014: $3.36/g (U.S. Average: $3.51/g)
July 31, 2013: $3.50/g (U.S. Average: $3.62/g)
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https://www.orangeleader.com/2023/07/31/drivers-may-want-to-brace-for-higher-prices-gas-prices-could-push-to-year-high-level/
| 2023-07-31T21:25:54
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https://www.orangeleader.com/2023/07/31/drivers-may-want-to-brace-for-higher-prices-gas-prices-could-push-to-year-high-level/
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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.
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| 2023-07-31T21:25:55
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SAN RAFAEL, Calif. — SAN RAFAEL, Calif. — BioMarin Pharmaceutical Inc. (BMRN) on Monday reported second-quarter profit of $56 million.
The rare disease biopharmaceutical posted revenue of $595.3 million in the period, also surpassing Street forecasts. Nine analysts surveyed by Zacks expected $591.5 million.
BioMarin expects full-year earnings in the range of $1.85 to $2.10 per share, with revenue in the range of $2.38 billion to $2.5 billion.
BioMarin shares have fallen 15% since the beginning of the year. In the final minutes of trading on Monday, shares hit $87.93, an increase of 2% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BMRN at https://www.zacks.com/ap/BMRN
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https://www.washingtonpost.com/business/2023/07/31/earns-biomarin-pharmaceutical/21e0435a-2fe1-11ee-85dd-5c3c97d6acda_story.html
| 2023-07-31T21:26:00
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Have you seen this woman? Orange Police say she used stolen debit/credit card.
Published 3:06 pm Monday, July 31, 2023
Orange Police Department investigators are asking for the public’s help to identify a woman suspected of fraud at Walmart.
On Monday, Detective D.B. Mulhollan said the crime in question took place from approximately 7 to 10 a.m. July 14, when a female entered the big box store in Orange and used a stolen debit/credit card.
What was taken or its value during the incident was not immediately released.
Police also shared several surveillance photos of the suspect woman and a picture of vehicle she is believed to have used.
If you have information about this crime, call the Orange Police Department at 409-883-1026 or Southeast Texas Crime Stoppers at 409-833-TIPS (8477).
Tipsters can go online to 833TIPS.com or download the P3 TIPS app. You will remain anonymous and may be eligible for a cash reward.
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https://www.orangeleader.com/2023/07/31/have-you-seen-this-woman-orange-police-say-she-used-stolen-debit-credit-card/
| 2023-07-31T21:26:00
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| 2023-07-31T21:26:01
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CARMEL, Ind. — CARMEL, Ind. — CNO Financial Group Inc. (CNO) on Monday reported second-quarter net income of $73.7 million.
The insurance holding company posted revenue of $1.02 billion in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $915.2 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CNO at https://www.zacks.com/ap/CNO
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https://www.washingtonpost.com/business/2023/07/31/earns-cno-financial/ab1d7d6e-2fe5-11ee-85dd-5c3c97d6acda_story.html
| 2023-07-31T21:26:06
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https://www.washingtonpost.com/business/2023/07/31/earns-cno-financial/ab1d7d6e-2fe5-11ee-85dd-5c3c97d6acda_story.html
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Southeast Texas under excessive heat warnings, heat advisories as sweltering week ahead awaits
Published 6:37 am Monday, July 31, 2023
According to the National Weather Service, Southeast Texas is likely headed over the 100-degree mark Monday.
Additionally, Tyler, Jasper and Newton counties have been upgraded to an excessive heat warning due to the potential for heat index values up to 115.
The remainder of the region remains under a heat advisory from 11 a.m. to 7 p.m. Monday evening.
In addition to the heat threat, there is a marginal risk of severe weather (damaging winds) Monday afternoon due to the remnants of a disturbance moving south across Arkansas.
Only a few storms are expected, but they will be capable of strong winds.
“On an optimistic note, only 54 more days until autumn according to the calendar, not that that means a whole lot around here, but hope springs eternal,” meteorologist Donald Jones of Lake Charles officer said.
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https://www.orangeleader.com/2023/07/31/southeast-texas-under-excessive-heat-warnings-heat-advisories-as-sweltering-week-ahead-awaits/
| 2023-07-31T21:26:06
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https://www.orangeleader.com/2023/07/31/southeast-texas-under-excessive-heat-warnings-heat-advisories-as-sweltering-week-ahead-awaits/
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FRISCO, Texas — FRISCO, Texas — Comstock Resources Inc. (CRK) on Monday reported a loss of $45.7 million in its second quarter.
The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 5 cents per share.
The oil and gas company posted revenue of $288.2 million in the period, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $330.8 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CRK at https://www.zacks.com/ap/CRK
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https://www.washingtonpost.com/business/2023/07/31/earns-comstock-resources/b6b1c05c-2fe7-11ee-85dd-5c3c97d6acda_story.html
| 2023-07-31T21:26:08
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https://www.washingtonpost.com/business/2023/07/31/earns-comstock-resources/b6b1c05c-2fe7-11ee-85dd-5c3c97d6acda_story.html
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ST. LOUIS, July 31, 2023 /PRNewswire/ -- Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, today reported that it set a new quarterly record for net sales in the second quarter of 2023.
Graybar's net sales for the second quarter of this year totaled $2.8 billion, an increase of 4.5% compared to the same period last year. Net income attributable to Graybar for the quarter finished at $124.2 million, a 2.7% decrease from the second quarter of 2022.
For the first half of 2023, the company reported net sales of $5.5 billion, an 8.1% increase compared to the same period last year. Net income attributable to Graybar for the first six months of 2023 increased 8.4% to $249.0 million.
"Thanks to the hard work of our employees, we continue to achieve positive results," said Kathleen M. Mazzarella, chairman, president and chief executive officer of Graybar. "We remain focused on providing exceptional service to our customers every day, while we make strategic investments to transform our business and strengthen our long-term position as an industry leader."
Graybar, a Fortune 500 corporation and one of the largest employee-owned companies in North America, is a leader in the distribution of high quality electrical, communications and data networking products, and specializes in related supply chain management and logistics services. Through its network of more than 325 North American distribution facilities, it stocks and sells products from thousands of manufacturers, helping its customers power, network, automate and secure their facilities with speed, intelligence and efficiency. For more information, visit www.graybar.com or call 1-800-GRAYBAR.
Media Contact:
Tim Sommer
(314) 578-7672
timothy.sommer@graybar.com
View original content to download multimedia:
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https://www.cleveland19.com/prnewswire/2023/07/31/graybar-achieves-record-net-sales-second-quarter/
| 2023-07-31T21:26:08
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https://www.cleveland19.com/prnewswire/2023/07/31/graybar-achieves-record-net-sales-second-quarter/
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DA: Former Tomah teacher convicted of sex crimes against student
Published: Jul. 31, 2023 at 4:02 PM CDT|Updated: 21 minutes ago
MONROE COUNTY, Wis. (WEAU) - A former Tomah, Wis. teacher is convicted of sex crimes against a student.
According to information from Monroe County District Attorney Kevin Croninger, a Monroe County jury convicted 74-year-old Anne Nelson-Koch on all 25 counts against her.
District Attorney Croninger says the charges stem from Nelson-Koch’s repeated sexual assaults of a 14-year-old boy, a student, in the basement of a private school in Tomah during the 2016-2017 school year. Nelson-Koch was released to the community with GPS monitoring pending sentencing.
Sentencing is scheduled for Oct. 27, 2023.
Copyright 2023 WEAU. All rights reserved.
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https://www.weau.com/2023/07/31/da-former-tomah-teacher-convicted-sex-crimes-against-student/
| 2023-07-31T21:26:09
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https://www.weau.com/2023/07/31/da-former-tomah-teacher-convicted-sex-crimes-against-student/
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BRIGHTON, Iowa (AP) — You-pick farms are struggling through heat, drought and haze as customers cancel picking appointments and crops across Iowa refuse to grow.
These farms offer visitors the chance to harvest their own produce straight from the tree, bush or ground.
But this summer marks Iowa’s third year in a row of drought. And that is hurting farmers who grow water-intensive crops like blueberries and strawberries that are particularly sensitive to heat and drought, the Cedar Rapids Gazette reported.
Kim Anderson told The Gazette that her well started faltering during last summer’s heat and drought at her 5-acre Blueberry Bottom Farm near Brighton in southeastern Iowa.
Many of her blueberry bushes became parched. And recently, for the first time in the farm’s five-season history, she had to cancel a day of picking appointments because there weren’t enough ripe berries.
“I just never anticipated something like this, that the well wouldn’t have enough water,” she said.
Similarly, Dean Henry told The Gazette that these are the worst conditions he has seen in his 56 years of operating the Berry Patch Farm in Nevada in central Iowa.
Henry said the Iowa Department of Natural Resources restricted his well water usage from 20 acres a day to 1 acre a day. But his strawberry plants need lots of water.
This year, his entire crop failed.
The heat has affected customers too. Some you-pick farms reported a decrease in customer visits, according to The Gazette. If people do come, they aren’t staying as long as normal to take in the entertainment at the farms, like picnic tables or games.
Smoke from Canadian wildfires also caused Iowa skies to grow hazy and air quality to be poor several times this summer. Customers canceled their appointments on especially hazy days, Anderson said.
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https://www.binghamtonhomepage.com/news/business/ap-you-pick-farms-lose-customers-and-crops-through-heat-drought-and-haze-in-iowa/
| 2023-07-31T21:26:11
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https://www.binghamtonhomepage.com/news/business/ap-you-pick-farms-lose-customers-and-crops-through-heat-drought-and-haze-in-iowa/
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MIDLAND, Texas — MIDLAND, Texas — Diamondback Energy Inc. (FANG) on Monday reported second-quarter net income of $556 million.
The energy exploration and production company posted revenue of $1.92 billion in the period, topping Street forecasts. Ten analysts surveyed by Zacks expected $1.91 billion.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FANG at https://www.zacks.com/ap/FANG
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https://www.washingtonpost.com/business/2023/07/31/earns-diamondback-energy/fd897f54-2fdf-11ee-85dd-5c3c97d6acda_story.html
| 2023-07-31T21:26:14
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https://www.washingtonpost.com/business/2023/07/31/earns-diamondback-energy/fd897f54-2fdf-11ee-85dd-5c3c97d6acda_story.html
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Published: Jul. 31, 2023 at 4:05 PM EDT|Updated: 1 hour ago
Broadband revenue up 20% and Video SaaS revenue up 58% year over year
SAN JOSE, Calif., July 31, 2023 /PRNewswire/ -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the second quarter of 2023.
"While we achieved double digit year over year Broadband and Video SaaS revenue growth and strong gross margins for the second quarter, we experienced hardware sales delays across our business segments resulting in total revenue that was below our expectations," said Patrick Harshman, president and chief executive officer of Harmonic. "Despite these short-term headwinds, we have the largest backlog in our Company's history and our operating model continued to deliver solid profitability. The strength of our market position was reinforced by several new customer wins which further supports our multi-year growth plan."
Q2 Financial and Business Highlights
Financial
Revenue: $156.0 million, down 1% year over year
Gross margin: GAAP 54.5% and non-GAAP 54.7%, compared to GAAP 52.3% and non-GAAP 52.8% in the year ago period
Operating income: GAAP income $10.0 million and non-GAAP income $18.2 million, compared to GAAP income $15.1 million and non-GAAP income $21.4 million in the year ago period
Net income: GAAP net income $1.6 million and non-GAAP net income of $14.0 million, compared to GAAP net income $14.8 million and non-GAAP net income $17.6 million in the year ago period
Adjusted EBITDA: $21.1 million income compared to $24.3 million income in the year ago period
EPS: GAAP net income per share of $0.01 and non-GAAP net income per share of $0.12, compared to GAAP net income per share of $0.14 and non-GAAP net income per share of $0.16 in the year ago period
Cash: $71.0 million, down $50.8 million year over year
Business
CableOS® solution commercially deployed with 98 customers, serving 21.0 million cable modems, and initial orders received from two new Tier 1 customers
Recognized for the first time as the "cable broadband equipment" market share leader, by the most recent Dell'Oro Group1 report
Signed a follow-on multi-year software contract with an existing Tier 1 customer
Live sports streaming SaaS expansions and new wins drove 58.3% Video SaaS revenue growth year over year
Select Financial Information
Explanations regarding our use of non-GAAP financial measures and related definitions, and reconciliations of our GAAP and non-GAAP measures, are provided in the sections below entitled "Use of Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliations".
Financial Guidance
Conference Call Information
Harmonic will host a conference call to discuss its financial results at 2:00 p.m. PT (5:00 p.m. ET) on Monday, July 31, 2023. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. To participate via telephone, please register in advance using this link, https://register.vevent.com/register/BI455acac6063542fb837fd89bddfb1d84. A replay will be available after 5:00 p.m. PT on the same web site.
About Harmonic Inc.
Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The company revolutionized broadband networking via the industry's first virtualized broadband solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers' homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen. More information is available at www.harmonicinc.com.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to our expectations regarding: net revenue, gross margins, operating expenses, operating income (loss), Adjusted EBITDA, tax expense and tax rate, EPS and cash. Our expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, in no particular order, the following: the market and technology trends underlying our Video and Broadband businesses will not continue to develop in their current direction or pace; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the impact of general economic conditions on our sales and operations; the mix of products and services sold in various geographies and the effect it has on gross margins; delays or decreases in capital spending in the cable, satellite, telco, broadcast and media industries; customer concentration and consolidation; our ability to develop new and enhanced products in a timely manner and market acceptance of our new or existing products; losses of one or more key customers; risks associated with our international operations; exchange rate fluctuations of the currencies in which we conduct business; risks associated with our CableOS and VOS product solutions; dependence on various video and broadband industry trends; inventory management; the lack of timely availability or the impact of increases in the prices of parts or raw materials necessary to produce our products; the effect of competition, on both revenue and gross margins; difficulties associated with rapid technological changes in our markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; and the effect on our business of natural disasters. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Harmonic's filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K for the year ended December 31, 2022, our most recent Quarterly Report on Form 10-Q and our Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP" or referred to herein as "reported"). However, management believes that certain non-GAAP financial measures provide management and other users with additional meaningful financial information that should be considered when assessing our ongoing performance. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, establish operating budgets, set internal measurement targets and make operating decisions.
These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Harmonic's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Harmonic's results of operations in conjunction with the corresponding GAAP measures.
The Company believes that the presentation of non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the Company's reported results prepared in accordance with GAAP.
The non-GAAP measures presented here are: Gross profit, operating expenses, income (loss) from operations, non-operating expenses and net income (loss) (including those amounts as a percentage of revenue), Adjusted EBITDA and net income (loss) per diluted share. The presentation of non-GAAP information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP, and is not necessarily comparable to non-GAAP results published by other companies. A reconciliation of the historical non-GAAP financial measures discussed in this press release to the most directly comparable historical GAAP financial measures is included with the financial statements provided with this press release. The non-GAAP adjustments described below have historically been excluded from our GAAP financial measures.
Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:
Stock-based compensation - Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance excluding stock-based compensation expenses. We believe that management is limited in its ability to project the impact stock-based compensation would have on our operating results. In addition, for comparability purposes, we believe it is useful to provide a non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of our core business and to facilitate the comparison of our results to the results of our peer companies.
Restructuring and related charges - Harmonic from time to time incurs restructuring charges which primarily consist of employee severance, one-time termination benefits related to the reduction of its workforce, lease exit costs, and other costs. These charges are associated with material business shifts. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.
Non-cash interest expense and other expenses related to convertible notes and other debt - We record the amortization of issuance costs as non-cash interest expense. We believe that excluding these costs provides meaningful supplemental information regarding operational performance and liquidity, along with enhancing investors' ability to view the Company's results from management's perspective. In addition, we believe excluding these costs from the non-GAAP measures facilitates comparisons to our historical operating results and comparisons to peer company operating results.
Gain and losses on equity investments - We exclude the gain and losses from the sale of our equity investments in calculating our non-GAAP financial measures. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.
Discrete tax items and tax effect of non-GAAP adjustments - The income tax effect of non-GAAP adjustments relates to the tax effect of the adjustments that we incorporate into non-GAAP financial measures in order to provide a more meaningful measure of non-GAAP net income.
Depreciation - Depreciation expense, along with interest, tax and stock-based compensation expense, and restructuring charges, is excluded from Adjusted EBITDA because we do not believe depreciation and the other items relate to the ordinary course of our business or are reflective of our underlying business performance.
Non-recurring advisory fees - There were non-recurring costs that we excluded from non-GAAP results relating to professional accounting, tax and legal fees associated with strategic corporate initiatives, including assessing corporate structure and organization, as we seek to optimize value for our business.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
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https://www.cleveland19.com/prnewswire/2023/07/31/harmonic-announces-second-quarter-2023-results/
| 2023-07-31T21:26:15
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HELSINKI (AP) — Denmark’s foreign minister said Sunday the government will seek to make it illegal to desecrate the Quran or other religious holy books in front of foreign embassies in the Nordic country.
Foreign Minister Lars Løkke Rasmussen said in an interview with the Danish public broadcaster DR that the burning of holy scriptures “only serves the purpose of creating division in a world that actually needs unity.”
“That is why we have decided in the government that we will look at how, in very special situations, we can put an end to mockery of other countries, which is in direct conflict with Danish interests and the safety of the Danes,” he said.
A recent string of public Quran desecrations by a handful of anti-Islam activists in Denmark and neighboring Sweden have sparked angry demonstrations in Muslim countries.
Løkke Rasmussen said the Cabinet of Prime Minister Mette Frederiksen is determined to find “a legal tool” to prohibit such acts without compromising freedom of expression, but he acknowledged that would not be easy.
“There must be room for religious criticism, and we have no thoughts of reintroducing a blasphemy clause,” he told DR. “But when you stand up in front of a foreign embassy and burn a Quran or burn the Torah scroll in front of the Israeli embassy, it serves no other purpose than to mock.”
His comments followed a statement issued late Sunday by the Danish government saying freedom of expression is one of the most important values in Danish society.
But, it added, the descreation of the Muslim holy book in Denmark has resulted in the nation being viewed in many places around the world “as a country that facilitates insult and denigration of the cultures, religions, and traditions of other countries.”
The government repeated its condemnation of such descecrations, say they are “deeply offensive and reckless acts committed by few individuals” and “do not represent the values the Danish society is built on.”
In Sweden, Prime Minister Ulf Kristersson said Sunday on Instagram that his government is analyzing the legal situation regarding desecration of the Quran and other holy books, given the animosity such acts are stirring up against Sweden.
“We are in the most serious security policy situation since the Second World War,” Kristersson said.
The Organization of Islamic Cooperation has called an emergency remote meeting Monday to discuss the Quran burnings in Sweden and Denmark.
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HOUSTON — HOUSTON — Dril-Quip Inc. (DRQ) on Monday reported profit of $3.5 million in its second quarter.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DRQ at https://www.zacks.com/ap/DRQ
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13% Sequential Revenue Growth Including 10% Organic
Maintains Strong Balance Sheet Post-Acquisitions of Atreus and businessfourzero
CHICAGO, July 31, 2023 /PRNewswire/ -- Today Heidrick & Struggles International, Inc. (Nasdaq: HSII) ("Heidrick & Struggles", "Heidrick" or the "Company") announced financial results for its second quarter ended June 30, 2023.
Second Quarter Highlights:
- Net revenue of $271.2 million increased 13% sequentially, 10% organically
- Operating income of $13.6 million decreased $4.2 million sequentially and operating margin was 5.0%
- Adjusted operating income of $20.8 million increased 17% sequentially and adjusted operating margin was 7.7%
- Adjusted EBITDA of $36.4 million increased 33% sequentially and adjusted EBITDA margin was 13.4%
- Net income was $9.0 million and diluted earnings per share was $0.44; adjusted net income was $15.0 million and adjusted diluted earnings per share was $0.73
"We are very pleased with the second quarter results which included the first full quarter of results from our recent acquisition of Atreus Group ("Atreus") in our On-Demand Talent segment, as well as the results from businessfourzero ("B4Z") in our Heidrick Consulting segment. Even before the positive effects of these acquisitions, each of our lines of business demonstrated organic sequential growth, despite ongoing macro uncertainty and an anticipated return to more normalized levels of business performance. This validates our focus on the steadfast execution of our strategy while maintaining strong profitability," stated Heidrick & Struggles' President and Chief Executive Officer, Krishnan Rajagopalan. "Importantly, the integrations of both our recent acquisitions are progressing smoothly. We are advancing our diversification strategy while continuing to make appropriate investments in our digital capabilities and technologies throughout the company. These initiatives are aimed at providing our clients with the next generation of talent and leadership advisory services, enabling them to achieve higher performance through their leaders and teams in an ever-evolving business landscape."
2023 Second Quarter Results
Consolidated net revenue of $271.2 million compared to record consolidated net revenue of $298.7 million in the 2022 second quarter. Consolidated financial results include the first full quarter of contribution from the Company's recent acquisitions of Atreus and B4Z.
On a sequential basis, 2023 second quarter net revenue increased 13.3% from the 2023 first quarter, 10% of that growth was organic, as the Company experienced growth in Executive Search driven by the Americas and Europe markets, partially offset by a decline in the Asia Pacific market, along with sequential revenue growth in Heidrick Consulting and On-Demand Talent. 2023 second quarter adjusted operating income increased 17.2% and adjusted operating margin increased 30 basis points to 7.7% compared to 7.4% in the 2023 first quarter. Adjusted EBITDA of $36.4 million in the 2023 second quarter increased 33% sequentially and adjusted EBITDA margin increased 190 basis points to 13.4% compared to 11.5% in the 2023 first quarter. 2023 second quarter adjusted net income was $15.0 million compared to $15.6 million in the 2023 first quarter. This generated adjusted diluted earnings per share in the 2023 second quarter of $0.73 compared to $0.76 in the 2023 first quarter.
Executive Search net revenue of $206.8 million compared to net revenue of $253.9 million in the 2022 second quarter reflecting an anticipated market slowdown combined with a return to more normalized operating levels. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 0.3%, or $0.8 million, net revenue decreased 18.2%, or $46.3 million, from the 2022 second quarter. Net revenue decreased 21.3% in the Americas (down 21.2% on a constant currency basis), decreased 5.3% in Europe (down 6.1% on a constant currency basis), and decreased 23.9% in Asia Pacific (down 20.5% on a constant currency basis) when compared to the prior year second quarter. The Social Impact and Industrial practice groups exhibited growth over the prior year.
The Company had 423 Executive Search consultants at June 30, 2023, compared to 388 at June 30, 2022. Productivity, as measured by annualized Executive Search net revenue per consultant, was $1.9 million compared to $2.6 million in the 2022 second quarter, reflecting a higher number of consultants combined with lower revenue. Average revenue per executive search was approximately $143,000 compared to $153,000 in the prior year period. The number of search confirmations decreased 12.7% compared to the year-ago period.
On-Demand Talent net revenue of $39.2 million, an increase of 75.5% compared to net revenue of $22.4 million in the 2022 second quarter, primarily due to the acquisition of Atreus, partially offset by a decrease in the volume of legacy on-demand projects.
Heidrick Consulting net revenue of $25.2 million compared to net revenue of $22.4 million in the 2022 second quarter. The Company had 89 Heidrick Consulting consultants at June 30, 2023, compared to 66 at June 30, 2022.
Consolidated salaries and benefits decreased $28.8 million, or 13.9%, to $178.9 million compared to $207.7 million in the 2022 second quarter. Year-over-year, fixed compensation expense increased $18.8 million due to base salaries and payroll taxes, the deferred compensation plan, reorganization, and retirement and benefits, as well as the acquisitions of Atreus and B4Z, partially offset by a decrease in stock compensation. Variable compensation decreased $47.6 million due to lower bonus accruals related to decreased consultant productivity. Salaries and benefits expense was 66.0% of net revenue for the quarter compared to 69.5% in the 2022 second quarter.
General and administrative expenses increased $5.3 million, or 15.1%, to $40.5 million compared to $35.2 million in the 2022 second quarter. The increase was due to intangible amortization and accretion, office occupancy, IT, and taxes and licenses, partially offset by a decrease in business development travel. As a percentage of net revenue, general and administrative expenses were 14.9% for the 2023 second quarter compared to 11.8% in the 2022 second quarter.
The Company's cost of services was $25.3 million, or 9.3% of net revenue for the quarter, compared to $17.4 million, or 5.8% of net revenue in the 2022 second quarter. This related to an increase in the volume of On-Demand Talent projects driven by the acquisition of Atreus.
The Company's research and development expenses were $5.7 million, or 2.1%, of net revenue for the quarter compared to $4.5 million, or 1.5%, of net revenue for the second quarter 2022.
In the 2023 second quarter, the Company recorded a non-cash goodwill impairment charge of $7.2 million associated with the Company's Heidrick Consulting segment. In the 2022 fourth quarter, the Company conducted its most recent annual goodwill impairment evaluation, which indicated that the carrying value of the Heidrick Consulting reporting unit was less than its fair value. During the 2023 second quarter, the Company acquired B4Z and recorded approximately $7.1 million of goodwill in the Heidrick Consulting reporting unit. Due to the inclusion of goodwill in a reporting unit with a pre-existing fair value shortfall, the Company identified a triggering event and performed an interim goodwill impairment evaluation during the 2023 second quarter, which resulted in the impairment of the recently acquired B4Z goodwill.
Including the previously mentioned non-cash impairment charge, operating income was $13.6 million for the quarter compared to $33.9 million in the 2022 second quarter. Operating income margin was 5.0% versus 11.3% in the 2022 second quarter. Excluding the non-cash impairment charge, adjusted operating income in the 2023 second quarter was $20.8 million and adjusted operating margin was 7.7%.
Adjusted EBITDA was $36.4 million compared to $36.8 million in the 2022 second quarter. Adjusted EBITDA margin was 13.4%, compared to 12.3% in the 2022 second quarter. In Executive Search, adjusted EBITDA was $53.9 million compared to $52.3 million in the prior year period. In On-Demand Talent, adjusted EBITDA was $2.6 million versus $0.6 million in the prior year period. In Heidrick Consulting, adjusted EBITDA was a loss of $1.6 million compared to a loss of $0.1 million in the prior year period.
Net income was $9.0 million and diluted earnings per share was $0.44, with an effective tax rate of 46.8%. This compares to net income of $24.1 million and diluted earnings per share of $1.19, with an effective tax rate of 30.9% in the 2022 second quarter. Excluding the non-cash impairment charge recorded in the 2023 second quarter, adjusted net income was $15.0 million and adjusted diluted earnings per share was $0.73, with an adjusted effective tax rate of 37.7%.
Net cash provided by operating activities was $46.9 million, compared to $82.7 million in the 2022 second quarter. Cash, cash equivalents and marketable securities at June 30, 2023 was $239.0 million compared to $336.6 million at June 30, 2022 and $621.6 million at December 31, 2022. The Company's cash position typically builds throughout the year as employee bonuses are accrued, mostly to be paid out in the first half of the year.
2023 Six Months Results
For the six months ended June 30, 2023, consolidated net revenue was $510.5 million compared to $582.6 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 1.0%, or $6.1 million, consolidated net revenue decreased 11.3%, or $65.9 million, compared to the prior year period.
Executive Search net revenue in the first six months of 2023 decreased 20.0%, or $99.2 million, to $397.3 million from $496.5 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 1.0%, or $5.1 million, net revenue decreased 19.0%, or $94.1 million. Net revenue decreased 21.5% in the Americas (decreased 21.3% on a constant currency basis), decreased 13.7% in Europe (decreased 11.3% on a constant currency basis), and decreased 21.9% in Asia Pacific (decreased 18.0% on a constant currency basis). Only the Social Impact and Industrial practice groups exhibited growth over the prior year. Productivity was $1.9 million for the first six months of 2023 compared to $2.6 million in the first six months of 2022. The average revenue per executive search was $133,000 in the first six months of 2023 compared to $137,000 the same period in 2022, while search confirmations decreased 17.6%.
On-Demand Talent net revenue in the first six months of 2023 was $70.4 million compared to $45.7 million in the same period of 2022. The increase in net revenue was primarily driven by the acquisition of Atreus, as well as an increase in the volume of legacy on-demand projects.
Heidrick Consulting net revenue in the first six months of 2023 increased 6.3%, or $2.5 million, to $42.9 million from $40.4 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 2.0%, or $0.8 million, Heidrick Consulting revenue increased 8.3%, or $3.3 million, compared to the prior year period.
Operating income for the first six months of 2023 was $31.4 million compared to operating income of $64.1 million in the same period of 2022. The operating income margin was 6.1% compared to 11.0% in the first six months of 2022. Excluding the non-cash impairment charge recorded in the 2023 year-to-date period, adjusted operating income was $38.6 million and adjusted operating income margin was 7.6%.
Adjusted EBITDA for the first six months of 2023 was $63.8 million and adjusted EBITDA margin was 12.5%, compared to adjusted EBITDA of $72.5 million and adjusted EBITDA margin of 12.4% for the same period in 2022. In Executive Search, adjusted EBITDA was $102.3 million compared to $104.2 million in the prior year period. In On-Demand Talent, adjusted EBITDA was $1.2 million versus $0.9 million in the prior year period. In Heidrick Consulting, adjusted EBITDA was a loss of $4.3 million compared to a loss of $1.9 million in the prior year period.
Net income for the first six months of 2023 was $24.6 million and diluted earnings per share was $1.19, with an effective tax rate of 38.1%. This compares to net income of $42.6 million and diluted earnings per share of $2.08, with an effective tax rate of 32.2%, in the first six months of 2022. Excluding the restructuring charge recorded in the 2023 year-to-date period, adjusted net income was $30.6 million and adjusted diluted earnings per share was $1.48 with an adjusted effective tax rate of 34.8%.
Dividend
The Board of Directors declared a 2023 second quarter cash dividend of $0.15 per share payable on August 25, 2023, to shareholders of record at the close of business on August 11, 2023.
2023 Third Quarter Outlook
The Company expects 2023 third quarter consolidated net revenue of between $245 million and $265 million, which reflects typical summer seasonality, while acknowledging that continued fluidity in external factors, such as the foreign exchange and interest rate environments, foreign conflicts, inflation and macroeconomic constraints on pricing actions, may impact quarterly results. In addition, this outlook is based on the average currency rates in June 2023 and reflects, among other factors, management's assumptions for the anticipated volume of new Executive Search confirmations, On-Demand Talent projects, and Heidrick Consulting assignments, consultant productivity, consultant retention, and the seasonality of the business along with the current backlog.
Quarterly Webcast and Conference Call
Heidrick & Struggles will host a conference call to review its second quarter results today, July 31, 2023 at 5:00 pm Eastern Time. Participants may access the Company's call and supporting slides through its website at www.heidrick.com or by dialing (888) 440-4091 or (646) 960-0846, conference ID# 6106012. For those unable to participate on the live call, a webcast and copy of the slides will be archived at www.heidrick.com and available for up to 30 days following the investor call.
About Heidrick & Struggles International, Inc.
Heidrick & Struggles (Nasdaq: HSII) is a premier provider of global leadership advisory and on-demand talent solutions, serving the senior-level talent and consulting needs of the world's top organizations. In our role as trusted leadership advisors, we partner with our clients to develop future-ready leaders and organizations, bringing together our services and offerings in executive search, diversity and inclusion, leadership assessment and development, organization and team acceleration, culture shaping and on-demand, independent talent solutions. Heidrick & Struggles pioneered the profession of executive search more than 65 years ago. Today, the firm provides integrated talent and human capital solutions to help our clients change the world, one leadership team at a time. ® www.heidrick.com
Non-GAAP Financial Measures
To supplement the financial results presented in accordance with generally accepted accounting principles in the United States ("GAAP"), Heidrick & Struggles presents certain non-GAAP financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of comprehensive income, balance sheets or statements of cash flow of the Company.
Non-GAAP financial measures used within this earnings release are adjusted operating income, adjusted operating income margin, adjusted net income, adjusted diluted earnings per share, adjusted effective tax rate, adjusted EBITDA, adjusted EBITDA margin, and consolidated net revenue excluding the impact of exchange rate fluctuations. These measures are presented because management uses this information to monitor and evaluate financial results and trends. Management believes this information is also useful for investors to evaluate the comparability of financial information presented. Reconciliations of these non-GAAP financial measures to the most directly comparable measures calculated and presented in accordance with GAAP are provided as schedules attached to this release.
Adjusted operating income reflects the exclusion of goodwill impairment.
Adjusted operating income margin refers to adjusted operating income as a percentage of net revenue in the same period.
Adjusted net income and adjusted diluted earnings per share reflect the exclusion of goodwill impairment, net of tax.
Adjusted effective tax rate reflects the exclusion of goodwill impairment, net of tax.
Adjusted EBITDA refers to earnings before interest, taxes, depreciation, intangible amortization, equity-settled stock compensation expense, earnout accretion, earnout obligation adjustments, contingent compensation related to acquisitions, deferred compensation plan income and expense, reorganization costs, impairment charges, restructuring charges, and other non-operating income (expense).
Adjusted EBITDA margin refers to adjusted EBITDA as a percentage of net revenue in the same period.
The Company evaluates its results of operations on both an as reported and a constant currency basis. The constant currency presentation is a non-GAAP financial measure, which excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding its results of operations, consistent with how it evaluates its performance. The Company calculates constant currency percentages by converting its financial results in a local currency for a period using the average exchange rate for the prior period to which it is comparing. This calculation may differ from similarly titled measures used by other companies.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding guidance for the third quarter of 2023. The forward-looking statements are based on current expectations, estimates, forecasts, and projections about the industry in which we operate and management's beliefs and assumptions. Forward-looking statements may be identified by the use of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "outlook," "projects," "forecasts," "aim" and similar expressions. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions, and involve certain known and unknown risks and uncertainties that are difficult to predict, many of which are beyond our control. Factors that may cause actual outcomes and results to differ materially from what is expressed, forecasted, or implied in the forward-looking statements include, among other things, our ability to attract, integrate, develop, manage and retain qualified consultants and senior leaders; our ability to prevent our consultants from taking our clients with them to another firm; our ability to maintain our professional reputation and brand name; our clients' ability to restrict us from recruiting their employees; our heavy reliance on information management systems; risks arising from our implementation of new technology and intellectual property to deliver new products and services to our clients; our dependence on third parties for the execution of certain critical functions; the fact that we face the risk of liability in the services we perform; the fact that data security, data privacy and data protection laws and other evolving regulations and cross-border data transfer restrictions may limit the use of our services and adversely affect our business; any challenges to the classification of our on-demand talent as independent contractors; the increased cybersecurity requirements, vulnerabilities, threats and more sophisticated and targeted cyber-related attacks that could pose a risk to our systems, networks, solutions, services and data; the impacts, direct and indirect, of the COVID-19 pandemic (including the emergence of variant strains) or other highly infectious or contagious disease on our business, our consultants and employees, and the overall economy; the aggressive competition we face; the fact that our net revenue may be affected by adverse economic conditions including inflation, the impact of foreign currency exchange rate fluctuations; our ability to access additional credit; social, political, regulatory, legal and economic risks in markets where we operate, including the impact of the ongoing war in Ukraine and the risks of an expansion or escalation of that conflict; unfavorable tax law changes and tax authority rulings; the timing of the establishment or reversal of valuation allowance on deferred tax assets; the fact that we may not be able to align our cost structure with net revenue; any impairment of our goodwill, other intangible assets and other long-lived assets; our ability to execute and integrate future acquisitions; and the fact that we have anti-takeover provisions that could make an acquisition of us difficult and expensive. We caution the reader that the list of factors may not be exhaustive. For more information on these risks, uncertainties and other factors, refer to our Annual Report on Form 10-K for the year ended December 31, 2022, under the heading "Risk Factors" in Item 1A, as updated in Part II of our subsequent Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Investors & Analysts:
Suzanne Rosenberg, Vice President, Investor Relations
srosenberg@heidrick.com
Media:
Nina Chang, Vice President, Corporate Communications
nchang@heidrick.com
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SOURCE Heidrick & Struggles International, Inc.
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| 2023-07-31T21:26:22
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SPRINGFIELD, Mass. — SPRINGFIELD, Mass. — Eversource Energy (ES) on Monday reported second-quarter earnings of $15.4 million.
The New England power provider posted revenue of $2.63 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $2.88 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ES at https://www.zacks.com/ap/ES
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https://www.washingtonpost.com/business/2023/07/31/earns-eversource-energy/b7aec8ba-2fe2-11ee-85dd-5c3c97d6acda_story.html
| 2023-07-31T21:26:26
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MOJAVE NATIONAL PRESERVE, Calif. (AP) — A massive wildfire burning out of control in California’s Mojave National Preserve was spreading rapidly amid erratic winds, while firefighters reported progress against another major blaze to the southwest that prompted evacuations.
The York Fire that erupted Friday near the remote Caruthers Canyon area of the vast wildland preserve crossed the state line into Nevada on Sunday and sent smoke further east into the Las Vegas Valley.
Wind-driven flames 20 feet (6 meters) high in some spots charred more than 110 square miles (284 square kilometers) of desert scrub, juniper and Joshua tree woodland, according to an incident update. There was zero containment.
“The dry fuel acts as a ready ignition source, and when paired with those weather conditions it resulted in long-distance fire run and high flames, leading to extreme fire behavior,” the update said. No structures were threatened.
To the southwest, the Bonny Fire was holding steady at about 3.4 square miles (8.8 square kilometers) in rugged hills of Riverside County. More than 1,300 people were ordered to evacuate their homes Saturday near the community of Aguanga that is home to horse ranches and wineries.
Gusty winds and the chance of thunderstorms into Monday will heighten the risk of renewed growth, the California Department of Forestry and Fire Protection said in a statement.
One firefighter was injured in the blaze, which was 5% contained.
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LOUISVILLE, Colo. — LOUISVILLE, Colo. — Gaiam Inc. (GAIA) on Monday reported a loss of $1.7 million in its second quarter.
On a per-share basis, the Louisville, Colorado-based company said it had a loss of 8 cents.
The lifestyle media company posted revenue of $19.8 million in the period.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GAIA at https://www.zacks.com/ap/GAIA
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https://www.washingtonpost.com/business/2023/07/31/earns-gaiam/86b393d4-2fe3-11ee-85dd-5c3c97d6acda_story.html
| 2023-07-31T21:26:28
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AUSTIN, Minn., July 31, 2023 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, invites interested parties to participate in a webcast and conference call with Jim Snee, chairman of the board, president and chief executive officer; Jacinth Smiley, executive vice president and chief financial officer; and Deanna Brady, executive vice president, Retail; to discuss the company's third quarter financial results. The company will issue its earnings release before the markets open on Thursday, August 31, 2023, and will host a conference call at 8 a.m. CT (9 a.m. ET).
The webcast, replay and other information related to the event can be accessed on the company's investor website, http://investor.hormelfoods.com.
ABOUT HORMEL FOODS — Inspired People. Inspired Food.™
Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $12 billion in annual revenue across more than 80 countries worldwide. Its brands include Planters®, SKIPPY®, SPAM®, Hormel® Natural Choice®, Applegate®, Justin's®, WHOLLY®, Hormel® Black Label®, Columbus®, Jennie-O® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named on the "Global 2000 World's Best Employers" list by Forbes magazine for three years, is one of Fortune magazine's most admired companies, has appeared on the "100 Best Corporate Citizens" list by 3BL Media 13 times, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. The company lives by its purpose statement — Inspired People. Inspired Food.™ — to bring some of the world's most trusted and iconic brands to tables across the globe. For more information, visit www.hormelfoods.com.
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| 2023-07-31T21:26:29
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LAS VEGAS — LAS VEGAS — Golden Entertainment Inc. (GDEN) on Monday reported second-quarter earnings of $12.3 million.
The gaming services provider posted revenue of $286.7 million in the period, surpassing Street forecasts. Four analysts surveyed by Zacks expected $284.3 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GDEN at https://www.zacks.com/ap/GDEN
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| 2023-07-31T21:26:34
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Smart thermostats
Smart thermostats save you time, money and energy by creating heating and cooling schedules and monitoring your usage. You can even make adjustments from your phone. But these aren’t the only features of smart thermostats.
Shop this article: Honeywell Home Wi-Fi Thermostat, Ecobee SmartSensor Two-Pack and Nest Thermostat Wall Plate
How does a smart thermostat work?
Smart thermostats use Wi-Fi connectivity to connect to your smart home network. They can also connect to your smartphone, laptop, tablet or smartwatch. This lets you use those devices to monitor, make adjustments to and set schedules for the temperature in your home. This is usually through a smart thermostat’s companion app. They can also adjust temperatures with algorithms that track your routines, lifestyle and the weather.
For example, a smart thermostat can learn that you come home at 5 p.m. every day. It can then adjust your heating, ventilation and air conditioning system to ensure your home is at a comfortable temperature when you arrive. Some smart thermostats can also turn off your heat or AC when you depart each day.
How can a smart thermostat save me money?
Some manufacturers claim their smart thermostats can save you up to 25% on utility bills. This is partly accomplished by improving your heating, ventilation and AC system’s performance and reducing energy consumption. Another way is by letting you monitor and make adjustments to temperature settings remotely. If you forget to turn off your heat before leaving, for example, you could use your smart thermostat’s companion app to turn it off without returning. Being able to set schedules and take advantage of algorithmic learning also helps.
Many smart thermostats, such as the Nest Learning Thermostat or Honeywell Home Wi-Fi Thermostat, also generate reports on energy usage and heating and cooling patterns. By reviewing your usage data you can make informed decisions about how you consume energy.
What do I need to consider when choosing a smart thermostat?
Existing heating, ventilation and AC system
The smart thermostat you buy must be compatible with your home’s existing heating, ventilation and AC system. Many popular smart thermostat models include compatibility checkers on their websites. Smart thermostats also often require a C-wire, enabling the continuous flow of power to the thermostat. This is necessary for features like Wi-Fi connectivity and touch screens. Some thermostat ports aren’t equipped with C-wires because many older thermostats don’t need them.
If you don’t have a C-wire, you can hire an electrician to install one. You can also choose a smart thermostat designed to work without a C-wire, such as the Emerson Sensi. Alternatively, you can buy a C-wire adapter to install near your heating, ventilation and AC system’s control board.
Compatibility with your existing smart home system
If you already have smart home devices, select a smart thermostat that is compatible with your system. If you use Apple HomeKit, for example, select a model you can control from the platform such as the Carrier Cor or the Hive. For an IFTTT smart home system, consider the Google Nest Learning Thermostat.
What you need to buy to go with your smart thermostat
These sensors work with the Ecobee Smart Thermostat to detect motion to adjust the temperature in rooms that are in use.
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Match your Nest Thermostat to the other design elements of your living space. Wall plates come in a variety of colors including white, silver, black and bronze.
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Published: Jul. 31, 2023 at 4:15 PM EDT|Updated: 1 hour ago
Second Quarter Highlights
Second quarter 2023 net income attributable to Huntsman of $19 million compared to $228 million in the prior year period; second quarter 2023 diluted earnings per share of $0.11 compared to $1.10 in the prior year period.
Second quarter 2023 adjusted net income attributable to Huntsman of $39 million compared to $250 million in the prior year period; second quarter 2023 adjusted diluted earnings per share of $0.22 compared to $1.21 in the prior year period.
Second quarter 2023 adjusted EBITDA of $156 million compared to $410 million in the prior year period.
Second quarter 2023 net cash provided by operating activities from continuing operations was $40 million. Free cash flow from continuing operations was a use of cash of $11 million for the second quarter 2023 compared to a source of cash of $178 million in the prior year period.
Repurchased approximately 3.8 million shares for approximately $98 million in the second quarter 2023.
THE WOODLANDS, Texas, July 31, 2023 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reported second quarter 2023 results with revenues of $1,596 million, net income attributable to Huntsman of $19 million, adjusted net income attributable to Huntsman of $39 million and adjusted EBITDA of $156 million.
Peter R. Huntsman, Chairman, President, and CEO, commented:
"During the quarter, business activity in each of our core regions remained under pressure, although we did see demand fundamentals in many of our core markets stabilize, albeit at a lower level than the prior year. We continued to drive efficiencies in our cost structure which will ensure we are well positioned to improve profitability once demand returns to a more normalized level. We remain positive on the long-term trends and value we will capture in energy efficiency and lightweighting in the construction, transportation, and industrial markets. Over the past several years we have made a significant effort to reduce leverage and drive capital discipline. The output of this effort is now allowing us to return significant amounts of capital to shareholders during a year which for the chemical industry may end up being just as, if not more, challenging than the pandemic year 2020. Our financial strength is also allowing us to evaluate both organic and in-organic investment opportunities to strengthen our Company for the long-term, however, we will continue to be disciplined with our available capital and protect our investment grade rating."
Segment Analysis for 2Q23 Compared to 2Q22
Polyurethanes
The decrease in revenues in our Polyurethanes segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes, lower MDI average selling prices and the negative impact of foreign currency exchange rate movements against the U.S dollar. Sales volumes decreased primarily due to lower demand, primarily in the Americas. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes, lower MDI margins, the negative impact of foreign currency exchange rate movements against the U.S. dollar and a gain from an insurance settlement received in the second quarter of 2022, partially offset by higher equity earnings from our minority-owned joint venture in China and cost savings achieved from our cost optimization programs.
Performance Products
The decrease in revenues in our Performance Products segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes and reduced average selling prices, partially offset by improved sales mix. Sales volumes decreased in all regions primarily due to slowing construction activity, and reduced demand in coatings and adhesives, lubes and other industrial markets. The decrease in segment adjusted EBITDA was primarily due to decreased sales volumes and lower average selling prices.
Advanced Materials
The decrease in revenues in our Advanced Materials segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes, partially offset by higher average selling prices. Sales volumes decreased primarily due to reduced customer demand in our infrastructure markets and the deselection of lower margin business. Average selling prices increased largely due to improved sales mix. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes.
Corporate, LIFO and other
For the three months ended June 30, 2023, adjusted EBITDA from Corporate and other was a loss of $38 million, which remained the same as a loss of $38 million for the same period of 2022.
Liquidity and Capital Resources
During the three months ended June 30, 2023, our free cash flow from continuing operations was a use of cash of $11 million as compared to a source of cash of $178 million in the same period of 2022. As of June 30, 2023, we had approximately $1.9 billion of combined cash and unused borrowing capacity.
During the three months ended June 30, 2023, we spent $51 million on capital expenditures from continuing operations as compared to $65 million in the same period of 2022. During 2023, we expect to spend between $230 million to $250 million on capital expenditures.
Income Taxes
In the second quarter of 2023, our effective tax rate was 46% and our adjusted effective tax rate was 39%. We expect our 2023 adjusted effective tax rate to be approximately 26% to 29%. We expect our long-term adjusted effective tax rate to be approximately 22% to 24%. Our second quarter 2023 tax expense was negatively impacted by an $8 million non-cash valuation allowance increase.
Earnings Conference Call Information
We will hold a conference call to discuss our second quarter 2023 financial results on Tuesday, August 1, 2023, at 10:00 a.m. ET.
The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, www.huntsman.com/investors. Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.
Upcoming Conferences During the third quarter 2023, a member of management is expected to present at: UBS Chemical Conference on September 6, 2023 Jefferies Industrials Conference on September 7, 2023
A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors.
About Huntsman: Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2022 revenues of approximately $8 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 60 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 7,000 associates within our continuing operations. For more information about Huntsman, please visit the company's website at www.huntsman.com.
Forward-Looking Statements: This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, divestitures or strategic transactions, business trends and any other information that is not historical information. When used in this press release, the words "estimates," "expects," "anticipates," "likely," "projects," "outlook," "plans," "intends," "believes," "forecasts," or future or conditional verbs, such as "will," "should," "could" or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, management's examination of historical operating trends and data, are based upon our current expectations and various assumptions and beliefs. In particular, such forward-looking statements are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the Company's operations, markets, products, prices and other factors as discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"). Significant risks and uncertainties may relate to, but are not limited to, increased energy costs in Europe, inflation and resulting monetary tightening in the US, geopolitical instability, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of the Company's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions and manufacturing optimization improvements in the Company's businesses and to realize anticipated cost savings, and other financial, operational, economic, competitive, environmental, political, legal, regulatory and technological factors. Any forward-looking statement should be considered in light of the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, which may be supplemented by other risks and uncertainties disclosed in any subsequent reports filed or furnished by the Company from time to time. All forward-looking statements apply only as of the date made. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
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| 2023-07-31T21:26:35
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SAN JOSE, Calif. — SAN JOSE, Calif. — Harmonic Inc. (HLIT) on Monday reported second-quarter earnings of $1.6 million.
The video services provider posted revenue of $156 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $167.3 million.
For the current quarter ending in September, Harmonic expects its results to range from a loss of 2 cents per share to earnings of 2 cents per share.
The company said it expects revenue in the range of $620 million to $660 million for the fiscal third quarter.
Harmonic expects full-year earnings in the range of 38 cents to 52 cents per share, with revenue ranging from $620 million to $660 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HLIT at https://www.zacks.com/ap/HLIT
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https://www.washingtonpost.com/business/2023/07/31/earns-harmonic/94424e7a-2fe1-11ee-85dd-5c3c97d6acda_story.html
| 2023-07-31T21:26:40
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