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African leaders backed by the U.S. and France have given a week for coup leaders in Niger to step down and restore the democratically elected president.
Copyright 2023 NPR
African leaders backed by the U.S. and France have given a week for coup leaders in Niger to step down and restore the democratically elected president.
Copyright 2023 NPR
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https://www.kvpr.org/2023-07-31/u-s-france-and-african-leaders-give-coup-leaders-in-niger-one-week-to-step-down
| 2023-07-31T21:30:49
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Jury poised to deliberate death penalty or life sentence for gunman in Pittsburgh synagogue massacre
PITTSBURGH (AP) — A jury is set to deliberate whether to impose the death penalty or a sentence of life in prison without parole on a man who spewed antisemitic hate before fatally shooting 11 worshippers at a synagogue in the heart of Pittsburgh’s Jewish community.
The same jurors who convicted 50-year-old Robert Bowers in June on 63 criminal counts listened to closing arguments Monday in the penalty phase of his federal trial, held nearly five years after the truck driver from suburban Baldwin perpetrated the deadliest attack on Jews in U.S. history.
The extent to which mental illness and Bowers’ difficult childhood played a role in the massacre dominated the lawyers’ arguments for and against capital punishment.
Speaking for the government, U.S. Attorney Eric Olshan said Bowers was clearly motivated by religious hatred when he entered the Tree of Life synagogue on Oct. 27, 2018, and opened fire with an AR-15 rifle, shooting everyone he could find.
The gunman raved incessantly on social media about his hatred of Jewish people — using a slur for Jewish people some 400 times on a platform favored by the far right — and remains proud that he killed Jews, the prosecutor reminded jurors.
“Do not be numb to it. Remember what it means. This defendant targeted people solely because of the faith that they chose,” Olshan said.
He added: “This is a case that calls for the most severe punishment under the law: the death penalty.”
Bowers’ lead defense attorney, Judy Clarke, acknowledged the horror of his crimes but urged jurors to opt for mercy and a life sentence.
Bowers’ attorneys have argued that he has schizophrenia, a serious brain disorder whose symptoms include delusions and hallucinations, and that Bowers attacked the synagogue out of a delusional belief that Jews were helping to bring about a genocide of white people by coming to the aid of refugees and immigrants. On Monday, Clarke recounted Bowers’ history of psychiatric hospitalizations, including an extended stay in a residential juvenile mental health program.
The defense also presented evidence of Bowers’ difficult childhood.
“What has happened cannot be undone. We can’t rewind the clock and make it that this senseless crime never happened. All we can do is make the right decision going forward. We are asking you to make the right decision, and that is life,” Clarke said in her closing argument.
A life sentence would mean that “prison is where Mr. Bowers will die in obscurity, not as a hero and not as a martyr,” she said.
Olshan, the prosecutor, disputed the defense experts’ diagnosis of schizophrenia, asserting that Bowers was not suffering psychosis but had chosen to believe white supremacist rhetoric. And while acknowledging that Bowers was a depressed, neglected child, Olshan downplayed the significance of it, noting that Bowers had held jobs, paid bills, and was an otherwise functioning adult.
“He was not a child, he was a grown man. He was responsible for his actions, not his family and things that happened decades earlier. He was, he is responsible for his actions,” Olshan said.
Clarke retorted that “childhood matters.”
“It defies reality to say he got better, he’s fine, he’s just an evil guy. What it does is reflects a complete misunderstanding of serious mental illness,” she said.
In order to impose death, jurors must find that aggravating circumstances, which make the crime especially heinous, outweigh mitigating factors that could be seen as diminishing his culpability. Those aggravating circumstances could include the vulnerability of Bowers’ elderly and disabled victims and his targeting of Jewish people.
Olshan played a composite of 911 calls made from inside the synagogue, including audio of people being shot and a survivor’s horrified screams.
He said Bowers had taken “11 people, 11 full lives, 11 people who loved their families, 11 people who loved their friends, 11 people who were loved. ... How do you measure the impact of all of that loss?”
The prosecutor spoke about 75-year-old Joyce Fienberg’s care for her family and 65-year-old Richard Gottfried’s devotion to his faith. He said Dr. Jerry Rabinowitz, 66, had the ethos of a country doctor: “He loved delivering babies but he never delivered judgment.” David Rosenthal, 54, and Cecil Rosenthal, 59, intellectually disabled brothers, “loved life,” Olshan said. “But maybe more than anything, they loved Tree of Life.”
The other deceased victims were Rose Mallinger, 97; Bernice Simon, 84, and her husband, Sylvan Simon, 86; Dan Stein, 71; Melvin Wax, 87; and Irving Younger, 69.
The attack also wounded seven people, including five responding police officers. Bowers was shot three times before surrendering when he ran out of ammunition.
___
Rubinkam reported from northeastern Pennsylvania.
Copyright 2023 The Associated Press. All rights reserved.
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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.
___
Associated Press writer Eugene Johnson in Seattle contributed.
Copyright 2023 The Associated Press. All rights reserved.
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Six people have been killed in a Russian missile strike on the home city of the Ukrainian president Volodymyr Zelenskyy, Kryvyi Rih, among them a 10-year-old girl. Moscow says it is stepping up its strikes in response to Ukrainian drone attacks on Russian territory.
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Amtrak is continuing an education and enforcement campaign along the Gulf Coast ahead of returning passenger trains to the region sometime later this year.
But as Amtrak runs its so-called “familiarization trips” ahead of restoring Gulf Coast service, tragedy and dangerous behaviors are occurring. One person was killed in late April while attempting to cross a rail crossing despite the safety arms being activated.
Related content: ‘Don’t stroll where the trains go’: Amtrak’s return to Gulf Coast prompts safety call
An enforcement campaign last month showed questionable behaviors continuing. During a one-day operation, a citation was issued to a drive at Navco Road for failure to stop at a railroad crossing, a citation was also issued at Hamilton Road for failure to stop at a crossing and two warning citations were issued to bicyclists at Duvall Street for failure to stop at a crossing.
The Navco Road crossing is the same location of the fatality, which is the only death to occur along a rail crossing along the Gulf Coast since the Amtrak familiarization trains began.
The enforcement campaign was a joint effort involving Amtrak police officers, CSX Railroad Special Agents, Alabama Law Enforcement Agency, and the Mobile Police Department.
Nancy Hudson with Operation Lifesaver in Alabama, said the reason for the Mobile campaign was because of the tragic crash and the “increased traffic on the Gulf Coast.”
“The biggest thing is people are in such a hurry now,” she said. “We are rushing constantly. We don’t want to wait because we got to pick up the kids and get so many things done and we get aggravated and frustrated to have to wait for a train. But your life is worth the wait. That’s what Operation Lifesaver programs are about across the country.”
Hudson said anyone who wants additional information can contact her at 205-852-4646.
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https://www.al.com/news/2023/07/amtrak-focuses-safety-campaign-in-mobile.html
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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.
View original content to download multimedia:
SOURCE Robert Half
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https://www.wcjb.com/prnewswire/2023/07/31/robert-half-announces-quarterly-dividend/
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SAN FRANCISCO — Construction crews dismantled a giant "X” sign atop the downtown building formerly known as the Twitter headquarters Monday, after residents here complained of a bright flashing light that disturbed them throughout the night.
Such is the latest chapter in Elon Musk’s chaotic rebrand of Twitter into “X,” which first caused headaches for the company’s hometown last week when the company illegally tried to remove its original logo from the outside of the building. Then, over the weekend, the company affixed a giant X above the building, prompting 24 complaints about its structural safety and bright lights, according to the city’s Department of Building Inspection.
Videos on social media also show a blinding, flashing strobe light above the building in downtown San Francisco. Sam Chand, who lives across from the headquarters, said it was a huge nuisance for him and his fellow neighbors Sunday night.
“I don’t understand why it had to be blinking that bright,” he said, as a massive crane plucked the last of the brand’s iconic blue logo from the building Monday. “Subtlety is not (Musk’s) strength.”
The building’s property owner will be fined for the installation and removal of the structure, as well as the cost of the city’s investigation into the matter, according to Patrick Hannan, a spokesperson for the city’s Department of Building Inspection.
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NPR's Sacha Pfeiffer catches up with professional soccer player Sam Mewis about the action going down at Women's World Cup. Mewis was a member of the U.S. team that won the World Cup in 2019.
Copyright 2023 NPR
NPR's Sacha Pfeiffer catches up with professional soccer player Sam Mewis about the action going down at Women's World Cup. Mewis was a member of the U.S. team that won the World Cup in 2019.
Copyright 2023 NPR
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https://www.kvpr.org/2023-07-31/unlikely-heroes-are-stepping-up-at-the-womens-world-cup
| 2023-07-31T21:30:56
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San Francisco prosecutors lay out murder case against consultant in death of Cash App’s Bob Lee
SAN FRANCISCO (AP) — DNA from a bloody knife and video footage are crucial pieces of evidence against a tech consultant charged with murder in the stabbing death of Cash App founder Bob Lee, who was found bleeding on a deserted San Francisco street in April, prosecutors argued Monday.
The San Francisco prosecutor’s office began laying out its case against Nima Momeni, 38, at a preliminary hearing in which a judge will decide if there’s enough evidence to go to trial.
Prosecutors say Momeni planned the attack, drove Lee to a secluded spot and stabbed him three times after a dispute related to Momeni’s younger sister.
They have not spelled out a motive, but previously offered a timeline in a case that has drawn outsized media attention, partly due to Lee’s status in the tech world. Lee created Cash App, a mobile payment service, and was the chief product officer of the cryptocurrency MobileCoin.
Momeni, who has been in jail since his arrest April 13, has pleaded not guilty. He faces 26 years to life if convicted.
The arrest came more than a week after Lee, 43, was found in a deserted part of downtown San Francisco early April 4. He later died at a hospital.
On Monday morning, Assistant District Attorney Omid Talai introduced evidence, including photos of a knife that prosecutors say Momeni used to stab Lee, a trail of blood left by Lee as he staggered for help, and video footage showing the two men leave Momeni’s sister’s condo building before the stabbing.
Talai said at a May hearing that the weapon was part of a unique kitchen set belonging to his sister and that analysis showed Momeni’s DNA on the weapon’s handle and Lee’s DNA on the bloody blade. Police recovered a knife with a 4-inch (10-centimeter) blade at the scene.
Saam Zangeneh, one of Momeni’s lawyers, suggested to reporters Monday during a break that the investigation conducted by the San Francisco police was far from thorough.
He questioned why the rubber handle of the knife was tested for only DNA and not fingerprints. SFPD crime scene investigator Rosalyn Check said that it is difficult to get prints off rubber.
“When you want to see if someone’s touching something, you do fingerprint analysis, right?” he said. “And they weren’t done on the handle, which is the most important, relevant portion of who, if any, was handling that item.”
Zangeneh has yet to elaborate on the defendant’s version of events.
Momeni brought in Zangeneh and Bradford Cohen, both based in Florida. His first attorney, Paula Canny, withdrew in late May, citing a conflict of interest that she declined to disclose.
At prosecutors’ urging, Momeni has been held without bail. In arguing for release pending trial, Canny said that Momeni was not a flight risk and would not leave the two people he loves most, his sister and mother. She said Momeni needs to fight the charges or face deportation to Iran, a country that his mother fled when the children were younger to escape a violent husband.
An unnamed friend of Lee told homicide investigators they had been hanging out and drinking with Momeni’s sister the day before the stabbing, prosecutors said in their motion to deny bail.
The friend said Momeni later questioned Lee about whether his sister was doing drugs or otherwise engaging in inappropriate behavior and Lee said she had not.
Surveillance video showed Lee later entering the posh Millennium Tower downtown, where Momeni’s sister Khazar lives with her husband, prominent San Francisco plastic surgeon Dino Elyassnia. Video footage then showed Lee and Momeni leaving the building together shortly after 2 a.m. and driving off in Momeni’s car.
Lee was found shortly after 2:30 a.m. in the Rincon Hill neighborhood, which has tech offices and condominiums but little activity in the early morning hours.
Copyright 2023 The Associated Press. All rights reserved.
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Nature and EnvironmentEuropeToxic chemicals from weapons threaten Baltic SeaTo view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 videoNature and EnvironmentEuropeDerrick Williams1 hour ago1 hour agoIn places like the Baltic, weapons dumped on the seabed decades ago are reaching a critical stage of decay - and leaching toxic chemicals into the water.https://p.dw.com/p/4UbzzAdvertisement
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By LOLITA C. BALDOR and TARA COPP Associated Press
WASHINGTON — 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.
Related: Alabama leaders react to Biden decision to keep Space Command in Colorado: “far from over”
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.
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.
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When a suicide bombing rocked a political gathering in northwest Pakistan this weekend, suspicion immediately fell upon the Pakistani Taliban group, whose growing footprint and mounting attacks have alarmed security officials in the country.
There is a growing concern that Pakistan’s “terrorism threat has fallen under the radar and that it has not been prioritized by the government,” said Michael Kugelman, director of the South Asia Institute at the Wilson Center.
“For Pakistani policymakers, the sobering reality is that they face not only an intensifying terrorist threat” but also one “that is multifaceted,” he said. He added that Pakistan has to figure out not only “how to beat back” the Tehrik-e-Taliban Pakistan, or TTP — a militant group that endorses the Taliban in neighboring Afghanistan but operates separately — but also how to confront the rising threat posed by ISKP.
While Pakistani officials say they’re still investigating who was behind Sunday’s blast, analysts said the target of the attack — Pakistan’s Jamiat Ulema-e-Islam party, or JUI, which is linked to the Afghan Taliban — makes the Islamic State group the most likely perpetrator.
In Afghanistan, the Taliban leadership has recently publicized raids against alleged Islamic State hideouts, and in April, U.S. officials said the Taliban coordinated the killing of the suspected ISKP mastermind behind a suicide bombing during the United States’ pullout from Afghanistan in 2021. But U.S. intelligence findings leaked on the Discord messaging platform and obtained by The Washington Post earlier this year suggest that Afghanistan has become a significant coordination site for the Islamic State since the U.S. pullout.
After the withdrawal, ISKP may have obtained weapons left behind by Western militaries. The group may also have been indirectly galvanized by the Taliban raids on their Afghan hideouts and the growing competition with the TTP in Pakistan, analysts said.
The Islamic State group is “being undermined by the Taliban government, but at the same time there is an added competition,” said Asfandyar Mir, a Pakistan-focused researcher at the U.S. Institute of Peace, cautioning that “optimism about ISIS losing momentum is false.”
Regional Islamic State outlets now regularly claim that their group is the true face of Islamist militancy, arguing that the Taliban has betrayed its supporters by striking deals with the United States in the lead-up to the American withdrawal from Afghanistan.
The Islamic State has so far focused primarily on striking Taliban targets in Afghanistan, including the Taliban-run Foreign Ministry in Kabul. But ISKP is increasingly aiming at Taliban allies and supporters abroad, including the JUI party and the Pakistani Taliban.
Over the past decade, a harsh military crackdown had routed the Pakistani Taliban’s fighters and quashed its influence. But the Taliban takeover in neighboring Afghanistan gave a boost to the Pakistani movement, providing political support and — according to officials in Islamabad — crucial safe haven.
After peace talks between the Pakistani government and the Pakistani Taliban collapsed in November, the militant group made substantial inroads into Pakistani tribal areas this year by following the model of the Afghan Taliban, which named shadow governors and produced high-quality propaganda material before the 2021 takeover.
The Pakistani Taliban has vowed to refrain from attacking civilians, arguing that it is at war with the Pakistani government and not its people, but the smaller Islamic State group has shown no such reluctance. Sunday’s bombing targeting the JUI party, a right-wing political and religious party led by hard-line cleric Maulana Fazlur Rehman, came after the Islamic State group had already killed several clerics associated with the JUI, said Ashraf Ali, a Pakistani security analyst.
But the scale and timing of Sunday’s blast shocked the Pakistani establishment. Pakistan’s governing coalition recently agreed to dissolve Parliament in the coming weeks, which would trigger a general election before the end of the year. The JUI is part of the ruling coalition, and JUI volunteers and party officials were in the midst of preparations for the election when the blast struck their convention on Sunday.
Analysts worry that an election campaign could fuel rival efforts by the TTP, the local Islamic State branch and other groups to disrupt the upcoming vote, as each of them attempts to draw attention and increase its footprint.
“If ISIS decides to pursue this logic in this upcoming election season in Pakistan, then things can get very ugly,” Mir said.
Shaiq Hussain in Islamabad and Haq Nawaz Khan in Peshawar, Pakistan, contributed to this report.
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Republican presidential candidate and former U.S. Rep. Will Hurd talks with NPR Politics Podcast co-hosts about why he thinks Trump is vulnerable.
Copyright 2023 NPR
Republican presidential candidate and former U.S. Rep. Will Hurd talks with NPR Politics Podcast co-hosts about why he thinks Trump is vulnerable.
Copyright 2023 NPR
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https://www.kvpr.org/2023-07-31/white-house-hopeful-and-former-congressman-will-hurd-on-the-race-to-dethrone-trump
| 2023-07-31T21:31:02
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Published: Jul. 31, 2023 at 4:30 PM EDT|Updated: 1 hour 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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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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After former Alabama Supreme Court justice Mike Bolin was sworn in Monday as the newest Jefferson County commissioner, he touted the largest county by population as still the leading industrial center in the state.
“Other places in the state may claim that they’re getting population, like Huntsville, Madison County, Mobile and Baldwin County, but the biggest economic engine in the state is still Jefferson County,” Bolin said.
Jefferson County remains the most populous county in the state despite Huntsville, Mobile and Montgomery passing Birmingham as the largest city.
“We want the county as a whole to be successful, and it is,” Bolin said. “Jefferson County is the largest economic engine in Alabama. Other places have got good populations and they’ve got good growth going, but they’re a long way from matching the economic engine that Jefferson County has. I want to keep us at the top. That means bringing in worthwhile businesses that provide good-paying jobs for our citizens that are already here, and bring more citizens in.”
Bolin retired from the state Supreme Court after reaching the mandatory retirement age of 70.
“I wasn’t going to stay retired,” Bolin said. “I served the law, and that’s very important in a democracy, but to serve the citizens here, that’s what I really want to do at this point in my life.”
Bolin won the special election held July 18 to replace former Jefferson County commissioner Steve Ammons, who left to become CEO of the Birmingham Business Alliance.
Bolin, also a former probate judge for Jefferson County, drew an overflow crowd to the swearing-in ceremony that included State Sen. Jabo Waggoner, several sitting state Supreme Court justices, Vestavia Hills Mayor Ashley Curry and a host of other state and local officials, judges and attorneys. Retired Jefferson County District Judge John Alsbrooks administered the oath.
Supreme Court Associate Justice Jay Mitchell introduced Bolin. “Mike knows that there are challenges and he also knows there are tremendous opportunities on the horizon,” Mitchell said.
Jefferson County remains the most influential county in the state and Bolin’s leadership will be critical, Mitchell said.
“Our region has a larger GDP than the Huntsville, Mobile and Montgomery metro areas combined, nearly a $1 billion annual budget here in Jefferson County, overseeing thousands of county employees,” Mitchell said. “Mike is up for the challenge.”
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DAKAR, Senegal — Senegal’s government Monday dissolved a major opposition party and restricted internet service hours after the party’s popular president and opposition leader said a judge ordered his arrest.
The opposition party has “frequently called on its supporters to take part in insurrectionary movements,” Antoine Félix Diome, Senegal’s interior minister, alleged in a statement.
Diome indirectly blamed the opposition party for loss of life and the looting of properties during protests in June against the prosecution of opposition leader Ousmane Sonko, who is seen as a key challenger in the election.
“Consequently, the assets of the dissolved party will be liquidated in accordance with the legal and regulatory provisions in force,” the minister said.
There was no immediate statement from the Patriots of Senegal in response but the party has in the past denied causing violence.
The Senegalese government, meanwhile, restricted mobile internet services on Monday, a measure taken “due to the dissemination of hateful and subversive messages on social networks,” according to Moussa Bocar Thiam, the communications minister.
Residents throughout the country reported they were not able to access the internet.
Sonko said a local judge in the capital Dakar ordered him held temporarily following fresh charges against him Saturday, including conspiracy against the state and calls for insurrection. The charges are different from an earlier one of corrupting youth. That led to Sonko’s conviction in June, which ignited deadly protests across the nation with 23 people killed.
“I’ve just been unjustly placed under a committal order,” Sonko wrote on his Facebook page Monday. The Associated Press could not immediately confirm the legal action taken against Sonko.
Sonko is popular among Senegal’s youth and has been seen as a threat to the ruling party ahead of the 2024 election. His supporters have said the charges are to prevent him from running again for president after he placed third in the 2019 race. His legal battles may bar him from running under Senegalese law.
“If the Senegalese people, for whom I have always fought, abdicate and decide to leave me in the hands of (President) Macky Sall’s regime, I will, as always, submit to God’s will,” Sonko wrote on his Facebook page.
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Updated July 31, 2023 at 5:05 PM ET
A rising star in American cycling, 17-year-old Magnus White, has died after a driver hit him while he was cycling on the shoulder of a highway in his hometown of Boulder, Colo.
White had been preparing to head to Glasgow, Scotland, to compete in the Junior Men's Mountain Bike Cross-Country World Championships next week.
A member of USA Cycling's junior men's national team, White won the 2021 USA Cyclocross Junior Men's National Championship. He represented the U.S. in his first cyclocross world championship last year in Fayetteville, Ark., and competed in his second earlier this year in the Netherlands. (USA Cycling describes cyclocross as a combination of "road cycling, mountain biking and steeplechase.")
"Our hearts are heavy as we mourn the tragic loss of our beloved son, Magnus White," his parents Michael and Jill White said in a statement Monday.
"Magnus was dedicated to his family and friends and loved to surround them with laughter. He had an amazing smile that always lit up the room, bringing joy to those around him."
White's passion for cycling started at the age of two on a strider bike, they said, and he began racing at age 8. He grew up in Boulder and trained with Boulder Junior Cycling. He was also an avid skier and a committed student who aspired to attend business school, according to his website. He planned to graduate from high school a semester early so he could focus on international competition in spring 2024.
In addition to his parents, White is survived by his brother Eero. A family friend has set up a GoFundMe to support the family, USA Cycling confirms.
"Magnus was taken from us while doing what he loved most, riding his bike," writes Christine Lipson, the fundraiser's organizer.
"He began cycling when he was eight and quickly rose through the cycling ranks. Magnus's journey in cycling was driven by a tireless work ethic and a deep desire to achieve his personal best. He was proud to represent his community and country around the world," writes Lipson, whose son was a close friend and teammate of White's.
White was riding on the shoulder of Highway 119, known as the Diagonal, in Boulder on Saturday afternoon when he was hit by a 23-year-old woman driving a Toyota Matrix. The driver crossed from the right-hand lane onto the shoulder, striking White from behind before she crashed into a fence, according to an incident report from the Colorado State Patrol. White was transported to the hospital and pronounced dead. The car's driver was uninjured.
Neither drugs, alcohol nor excessive speed are suspected factors in the crash, according to the state patrol.
USA Cycling said in a statement Sunday that White was a rising star in off-road cycling and "his passion for cycling was evident through his racing and camaraderie with his teammates and local community."
"We offer our heartfelt condolences to the White family, his teammates, friends, and the Boulder community during this incredibly difficult time," the statement continued. "We ride for Magnus."
Copyright 2023 NPR. To see more, visit https://www.npr.org.
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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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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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Wayfair has kicked off its 2023 5 Days of Deals summer sales event with discounts site-wide up to 70 percent off now through Tuesday, Aug. 1.
During Wayfair’s 5 Days of Deals sale , customers can get up to 70 percent off area rugs and wall art , up to 60 percent off bedroom furniture , mirrors and decor , up to 55 percent off living room seating and outdoor furniture , up to 50 percent off kitchen and dining furniture among other deals and discounts.
Customers can also get up to 40 percent off small appliances such as KitchenAid stand mixers , Keurig coffee makers , mini fridges and more along with free shipping on all orders over $35.
RELATED: Wayfair kicks off 2023 back-to-school sales event, our top picks
With this sale set to end soon, we’ve selected just some of the best deals that are still up for grabs.
Be sure to check out these deals below.
Marotta 42′' Desk. (wayfair.com)
Gatitske Painted Glass Table Lamp. (wayfair.com)
Gros Metal 2 - Person Bistro Set with Cushions. (wayfair.com)
Kasdan Striped 5 -Person Upholstered Breakfast Nook Set with Hidden Storage. (wayfair.com)
Forbin Metal Bar Cart. (wayfair.com)
Hardiman Solid Wood Kitchen Cart. (wayfair.com)
Haakenson Wine Bar. (wayfair.com)
Angelos Rectangular 8 - Person Outdoor Dining Set with Cushions. (wayfair.com)
Jagger 2 - Person Outdoor Seating Group with Cushions. (wayfair.com)
World Menagerie Scipio Cast Iron Freestanding Wood Burning Pizza Oven. (wayfair.com)
Royal Gourmet 4 - Burner Liquid Propane Gas Grill. (wayfair.com)
Blackstone 2 - Burner Portable Liquid Propane Gas Grill. (wayfair.com)
Portsmouth Lighted LED Mirror with Defogger, Dimmer & Adjustable Color Temperature. (wayfair.com)
Le Creuset Stoneware 2.75 Qt Rectangular Dish with Platter Lid. (wayfair.com)
Lipton Covered Hidden Cat Litter Box with Decorative Planter. (wayfair.com)
Amorae Concrete Propane Outdoor Fire Pit. (wayfair.com)
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Updated July 31, 2023 at 4:09 PM ET
Pee-wee Herman, the comic creation of actor/writer Paul Reubens, would often toss taunts of the schoolyard into his casual conversation. It was one of the character's go-to bits.
"Why don't you take a picture? It'll last longer!"
"That's my name! Don't wear it out!"
And, most iconically,
"I know you are, but what am I?"
Of course, when it came to Pee-wee himself, with his tight gray suit, red bow tie, crew cut, rouged cheekbones and ruby-red lips, "What am I?" was the real question – it was the one he posed merely by existing.
Reubens died Sunday of cancer at the age of 70. He was an actor – but for a long time, he tried to convince the public that Pee-wee was a real person, not a character.
Folks didn't know what to make of Reubens' petulant man-child at first. Created in 1977, while Reubens was a member of the Los Angeles sketch troupe The Groundlings, Pee-wee was part prop comic, part brat and part trickster spirit. There was something fearless in Pee-wee, something unapologetic and brash that took you a second to process. The character was very obviously and intentionally what folks used to call a sissy – but how could a sissy own the stage like he did? Bask in the spotlight like he did? How could a sissy so confidently and explicitly dictate the terms for his audience on how to experience him?
The Pee-wee Herman Show at The Groundlings Theatre soon had LA hipsters lining up around the block for a midnight show that mixed puppets and parody with archival educational films – the precise fuel mixture that powered Reubens' later CBS Saturday morning show, Pee-wee's Playhouse.
It was never Peter Pan, what he was doing. Yes, Pee-wee was a boy who never grew up, but he was more than that — he was one singular adult's remembrance of what it was like being a kid. Specifically, of those parts of childhood we pretend not to see in our own children — the narcissism, the selfishness, the utter lack of basic human empathy. The monstrous bits.
In Pee-wee's Big Adventure, it manifested in his hilariously obsessive drive to recover his stolen bike — a quest which would cause him to trample on the feelings of friends like Amazing Larry (Lou Cutell) and Dottie (E.G. Daily). On Pee-wee's Playhouse, it took the form of gleeful admonitions to his viewers to "scream real loud" whenever anyone said the week's secret word. (Spare a thought for the long-suffering parents who'd hoped that sitting their kids in front of the TV would allow them a moment's peace to finish their coffee.) On 1988's magnificent holiday staple Pee-wee's Playhouse Christmas Special, Reubens zeroed in kids' ravenous greed for presents, turning Pee-wee into a monster who only reluctantly sees the light once guilted into it. (Like Scrooge, he's a lot more fun to hang around with before his last-minute epiphany.)
To watch Pee-wee was to re-experience childhood the way we'd forgotten it actually was – pure, concentrated, distilled to its essence, when riding your bike and playing with your toys and screaming real loud was all it took to fill a day. Pee-wee was a creature of impulse, anarchy and id – which is probably why Reubens' frequent appearances on Late Night with David Letterman helped launch him to stardom.
Reubens' silliness worked on a different frequency than Letterman's – Pee-wee was wilder and far less inhibited than Letterman could ever hope to be, and Letterman knew to play up his own tetchy, aggrieved discomfort at Pee-wee's hijinks for comedic effect. The two men vibrated at opposite ends of the comedic spectrum, but they worked together brilliantly. In those interview segments, which quickly devolved into Pee-wee's signature giggles, you laughed at Reubens' ability to take complete control of the experience, and at Letterman's entirely uncharacteristic willingness to give over the reins.
In the coming days, our social media feeds will fill up with a lot of Pee-wee's greatest hits – Large Marge; "Tequila!"; Jambi the Genie; Chairy; Reubens' extended and entirely improvised death scene in the Buffy the Vampire Slayer movie; "I'm a loner, Dot. A rebel."; and, of course, "Come on, Simone. Let's talk about your big 'but.'"
Me, though, I'll be putting on the aforementioned Pee-wee's Playhouse Christmas Special, because it will remind me of one of Reubens' most overlooked talents – his ability to sneak an artisanal blend of fey subversiveness into the mainstream. That special injected a defiantly, yet matter-of-fact, queer sensibility into the CBS primetime airwaves of Reagan's America: The Del Rubio Triplets! Zsa Zsa Gabor! Little Richard! Annette Funicello and Frankie Avalon! KD Lang! Charo! The LA Men's Chorus dressed up as a Marine choir! And, most indelibly, Grace Jones as green Gumby, drag singing a club mix of "The Little Drummer Boy."
Keep your "I meant to do that." Keep your dancing on the biker bar to "Tequila." The image of Reubens that I'll be holding closest to my heart over the next few days is of him rocking out in the background as Jones sings in the glare of the spotlight.
Because I swear you can see, in just the way he holds his body, the mischievous delight he's taking in what he's unleashing on an unsuspecting public: Grace Jones, ladies and gentlemen, delivered unto your living rooms, pulling up to the bumper of your cozy family holiday special, an entirely singular brand of weirdness served up to you hot and fresh, with a high, unselfconscious giggle.
Jennifer Vanasco contributed to earlier versions of this story.
Copyright 2023 NPR. To see more, visit https://www.npr.org.
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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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SEATTLE, July 31, 2023 /PRNewswire/ -- Seabourn, the leader in ultra-luxury voyages and expedition travel, took delivery of its second expedition ship, Seabourn Pursuit, today during an official handover maritime ceremony at the T. Mariotti shipyard in Genoa, Italy. Seabourn Pursuit is the company's second purpose-built, ultra-luxury expedition ship and the newest expedition ship in the industry.
"I am honored to share this incredible moment with the entire Seabourn family as we welcome Seabourn Pursuit, our highly anticipated second ultra-luxury expedition ship, into our fleet," expressed Natalya Leahy, Seabourn President. "With remarkable craftsmanship by the Mariotti team, an abundance of space, and the breathtaking style of Tihany Design, Seabourn Pursuit raises the bar for ultra-luxury expedition travel. We are grateful to Mariotti and Tihany Design for their expertise in shaping and making our dream come true for our guests."
Leahy added that the state-of-the-art Seabourn Pursuit will provide the perfect combination of luxury and expedition. "Seabourn Pursuit offers the best of both worlds: our well-known signature luxury and elegance with the world of exploration and adventure. The ship is masterfully designed for our guests, who are extraordinary people looking for out of the ordinary experiences. Our guests will indulge in Seabourn's ultra-luxury style and enjoy our intuitive, personalized service, while the ship takes them to awe-inspiring destinations around the world that only few will ever visit in a lifetime."
"Today, one year after the delivery of Seabourn Venture, we are very happy to have completed and delivered her sister ship, Seabourn Pursuit," said Marco Ghiglione, Managing Director of T. Mariotti. "We are truly proud to have built the most outstanding ultra-luxury expedition ship for Seabourn, one of the leading cruise lines in the luxury market. This is another important masterpiece for Italian shipbuilding coming out of T. Mariotti shipyard, demonstrating again that our leadership in this sector is well consolidated. Thanks to Seabourn, all people involved in this journey, Lloyd's Register and the pencil of Adam Tihany, here is the new expedition jewel."
Seabourn Pursuit offers the same luxurious "yacht like" small ship experience that travelers have come to expect from Seabourn, enhanced by world-class equipment that allows the line to offer its widest range of expedition activities led by an expert 24-person expedition team of scientists, scholars, naturalists, and more. Seabourn Pursuit is designed and built for remote, diverse environments to PC6 Polar Class standards and will include a plethora of modern hardware and technology that will extend the ship's global deployment and capabilities. Seabourn Pursuit has close to 30,000 square feet of deck space and special touches at every turn. Those include indoor and outdoor guest areas with nearly 270-degree views, and a 4K GSS Cineflex Camera mounted on the mast of the Constellation Lounge capable of broadcasting imagery from miles ahead on monitors located throughout the ship and in guest suites.
In addition, Seabourn Pursuit, like the rest of the ships in the Seabourn fleet, offers an abundance of space and elegance, eight dining facilities serving gourmet cuisine, and luxurious all-suite accommodations, including a pair of two-level Wintergarden suites.
Seabourn Pursuit is scheduled to enter service August 12, 2023, and will sail five voyages in the Mediterranean before embarking on two voyages across the Atlantic and through the Caribbean. On October 10, 2023, the ship will arrive in Barbados to begin its expedition journeys, taking guests to remote corners of the globe. Seabourn Pursuit will head south for expeditions exploring coastal South America, the Amazon, and Antarctica into late March 2024.
Following its inaugural Antarctic season, the ship will head across the islands of the South Pacific and eventually to Australia, which will be the start of the line's first exploration of the Kimberley region in the Northern Territory and Western Australia between June and August 2024. The iconic Kimberley, with its red sandstone gorges, rivers, waterfalls, wildlife, and Aboriginal life and history, is the ideal setting for a truly, world-class expedition experience. In addition to the Kimberley, Seabourn Pursuit will visit Papua New Guinea, West Papua, Indonesia, and sail across the South Pacific between Chile and Melanesia between March and October 2024.
For more details about Seabourn, or to explore the worldwide selection of Seabourn cruising options, contact a professional travel advisor, call Seabourn at 1-800-929-9391 or visit www.seabourn.com.
About Seabourn:
Seabourn represents the pinnacle of ultra-luxury ocean and expedition travel and operates a suite of six modern ships with one under construction. The all-inclusive, boutique ships offer all-suite accommodations with oceanfront views; award-winning dining; complimentary premium spirits and fine wines available at all times; renowned service provided by an industry-leading crew; a relaxed, sociable atmosphere that makes guests feel at home; a pedigree in expedition travel through the Ventures by Seabourn program and two new ultra-luxury purpose-built expedition ships, including Seabourn Venture that launched in 2022 and Seabourn Pursuit scheduled to enter service in 2023. Seabourn takes travelers to every continent on the globe, visiting more than 400 ports including marquee cities and lesser-known ports and hideaways. Guests of Seabourn experience extraordinary offerings and programs, including partnerships with leading entertainers, dining, personal health and wellbeing, and engaging speakers.
For more details about Seabourn, or to explore the worldwide selection of Seabourn cruising options, contact a professional travel advisor, call Seabourn at 1-800-929-9391 or visit www.seabourn.com.
Seabourn is a brand of Carnival Corporation and plc (NYSE/LSE: CCL and NYSE: CUK).
Find Seabourn on Twitter, Facebook, Instagram, YouTube and Pinterest.
Notes to Editors:
Seabourn is consistently ranked among the world's top travel choices by professional critics and the discerning readers of prestigious travel publications such as Departures, Travel + Leisure and Condé Nast Traveler. Its stylish, distinctive cruising vacations are renowned for:
- Purpose-built expedition ships, PC6 ice-strengthened hull, with advanced maneuvering technology for superior stability, safety, and comfort
- World-class Expedition Team, delivering immersive experiences
- All veranda, all ocean-front suites luxuriously appointed
- Handcrafted itineraries developed for the expedition traveler to the most coveted and familiar remote destinations in the world
- Intimate ships with a private club atmosphere
- Intuitive, personalized service provided by staff passionate about exceeding guests' expectations
- Inclusive expedition experiences with Zodiacs, scuba diving and snorkeling
- Optional expedition experiences with kayaks and custom-built, 6-guest submarines giving the option to extend your expedition further for greater ocean exploration**
- Welcome toast and complimentary in-suite bar stocked with your preferences
- Hosted bridge policy* with Expedition team members providing firsthand access to the ship's command center and officers navigating your journey
- World-class dining venues are all complimentary, dine where, when and with whom you wish
- Tipping is neither required, nor expected
- Complimentary premium spirits and fine wines available on board at all times
- Meticulous and purposeful adventurers' resort at sea designed for the luxury traveler with unique attributes and spaces to enhance your experience
- Spa & Wellness with Dr. Andrew Weil, featuring an exclusive mindful living program**
- Committed to environmental stewardship and sustainability
*At the Captain's discretion
** Optional programs, for additional charge
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SOURCE Seabourn
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Country singer Craig Morgan reenlists in military while on Grand Ole Opry stage
NASHVILLE, Tenn. (Gray News) – Country singer Craig Morgan reenlisted in the military Saturday night while on stage at the Grand Ole Opry in hopes of encouraging others to enlist.
According to a news release, Morgan was sworn into the U.S. Army Reserve on stage by U.S. Army Forces Command Gen. Andrew Poppas.
Sen. Marsha Blackburn joined them on stage.
After the ceremony, Morgan returned to the microphone to perform his song “Soldier.”
Morgan previously served in the Army for 17 years, with certifications including Airborne, Air Assault and Rappel Master.
“I’m excited to once again serve my country and be all I can be in hopes of encouraging others to be a part of something greater than ourselves,” Morgan said in a news release. “I love being an artist, but I consider it a true privilege and honor to work with what I believe are the greatest of Americans, my fellow soldiers. God Bless America. Go Army.”
Morgan plans to continue touring and releasing new music while serving in the Army Reserve.
The 59-year-old singer is known to frequently perform at military bases both in the U.S. and abroad. In 2006, Morgan was awarded the USO Merit Award for his support.
Morgan began his music career in 2000. He is best known for his No. 1 single “That’s What I Love About Sunday” from 2004.
He was inducted as a member of the Grand Ole Opry in 2008.
Copyright 2023 Gray Media Group, Inc. All rights reserved.
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Alabama linebacker commitment Sterling Dixon announced on social media on Monday that he would play his final year of high school football at Class 6A power Spanish Fort.
Last week, Sterling Dixon Sr. announced his son would change schools for his final year after winning Class 3A Lineman of the Year at Mobile Christian in 2022.
Spanish Fort coach Chase Smith confirmed to AL.com on Monday afternoon that Dixon officially was enrolled as a Toro. Spanish Fort, which did not hold spring training, opens fall camp this afternoon.
Smith didn’t know for sure when Dixon’s first practice with the team would be. The 6-foot-2, 205-pound senior joins a Toro defense that already includes Louisville commit Cole McConathy on one edge.
As a junior, Dixon recorded 172 tackles and 18 sacks – both of which were Mobile Christian records. He also had 39 tackles for a loss. He currently is ranked as the No. 10 senior recruit in the state, according to On3.
Dixon Sr. told AL.com last week that, although the family loved Mobile Christian, his son wanted “an opportunity to play at a higher level in his final year and see if he could be as productive.”
Spanish Fort competes in Class 6A, Region 1 with reigning state champion Saraland and semifinalist Theodore among other teams.
Dixon committed to Alabama in December and, after heavy pursuit by other colleges included LSU and Auburn, announced earlier this summer that he was shutting down his recruitment.
Spanish Fort will play St. Michael in a jamboree game on Aug. 17, then open the season against Class 7A Fairhope on Aug. 24.
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Leanne Morgan remembers the moment she realized she could make it in comedy: She was at a party, telling jokes, and a woman "peepeed on the couch."
"That was a 'God' moment for me ... " Morgan says. "I thought, 'OK, I can make it in stand-up.'"
Morgan took a roundabout route to professional comedy: She was a young mother living in Bean Station, Tenn., in the 1990s — and she started selling jewelry in women's houses two or three nights a week as a way to make a bit of extra money.
"It was like Mary Kay and Tupperware, those kinds of companies," Morgan says. "Somebody makes a dip, or a pan of brownies, and then I would schlep that big case of jewelry and put all that jewelry out on a kitchen table."
Morgan was supposed to be talking up the jewelry, but instead she found herself making her customers laugh with stories about breastfeeding and hemorrhoids.
Morgan was 32 with three young children at home when she started performing stand-up in clubs on the weekend. Every few years, someone from Hollywood would call to offer her a sitcom deal — but each time the deal would fall through.
In 2018, she nearly gave up, but she decided to make one more push. She hired two brothers in Plano, Texas, to help promote her material on social media. One clip, in which she joked about going to a Def Leppard/Journey concert with her husband, went viral.
"That [video] blew up, and I started selling out all over the United States," Morgan says. "People would see those videos ... and start calling comedy clubs and ask them to book me."
Now 57 with three grown children and two grandchildren, Morgan has her own self-produced Netflix special, Leanne Morgan: I'm Every Woman. In it, she makes fun of everyday life, from marriage and motherhood to menopause and dating apps.
"It took me a long time to find my audience ... but I always knew they were out there," she says. "I think Hollywood forgets us, and I think a lot of comedians that are cool and edgy and all of that, just forget about my demographic and I think we're the best. I think we're the people that make decisions to go buy tickets and want to get out and have a good time."
Interview highlights
On connecting to her audience
I'm nurturing. If I make fun, it's of myself, it's not of anybody else. I'm not confrontational. And so I think people find comfort with me. ... I was in LA doing The Comedy Store, which was a dream of mine, and it was all these edgy comedians that were getting up and talking about all kinds of stuff. And then I got up and talked about how somebody made me a meatloaf at my children's school the day that I got my IUD replaced. And young people came out of The Comedy Store and said, "Can I hug you?" I think that even though ... in my mind I'd have a chip on my shoulder over the years and think, Oh, I'm not edgy enough there. I'm not a cool kid in the business in the industry and all that, I do think that people were enjoying what I did.
On calling herself the "Mrs. Maisel of Appalachia"
Comedy is hard. ... It's a hard business. I resonated with that character because she was fearless and she had those babies and her husband was a ding dong. My husband's not a ding dong, but she overcame so much and kept going and men would say, "Oh, women aren't funny," and all that kind of stuff, and trying to sabotage her. I've been through all that. When young people ask me, "Do you think I should do stand-up?" I don't want to squash somebody's dreams. But it's hard for me as a mother not to say, "Listen, you're going to be driving in a car for 300 miles to make $50 and you won't have a hotel room." I mean, it's a hard, hard business. But when I saw that series, I thought, that's what I did: I had three babies. I was in the Appalachian Mountains. I didn't have a comedy club near me, and I just had to pave out another way than the traditional way that people do stand-up. And I did. I don't know how, but I did.
On the four television sitcom deals over the years that fell through
I would be devastated at the time. But those little nuggets would give me the encouragement to keep going. For one thing, because I was in Knoxville. ... I was not living in LA or New York. I was raising these children and I got to raise them in Knoxville, Tennessee, and they became who they're supposed to be. If I'd have gone to LA, they probably wouldn't be who they are. And I would be devastated [when the series fell through], but then it always kept me encouraged, like, I've got something. I know I'm not crazy. I can do this.
On ignoring her ex-husband when he advised her to get rid of her Tennessee accent
[He] said to me, "Your accent and your diction, you need diction lessons. People are making fun of me. People think you're stupid." And I remember at the time, I don't know how I had the sense to think, "No, you're wrong." And I didn't change anything. I could have. I had pretty low self-esteem and was pretty beat down at the time, but I felt like ... you're not going to change me. This is who I am. And I think now, going forward, 40 years later, that is what has made this happen for me, is I am who I am. .... I'm authentic. I feel like at my age now, it's like this is who I am. You either like it or you don't. It's OK if you don't. ... I do find humor in hard things, but I think a lot of comedians do. That's how we cope.
Lauren Krenzel and Seth Kelley produced and edited this interview for broadcast. Bridget Bentz, Molly Seavy-Nesper and Beth Novey adapted it for the web.
Copyright 2023 Fresh Air. To see more, visit Fresh Air.
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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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Companies combine expertise to deliver innovative technology solutions for arenas, stadiums, convention and exhibition centers, and performing arts venues
TUCSON, Ariz., July 31, 2023 /PRNewswire/ -- Simpleview and ASM Global are pleased to announce a partnership created to provide a unified network of websites and technology solutions for the ASM Global portfolio of venues. The partnership was strategically designed to develop cohesive branding powered by a best-in-class technology stack and ticketing integrations that promote visitors and drive web conversions for arenas, stadiums, convention and exhibition centers, and performing arts venues.
Simpleview, a leading provider of CRM, CMS, and marketing solutions for destinations worldwide, and ASM Global, the world's leading venue management and services company, will serve the meetings and events ecosystem; by leveraging Simpleview's advanced technology and ASM Global's extensive global network, this partnership will enable clients to create captivating digital experiences that drive engagement and ticket sales and enhance venue marketing efforts.
Highlights of the partnership include:
- Enhanced Website Capabilities: a new generation of website solutions with state-of-the-art features and functionalities equipped with user-friendly content management systems, robust event and ticketing integrations, interactive mapping tools, and seamless integration with social media platforms
- Personalized Experiences: clients can deliver tailored content and offers to individual users, ensuring a highly personalized and engaging journey for every visitor
- Mobile-Optimized Design: prioritization of mobile optimization, ensuring that websites are fully accessible across all screen sizes and platforms
- Data-Driven Insights: comprehensive analytics and reporting gain insights into visitor behavior, marketing performance, and conversion rates so venues can make informed decisions and optimize marketing strategies effectively
"ASM Global is thrilled to work in partnership with Simpleview to create a cohesive, best-in-class website solution for our diverse global portfolio of stadiums, arenas, theaters, and convention centers," said Alex Merchán, chief marketing officer at ASM Global. "From the start of this relationship, Simpleview has impressed us with its tech stack, service offering, data-driven approach, and talented team. We look forward to building and scaling this partnership in the years ahead."
About Simpleview
Simpleview is a worldwide leading provider of CRM, CMS, website design, digital marketing services, and data insights for convention bureaus, venues, tourism boards, destination marketing organizations (DMOs), and attractions. The company employs staff across the globe, serving clients of all sizes, including small towns, world capitals, top meeting destinations, and countries across multiple continents.
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| 2023-07-31T21:31:21
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High prices ‘disproportionately pinching’ younger Americans, data shows
30% of Gen Z, 28% of millennials have no emergency savings
(InvestigateTV) — More than seven in 10 younger Americans are saving less because of inflation when compared to Gen X and baby boomers, a recent Bankrate.com survey found.
Sarah Foster is a principal writer for Bankrate.com. She said this is a time for younger Americans to be very mindful of how much they are spending and to hyper analyze their budgets.
Foster said the ultimate goal for Gen Z and millennials should be to make sure they are living within their means. She added there are several advantages to being young right now, especially when it comes to retirement contributions.
“Really the best way to gain wealth and beat inflation in the long run is to make sure that you’re holding a diverse portfolio of assets, including stocks,” Foster explained. “And so, we know that even if someone were to stop investing for three years because of inflation and they’re in their mid-twenties, they’d leave almost $200,000 on the table by the time they were 70.”
Foster said don’t stop retirement contributions during inflation. The amount can be reduced, but consistent contributions is key.
She said another reason younger Americans are being hit hard is they are early in their careers and haven’t reached their peak earnings.
Foster advised them to put any raises or extra money in savings or retirement accounts.
Bankrate has 11 tips for young Americans trying to reach financial goals during high inflation, including:
- Look for high-yield savings accounts that offer much better returns that traditional accounts
- Automate savings to build an emergency fund
- Wait 24 hours before any unnecessary purchases
Copyright 2023 Gray Media Group, Inc. All rights reserved.
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Athens High School standout JayShon Ridgle on Tuesday became the latest in-state football standout to commit to South Alabama.
The 6-foot, 200-pound Ridgle, also a state champion hurdler in track & field, chose the Jaguars over fellow finalists Florida State, Arkansas State, Southern Miss and Tulane. He also has scholarship offers from UAB, North Alabama, Austin Peay and Middle Tennessee, among other schools.
He announced his decision via Twitter:
Ridgle was the second wide receiver prospect to commit to South Alabama on Monday. Vigor’s Jerrian Graham pledged to the Jaguars earlier in the day.
Ridgle, who plays multiple positions for his high school team but is expected to be a wide receiver in college, is South Alabama’s 13th commitment for 2024. Ten of those have come from inside the state of Alabama.
The early signing period for the 2024 class begins in December.
South Alabama 2024 football commitments (13)
Will Felton, LB, 6-2, 215, Pelham/Pelham HS
Amarion Fortenberry, DB, 6-0, 170, Columbia, Miss./Columbia HS
Charles Gurley, CB, 6-2, 180, New Orleans, La./St. Augustine HS
Jerrian Graham, WR, 6-2, 190, Prichard/Vigor HS
Asher Hale, OL, 6-5, 300, Mobile/St. Paul’s Episcopal School
Jared Hollins, QB, 6-4, 185, Mobile/Mary G. Montgomery HS
Nathan Jennings, DE, 6-4, 240, Madison/James Clemens HS
Logan Joellenbeck, OL, 6-6, 330, Foley/Foley HS
Jamauri McClure, RB, 5-10, 185, Goshen/Goshen HS
Kevin Norwood, DT, 6-3, 290, Mobile/Theodore HS
JayShon Ridgle, WR, 6-0, 200, Athens/Athens HS
Parker Shattuck, LB, 6-2, 215, LaGrange, Ga./LaGrange HS
Achilles Wood, DE, 6-4, 250, Decatur/Austin HS
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This article was written by a human.
That's worth mentioning because it's no longer something you can just assume. Artificial intelligence that can mimic conversation, whether written or spoken, has been in the news a lot this year, delighting some members of the public while worrying educators, politicians, the World Health Organization, and even some of the people developing AI technology.
Misuse of AI is part of what actors and writers are striking about in Hollywood, and the threat of AI is something Hollywood was imagining long before it was real.
In 1968, for instance, the year before humans first set foot on the moon — and a time when astronauts still used pencils and slide rules to calculate re-entry trajectories because their space capsules had less computing power than a digital watch has today — Stanley Kubrick introduced movie audiences to a sentient HAL-9000 computer in 2001: A Space Odyssey.
HAL (for Heuristically Programmed Algorithmic Computer) introduced itself early in the film by saying, "No 9000 computer has ever made a mistake or distorted information. We are all, by any practical definition of the words, foolproof and incapable of error."
'Open the pod bay door, HAL'
So why was HAL acting so strangely? He (it?) was responsible for maintaining all aspects of a months-long space flight, ferrying astronauts to the moons of Jupiter. Programmed to run the mission flawlessly, the computer's behavior had become alarming, and two of the astronauts had decided to shut down some of its functions. Their plan was short-circuited when HAL, lip-reading a conversation they'd managed to keep him from hearing, cast one of them adrift while he was outside the ship repairing an antenna and refused to let the other back on board.
"Open the pod bay door, HAL" became one of the most quoted film lines of the decade when the computer responded, "I'm sorry, Dave, I'm afraid I can't do that. This mission is too important for me to allow you to jeopardize it."
It's hard to articulate what a genuine shock this was for 1960s movie audiences. There'd been films with, say, robots causing havoc, but they were generally robots doing someone else's bidding. Movie robots, at that point, were about brawn, not brain.
And anyway, malevolent robot stories were precisely the sort of B-movie silliness Kubrick was trying to avoid. So his intelligent machine simply observed (with an unblinking red eye) and, when addressed directly, spoke with a calm, modulated voice, not unlike the one that would be adopted four decades later by Siri and Alexa.
Darwin Among the Machines
Earlier literary notions of "artificial" intelligence — and there were not a lot of them at that point — hadn't really caught the public's imagination. Samuel Butler's 1863 article Darwin Among the Machines, is generally thought to be the origin of this species of writing, and it mostly just notes that while humankind invented machines to assist us — and remember, a really sophisticated machine in 1863 was the steam locomotive — we were increasingly assisting them: tending, fueling, repairing.
Over tens of thousands of years, Butler wondered, might humans not evolve in much the same way Darwin's study of natural selection had just established the rest of the plant and animal kingdoms do, to the point that we would become dependent on our devices?
But even when he incorporated that idea a decade later into a satirical novel called Erewhon, expounding for several chapters on self-replicating machines, Butler barely touched on the notion that those machines would develop consciousness. And neither did the influential 19th-century science fiction writers who followed him. H.G. Wells and Jules Verne invented plenty of unorthodox devices as they sent characters to the center of the Earth, and into space and the recesses of time, without ever considering that those devices might want to do things on their own.
The term "artificial intelligence" wasn't even coined (by American computer scientist John McCarthy) until about a dozen years before Kubrick made his Space Odyssey. But HAL made an impression on the public where scientists had not. Within just a couple of years, movie computers didn't just want spaceship domination; in Colossus: The Forbin Project (1970), they wanted to take over the world.
Malignant machines gone viral
And then this notion of technology-run-wild, ran wild. A high school student played by Matthew Broderick nearly started World War III in WarGames (1983) when he thought he was hacking a computer company's website but accidentally challenged the Pentagon's defense network to a quick game of "global thermonuclear war." The problem, it soon became clear, was that no one told the defense network they were just "playing."
Elsewhere, mechanical men stopped being all-brawn and got a new dispensation to think for themselves, something fiction had granted them before Hollywood got around to it.
In the 1940s, sci-fi novelist Isaac Asimov came up with "Three Laws of Robotics" that would theoretically keep "independent" machines in line. When Asimov's story I, Robot, was turned into a film a half-century or so later, those laws should have reassured Will Smith as he stared down thousands of bots. But he had good reason to be skeptical; he was fighting a robot rebellion.
The Terminator movies effectively put all these themes on steroids — cyborgs in the service of a computerized, sentient, civil-defense network called Skynet, designed to function without any human input. A "Nuclear Fire" and three billion human deaths later, what was left of humanity was engaged in a war against the machines that has so far consumed six films, a TV series, a pair of web series, and innumerable games.
And nuclear blasts weren't necessary to make machine intelligence alarming, a fact cyberpunk-noir established definitively in Blade Runner with its "replicants," and in a Matrix series that reduced all of humanity to a mere power source for machines.
Hollywood's still fighting that vision. Who knows what "The Entity" wants in Mission Impossible: Dead Reckoning (presumably we'll find out next year in Part Two), but whatever it is, it won't bode well for humanity.
Hollywood concentrates on exploiting our fears — in the late 20th century, we worried about ceding control to technology. In the 21st century, we worry about losing control of technology.
It seems not to have occurred to Tinseltown that AI might do the things it's actually doing — make social media dangerous, or make undergrad writing courses unteachable, or screw up relationships by auto-completing incorrectly. None of those are terribly cinematic, so Hollywood concentrates on exploiting our fears — in the late 20th century, we worried about ceding control to technology. In the 21st century, we worry about losing control of technology.
Bring on the droids
Have there also been friendlier film visions of AI? Sure. George Lucas came up with lovable droids R2-D2 and C-3PO for Star Wars, and Pixar gave us Wall-E, a bot who was pluckily determined to clean up an entire planet we'd despoiled.
Spike Jonze's drama Her imagined a sentient, Siri-like personal assistant as a digital girlfriend. Star Trek's Data was not just a Next Generation android version of Mr. Spock, but also a sort of emotion-challenged Pinocchio.
And another Pinocchio — this one fashioned to stand the test of time — would have been Stanley Kubrick's own answer to the question he'd posed with HAL in 1968.
Kubrick labored for decades to hone the script for A.I. Artificial Intelligence, then just two years before he died, handed the project off to Steven Spielberg — the story of David, a robot child who has been programmed to love, and who ends up going beyond that programming.
"Until you were born," William Hurt's Professor Hobby told the bionic child he'd modeled on his own son, "robots didn't dream, robots didn't desire unless we told them what to want." The miracle, he went on, was that though David was engineered rather than born, he shared with humans "the ability to chase down our dreams...something no machine has ever done, until you."
That may not have been enough to make David a real boy, but it put a gentle face on what is perhaps our greatest fear about AI – that we are mortal, and it is not.
In the film, David outlives all of humanity, never growing up, never changing. And perhaps because he was played by Haley Joel Osment, or perhaps because Spielberg was calling the shots, or perhaps because the music swelled ... just so — it didn't feel the least bit threatening.
Copyright 2023 NPR. To see more, visit https://www.npr.org.
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| 2023-07-31T21:31:26
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BALTIMORE, July 31, 2023 /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) announced today that its Board of Directors has declared a quarterly dividend of $1.22 per share payable September 28, 2023, to stockholders of record as of the close of business on September 15, 2023.
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price (NASDAQ: TROW) helps people around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Investors rely on the award-winning firm for its retirement expertise and active management approach of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price manages $1.40 trillion in assets under management as of June 30, 2023, and serves millions of clients globally. News and other updates can be found on Facebook, Instagram, LinkedIn, Twitter, YouTube, and troweprice.com/newsroom.
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| 2023-07-31T21:31:28
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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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Detroit Lions wide receiver Jameson Williams returned to practice on Sunday in a workout that coach Dan Campbell described as a “jog-through.” On Monday, the former Alabama All-American was back on the field for his first padded practice of training camp, and reports highlighted two incidents involving Williams.
Williams took a swing at Starling Thomas and swatted the helmet of the undrafted rookie during the former UAB cornerback’s celebration of a pass breakup.
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“I just look at it as football,” Williams said. “Physical play. We got over it next play. Nothing too much. …
“It’s football. We know we can’t do that in a game; it’s 15 yards. It’s just practice, though. Things get rowdied up and things happen. But we talked it out. We’re good.”
Williams also had a block to set up a long run by Jahmyr Gibbs, a rookie running back from Alabama.
“(Lions offensive coordinator) Ben (Johnson) told me something, like, in a meeting two days ago,” Williams said. “He said, ‘No block, no rock.’”
RELATED: LIONS WERE ‘SWEATING BULLETS’ OVER JAHMYR GIBBS
Detroit didn’t use the 12th selection in the 2022 NFL Draft on Williams because of his blocking ability. It’s his pass-catching and explosiveness with the football in his hands that attracted the Lions. But Williams came up “with a little something in his leg” at practice on July 24 and was out of action for the rest of the week.
“It really wasn’t bad because I got a lot of mental reps,” Williams said of the time out. “I was still out here. I went through every play with (wide-receivers) coach (Antwaan Randle El), with some teammates, asking them, ‘What was this? What was that?’ making sure I was filled in on everything, so it felt like I didn’t miss nothing.”
Williams didn’t practice in training camp at all as a rookie. He sustained a torn anterior cruciate ligament in the CFP national-championship game for the 2021 season and didn’t practice with the Lions until Nov. 21.
“I’m proud of being out here,” Williams said on Monday, “getting the chance to put my cleats on, shoulder pads, helmet, catch footballs, run, block, just play football. I’m just happy to be out here. Last year, I was standing on the sideline -- shirt, no cleats, no jersey, nothing. It’s just exciting to be out here.”
Williams played 78 offensive snaps in Detroit’s final six games of the 2022 season. In the 2023 season, he will miss the first six games while serving an NFL suspension for violating the league’s gambling policy. The suspension doesn’t begin until the Monday before the Lions’ first regular-season game.
“I feel like I get work every day,” Williams said. “I’m getting the same work as the whole team. I get to practice with the team. I get to work out with the team. I get to do everything with the team, so I wouldn’t say it’s a sense of urgency.
“Me and (quarterback Jared) Goff, we been doing our thing. The whole offense, we be getting timing, running plays, doing a lot of things, so everything’s been going good. I wouldn’t say it’s a sense of urgency.”
Detroit defensive back C.J. Gardner-Johnson said Williams would be ready when the time came to play.
“He’s one of the best receivers in the game right now,” Gardner-Johnson said on Saturday. “You got to give him his flowers. … Working out with him every day, Jamo’s ready. Don’t worry about it.”
Williams has one reception for a 41-yard touchdown in his NFL career.
“We’re going to work to be the best,” Williams said. “One day, it’s going to come.”
Detroit will open its season against the Kansas City Chiefs on Sept. 7. Before that, the Lions have preseason games against the New York Giants on Aug. 11, Jacksonville Jaguars on Aug. 19 and Carolina Panthers on Aug. 25. Williams is eligible to play in the preseason games.
“A lot of people ain’t got a chance to see me play,” Williams said. “I played six games last year. I got to miss six this year. I’m just hoping to go put a show on, with me and my team showing that we can do. …
“I just worked on my game completely, so you’re going to see a lot coming from me.”
FOR MORE OF AL.COM’S COVERAGE OF THE NFL, GO TO OUR NFL PAGE
Mark Inabinett is a sports reporter for Alabama Media Group. Follow him on Twitter at @AMarkG1.
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Jury poised to deliberate death penalty or life sentence for gunman in Pittsburgh synagogue massacre
PITTSBURGH (AP) — A jury is set to deliberate whether to impose the death penalty or a sentence of life in prison without parole on a man who spewed antisemitic hate before fatally shooting 11 worshippers at a synagogue in the heart of Pittsburgh’s Jewish community.
The same jurors who convicted 50-year-old Robert Bowers in June on 63 criminal counts listened to closing arguments Monday in the penalty phase of his federal trial, held nearly five years after the truck driver from suburban Baldwin perpetrated the deadliest attack on Jews in U.S. history.
The extent to which mental illness and Bowers’ difficult childhood played a role in the massacre dominated the lawyers’ arguments for and against capital punishment.
Speaking for the government, U.S. Attorney Eric Olshan said Bowers was clearly motivated by religious hatred when he entered the Tree of Life synagogue on Oct. 27, 2018, and opened fire with an AR-15 rifle, shooting everyone he could find.
The gunman raved incessantly on social media about his hatred of Jewish people — using a slur for Jewish people some 400 times on a platform favored by the far right — and remains proud that he killed Jews, the prosecutor reminded jurors.
“Do not be numb to it. Remember what it means. This defendant targeted people solely because of the faith that they chose,” Olshan said.
He added: “This is a case that calls for the most severe punishment under the law: the death penalty.”
Bowers’ lead defense attorney, Judy Clarke, acknowledged the horror of his crimes but urged jurors to opt for mercy and a life sentence.
Bowers’ attorneys have argued that he has schizophrenia, a serious brain disorder whose symptoms include delusions and hallucinations, and that Bowers attacked the synagogue out of a delusional belief that Jews were helping to bring about a genocide of white people by coming to the aid of refugees and immigrants. On Monday, Clarke recounted Bowers’ history of psychiatric hospitalizations, including an extended stay in a residential juvenile mental health program.
The defense also presented evidence of Bowers’ difficult childhood.
“What has happened cannot be undone. We can’t rewind the clock and make it that this senseless crime never happened. All we can do is make the right decision going forward. We are asking you to make the right decision, and that is life,” Clarke said in her closing argument.
A life sentence would mean that “prison is where Mr. Bowers will die in obscurity, not as a hero and not as a martyr,” she said.
Olshan, the prosecutor, disputed the defense experts’ diagnosis of schizophrenia, asserting that Bowers was not suffering psychosis but had chosen to believe white supremacist rhetoric. And while acknowledging that Bowers was a depressed, neglected child, Olshan downplayed the significance of it, noting that Bowers had held jobs, paid bills, and was an otherwise functioning adult.
“He was not a child, he was a grown man. He was responsible for his actions, not his family and things that happened decades earlier. He was, he is responsible for his actions,” Olshan said.
Clarke retorted that “childhood matters.”
“It defies reality to say he got better, he’s fine, he’s just an evil guy. What it does is reflects a complete misunderstanding of serious mental illness,” she said.
In order to impose death, jurors must find that aggravating circumstances, which make the crime especially heinous, outweigh mitigating factors that could be seen as diminishing his culpability. Those aggravating circumstances could include the vulnerability of Bowers’ elderly and disabled victims and his targeting of Jewish people.
Olshan played a composite of 911 calls made from inside the synagogue, including audio of people being shot and a survivor’s horrified screams.
He said Bowers had taken “11 people, 11 full lives, 11 people who loved their families, 11 people who loved their friends, 11 people who were loved. ... How do you measure the impact of all of that loss?”
The prosecutor spoke about 75-year-old Joyce Fienberg’s care for her family and 65-year-old Richard Gottfried’s devotion to his faith. He said Dr. Jerry Rabinowitz, 66, had the ethos of a country doctor: “He loved delivering babies but he never delivered judgment.” David Rosenthal, 54, and Cecil Rosenthal, 59, intellectually disabled brothers, “loved life,” Olshan said. “But maybe more than anything, they loved Tree of Life.”
The other deceased victims were Rose Mallinger, 97; Bernice Simon, 84, and her husband, Sylvan Simon, 86; Dan Stein, 71; Melvin Wax, 87; and Irving Younger, 69.
The attack also wounded seven people, including five responding police officers. Bowers was shot three times before surrendering when he ran out of ammunition.
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Rubinkam reported from northeastern Pennsylvania.
Copyright 2023 The Associated Press. All rights reserved.
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CHARLOTTE, N.C., July 31, 2023 /PRNewswire/ -- Ten Oaks Group, a recognized family office and standout in the corporate carve out sector, proudly announces the addition of four exceptional professionals to its esteemed team of Operating Partners. The recent hiring of James Deng, Greg Warren, David Izquierdo, and Lauren Celano underscores Ten Oaks Group's commitment to bringing accomplished talent with diverse capabilities and amplifying its capacity for turnaround, legal, and international investment exceptionalism.
James Deng assumes the position of Operating Partner at Ten Oaks Group. Prior to joining, he was a Vice President at Audax Private Equity supporting value creation initiatives. James has also served as Director of Revenue Growth Management at Keurig Dr Pepper and a management consultant at Ernst & Young focused on Corporate and Growth Strategy.
Greg Warren brings a wealth of legal and restructuring knowledge as he joins as Assistant General Counsel and Operating Partner. Greg previously was a member of White & Case LLP's financial restructuring and insolvency practice, representing debtors and creditors both in and out of bankruptcy. Greg has experience in operational, corporate, and financial matters, as well as litigation and acquisitions.
David Izquierdo joins as an Operating Partner focused on Ten Oaks Group's European portfolio companies. Prior to Ten Oaks, David focused on designing and implementing strategic and transformation programs across a wide variety of industries in roles in corporate development at Selenis and management consulting at Monitor Deloitte and PwC.
Lastly, Lauren Celano joins the team as Associate Operating Partner, leveraging her vast experience from the healthcare and pharmaceutical industries, where she also led business development efforts. Additionally, she has experience at Alvarez & Marsal and other private equity and venture capital firms.
"At Ten Oaks Group, we believe that attracting top-notch talent is essential for leading value creation efforts for our portfolio," said Kendall Thurlow, head of value creation at Ten Oaks Group. "Lauren, James, David, and Greg embody the caliber of professionals we seek to bring on board, and we are excited to welcome them as valuable members of our team of Operating Partners."
Ten Oaks Group is committed to cultivating a dynamic and growth-oriented environment for its practitioners. With a commitment to fostering private equity careers, the company offers comprehensive opportunities for professional development and advancement.
To learn more about the background and expertise of the newly hired Operating Partners and explore potential career opportunities with Ten Oaks Group, visit www.tenoaksgroup.com.
About Ten Oaks Group:
Ten Oaks Group is a family office focused exclusively on investing in corporate divestitures. It brings speed, flexibility and certainty to divestitures of non-core businesses that no longer fit their parent company's corporate strategy. Following acquisition, Ten Oaks Group leverages its experienced team of Operating Partners to manage the transition and separation process and implement operational strategies that reveal and optimize the underlying potential of each business.
Each company within Ten Oaks Group operates independently under its own dedicated management team and receives management support services from Ten Oaks Management, LLC. Ten Oaks Group was founded by Matt Magan and Mike Hahn and has closed 25 carve-out transactions across 10 countries since inception.
To learn more about Ten Oaks Group's unique approach to corporate divestitures, please visit www.tenoaksgroup.com.
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| 2023-07-31T21:31:35
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BOGOTA, Colombia, July 31, 2023 /PRNewswire/ -- Considering the information known to public, the Board of Directors of Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC, "Ecopetrol" or the "Company") reiterates the press release issued by the company yesterday, which stated that Ecopetrol, Cenit and Oleoducto de Colombia have actively collaborated with the different authorities for the execution of the "Bunkering Imperio" operation.
- Based on external verifications and information coming from the collaborative efforts between the Ecopetrol Group, the Judicial Investigation Directorate and the Carabineros and Environmental Protection Directorate of the National Police, to date, there is no evidence implicating either the administrations or the officers of the Ecopetrol Group;
- Ecopetrol, Cenit and Oleoducto de Colombia have been recognized as victims in the corresponding criminal proceedings; and
- The company will continue to work with the authorities to sanction and prevent the smuggling and theft of hydrocarbons.
Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 18,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This press release contains business prospect statements, operating and financial result estimates, and statements related to Ecopetrol's growth prospects. These are all projections and, as such, they are based solely on the expectations of the managers regarding the future of the company and their continued access to capital to finance the company's business plan. The realization of said estimates in the future depends on the behavior of market conditions, regulations, competition, and the performance of the Colombian economy and the industry, among other factors, and are consequently subject to change without prior notice.
This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.
For more information, please contact:
Head of Capital Markets (a)
Carolina Tovar Aragón
Email: investors@ecopetrol.com.co
Head of Corporate Communications
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co
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The Atlanta Braves host the Los Angeles Angels in MLB 2023 action Monday, July 31, at Truist Park in Atlanta. The game will be live streamed on ESPN+.
The Braves are 67-36 this season, while the Angels are 55-51. Atlanta will send Charlie Morton to the mound vs. fellow right-hander Griffin Canning for Los Angeles.
The Rangers-Padres game starts at 6:20 pm. Central (7:20 p.m. Eastern) and will be live streamed on ESPN+, which is available for $9.99 a month or $99.99 a year. Bally Sports South and Bally Sports West will broadcast the game regionally.
Preview
FANDUEL SPORTSBOOK MLB LINE: Braves -230, Angels +190; over/under is 10 runs
BOTTOM LINE: The Atlanta Braves host the Los Angeles Angels aiming to continue a four-game home winning streak.
Atlanta has a 67-36 record overall and a 35-19 record in home games. Braves hitters have a collective .339 on-base percentage, the highest percentage in the NL.
Los Angeles is 55-51 overall and 26-28 in road games. Angels hitters are batting a collective .256, which ranks fourth in the AL.
The teams meet Monday for the first time this season.
TOP PERFORMERS: Ronald Acuna Jr. has 26 doubles, a triple and 24 home runs for the Braves. Austin Riley is 14-for-39 with a double, a triple and six home runs over the last 10 games.
Shohei Ohtani leads the Angels with 39 home runs while slugging .680. Luis Rengifo is 13-for-40 with three doubles, two triples, three home runs and seven RBI over the last 10 games.
LAST 10 GAMES: Braves: 6-4, .271 batting average, 4.86 ERA, outscored opponents by six runs
Angels: 7-3, .252 batting average, 3.20 ERA, outscored opponents by 13 runs
INJURIES: Braves: Jesse Chavez: 60-Day IL (shin), Sam Hilliard: 10-Day IL (heel), Kolby Allard: 60-Day IL (shoulder), A.J. Minter: 15-Day IL (shoulder), Nick Anderson: 60-Day IL (shoulder), Dylan Lee: 60-Day IL (shoulder), Max Fried: 60-Day IL (forearm), Ehire Adrianza: 60-Day IL (elbow), Kyle Wright: 60-Day IL (shoulder), Huascar Ynoa: 60-Day IL (elbow), Tyler Matzek: 60-Day IL (elbow)
Angels: Taylor Ward: 10-Day IL (face), Zach Neto: day-to-day (back), Ben Joyce: 60-Day IL (arm), Sam Bachman: 15-Day IL (shoulder), Chris Devenski: 15-Day IL (hamstring), Anthony Rendon: 10-Day IL (shin), Jo Adell: 10-Day IL (oblique), Mike Trout: 10-Day IL (hand), Brandon Drury: 10-Day IL (shoulder), Gio Urshela: 60-Day IL (pelvis), Jose Suarez: 60-Day IL (shoulder), Max Stassi: 60-Day IL (hip ), Austin Warren: 60-Day IL (elbow), Jose Quijada: 60-Day IL (elbow), Logan O’Hoppe: 60-Day IL (shoulder), Chris Rodriguez: 60-Day IL (shoulder), Jose Marte: 60-Day IL (elbow), Davis Daniel: 60-Day IL (shoulder)
The Associated Press contributed to this report.
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| 2023-07-31T21:31:37
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San Francisco prosecutors lay out murder case against consultant in death of Cash App’s Bob Lee
SAN FRANCISCO (AP) — DNA from a bloody knife and video footage are crucial pieces of evidence against a tech consultant charged with murder in the stabbing death of Cash App founder Bob Lee, who was found bleeding on a deserted San Francisco street in April, prosecutors argued Monday.
The San Francisco prosecutor’s office began laying out its case against Nima Momeni, 38, at a preliminary hearing in which a judge will decide if there’s enough evidence to go to trial.
Prosecutors say Momeni planned the attack, drove Lee to a secluded spot and stabbed him three times after a dispute related to Momeni’s younger sister.
They have not spelled out a motive, but previously offered a timeline in a case that has drawn outsized media attention, partly due to Lee’s status in the tech world. Lee created Cash App, a mobile payment service, and was the chief product officer of the cryptocurrency MobileCoin.
Momeni, who has been in jail since his arrest April 13, has pleaded not guilty. He faces 26 years to life if convicted.
The arrest came more than a week after Lee, 43, was found in a deserted part of downtown San Francisco early April 4. He later died at a hospital.
On Monday morning, Assistant District Attorney Omid Talai introduced evidence, including photos of a knife that prosecutors say Momeni used to stab Lee, a trail of blood left by Lee as he staggered for help, and video footage showing the two men leave Momeni’s sister’s condo building before the stabbing.
Talai said at a May hearing that the weapon was part of a unique kitchen set belonging to his sister and that analysis showed Momeni’s DNA on the weapon’s handle and Lee’s DNA on the bloody blade. Police recovered a knife with a 4-inch (10-centimeter) blade at the scene.
Saam Zangeneh, one of Momeni’s lawyers, suggested to reporters Monday during a break that the investigation conducted by the San Francisco police was far from thorough.
He questioned why the rubber handle of the knife was tested for only DNA and not fingerprints. SFPD crime scene investigator Rosalyn Check said that it is difficult to get prints off rubber.
“When you want to see if someone’s touching something, you do fingerprint analysis, right?” he said. “And they weren’t done on the handle, which is the most important, relevant portion of who, if any, was handling that item.”
Zangeneh has yet to elaborate on the defendant’s version of events.
Momeni brought in Zangeneh and Bradford Cohen, both based in Florida. His first attorney, Paula Canny, withdrew in late May, citing a conflict of interest that she declined to disclose.
At prosecutors’ urging, Momeni has been held without bail. In arguing for release pending trial, Canny said that Momeni was not a flight risk and would not leave the two people he loves most, his sister and mother. She said Momeni needs to fight the charges or face deportation to Iran, a country that his mother fled when the children were younger to escape a violent husband.
An unnamed friend of Lee told homicide investigators they had been hanging out and drinking with Momeni’s sister the day before the stabbing, prosecutors said in their motion to deny bail.
The friend said Momeni later questioned Lee about whether his sister was doing drugs or otherwise engaging in inappropriate behavior and Lee said she had not.
Surveillance video showed Lee later entering the posh Millennium Tower downtown, where Momeni’s sister Khazar lives with her husband, prominent San Francisco plastic surgeon Dino Elyassnia. Video footage then showed Lee and Momeni leaving the building together shortly after 2 a.m. and driving off in Momeni’s car.
Lee was found shortly after 2:30 a.m. in the Rincon Hill neighborhood, which has tech offices and condominiums but little activity in the early morning hours.
Copyright 2023 The Associated Press. All rights reserved.
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| 2023-07-31T21:31:37
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While Broncos head coach Sean Payton tried to walk back his scathing criticism of his predecessor, Nathaniel Hackett, Jets quarterback Aaron Rodgers still fired back on Sunday with strong comments of his own.
On Monday, receiver Allen Lazard endorsed Rodgers’ message about their once and current offensive coordinator.
“Hackett is the best teacher I’ve ever had in my life,” Lazard said, via Antwan Staley of the New York Daily News. “His personality, his style of teaching, coaching, his vulnerability just to be himself, I think it’s very powerful and it speaks to high regard of him being comfortable with himself.
“I think what Aaron said spoke for everyone here. At the end of the day, everyone is entitled to their own opinion. We have bigger things to worry about than people worry about our offensive coordinator.”
Rodgers’ message, in brief, was that Payton should keep the Jets coaches names out of his mouth.
The matchup between the Broncos and Jets in Week Five can’t get here soon enough.
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https://www.nbcsports.com/nfl/profootballtalk/rumor-mill/news/allen-lazard-what-aaron-rodgers-said-about-sean-payton-spoke-for-everyone-here
| 2023-07-31T21:31:41
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GM reported on Monday that first shipments of the 2024 Chevrolet Blazer EV from its assembly plant in Mexico have started, with dealerships due to start getting initial Blazer EV RS AWD versions in August.
With the confirmation, GM rolled out more Blazer EV news including new price details, some confirmed EPA range ratings, and a confirmation that the high-performance SS won’t arrive until next year.
As detailed last year, the 2024 Chevrolet Blazer EV will be offered in LT, RS, and SS trims, with front-wheel-drive, rear-wheel-drive, and all-wheel-drive versions all part of the lineup. Three different battery packs are also planned for the Blazer EV.
Single-motor front-wheel-drive 2LT models are due to return a GM-estimated (EPA-cycle) 293 miles with a midsize battery, while the sportier-tuned RS with rear-wheel drive and the largest of the battery packs will go 320 miles, GM estimates.
While the previously mentioned range ratings all remain GM estimates, the automaker also this morning confirmed that all-wheel-drive versions of the Blazer EV 2LT and RS have been certified by the EPA at 279 miles of range.
The initial Blazer EV RS AWD versions being delivered in August start at $60,215 and include gloss-black trim, 21-inch wheels, cooled front seats, heated rear seats, and a head-up display. A rear-wheel-drive RS version will cost more, at $61,790, but it includes Bose audio.
The Blazer 2LT AWD set to arrive a bit later will cost $56,715 and include a 17.7-inch infotainment system, wireless phone charging, a power tailgate, adaptive cruise control, heated front seats, heated side mirrors, and a heated steering wheel.
The automaker also confirmed that the Blazer EV lineup will be eligible for the full $7,500 EV tax credit. Considering the Blazer EV’s base price of $44,995 including destination, that will make it available to some buyers for just $37,495.
Otherwise, GM has revealed few specs about what exactly distinguishes the models in the Blazer lineup on a technical basis—especially regarding its array of different motor units and its three battery packs.
The company on Monday also confirmed that the top-performance Blazer SS is being delayed until next year, with a production start expected for spring. The Blazer SS was due to start at $65,995 and with a 564-hp all-wheel-drive powertrain, independent front and rear suspension, adaptive damping, and more. Chevy estimates a 0-60 mph time in less than four seconds and performance that may challenge the likes of the Tesla Model Y Performance, Ford Mustang Mach-E GT, and Kia EV6 GT.
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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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| 2023-07-31T21:31:42
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Two days after making a big splash in more ways than one at Auburn, Foley 5-star wide receiver Perry Thompson has turned his focus to his senior season and helping recruit for the Tigers.
On Saturday, Thompson announced he was flipping his commitment from Alabama to rival Auburn at a Big Cat Weekend pool party and then actually flipped into the pool with several other visitors.
“It was a fun weekend,” Thompson said Monday at Baldwin County Media Day in Daphne. “It felt nice just going around campus with the players and everything. At the moment, everything felt great so I went ahead and committed.”
The 6-foot-4, 210-pound Thompson – ranked by On3 as the No. 4 senior recruit in the state – had been committed to the Crimson Tide since June of 2022. However, the Tigers flipped the script when Hugh Freeze was hired as head coach.
Thompson, sporting an Auburn pendant on his necklace, said Monday he “probably” knew a month ago that he was going to change his commitment to the Tigers.
“I looked at Nick Saban and Hugh Freeze,” he said. “Nick Saban is a good coach, and I have a lot of respect for what he’s done in college football. I know he kind of specializes in DBs, but I’m a receiver. That’s what I want to be, and I know Hugh Freeze has a background in developing receivers at a high level. Auburn just felt like home, and I needed that home feeling again.”
The move didn’t come as a huge surprise to Foley head coach Deric Scott.
“I kind of had an idea,” he said. “The kids probably had a pool going on where Perry would end up. Everyone has kind of been on high alert for the last three weeks. It’s a testament to Perry and his talent. I just told him wherever he goes, I’m behind him. He made a decision he is comfortable with and he feels like will be best for him, and we are happy for him.”
Scott wasn’t the only Baldwin County coach happy with Thompson’s decision. Fairhope High’s Tim Carter, a former Auburn High coach, has faced Thompson for each of the past three seasons.
“He’s so talented,” Carter said. “I’ve watched him grow. I know Deric had to play him and some others at an early age. I watched Perry play a lot of safety in 7-on-7 this summer. I just think he has matured well. I hope he doesn’t catch a ball against Fairhope this year, but I hope he catches a bunch at Auburn in the next three or four years.”
Thompson said he is now focused on trying to recruit 5-star Buford, Ga., safety KJ Bolden, the No. 2 senior prospect in Georgia, into this Auburn class. Bolden is scheduled to announce a commitment later this week.
“I really have a strong feeling we can land him actually,” Thompson said.
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https://www.al.com/sports/2023/07/foley-5-star-wr-perry-thompson-makes-weekend-splash-at-auburn-turns-attention-to-tiger-recruiting.html
| 2023-07-31T21:31:43
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Total new annualized premiums up 11%; strong capital position
CARMEL, Ind., July 31, 2023 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $73.7 million, or $0.64 per diluted share, in 2Q23 compared to $233.3 million, or $1.99 per diluted share, in 2Q22. Net operating income (1) was $62.3 million, or $0.54 per diluted share, in 2Q23 compared to $135.1 million, or $1.15 per diluted share, in 2Q22.
"Production was strong in both our Consumer and Worksite Divisions, with notable sales increases in Life, Medicare Supplement and Supplemental Health, driven by continued growth in producing agent counts," said Gary C. Bhojwani, chief executive officer.
"Variable investment income results improved sequentially, yet reflect a tough comparable in the second quarter of 2022 when results reached a five-year high. Health claims impacted our results in the quarter. We expect this elevated claims experience to moderate in the second half of the year, based on leading indicators. Our long-term view of the Health business remains positive."
"New money rates were once again strong in the quarter at 6.34%, which drove continued improvement in the earned yield on investments allocated to insurance products. Our consolidated risk based capital (RBC) ratio of 386% was comfortably above our target as was our holding company liquidity of $176 million. Free cash flow generation in the quarter was robust."
Second Quarter 2023 Highlights (as compared to the corresponding period in the prior year where applicable)
- Total Health insurance new annualized premiums ("NAP") (4) up 15%; total Life insurance NAP up 8%
- Medicare Supplement NAP up 29%; Consumer Division field agent-sold Life insurance NAP up 20%
- Consumer Division field producing agent count up 8%; Worksite Division producing agent count up 32%
- Returned $47.4 million to shareholders
- Book value per share was $17.56; book value per diluted share, excluding accumulated other comprehensive loss,(2) was $32.34
- Return on equity ("ROE") of 14.8%; operating ROE, as adjusted,(6) of 8.0%
Adoption of New Accounting Standard
As previously disclosed, we adopted ASU 2018-12 related to targeted improvements to the accounting for long-duration insurance contracts effective January 1, 2023. We selected the modified retrospective transition method except for market risk benefits where we were required to use the full retrospective approach. All prior periods presented herein have been recast in accordance with the new standard. As a result of the adoption of the new guidance, shareholders' equity as of December 31, 2022, increased $368.0 million and was comprised of increases to retained earnings and accumulated other comprehensive income (loss) of $232.2 million and $135.8 million, respectively. Net income and operating earnings (1) for the second quarter of 2022 increased $97.2 million and $35.0 million, respectively. Concurrent with the adoption of the new guidance, we also updated the method of determining non-operating earnings for our fixed indexed annuities to better isolate the volatile non-economic accounting impacts of that line of business.
INSURANCE OPERATIONS
Annuity products accounted for 26 percent of the Company's margin for the quarter and annuity premiums collected decreased 8 percent in 2Q23 compared to 2Q22.
Health products accounted for 48 percent of the Company's insurance margin for the quarter and 63 percent of insurance policy income.
Life products accounted for 26 percent of the Company's insurance margin for the quarter and 36 percent of insurance policy income.
Sales of health products were up 15 percent and sales of life products were up 8 percent in 2Q23 compared to 2Q22.
Total allocated expenses were $149.5 million, down 2 percent from 2Q22.
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The fair value of CNO's available for sale fixed maturity portfolio was $21.0 billion compared with an amortized cost of $23.6 billion. Net unrealized losses were comprised of gross unrealized gains of $106.1 million and gross unrealized losses of $2,710.8 million. The allowance for credit losses was $66.1 million at June 30, 2023.
At both amortized cost and fair value, 94 percent of fixed maturities, available for sale, were rated "investment grade".
Non-Operating Items
Net investment losses in 2Q23 were $31.3 million including the unfavorable change in the allowance for credit losses of $9.9 million which was recorded in earnings. Net investment losses in 2Q22 were $27.1 million including the unfavorable change in the allowance for credit losses of $23.7 million which was recorded in earnings.
During 2Q23 and 2Q22, we recognized a decrease in earnings of $4.0 million and $21.7 million, respectively, due to the net change in market value of investments recognized in earnings.
During 2Q23 and 2Q22, we recognized an increase in earnings of $50.4 million and $160.6 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities. Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and market risk benefits.
In 2Q22, other non-operating items included an increase in earnings of $14.0 million for the mark-to-market change in the agent deferred compensation plan liability which was impacted by changes in the underlying actuarial assumptions used to value the liability. We recognize the mark-to-market change in the estimated value of this liability through earnings as assumptions change.
Statutory (based on non-GAAP measures) and GAAP Capital Information
Our consolidated statutory risk-based capital ratio was estimated at 386% at June 30, 2023, reflecting estimated 2Q23 statutory operating income of $37 million (and $76 million in the first six months of 2023) and the payment of insurance company dividends (net of capital contributions) to the holding company of $40.5 million during 2Q23 (and $74.7 million in the first six months of 2023).
During 2Q23, we repurchased $30.0 million of common stock under our securities repurchase program (including $0.9 million of repurchases settled in 3Q23). We repurchased 1.4 million common shares at an average cost of $22.28 per share. As of June 30, 2023, we had 113.7 million shares outstanding and had authority to repurchase up to an additional $641.8 million of our common stock. During 2Q23, dividends paid on common stock totaled $17.4 million.
Unrestricted cash and investments held by our holding company were $176 million at June 30, 2023, compared to $167 million at December 31, 2022.
Book value per common share was $17.56 at June 30, 2023 compared to $15.47 at December 31, 2022. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $32.34 at June 30, 2023, compared to $31.89 at December 31, 2022.
The debt-to-capital ratio was 36.3 percent and 39.2 percent at June 30, 2023 and December 31, 2022, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss) (3) was 23.4 percent at both June 30, 2023 and December 31, 2022.
Return on equity for the trailing four quarters ended June 30, 2023 and 2022, was 14.8% and 20.9%, respectively. Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (6) for the trailing four quarters ended June 30, 2023 and 2022, was 8.0% and 12.7%, respectively.
In this news release, CNO includes non-GAAP measures to enhance investors' understanding of management's view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing broader perspective. CNO's definitions of non-GAAP measures may differ from other companies' definitions. More detailed information including various GAAP and non-GAAP measurements are located at CNOinc.com in the Investors section under SEC Filings.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements within the meaning of federal securities laws. These prospective statements reflect management's current expectations, but are not guarantees of future performance. Accordingly, please refer to CNO's cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company's Form 10-K for the year ended December 31, 2022 and any subsequent Form 10-Q or Form 10-K on file with the Securities and Exchange Commission and on the Company's website at CNOinc.com in the Investors section. CNO specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.
EARNINGS RELEASE CONFERENCE CALL WEBCAST:
The Company will host a conference call to discuss results on August 1, 2023 at 11:00 a.m. Eastern Time. During the call, we will be referring to a presentation that will be available at the Investors section of the company's website.
To participate by dial-in, please register at https://www.netroadshow.com/events/login?show=5ac4628b&confId=53584. Upon registering, you will be provided with call details and a registrant ID used to track attendance on the conference call. Reminders will also be sent to registered participants via email.
For those investors who prefer to listen to the call online, we will be broadcasting the call live via webcast. The event can be accessed through the Investors section of the company's website: ir.CNOinc.com. Participants should go to the website at least 15 minutes before the event to register and download any necessary audio software.
ABOUT CNO FINANCIAL GROUP
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, financial services, and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $34 billion in total assets. Our 3,400 associates, 4,600 exclusive agents and 4,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
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| 2023-07-31T21:31:42
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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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| 2023-07-31T21:31:44
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Ford is working on a mid-cycle update for its current F-150, and it will be unveiled in September at the 2023 Detroit auto show.
The information was revealed by Ford CEO Jim Farley last week during a press conference for the company’s second quarter earnings results, according to Automotive News (subscription required).
The updated F-150 will likely arrive as a 2024 model. The current F-150 arrived for 2021, and the update will likely be the only notable improvements until the arrival of a next-generation model, likely for the 2027 model year.
Prototypes for the updated F-150 have been spotted. Camouflage gear on the test vehicles points to new designs for the lights at both ends, a revised grille, and possibly a multi-function tailgate. A revised dash with a portrait-oriented infotainment screen is also thought to be coming.
Updated versions of the F-150 Raptor and F-150 Raptor R should also be coming, though timing for the high-performance variants isn’t clear.
Ford may also place more focus on the hybrid F-150 this time around. Speaking during the conference, Farley said Ford has been “surprised” by the popularity of the hybrid F-150. He said more than 10% of F-150 buyers opt for the powertrain, which pairs a twin-turbocharged 3.5-liter V-6 with a single electric motor for a combined 430 hp.
The updated F-150 is thought to be one of six debuts planned by the Detroit 3 automakers for this year’s Detroit auto show. Organizers have said double the number of brands will participate compared to last year.
The show runs Sept. 13-24 and will include new attractions, including a track dedicated to electric vehicles and other outdoor events. The bulk of the action will still take place at Detroit’s Huntington Place (previously the TCF Center; before that, Cobo), which has held the show since 1965.
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Northwestern has agreed in principle to hire Skip Holtz as the special assistant to the head coach for the 2023 season, Pete Thamel is reporting.
Holtz’s assignment, per Thamel, is temporary and won’t interfere with his USFL job as the head coach of the Birmingham Stallions.
Last week, it was reported Northwestern wanted to add a veteran presence to their staff to help lead the program alongside interim head coach David Braun this fall in the wake of Pat Fitzgerald’s dismissal.
Holtz is coming off a USFL season in which he led the Stallions to a league title and was named the league’s coach of the year. In fact, after last season’s 8-2 record, he is 17-3 in the past two years.
Northwestern is facing multiple lawsuits from male and female athletes, including one by former quarterback Lloyd Yates, alleging hazing by teammates that includes sexual abuse. The 52-page complaint also said coaches made racially charged comments to players of color.
Northwestern fired Fitzgerald on July 10. Baseball coach Jim Foster was let go three days later amid misconduct allegations.
Braun was elevated to interim coach six months after he was hired as the Wildcats’ defensive coordinator. He spent the previous four seasons in the same position at North Dakota State, where he helped lead the Bison to FCS national championships in 2019 and 2021.
The Birmingham Stallions repeated as the USFL’s champions on Saturday night by not trying to defend their 2022 title.
The Stallions defeated the Pittsburgh Maulers 28-12 in the 2023 USFL Championship Game on Saturday night in Canton, Ohio.
The USFL has not announced its plans for the 2024 season, although season tickets for the Stallions are on sale. In 2022, the USFL played its entire regular season in Birmingham, moving to Canton for the postseason because of the arrival of the World Games in the Magic City. In 2023, the USFL placed two teams in each of four cities, with the Stallions sharing Birmingham with the Breakers.
Mark Heim is a reporter for The Alabama Media Group. Follow him on Twitter @Mark_Heim. He can be heard on “The Opening Kickoff” on WNSP-FM 105.5 FM in Mobile or on the free Sound of Mobile App from 6 to 9 a.m. daily.
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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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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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Oregon coach Dan Lanning doesn’t think much of Colorado leaving the Pac-12 for the Big 12. Actually, it appears he didn’t think much of them when they were in the conference.
Lanning didn’t hold back when asked about it.
“Not a big reaction,” he quipped. “I’m trying to remember what they won to affect this conference, and I don’t remember. Do you remember them winning anything? I don’t remember them winning anything.”
Last week, Lanning agreed to a contract extension through the 2028 season. Lanning, who went 10-3 in his first season with the Ducks in 2022, also received a raise to $7 million this year.
The 37-year-old Lanning was an Alabama graduate assistant in 2015, helping the Crimson Tide to the national championship that season. He then spent two seasons as inside linebackers coach at Memphis before reuniting in 2018 with Kirby Smart at Georgia, where he was defensive coordinator and outside linebackers coach for the Bulldogs’ 2021 national title team.
Mark Heim is a reporter for The Alabama Media Group. Follow him on Twitter @Mark_Heim. He can be heard on “The Opening Kickoff” on WNSP-FM 105.5 FM in Mobile or on the free Sound of Mobile App from 6 to 9 a.m. daily.
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https://www.al.com/sports/2023/07/oregons-dan-lanning-takes-shot-at-colorado-buffaloes-for-pac-12-exit.html
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The Bears added a new tight end to their roster on Monday.
Jared Pinkney was signed as a free agent. The NFL’s daily transaction report also shows that wide receiver Thyrick Pitts was waived in a corresponding move.
Pinkney signed with the Falcons after going undrafted out of Vanderbilt in 2020 and spent time on their active roster without appearing in a game. Pinkney made two appearances for the Lions in 2021 and four appearances with the Rams last year. He was credited with one special teams tackle while with the Rams.
The Bears signed Pitts as an undrafted free agent this year. He had 57 catches for 631 yards and 10 touchdowns at Delaware in 2022.
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https://www.nbcsports.com/nfl/profootballtalk/rumor-mill/news/bears-sign-te-jared-pinkney-waive-wr-thyrick-pitts
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Audi will equip its upcoming Q6 E-Tron with lights whose pattern changes depending on the situation or wishes of the owner, the automaker announced on Monday.
The electric compact crossover, which has been plagued by software development issues that have held back its launch by more than a year, will feature Audi’s second-generation OLEDs for the headlights and taillights, a technology the automaker said will enable the lights to act as intelligent displays that can communicate information to onlookers.
An example is what Audi refers to as a communication light that will feature in the taillights of the Q6 E-Tron. It will be able to warn other road users of accidents or breakdowns using cloud-based traffic information and the display of specific light signatures. It’s similar to a system Audi already launched in the headlights of the A8 flagship sedan in 2022.
Audi said the communication light could also be used to notify other road users for emergency assist, an imminent rear-end collision, emergency or roadside assistance calls, and more. Another application could be to warn approaching vehicles or cyclists that a door is about to be opened.
Another situation is using a specific light signature for when the Q6 E-Tron’s automated park assist feature is in operation. Of course, there is no accepted meaning for different light signatures, so the information the lights impart would be up to the interpretation of the onlookers.
Audi said Q6 E-Tron owners will also be able to change the light signatures for the daytime running lights for both the headlights and taillights. Owners will be able to install this feature on demand via the infotainment system or Audi app. Audi will offer multiple patterns to choose from, including some that feature an additional coming or leaving home sequence.
The lighting functions are controlled by a software module developed jointly by Audi and Volkswagen Group’s Cariad software development division.
The Q6 E-Tron is being developed alongside a related electric Porsche Macan. The Q6 E-Tron is set to debut later this year while the electric Macan will arrive in early 2024. Both models will use VW Group’s PPE platform for high-volume premium electric vehicles.
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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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Ford announced a recall of the 2021-2023 Ford F-150 pickup truck for an unexpected engagement of the electric parking brake while driving, the NHTSA disclosed Monday.
The recall encompasses 870,701 trucks with a single exhaust system. Redesigned in 2021, most of this generation’s F-150 models have a single exhaust system from the factory, with dual pipes limited to special appearance packages and performance models such as the Tremor and Raptor.
The issue arises from bad wiring on the electric parking brake. Over time, the rear axle wiring harness bundle can rub against the rear axle housing, causing the tape and circuit insulation to degrade and expose the wiring. If this happens, the electric parking brake can be activated while driving, causing an apparent loss of power as well as an unintended braking event. This increases the risk of a crash.
Ford says drivers may be alerted to the problem via a parking brake warning light and message in the instrument cluster. Ford acknowledged 918 warranty claims in North America, with 299 instances of unintended activation and 19 instances of the parking brake activating while driving. No known injuries or crashes were reported by Ford.
Owners will be notified by mail by Sept. 15, and will be asked to have their F-150s inspected by a Ford or Lincoln service center. If there’s damage, the wiring harness will be replaced. If there’s no apparent damage, Ford will add some tape and a tie strap to the harness. There will be no charge to owners. Reimbursement will be provided for owners who have already had the repairs down, and that reimbursement period will be open for a year, ending on Sept. 11, 2024.
This is the 16th recall for the 2021 F-150. Other notable issues include a problem with the windshield wipers and a potential fractured driveshaft. A refreshed 2024 Ford F-150 is planned to debut at the Detroit auto show in mid-September.
For more info, contact Ford customer service at 1-866-436-7332 or visit Ford’s recall site here.
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- Ford expands recall of Escape, Maverick, Corsair hybrids for engine failure
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Mazda on Friday afternoon revealed that its MX-30 lineup will not be returning for U.S. sales after the 2023 model year.
For longtime Mazda fans, that piece of news also means that Mazda’s Wankel rotary engine won’t be coming back to America anytime soon.
The MX-30 EV arrived for first deliveries in late 2021, and with its 100-mile EPA range rating it’s been one of the lowest-driving-range EVs available in the U.S. market.
The single-motor, front-wheel-drive MX-30 was always intended to be just part of the lineup, though. Since the model’s 2021 introduction, Mazda teased an upcoming range-extended version enabled by a Wankel rotary engine—a Mazda signature—on board as a range extender.
That version, called the Mazda MX-30 e-Skyactiv R-EV, is on closer scrutiny a model that may be hard for American drivers to comprehend, let alone see advantages to in either by-the-numbers operating expenses or in sheer driving enjoyment. It features a smaller 17.8-kwh battery pack enabling a range that might likely land near 40 miles EPA (53 miles on the significantly more generous WLTP cycle). Its little 0.83-liter, single-rotor engine makes 73 hp and its only task is to drive a generator. Despite a boost at the drive motor of about 25 hp, a gain of more than 250 pounds doesn’t make it much quicker than the EV, and both dash to 60 mph in the nine-second range.
It’s unclear what kind of fuel economy the R-EV might have been able to deliver after running through a charge in American-style freeway driving, but rotary engines were never stellar for cruising efficiency, and neither is the series-hybrid layout.
In a statement, Mazda North American Operations emphasized that plug-in hybrids rather than EVs are in its immediate future for America. And it essentially cuts off any hope of the R-EV arriving in the U.S.
“Our current U.S. electrification efforts are focused on large platform PHEVs, such as the first-ever 2024 CX-90 PHEV and upcoming CX-70 PHEV, as well as introducing CX-50 Hybrid into our lineup to address the specific needs of the U.S. market,” it stated.
Mazda rotary nostalgia? Not for now, America
That said, Mazda reported that “mass production” of the R-EV had started, and the model appears to still be bound for Europe and the U.K., with deliveries due in the fall.
As a Mazda executive told Green Car Reports several years ago, before the project itself had been revealed, the automaker had pushed for the idea of a rotary range extender partly because of Americans’ nostalgia over the brand’s rotary-powered sports cars like the RX-7 and RX-8. America may have inspired the product but it appears to lose out in actually getting the product.
In a review of the Mazda MX-30 EV published earlier this year, we found this short-range EV to offer up a bewildering mix of limited compliance-car availability, compromised performance, slow road-trip charging, and an underwhelming exterior design contrasting with unique cabin appointments that felt as if Mazda were pulling out all the stops.
MX-30 EV has been exotic-car rare
The MX-30 has been a very slow-seller, which Mazda has only officially made available in California. Mazda delivered just 520 MX-30s for the 2022 model year, split between late calendar-year 2021 and the earlier part of 2022. Then with the 2022s gone, a 2023 Mazda MX-30 EV returned with only a slight price increase.
The 2023 model year may be the one for the collectors, as it’s looking rarer than some supercars. Mazda sold just 66 MX-30 EVs in the U.S. in the first half of 2023 (through June), and we’ve no reason to believe that the pace picked up appreciably in July.
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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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ST. LOUIS, July 31, 2023 /PRNewswire/ -- Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, today reported that it set a new quarterly record for net sales in the second quarter of 2023.
Graybar's net sales for the second quarter of this year totaled $2.8 billion, an increase of 4.5% compared to the same period last year. Net income attributable to Graybar for the quarter finished at $124.2 million, a 2.7% decrease from the second quarter of 2022.
For the first half of 2023, the company reported net sales of $5.5 billion, an 8.1% increase compared to the same period last year. Net income attributable to Graybar for the first six months of 2023 increased 8.4% to $249.0 million.
"Thanks to the hard work of our employees, we continue to achieve positive results," said Kathleen M. Mazzarella, chairman, president and chief executive officer of Graybar. "We remain focused on providing exceptional service to our customers every day, while we make strategic investments to transform our business and strengthen our long-term position as an industry leader."
Graybar, a Fortune 500 corporation and one of the largest employee-owned companies in North America, is a leader in the distribution of high quality electrical, communications and data networking products, and specializes in related supply chain management and logistics services. Through its network of more than 325 North American distribution facilities, it stocks and sells products from thousands of manufacturers, helping its customers power, network, automate and secure their facilities with speed, intelligence and efficiency. For more information, visit www.graybar.com or call 1-800-GRAYBAR.
Media Contact:
Tim Sommer
(314) 578-7672
timothy.sommer@graybar.com
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Published: Jul. 31, 2023 at 3:05 PM CDT|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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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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The National Highway Traffic Safety Administration (NHTSA) on Friday issued a proposal to update Corporate Average Fuel Economy (CAFE) standards for passenger cars and light-duty trucks, calling for a fleet average of 58 mpg, according to its methodology, by 2032—which will equate to a real-world fleet efficiency average of about 43.5 mpg.
The proposed rules, on which the NHTSA is now taking public comment, call for a 2% annual improvement in fuel efficiency for passenger cars, and a 4% improvement for light trucks, between model years 2027 and 2032. As is always the case with CAFE standards though, the 58-mpg figure in the framework itself represents an array of adjustments built into the rules, as well as the existence of emissions credits automakers can purchase to offset excess emissions.
The proposal also includes a 10% annual improvement in fuel efficiency for commercial pickup trucks and work vans with a gross vehicle weight rating (GVWR) or more than 8,500 pounds and less than 14,001 pounds, beginning with the 2030 model year and continuing through the 2035 model year.
If enacted, these fuel-efficiency increases would eliminate the use of 88 billion gallons of gasoline through 2050 and prevent more than 900 million tons of CO2 emissions during that time, according to an NHTSA press release. The emissions reduction would be the equivalent of taking more than 233 million vehicles off the road from 2022 to 2050, according to the agency.
The proposed rules throttle back efficiency increases somewhat. As Reuters points out, NHTSA rules finalized in 2022 for model years 2024-2026 require a fleet average of 49 mpg by 2026, which calls for efficiency increases of 8% in 2024 and 2025 and 10% in 2026.
EPA rules might result in 67% EV sales by 2032. The current rules, EPA suggests, can be met with about 17% EV sales by 2026. The NHTSA and EPA share authority over emissions standards because they overlap in the EPA’s mandate to reduce pollution and the NHTSA’s mandate to administer rules governing new cars sold in the U.S.
How challenging the NHTSA proposal is to automakers, and how it stands versus proposed EPA rules announced earlier this year, depends on the outcome of a controversial factor that digs deep in rulemaking jargon but is especially important this time around. The NHTSA doesn’t directly consider the true efficiency of EVs, incorporating electricity generation, in its rule making, and the federal government is in the process of updating the Petroleum Equivalency Factor (PEF) that governs how EVs are taken into account.
The level of difficulty in meeting future emissions standards will depend to some level on the revised PEF and whether it becomes more representative of reality, which General Motors is opposing.
GM has also already taken issue with the EPA proposal for the next rule period and what the automaker views as an unrealistic acceleration of the EV market by the end of the decade. GM previously declared an “aspiration” to make all of its light-duty vehicles electric by 2035.
The Natural Resources Defense Council lauded the new standards and called them important to low-income drivers. But several other environmental groups, including the Union of Concerned Scientists and the Center for Biological Diversity spoke up on Friday to suggest that the NHTSA rules could be stronger to support the EPA rules recently released. Consumer Reports suggested that the new rules could go farther, and it pointed to a nationally representative survey it conducted in 2022 suggesting that fuel economy is “very important” or “extremely important” to 70% of American drivers. It also noted that strong CAFE rules will help assure that automakers make their EVs as efficient as possible.
After some negotiation, the NHTSA and EPA are usually in alignment on proposed emissions rules. In practice, if there’s more of a difference between them this time around, it might allow any remaining internal-combustion vehicles to be lower in their fuel efficiency than the EPA rules would permit—especially if EV volumes prove to be higher than assumed by rulemaking. But much is yet to be determined in the details and how this NHTSA proposal carries into a final rule.
with additional reporting by Bengt Halvorson
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- EPA tailpipe emissions rules for 2027-2032: EVs not mandated
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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.
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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
View original content:
SOURCE Heidrick & Struggles International, Inc.
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A man who was a Princeton University student when the FBI arrested him on charges related to the U.S. Capitol riot pleaded guilty on Monday to joining a mob's attack on police officers during one of the most violent clashes on Jan. 6, 2021.
Larry Fife Giberson was on the front lines when rioters attacked police officers in a tunnel on the Capitol's Lower West Terrace. Giberson, 22, of Manahawkin, New Jersey, waved other rioters into the tunnel and then joined in a coordinated push against officers guarding an entrance to the building, according to a court filing.
Giberson tried in vain to start a chant of “Drag them out!” and then cheered on rioters using weapons and pepper spray against police in the tunnel, according to an FBI’s agent affidavit. Giberson remained in the area for roughly an hour, the affidavit says.
Giberson pleaded guilty to a felony charge of interfering with police during a civil disorder, court records show. U.S. District Judge Carl Nichols is scheduled to sentence him on Nov. 1. The judge allowed him to remain free until his sentencing.
Giberson was enrolled at Princeton as an undergraduate when he was arrested in March on riot-related charges. On Monday, a university spokesperson declined to answer questions about Giberson’s enrollment status.
Capitol Riot
Charles Burnham, an attorney for Giberson, didn't immediately respond to emails and a telephone call seeking comment.
Giberson was wearing a “Make America Great Again” hat and a Trump flag around his neck when he joined the Jan. 6 attack, which disrupted the joint session of Congress for certifying President Joe Biden's electoral victory over Donald Trump.
The FBI posted images of Giberson on social media to seek the public’s help in identifying him. Online sleuths also posted images of Giberson using the “#DragThemOut” hashtag moniker.
Investigators matched photos of Giberson from the Capitol to several images found on Instagram and Princeton University’s website, according to the FBI.
Approximately 1,100 people have been charged with federal crimes related to the Capitol riot. More than 600 of them have pleaded guilty. Over 100 others have been convicted by judges or juries after trials in Washington, D.C.
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The Miami Marlins host the Philadelphia Phillies in MLB 2023 action Monday, July 31, at LoanDepot Park in Miami. The game will be live streamed on ESPN+.
The Phillies are 56-49 this season, while the Marlins are 57-49. Philadelphia will send Taijuan Walker to the mound vs. fellow right-hander Edward Cabrera for Miami.
The Phillies-Marlins game starts at 5:40 pm. Central (6:40 p.m. Eastern) and will be live streamed on ESPN+, which is available for $9.99 a month or $99.99 a year. Bally Sports Florida and NBC Sports Philadelphia will broadcast the game regionally.
Preview
FANDUEL SPORTSBOOK MLB LINE: Phillies -114, Marlins -106; over/under is 8 runs
BOTTOM LINE: The Miami Marlins host the Philadelphia Phillies on Monday to start a four-game series.
Miami is 57-49 overall and 33-21 in home games. The Marlins have the ninth-ranked team on-base percentage in the NL at .320.
Philadelphia is 56-49 overall and 28-29 in road games. Phillies pitchers have a collective 4.04 ERA, which ranks fourth in the NL.
The matchup Monday is the seventh time these teams square off this season. The Marlins have a 4-2 advantage in the season series.
TOP PERFORMERS: Bryan De La Cruz has 22 doubles and 14 home runs for the Marlins. Jean Segura is 9-for-39 with a double and a home run over the past 10 games.
Kyle Schwarber has 13 doubles, a triple, 27 home runs and 65 RBI while hitting .183 for the Phillies. Bryson Stott is 11-for-36 with three doubles and a home run over the last 10 games.
LAST 10 GAMES: Marlins: 4-6, .265 batting average, 4.24 ERA, outscored by nine runs
Phillies: 4-6, .211 batting average, 3.58 ERA, outscored by three runs
INJURIES: Marlins: Matt Barnes: 60-Day IL (hip), Edward Cabrera: day-to-day (blister), Jonathan Davis: 60-Day IL (knee), Andrew Nardi: 15-Day IL (tricep), Jazz Chisholm: 10-Day IL (oblique), Trevor Rogers: 60-Day IL (forearm ), Tommy Nance: 60-Day IL (shoulder), Max Meyer: 60-Day IL (elbow), Anthony Bender: 60-Day IL (elbow)
Phillies: Cristopher Sanchez: day-to-day (illness), Cristian Pache: 10-Day IL (elbow), Jose Alvarado: 15-Day IL (elbow), Rhys Hoskins: 60-Day IL (acl)
The Associated Press contributed to this report.
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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)
View original content to download multimedia:
SOURCE Amgen
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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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SOURCE Hormel Foods Corporation
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It may be the last day of July but the sights and sounds of autumn are already visible at the UAB Football Operations Complex.
The Blazers opened their first fall camp under head coach Trent Dilfer on Monday in Birmingham and will remain in helmets and shells this week while battling high temperatures and oppressive humidity.
RELATED: 5 things to watch as UAB football opens fall camp
RELATED: What UAB’s Trent Dilfer said about NIL tampering
Here are some observations from the limited access period provided to the media:
-- Dilfer had his team ready and willing to run through a brick wall Monday morning but prefers the gradual approach rather than going too hard, too fast and too soon. The first-year head coach was pleased with the offseason conditioning program and expects to be in even better shape before the season kicks off in a month.
“There’s a natural hardening that goes on with athletes because of offseason programs. They don’t need to be hardened at camp, they need to be almost taken care of to a certain degree. I appreciate that, I like it from a player’s standpoint a lot. It’s a little harder for coaches because you have to be creative on how you get your volume installed and how you judge progression and execution.”
-- Jacob Zeno, fresh off his appearance at 2023 AAC Media Days, has the confidence and comfort of a man in charge and the redshirt junior should fend off any usurpers to the crown during fall camp. By far the most experienced quarterback on the roster, Zeno has taken the lead for an offensive expected not to rely solely on its punishing run game as it has in the past.
“It’s a blessing having Coach (Dilfer) here and he’s a tremendous help,” Zeno said. “I’m focusing on my job and doing the little details to make sure I got everything right. I’m just like a sponge, I’m taking it all in.”
-- Additionally, the quarterbacks were seen in red practice jerseys, in contrast to the black they wore under Bill Clark, and the offense worked in whites while the defense was in black.
“It was different,” Zeno said. “That’s my first time in red. Back at Baylor, we had orange, and then last year we were in black. I’m liking it.”
-- The offensive line is searching for five new starters and there is plenty of competition to go around between upperclassmen and newcomers. In the first viewing session, the first-team offensive line was composed of Will Parker (LT), Luke Jones (LG), Brady Wilson (C), Quez Yates (RG) and Trey Bedosky (RT), while the second team was manned by Tennyson Hadfield, Brennan Moran, Adam Lepkowski, Jalen Nettles and Logan Moore.
“I’m really excited about their length, athleticism, their desire and their fire,” Dilfer said. “They have all the qualities you’re looking for. They’re not really experienced, I don’t have to tell you guys that, so we got to speed up their learning curve.”
-- The Blazers are relatively healthy entering fall camp, save a few nagging injuries suffered during spring, and freshman defensive lineman Eamon Smalls was one of those walking in a boot during the viewing session.
“We have a couple of soft tissue things we’re keeping an eye on,” Dilfer said. “We have some guys back to participate and obviously added some guys since spring so we’re a better roster right now than we were at the end of spring. We’re healthier and in better condition because they had more time with Lyle (Henley) and his team really increased nutritional processes that have helped us.”
-- With as many newcomers as the Blazers welcomed during the offseason, there are a lot of new numbers for returning and incoming players. However, there is a battle on defense between linebacker Desmond Little and cornerbacks Colby Dempsey and BJ Mayes for the right to wear the number one on their uniform.
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Published: Jul. 31, 2023 at 3:15 PM CDT|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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- 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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Red Bull Racing scored a one-two finish during the past week’s Formula 1 Belgian Grand Prix, which served as round 13 of the 2023 season and the final race before the summer break.
Fresh from his win at Saturday’s standalone Sprint race, Max Verstappen took home another win on Sunday at the main event after recovering from starting in the fifth position due to a grid penalty related to a gearbox change. Once again the rest of the field, including Verstappen teammate Sergio Perez, provided little in the way of competition.
Perez, who started the race second on the grid, finished 22 seconds after Verstappen to secure second place, while Ferrari’s Charles Leclerc, the polesitter, finished 32 seconds behind the winner to secure the final podium spot.
There was plenty of action at the start, with Perez moving ahead of Leclerc on the first lap and Ferrari’s Carlos Sainz and McLaren’s Oscar Piastri making contact. The damage eventually led to both drivers retiring, with Piastri out at the start and Sainz around the midway point of the race.
Verstappen was able to take advantage of the clash and move up to fourth early on, behind Hamilton, who was in third behind Perez and Leclerc. Verstappen made a successful move on Hamilton on lap six and passed Leclerc to claim second just three laps later.
He overtook race leader Perez on lap 16. With a gap of just half a second between them, Verstappen used the DRS on the Kemmel straight to shoot past his teammate. From there, the reigning world champion cruised to the end of the race.
Hamilton finished in fourth place, and managed to set the fastest lap of the race fresh after changing to Medium tires on the penultimate lap. Aston Martin’s Fernando Alonso finished in fifth place ahead of Mercedes’ George Russell, who worked a one-stop strategy to take sixth.
Following the weekend’s action, Verstappen leads the 2023 Drivers’ Championship with 314 points. Perez is a distant second with 189 points and Alonso is third with 149 points. In the Constructors’ Championship, Red Bull leads with 503 points, versus the 247 points of second-placed Mercedes and 196 points of third-placed Aston Martin. Teams now enjoy a three-week summer break before returning for the Dutch Grand Prix.
Below are the full results from the 2023 Formula 1 Belgian Grand Prix:
1) Max Verstappen, Red Bull Racing
2) Sergio Perez, Red Bull Racing +22.305 seconds
3) Charles Leclerc, Ferrari +32.259 seconds
4) Lewis Hamilton, Mercedes-Benz AMG +49.671 seconds
5) Fernando Alonso, Aston Martin +56.184 seconds
6) George Russell, Mercedes-Benz AMG +63.101 seconds
7) Lando Norris, McLaren +73.719 seconds
8) Esteban Ocon, Alpine +74.719 seconds
9) Lance Stroll, Aston Martin +79.340 seconds
10) Yuki Tsunoda, AlphaTauri +80.221 seconds
11) Pierre Gasly, AlphaTauri +83.084 seconds
12) Valtteri Bottas, Alfa Romeo +85.191 seconds
13) Zhou Guanyu, Alfa Romeo +95.441 seconds
14) Alexander Albon, Williams +96.184 seconds
15) Kevin Magnussen, Haas +101.754 seconds
16) Daniel Ricciardo, AlphaTauri +103.071 seconds
17) Logan Sargeant, Williams +104.476 seconds
18) Nico Hulkenberg, Haas +110.450 seconds
NC) Carlos Sainz, Ferrari – DNF
NC) Oscar Piastri, McLaren – DNF
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https://www.wdtn.com/automotive/internet-brands/red-bull-secures-one-two-finish-at-2023-f1-belgian-grand-prix/
| 2023-07-31T21:32:21
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BOGOTA, Colombia, July 31, 2023 /PRNewswire/ -- Considering the information known to public, the Board of Directors of Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC, "Ecopetrol" or the "Company") reiterates the press release issued by the company yesterday, which stated that Ecopetrol, Cenit and Oleoducto de Colombia have actively collaborated with the different authorities for the execution of the "Bunkering Imperio" operation.
- Based on external verifications and information coming from the collaborative efforts between the Ecopetrol Group, the Judicial Investigation Directorate and the Carabineros and Environmental Protection Directorate of the National Police, to date, there is no evidence implicating either the administrations or the officers of the Ecopetrol Group;
- Ecopetrol, Cenit and Oleoducto de Colombia have been recognized as victims in the corresponding criminal proceedings; and
- The company will continue to work with the authorities to sanction and prevent the smuggling and theft of hydrocarbons.
Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 18,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This press release contains business prospect statements, operating and financial result estimates, and statements related to Ecopetrol's growth prospects. These are all projections and, as such, they are based solely on the expectations of the managers regarding the future of the company and their continued access to capital to finance the company's business plan. The realization of said estimates in the future depends on the behavior of market conditions, regulations, competition, and the performance of the Colombian economy and the industry, among other factors, and are consequently subject to change without prior notice.
This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.
For more information, please contact:
Head of Capital Markets (a)
Carolina Tovar Aragón
Email: investors@ecopetrol.com.co
Head of Corporate Communications
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co
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SOURCE Ecopetrol S.A.
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https://www.wlbt.com/prnewswire/2023/07/31/board-directors-ecopetrol-sa-announces-execution-operation-sanction-theft-smuggling-hydrocarbons/
| 2023-07-31T21:32:24
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ARMONK, N.Y., July 31, 2023 /PRNewswire/ -- The IBM (NYSE: IBM) board of directors has elected Michael Miebach to the board, effective October 30, 2023.
Michael Miebach, 55, is the chief executive officer of Mastercard Incorporated and a member of its board of directors. An innovator and technologist, Mr. Miebach has led Mastercard, a global technology company in the payments industry, since January 2021. Previously Mastercard's chief product officer, Mr. Miebach has deep experience in digital transformation, cybersecurity and delivering data-driven insights.
Arvind Krishna, IBM chairman and chief executive officer, said: "We are delighted that Michael Miebach will join the IBM board of directors. Michael is an accomplished technologist and international business leader. His insights and experience will strongly benefit IBM and its shareholders."
Mr. Miebach is a member of the Business Roundtable, the Business Council and the International Business Council of the World Economic Forum. He is a trustee of the United States Council for International Business and also serves on the United States Treasury Advisory Committee on Racial Equity.
Mr. Miebach holds a Master of Business Administration from the University of Passau in Germany.
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| 2023-07-31T21:32:24
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In 1998, Mercedes-Benz built the CLK LM to take on the FIA GT Championship in the premier GT1 class, as well as the 24 Hours of Le Mans.
It dominated the series, though it failed to finish at Le Mans due to reliability issues.
Just four examples are thought to have been built in total, and now one of them is up for sale.
According to its listing on Piston Heads, the striking race car is available via London-based dealership JM Performance and was used purely as a test vehicle during its motorsports career. After that career ended, the car was sold into private hands, initially to a customer in Japan. It’s been with its current owner in the U.K. since 2017, who went through the process of making it road legal.
The CLK LM is the successor to the much more widely known Mercedes-Benz CLK GTR built a year prior. While that car required 25 road-going homologation specials to be built, the CLK LM needed just one.
That sole CLK LM homologation is currently in private hands and may eventually turn up for sale one day. Until that happens, anyone with a desire for a road-legal CLK LM can purchase this car from JM Performance. No price is mentioned in the listing.
For the CLK LM, Mercedes swapped out the CLK GTR’s V-12 engine in favor of a V-8 deemed to be better able to last when racing around the clock at Le Mans. The mid-mounted engine is a 5.0-liter unit rated at close to 600 hp. It’s paired with a 6-speed sequential transmission and spins the rear wheels only.
With the next season of the GT Championship adopting a prototype class for its premier class, Mercedes ended the CLK LM program, replacing it with the CLR prototype. That car had a disastrous outing at the 1999 24 Hours of Le Mans, with aerodynamic issues causing multiple high-speed flips.
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- Nissan GT-R from “Gran Turismo” movie heads to auction
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| 2023-07-31T21:32:27
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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.wlbt.com/prnewswire/2023/07/31/br-marketing-group-launches-webvr-immersive-service-new-way-boost-brand-loyalty-engagement/
| 2023-07-31T21:32:31
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NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Premium Dividend Fund (NYSE: PDT) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.0825 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Premium Dividend Fund (NYSE: PDT) with important information concerning the distribution declared on June 30, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.0825 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
About John Hancock Investment Management
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
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| 2023-07-31T21:32:31
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Saving the lives of homeless animals is something many of us are passionate about, including us at NBCUniversal with our 9th annual “Clear The Shelters” nationwide pet adoption and donation campaign.
But for 16-year-old Sir Darius Brown, it’s become his life’s mission, or as he calls it, his PAW-SOME mission.
Sir Darius got his start after learning about hundreds of dogs displaced from their homes in Texas and Puerto Rico that were transferred to shelters in the northeast after hurricanes Harvey and Irma in 2017. He knew right then he needed to do something to help.
So he turned his passion for sewing, which he learned from his sister, to create bow ties for shelter pets. His creation quickly turned into a thriving company he founded called “Beaux & Paws,” where he is also CEO.
“Beaux & Paws” is the company where I handcraft bow ties for dogs and cats to help them be noticeable and adoptable and find everlasting homes,” Sir Darius said. “I believe a bow tie is a symbol. It gives them a form of importance. It’s going to attract people to want to adopt a dog or a cat.”
“What a wonderful young man,” said Liz Morgan, director of Montclair Township Animal Shelter in New Jersey. “People might walk past a dog that’s middle-aged, but with a bow tie, you have to look at her.”
For every bow tie that is purchased, Sir Darius donates a bow tie to a shelter pet.
“Every single bow tie that I make is personal,” Sir Darius said. “It’s not just any bow tie you can buy at a local store. When it’s handmade, it creates that bond.”
This year, Sir Darius was selected as an ambassador for Clear The Shelters to further his goal of finding loving, forever homes for every shelter pet. In fact, he’s so dedicated to his mission that he created a special bow tie just for Clear The Shelters.
“I created this bow tie for Clear the Shelters because not only is it really cute, but I wanted to spread the word,” he said.
Since its inception in 2015, Clear The Shelters has helped more than 860,000 pets find new homes. For 2023 Clear The Shelters, which runs Aug. 1 through Aug. 31, we want to reach a new milestone with the help of Sir Darius.
“For this year’s Clear the Shelters, we want to help adopt our one-millionth pet,” Sir Darius said. “People should want to come together to uplift and inspire others to adopt and to really help us reach our goal.”
To date, Sir Darius has donated over 5,000 bow ties and helped raise more than $800,000 for animal shelters.
“I don’t think any of us ever thought that it would get to the magnitude that it currently is,” sister and co-founder, Dazhai Brown said. “I’m so glad that it is Sir Darius that has been able to be an advocate for shelter animals and to promote adopting, not shopping.”
“My mom and my sister are very proud of me,” he said. “If it wasn’t for them, this initiative wouldn’t have come close to being possible.”
If you would like to purchase a “Clear The Shelters” bow tie, check out his website.
To learn more about Clear The Shelters 2023 and search for adoptable pets in your area, visit cleartheshelters.com. You can also donate to your local animal shelters and rescue groups by visiting clearthesheltersfund.org.
Follow Clear The Shelters on Twitter and Instagram to stay up to date on this year’s pet adoption and donation news:
- Twitter @ClearTheShelter
- Instagram: @cleartheshelters
- Hashtags: #ClearTheShelters & #DesocuparLosAlbergues
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NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.1380 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) with important information concerning the distribution declared on July 3, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.1380 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
About John Hancock Investment Management
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
View original content:
SOURCE John Hancock Investment Management
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https://www.valleynewslive.com/prnewswire/2023/07/31/john-hancock-tax-advantaged-dividend-income-fund/
| 2023-07-31T21:32:38
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Total new annualized premiums up 11%; strong capital position
CARMEL, Ind., July 31, 2023 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $73.7 million, or $0.64 per diluted share, in 2Q23 compared to $233.3 million, or $1.99 per diluted share, in 2Q22. Net operating income (1) was $62.3 million, or $0.54 per diluted share, in 2Q23 compared to $135.1 million, or $1.15 per diluted share, in 2Q22.
"Production was strong in both our Consumer and Worksite Divisions, with notable sales increases in Life, Medicare Supplement and Supplemental Health, driven by continued growth in producing agent counts," said Gary C. Bhojwani, chief executive officer.
"Variable investment income results improved sequentially, yet reflect a tough comparable in the second quarter of 2022 when results reached a five-year high. Health claims impacted our results in the quarter. We expect this elevated claims experience to moderate in the second half of the year, based on leading indicators. Our long-term view of the Health business remains positive."
"New money rates were once again strong in the quarter at 6.34%, which drove continued improvement in the earned yield on investments allocated to insurance products. Our consolidated risk based capital (RBC) ratio of 386% was comfortably above our target as was our holding company liquidity of $176 million. Free cash flow generation in the quarter was robust."
Second Quarter 2023 Highlights (as compared to the corresponding period in the prior year where applicable)
- Total Health insurance new annualized premiums ("NAP") (4) up 15%; total Life insurance NAP up 8%
- Medicare Supplement NAP up 29%; Consumer Division field agent-sold Life insurance NAP up 20%
- Consumer Division field producing agent count up 8%; Worksite Division producing agent count up 32%
- Returned $47.4 million to shareholders
- Book value per share was $17.56; book value per diluted share, excluding accumulated other comprehensive loss,(2) was $32.34
- Return on equity ("ROE") of 14.8%; operating ROE, as adjusted,(6) of 8.0%
Adoption of New Accounting Standard
As previously disclosed, we adopted ASU 2018-12 related to targeted improvements to the accounting for long-duration insurance contracts effective January 1, 2023. We selected the modified retrospective transition method except for market risk benefits where we were required to use the full retrospective approach. All prior periods presented herein have been recast in accordance with the new standard. As a result of the adoption of the new guidance, shareholders' equity as of December 31, 2022, increased $368.0 million and was comprised of increases to retained earnings and accumulated other comprehensive income (loss) of $232.2 million and $135.8 million, respectively. Net income and operating earnings (1) for the second quarter of 2022 increased $97.2 million and $35.0 million, respectively. Concurrent with the adoption of the new guidance, we also updated the method of determining non-operating earnings for our fixed indexed annuities to better isolate the volatile non-economic accounting impacts of that line of business.
INSURANCE OPERATIONS
Annuity products accounted for 26 percent of the Company's margin for the quarter and annuity premiums collected decreased 8 percent in 2Q23 compared to 2Q22.
Health products accounted for 48 percent of the Company's insurance margin for the quarter and 63 percent of insurance policy income.
Life products accounted for 26 percent of the Company's insurance margin for the quarter and 36 percent of insurance policy income.
Sales of health products were up 15 percent and sales of life products were up 8 percent in 2Q23 compared to 2Q22.
Total allocated expenses were $149.5 million, down 2 percent from 2Q22.
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The fair value of CNO's available for sale fixed maturity portfolio was $21.0 billion compared with an amortized cost of $23.6 billion. Net unrealized losses were comprised of gross unrealized gains of $106.1 million and gross unrealized losses of $2,710.8 million. The allowance for credit losses was $66.1 million at June 30, 2023.
At both amortized cost and fair value, 94 percent of fixed maturities, available for sale, were rated "investment grade".
Non-Operating Items
Net investment losses in 2Q23 were $31.3 million including the unfavorable change in the allowance for credit losses of $9.9 million which was recorded in earnings. Net investment losses in 2Q22 were $27.1 million including the unfavorable change in the allowance for credit losses of $23.7 million which was recorded in earnings.
During 2Q23 and 2Q22, we recognized a decrease in earnings of $4.0 million and $21.7 million, respectively, due to the net change in market value of investments recognized in earnings.
During 2Q23 and 2Q22, we recognized an increase in earnings of $50.4 million and $160.6 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities. Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and market risk benefits.
In 2Q22, other non-operating items included an increase in earnings of $14.0 million for the mark-to-market change in the agent deferred compensation plan liability which was impacted by changes in the underlying actuarial assumptions used to value the liability. We recognize the mark-to-market change in the estimated value of this liability through earnings as assumptions change.
Statutory (based on non-GAAP measures) and GAAP Capital Information
Our consolidated statutory risk-based capital ratio was estimated at 386% at June 30, 2023, reflecting estimated 2Q23 statutory operating income of $37 million (and $76 million in the first six months of 2023) and the payment of insurance company dividends (net of capital contributions) to the holding company of $40.5 million during 2Q23 (and $74.7 million in the first six months of 2023).
During 2Q23, we repurchased $30.0 million of common stock under our securities repurchase program (including $0.9 million of repurchases settled in 3Q23). We repurchased 1.4 million common shares at an average cost of $22.28 per share. As of June 30, 2023, we had 113.7 million shares outstanding and had authority to repurchase up to an additional $641.8 million of our common stock. During 2Q23, dividends paid on common stock totaled $17.4 million.
Unrestricted cash and investments held by our holding company were $176 million at June 30, 2023, compared to $167 million at December 31, 2022.
Book value per common share was $17.56 at June 30, 2023 compared to $15.47 at December 31, 2022. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $32.34 at June 30, 2023, compared to $31.89 at December 31, 2022.
The debt-to-capital ratio was 36.3 percent and 39.2 percent at June 30, 2023 and December 31, 2022, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss) (3) was 23.4 percent at both June 30, 2023 and December 31, 2022.
Return on equity for the trailing four quarters ended June 30, 2023 and 2022, was 14.8% and 20.9%, respectively. Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (6) for the trailing four quarters ended June 30, 2023 and 2022, was 8.0% and 12.7%, respectively.
In this news release, CNO includes non-GAAP measures to enhance investors' understanding of management's view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing broader perspective. CNO's definitions of non-GAAP measures may differ from other companies' definitions. More detailed information including various GAAP and non-GAAP measurements are located at CNOinc.com in the Investors section under SEC Filings.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements within the meaning of federal securities laws. These prospective statements reflect management's current expectations, but are not guarantees of future performance. Accordingly, please refer to CNO's cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company's Form 10-K for the year ended December 31, 2022 and any subsequent Form 10-Q or Form 10-K on file with the Securities and Exchange Commission and on the Company's website at CNOinc.com in the Investors section. CNO specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.
EARNINGS RELEASE CONFERENCE CALL WEBCAST:
The Company will host a conference call to discuss results on August 1, 2023 at 11:00 a.m. Eastern Time. During the call, we will be referring to a presentation that will be available at the Investors section of the company's website.
To participate by dial-in, please register at https://www.netroadshow.com/events/login?show=5ac4628b&confId=53584. Upon registering, you will be provided with call details and a registrant ID used to track attendance on the conference call. Reminders will also be sent to registered participants via email.
For those investors who prefer to listen to the call online, we will be broadcasting the call live via webcast. The event can be accessed through the Investors section of the company's website: ir.CNOinc.com. Participants should go to the website at least 15 minutes before the event to register and download any necessary audio software.
ABOUT CNO FINANCIAL GROUP
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, financial services, and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $34 billion in total assets. Our 3,400 associates, 4,600 exclusive agents and 4,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
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View original content:
SOURCE CNO Financial Group, Inc.
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DAYTON, Ohio (WDTN) – Are you looking for a way to see the Cincinnati Bengals play this season? The Community Blood Center is offering two free season tickets to one lucky donor.
According to a release, the CBC is using a special drawing for Ohio football fans to encourage people to donate. Everyone who registers to donate from now until Sept. 3 will be entered into a drawing to win the tickets for the Bengals’ 2023 season.
All donors will also receive a new T-shirt.
To register online and fill out the donor questionnaire before arriving at a blood drive, visit the DonorXPress website.
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https://www.wdtn.com/dont-miss/community-blood-center-how-you-could-win-free-bengals-tickets/
| 2023-07-31T21:32:39
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By Rob Mentzer | WPR
The Wisconsin congressman who chaired a high-profile committee hearing on UFOs says the military should be required to release classified information after a designated period.
U.S. Rep. Glenn Grothman, R-Glenbeulah, chaired last week’s House hearing on “unidentified anomalous phenomena,” or UAPs, at which a former intelligence official claimed the U.S. government was concealing evidence of alien life. David Grusch, a former Air Force intelligence officer, told Congress he had learned of “a multi-decade UAP crash retrieval and reverse-engineering program.” Grusch, who has been characterized as a whistleblower, did not offer evidence for his claims and declined to answer some questions from committee members, saying it would involve classified material.
The hearing was fodder for wild speculation online, though officials with NASA and the Pentagon have said they do not have evidence of extraterrestrial materials, let alone beings.
Appearing Friday on Wisconsin Public Radio’s “Central Time,” Grothman acknowledged that the hearing had by far the most public interest of any he’s seen recently. And he said there is a legitimate public interest in understanding what the government knows about UAPs that have been spotted.
“Is it something that other nations have developed that we are nowhere near developing? We ought to know that,” Grothman said. “And if it is something from outer space, and there are other people monitoring us, well, we ought to know that.”
Grothman said he wants to see “a little more transparency from the military” on the matter.
Claims made by Grusch go far beyond what information has been publicly released. But reports of unexplained flying objects have been the subject of inquiry by U.S. intelligence officials in recent years. After multiple reports and some video of strange aerial phenomena, in 2021, a Pentagon task force published its findings in an investigation of UAPs. While the report did not rule out extraterrestrials, its authors found that “there are probably multiple types of UAP requiring different explanations,” including “airborne clutter” such as drones and balloons, “natural atmospheric phenomena” and still-classified technology owned by the U.S. government or by its foreign adversaries.
In addition to Grusch’s testimony, the hearing included testimony by two former Navy pilots who said they had themselves witnessed flying objects they could not explain.
Grothman said he will receive a briefing on classified information in coming months and plans to meet with Grusch “and see what more he has to say.” But overall, he used the hearing to push for greater transparency from the military on its observations.
A bipartisan amendment to the defense budget in the U.S. Senate would require declassification of military documents on UAPs “no later than 25 years” after their creation. Grothman said he supported the idea of speeding declassification, and suggested that 15 years might be a better limit.
“We went through a period in the late 1960s, the early ’70s in which there were a lot of rumors that these things were out there,” Grothman said. “As far as I know, to this day the files are not released on what pilots saw in the ’60s and ’70s.”
With the public’s attention on UFOs, other elected officials are being asked to weigh in on the existence of aliens. On Friday, a reporter put the question to Gov. Tony Evers: Does he believe?
“No,” Evers answered with a shrug.
This story was produced by Wisconsin Public Radio and is being republished by permission. See the original story here.
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https://wausaupilotandreview.com/2023/07/31/after-ufo-hearing-wisconsin-rep-glenn-grothman-calls-for-declassifying-military-documents/
| 2023-07-31T21:32:40
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HONG KONG (AP) — Fans of singer and songwriter Coco Lee, who was known for her powerful voice and live performances, gathered with flowers to pay their respects to their idol at her funeral in Hong Kong on Monday.
The memorial service was attended by her family and friends, including singers Elva Hsiao and Jenny Tseng, as well as other supporters. Lee died July 5 at age 48.
She was born in Hong Kong and attended school in San Francisco before releasing her first album in 1994 at age 19. She began her career as a Mandopop singer but branched out to release albums in Cantonese and English.
She was the first Chinese singer to break into the American market, and her English song “Do You Want My Love” climbed to #4 on Billboard’s Hot Dance Breakouts chart in December 1999. In 2001, she sang “A Love Before Time” from Ang Lee’s movie “Crouching Tiger, Hidden Dragon” at the Academy Awards, becoming the first Chinese American to perform at the Oscars.
Lee was also the voice of heroine Fa Mulan in the Mandarin version of Disney’s “Mulan,” and sang the Mandarin version of the movie’s theme song “Reflection.”
Lee was married to Bruce Rockowitz, former CEO of Hong Kong supply chain company Li & Fung. She had two stepdaughters.
Her death had shocked fans. Her siblings posted on Facebook that she had depression for years and had attempted suicide at home on July 2. She died a few days later.
On Monday afternoon, more than 100 fans dressed in black were waiting outside the funeral home.
Lin Jing, a fan from Fujian province in the southeast, said she admired Lee’s smile and appearance, adding: “She was really talented. She always tried to improve and she inspired women to feel independent.”
Inside the funeral hall, three pink hearts made of flowers and other floral decorations were displayed below Lee’s photo.
Her close friend, Hsiao, said during the ceremony that she remembered watching Lee’s performances as a student and thinking of her as a perfect idol. After they became friends in the entertainment industry, Lee encouraged Hsiao when she was lost and treated her as “a little sister.”
“She brightened my life with her happiness and bravery. I will keep preserving her spirit,” Hsiao said in a quavering voice.
In a video for the memorial service, actors and singers from Hong Kong, mainland China and Taiwan recalled their memories with Lee and mourned her death.
Action star Jackie Chan said in the video that everyone was proud of her when she sang at the Oscars.
“To friends like us, Coco was a passionate and kind friend who showed care to us. She was really a good person. That’s why we are so reluctant to accept she has left us,” he said.
Award-winning director Ang Lee recalled his exchanges with the late singer before the Oscars and said it was a pity she died so young. “We miss her very much. Coco, rest in peace,” he said in the video.
Coco Lee had sounded notes of positivity in social media posts during the months before her death. In March, she posted about recuperating from surgery for an old leg injury.
“Successful surgery. Even though I’m in a lot of pain and I have to re-learn how to walk again, I know I can do it,” she wrote in a Facebook post. “Yes I can and I will!”
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Associated Press video journalist Alice Fung and news assistant Annie Cheung contributed to this report.
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| 2023-07-31T21:32:45
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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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LINKBANCORP, Inc. Announces Second Quarter 2023 Financial Results
Published: Jul. 31, 2023 at 3:30 PM CDT|Updated: 1 hour ago
HARRISBURG, Pa., July 31, 2023 /PRNewswire/ -- LINKBANCORP, Inc. (NASDAQ: LNKB) (the "Company"), the parent company of LINKBANK (the "Bank") reported net income of $1.35 million, or $0.08 per diluted share, for the quarter ended June 30, 2023. Excluding merger related expenses, adjusted earnings were $1.60 million1, or $0.101 per diluted share for the second quarter of 2023.
Second Quarter 2023 Highlights
Total deposits grew $50.3 million, or 20.5% annualized during the second quarter over the prior quarter end, including an increase in noninterest bearing deposits of $36.2 million, and $14.1 million in interest bearing deposits. Estimated uninsured deposits, excluding collateralized public funds and affiliate company accounts, totaled $378.7 million, or 36.7% of total deposits as of June 30, 2023, compared with $387.8 million, or 39.4% of total deposits as of March 31, 2023.
The Company enhanced its on-balance sheet liquidity, with cash and cash equivalents as of June 30, 2023 of $123.2 million, up from $51.7 million at March 31, 2023 and $30.0 million at December 31, 2022. Total liquidity, including all available borrowing capacity and brokered deposit availability, together with cash and cash equivalents and unpledged investment securities, totaled approximately $507.4 million as of June 30, 2023.
Total loans grew $24.2 million during the second quarter, representing a 10.3% annualized growth rate, driven primarily by commercial and industrial and commercial real estate loan activity.
Net interest income for the second quarter of 2023 was $8.1 million, compared to $8.0 million for the first quarter of 2023. Net interest margin was 2.81% for the second quarter of 2023, compared to 2.95% for the first quarter of 2023. The linked quarter decrease was primarily due to higher interest expense on deposits continuing to outpace the increase in interest income from loans.
The Company recorded a $493 thousand negative provision for credit losses for the second quarter of 2023, resulting in an allowance for credit losses of $10.2 million, or 1.05% of total loans at June 30, 2023. The negative provision for credit losses was primarily driven by refinement of the population of loans individually assessed for impairment under the current expected credit losses ("CECL") accounting standard, improvements in internal credit metrics and external forecast indexes, as well as $97 thousand in net recoveries, offset by loan growth in the period.
On June 22, 2023, shareholders of the Company and Partners Bancorp ("Partners"), each approved the merger of Partners with and into the Company, with the Company as the surviving corporation pursuant to the Agreement and Plan of Merger, dated as of February 22, 2023. The merger is expected to close in the third or fourth quarter of 2023, subject to regulatory approvals and certain other customary closing conditions.
"We are pleased to report results that evidence continued balance sheet strength, including increased on-balance sheet liquidity, a growing core deposit base, and excellent credit quality." said Andrew Samuel, Chief Executive Officer. "Although significant uncertainty remains in the external environment, we are optimistic that the pace of margin compression will continue to stabilize. Our teams are highly focused on providing superior service to meet our clients' needs and we believe the Company is well positioned to successfully navigate through this climate."
Income Statement
Net interest income before the provision for credit losses for the second quarter of 2023 increased to $8.1 million compared to $8.0 million in the first quarter of 2023. Net interest margin was 2.81% for the second quarter of 2023 compared to 2.95% for the first quarter of 2023. The decrease in net interest margin for the current quarter was due to the higher average rate paid on interest-bearing liabilities, which outpaced the increase in the average yield on interest earning assets. The overall rate and yield increases were driven by the multiple federal funds rate increases that occurred over the preceding twelve months, coupled with competition for deposits in the market. The rate of increase in the cost of funds moderated to 30 basis points in the second quarter of 2023, primarily resulting from strong growth in the average balance of non-interest bearing deposits, which increased approximately $17.0 million to $209.1 million, compared to $192.1 million for the first quarter. The 30 basis points increase in the cost of funds to 2.29% during the second quarter of 2023 was partially offset by a 15 basis point increase in the average yield on interest-earning assets to 5.00%. The increase in the average yield on interest-earning assets was primarily due to the increase in the average yield on loans of 11 basis points to 5.20% during the second quarter of 2023.
During the second quarter, the Company continued to recognize results from its increased internal focus and strategy on core deposit generation, including 123 net new checking accounts opened for a total of $38 million in new deposits. Additionally, further momentum in executing the Company's strategies to service the needs of professional services firms resulted in 58 new accounts opened during the quarter, which are expected to fund over the course of the third quarter. As a result of these positive trends, the Company expects to allow higher cost brokered deposits to mature, replaced by core accounts at a lower cost, contributing to further stabilization in net interest margin.
Noninterest income (expense) improved from a $1.9 million expense in the first quarter of 2023, driven by recognition of a loss upon the sale of debt securities of $2.37 million, to $886 thousand in income in the second quarter of 2023. Excluding the first quarter loss on the sale of debt securities, adjusted noninterest income for the second quarter of 2023 increased $369 thousand to $886 thousand, primarily due to gains on the sale of Small Business Administration ("SBA") loans of $296 thousand and $57 thousand in commercial loan-related interest rate swap fees.
Noninterest expense for the second quarter of 2023 increased to $7.8 million compared to $7.7 million for the first quarter of 2023. Excluding one time charges relating to the pending merger with Partners Bancorp of $587 thousand in the first quarter of 2023 and $315 thousand in the second quarter of 2023, adjusted noninterest expense increased by $351 thousand in the second quarter, impacted by increased equipment and data processing expense as the Company continues to enhance its technology platform, as well as elevated accrual of fraud and operating losses.
Balance Sheet
Total assets were $1.31 billion at June 30, 2023 compared to $1.21 billion at March 31, 2023 and $1.06 billion at June 30, 2022. Deposits and net loans as of June 30, 2023 totaled $1.03 billion and $959.3 million, respectively, compared to deposits and net loans of $984.5 million and $934.8 million, respectively, at March 31, 2023 and $902.4 million and $786.5 million, respectively, at June 30, 2022.
Total loans increased $24.2 million from March 31, 2023 to June 30, 2023, or 10.25% annualized, with the average commercial loan commitment originated during the second quarter of 2023 totaling approximately $500,000.
The Company has proactively taken additional steps during the quarter to enhance its on-balance sheet liquidity. Cash and cash equivalents increased to $123.2 million at June 30, 2023 compared to $51.7 million at March 31, 2023 and $30.0 million at December 31, 2022. In addition to growth in core deposits, this position was supported by an additional $43.7 million in borrowings related to $75.0 million in wholesale funding in connection with the execution of a pay-fixed/receive-floating interest rate swap. The interest rate swap has a fixed rate of 3.28%, a maturity of five years and is designated against either a mix of one-month FHLB advances or brokered certificates of deposits. Classified as a cash flow hedge, the market fluctuations will not impact future earnings, but will impact accumulated other comprehensive loss.
Deposits at June 30, 2023 totaled $1.03 billion, an increase of $50.3 million compared to $984.5 million at March 31, 2023. Average deposits increased by $17.0 million during the quarter, or 6.9% annualized, driven by a 35.3% increase in average noninterest bearing deposits from $192.1 million for the first quarter of 2023 to $209.1 million for the second quarter of 2023.
Shareholders' equity increased from $141.6 million at March 31, 2023 to $142.5 million at June 30, 2023. The increase included an increase in retained earnings due to net income for the current quarter, and a decrease in other comprehensive loss resulting from changes in the interest rate environment, offset by dividends paid of $1.2 million.
Asset Quality
In the second quarter of 2023, the Company recorded a negative provision for credit losses, calculated under the CECL model, of $493 thousand, compared to a provision for credit losses of $293 thousand in the first quarter. The negative provision for credit losses included the impact of reductions in the allowance for credit losses due to refinement of the population of loans individually assessed for impairment under CECL, improvements in internal credit metrics and external forecast indexes, as well as $97 thousand in net recoveries, offset by loan growth in the period.
Asset quality metrics remain strong. As of June 30, 2023, the Company's non-performing assets were $2.9 million, representing 0.22% of total assets. Non-performing assets at June 30, 2023 excluded purchased with credit deterioration ("PCD") loans with a balance of $2.1 million. Loans 30-89 days past due at June 30, 2023 were $1.8 million, representing 0.18% of total loans.
The allowance for credit losses-loans was $10.2 million, or 1.05% of total loans at June 30, 2023, compared to the allowance for credit losses-loans of $10.5 million, or 1.11% of total loans, at March 31, 2023. The allowance for credit losses-loans to nonperforming assets was 358.12% at June 30, 2023, compared to 438.95% at March 31, 2023.
The Company's risk management function incorporates extensive diversification, monitoring and hold limits with respect to the commercial real estate loan portfolio and management closely monitors concentration reports and related analyses. The commercial real estate loan portfolio is well-diversified, with limited exposure to higher risk segments such as hotels and retail. Management believes that the office space portfolio, which includes medical and mixed-use space, and does not involve properties in major metropolitan business districts, is stable and does not pose excessive risk. Specifically, at June 30, 2023, the Company had 68 loans related to office space, with an average loan size of $1.8 million and total current outstanding balances of $103.0 million. The largest exposure relating to office space is $8.8 million for a construction loan that will constitute owner-occupied real estate upon completion. Eighty-four percent (84%) of office space loans are guaranteed by high-quality principals and no office loans are past due 30 days or greater.
Capital
The Bank's regulatory capital ratios are well in excess of regulatory minimums to be considered "well capitalized" as of June 30, 2023. The Bank's Total Capital Ratio and Tier 1 Capital Ratio was 13.55% and 12.94% , respectively, at June 30, 2023, compared to 13.53% and 12.32%, respectively, at March 31, 2023 and 12.89% and 12.41%, respectively, at December 31, 2022. The Company's ratio of Tangible Common Equity to Tangible Assets was 8.31%2 at June 30, 2023.
ABOUT LINKBANCORP, Inc.
LINKBANCORP, Inc. was formed in 2018 with a mission to positively impact lives through community banking. Its subsidiary bank, LINKBANK, is a Pennsylvania state-chartered bank serving individuals, families, nonprofits and business clients throughout Central and Southeastern Pennsylvania through 10 client solutions centers and www.linkbank.com. LINKBANCORP, Inc. common stock is traded on the Nasdaq Capital Market under the symbol "LNKB". For further company information, visit ir.linkbancorp.com.
Forward Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of current or historical fact and involve substantial risks and uncertainties. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions can be used to identify forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: costs or difficulties associated with newly developed or acquired operations; risks related to the proposed merger with Partners; changes in general economic trends, including inflation and changes in interest rates; increased competition; changes in consumer demand for financial services; our ability to control costs and expenses; adverse developments in borrower industries and, in particular, declines in real estate values; changes in and compliance with federal and state laws that regulate our business and capital levels; our ability to raise capital as needed; and the effects of the COVID-19 pandemic and actions taken by governments, businesses and individuals in response. The Company does not undertake, and specifically disclaims, any obligation to publicly revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. Accordingly, you should not place undue reliance on forward-looking statements.
LB-E LB-D
Appendix A – Reconciliation to Non-GAAP Financial Measures
This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management uses these non-GAAP measures in its analysis of the Company's performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of non-GAAP financial measures that exclude the impact of specified items provide useful supplemental information that is essential to a proper understanding of the Company's financial condition and results. Non-GAAP measures are not formally defined under GAAP, and other entities may use calculation methods that differ from those used by us. As a complement to GAAP financial measures, our management believes these non-GAAP financial measures assist investors in comparing the financial condition and results of operations of financial institutions due to the industry prevalence of such non-GAAP measures. See the tables below for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.
Contact: Nicole Ulmer Corporate and Investor Relations Officer 717.803.8895 IR@LINKBANCORP.COM
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
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| 2023-07-31T21:32:45
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By Ho9pe Kirwan | Wisconsin Public Radio
An annual report from the Wisconsin Department of Natural Resources shows almost all public drinking water systems in the state met health-based standards in 2022. But an agency official says work is still needed to keep up with developing knowledge around water contamination and public health threats.
Adam DeWeese, public water supply section chief for the DNR’s Bureau of Drinking Water and Groundwater, said it’s no small feat to have 99 percent of public systems meet standards for contamination for the year. He said Wisconsin has the highest number of public drinking water systems in the country, with 11,231 systems, thanks to abundant groundwater.
“The phrase people say is, ‘Anywhere you can stick a hole in the ground, you can get water here,'” DeWeese said. “So we have a lot of very small public drinking water systems, restaurants and churches and schools and so forth, out in the country that are spread out and not necessarily on a large municipal system.”
But DeWeese said the state can’t afford to rest on its laurels as a clean water haven. He said the approach to regulating drinking water is evolving with the science around emerging contaminants.
“We’re working on issues that are very important like PFAS and lead,” he said. “These are the issues that we’re aware of now, but there will always be more issues coming down as we discover more things.”
In 2022, DeWeese said one of the biggest accomplishments regarding the state’s drinking water was the creation of a state standard for two types of PFAS contamination. He said requiring monitoring for PFAS now will put Wisconsin ahead when federal agencies likely create their own requirements.
Last year, 139 municipal water systems — about 23 percent of the state’s total — voluntarily tested for PFAS through a DNR initiative. Thirty-four percent had some level of PFAS detected in their water and 3 percent had levels higher than the new state standard.
DeWeese said the number that participated is only a fraction of the state’s total, though it did represent many of Wisconsin’s largest water systems.
“A lot of customers of drinking water in the state got their water tested voluntarily before any requirements came in. So that was really wonderful,” he said. “But now that we have requirements in place for about 2,000 public water systems that are affected by our maximum contaminant levels, we’ll have much better prevalence data coming in.”
He said the DNR has been working to ramp up the number of labs that can test for PFAS and set up a system for handling the large number of new samples. The agency has also been working to identify funding to help the communities that will find the so-called “forever chemicals” in their water.
Sara Walling, water and agriculture program director for environmental advocacy group Clean Wisconsin, applauded the state for being ahead of federal regulators in adopting PFAS standards. But she said the DNR will likely have to revise the standards they’re working to roll out this year when the Environmental Protection Agency establishes what’s expected to be a more strict federal standard.
Walling said more action is needed on PFAS contamination in general, from adopting standards for other types of PFAS chemicals to setting a standard for the state’s groundwater.
“That establishes a standard by which all groundwater must comply,” she said. “Therefore, it provides private well owners a pathway to identify the contaminant and then ideally seek some support from the state.”
The DNR report also highlighted the impact of $10 million allocated to the Well Compensation Grant program last year to help private well owners address contamination problems. It comes after a growing number of private well owners have found PFAS and other contamination problems in communities like Peshtigo and Campbell.
DeWeese said in many instances, the contamination of private wells has nothing to do with the well’s owner, ranging from naturally occurring contaminants like arsenic to nitrates from agriculture or septic systems.
“They’re really hit with a bill to replace a well or add treatment to a well through no fault of their own,” he said. “These can be pretty big hits, $10- or $20,000 for a new well. So, it’s very important that that is funded.”
He said the DNR is still in the process of distributing the grant money for the two-year program.
Walling said a large percentage of the state’s residents receive their water from private wells, so the funding is an important resource. But she would like to see the DNR change the income limits for the program, which she said are too low for many affected well owners to qualify.
“It’s a little on the frustrating side that that income level issue hasn’t been resolved to enable more homeowners to take advantage of our state program,” she said.
In addition to creating new funding opportunities in 2022, the DNR expanded what communities are eligible to have their drinking water-related loans forgiven. Instead of just looking at median household income, the new criteria for a “disadvantaged community” considers the number of families at or below 200 percent of the federal poverty line and the county unemployment rate.
DeWeese said the change will help smaller communities in both rural and urban areas take on expensive infrastructure projects.
Walling said the 2022 annual report highlights how well the state’s public drinking water systems are doing to deliver safe water. But she would like to see the DNR also focus on what contamination levels look like before they go through treatment by these water systems.
“Understanding really what the contaminant levels and loads are like across the state, so that efforts by the DNR, the Department of Agriculture, Trade and Consumer Protection; Department of Health Services and nonprofits like ourselves can focus our attention on areas of the state that have contamination issues that are causing our public water supply systems to have to work really hard and spend a great deal of money on the treatment systems,” she said.
This story was produced by Wisconsin Public Radio and is being republished by permission. See the original story here.
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| 2023-07-31T21:32:46
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ORLANDO, Fla. (AP) — A legal advocacy group for journalists wants to get involved in Disney’s free speech lawsuit against Gov. Ron DeSantis. The Reporters Committee for Freedom of the Press says a win by the Florida governor could embolden other governments across the U.S. to take actions against journalists and other media when they exercise their First Amendment rights.
The group on Friday asked a judge for permission to file a friend-of-the-court brief in support of the claims brought by Disney against DeSantis, his appointees to a special district board governing Disney World and a state economic development agency. The lawsuit claims the Florida governor violated the company’s free speech rights by taking control over the district in retaliation for Disney’s public opposition to the so-called “Don’t Say Gay” bill.
The committee said that the impact of a DeSantis win would be felt beyond the 39 square miles (101 square kilometers) of the Disney World property governed by the new appointees picked by the Florida governor to the governing district’s board.
“If Defendants prevail in this case, those on whose behalf the Reporters Committee for Freedom of the Press advocates will be first in the line of fire given the nature of reporting and the press’s role in our constitutional system,” the committee said in its request to file the supporting brief in federal court in Tallahassee. “As such, the Reporters Committee for Freedom of the Press’s proposed brief provides a voice to those not directly involved, but undoubtedly impacted by this case.”
DeSantis and Florida’s Department of Economic Opportunity have argued that Disney’s case should be dismissed because of sovereign immunity protection against being sued for conducting government business, and that Disney hasn’t shown how it has been hurt so it lacks standing to sue the state government defendants.
DeSantis has used the fight with Disney to burnish his “anti-woke” credentials and demonstrate his ability to push a conservative agenda during his campaign for the 2024 GOP presidential nomination.
The DeSantis appointees took over the Disney World governing board earlier this year following a yearlong feud between the company and DeSantis. The fight began last year after Disney, beset by significant pressure internally and externally, publicly opposed a state law banning classroom lessons on sexual orientation and gender identity in early grades, a policy critics call “Don’t Say Gay.”
As punishment, DeSantis took over the district through legislation passed by Florida lawmakers and appointed a new board of supervisors to oversee municipal services for the sprawling theme parks and hotels.
If the retaliatory actions by DeSantis and Republican lawmakers are left unchecked, it poses a threat to watchdog journalism and press coverage of public issues “to the detriment to the free flow of information on matters of public concern that has long been the hallmark of our democratic system of government,” the committee said.
Before the new board came in, Disney made agreements with previous oversight board members who were Disney supporters that stripped the new supervisors of their authority over design and development. The DeSantis-appointed members of the governing district have sued Disney in state court in a second lawsuit stemming from the district’s takeover, seeking to invalidate those agreements.
Disney had asked for the case be dismissed or delayed pending the outcome of the federal lawsuit. However, Circuit Judge Margaret Schreiber in Orlando on Friday refused to toss or postpone the case, saying among other reasons that to do so would have created “an undue delay” for the district, which still must continue governing. ___
Follow Mike Schneider on Twitter at @MikeSchneiderAP
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https://www.wdtn.com/entertainment-news/ap-entertainment/ap-group-desantis-win-in-disney-lawsuit-could-embolden-actions-against-journalists/
| 2023-07-31T21:32:51
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ST. LOUIS, July 31, 2023 /PRNewswire/ -- Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, today reported that it set a new quarterly record for net sales in the second quarter of 2023.
Graybar's net sales for the second quarter of this year totaled $2.8 billion, an increase of 4.5% compared to the same period last year. Net income attributable to Graybar for the quarter finished at $124.2 million, a 2.7% decrease from the second quarter of 2022.
For the first half of 2023, the company reported net sales of $5.5 billion, an 8.1% increase compared to the same period last year. Net income attributable to Graybar for the first six months of 2023 increased 8.4% to $249.0 million.
"Thanks to the hard work of our employees, we continue to achieve positive results," said Kathleen M. Mazzarella, chairman, president and chief executive officer of Graybar. "We remain focused on providing exceptional service to our customers every day, while we make strategic investments to transform our business and strengthen our long-term position as an industry leader."
Graybar, a Fortune 500 corporation and one of the largest employee-owned companies in North America, is a leader in the distribution of high quality electrical, communications and data networking products, and specializes in related supply chain management and logistics services. Through its network of more than 325 North American distribution facilities, it stocks and sells products from thousands of manufacturers, helping its customers power, network, automate and secure their facilities with speed, intelligence and efficiency. For more information, visit www.graybar.com or call 1-800-GRAYBAR.
Media Contact:
Tim Sommer
(314) 578-7672
timothy.sommer@graybar.com
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| 2023-07-31T21:32:52
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Paul Reubens: ‘Pee-wee Herman’ actor’s life in pictures
"Pee-wee Herman" actor Paul Reubens died on July 30 following a battle with cancer, his rep confirmed. Here's a look at his life in pictures.
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Paul Reubens: ‘Pee-wee Herman’ actor’s life in pictures
"Pee-wee Herman" actor Paul Reubens died on July 30 following a battle with cancer, his rep confirmed. Here's a look at his life in pictures.
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FanDuel promo code unlocks $100 in bonus bets following $5 wager Monday
You can unlock $100 worth of bonus bets by settling a qualifying bet of $5 on any market when you sign-up for the FanDuel promo code in this piece.
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Explaining your FanDuel promo code in greater detail
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Just $5 of your first $10 deposited needs to be wagered on your first betting market. It won’t matter then if your wager wins or not, as your $100 in bonus bets are guaranteed.
The bonus bets you earn from FanDuel won’t be able to be withdrawn individually as cash. But if you use any of your bonus bets as your stake in a winning wager, that whole amount can be withdrawn.
FanDuel’s bonus bets are even more generous when you consider the fact that they can be used in any increments. Your $100 can be divided into ten $10 bets, two $50 bets, or anything in-between.
Signing up is very simple since no promo code is required, and the welcome offer is redeemable in a wide number of states consisting of AZ, CO, IL, IN, IA, KS, LA, MA, MD, MI, NJ, NY, OH, PA, TN, VA, WV, and WY.
How to use the FanDuel promo code
The easiest two ways you can start creating your FanDuel account is by clicking on this link or the offer module above
Enter and verify your personal information and don’t worry about typing in a promo code, as no promo code is required
Finalize the creation of your FanDuel account by making an initial deposit of at least $10 after reading your offer’s terms and conditions
Bet at least $5 on any betting market of your choosing
$100 worth of bonus bets will be credited into your FanDuel account after your first bet settles either as a win or loss
Bonus bets cannot be withdrawn as cash but are able to be divided into as many wagers as you wish
Bonus bets expire after 14 days of being credited to your account
Previewing Monday’s sporting slate with FanDuel Sportsbook odds
Odds are accurate as of time of publish from FanDuel Sportsbook and are subject to change.
Baseball is the top sport for players on FanDuel to bet on Monday, with ten games being played amongst some of the MLB’s best teams.
The marquee games I’m keeping an eye on are the Orioles vs Blue Jays, Angels vs Braves, Rays vs Yankees, and Diamondbacks vs Giants.
Of these eight teams, the Angels are the biggest underdogs at +176 against the World Series favorite Braves (-210).
If you like betting on underdogs, the Angels could be a good choice as they’re 7-3 in their last ten games.
Even if you don’t want to bet on the moneyline for that game, the Angels’ +1.5 run line is priced at -115 while the Braves’ =1.5 run line is priced at -104, both which are decent.
The Inquirer is not an online gambling operator, or a gambling site. We provide this information about sports betting for entertainment purposes only.
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With dangerously high temperatures across the country, hospitals are seeing more people with potentially deadly heat illness. A southern city is coping with what may be the new summer medical reality.
Copyright 2023 NPR
With dangerously high temperatures across the country, hospitals are seeing more people with potentially deadly heat illness. A southern city is coping with what may be the new summer medical reality.
Copyright 2023 NPR
This news story is funded in large part by Connecticut Public’s Members — listeners, viewers, and readers like you who value fact-based journalism and trustworthy information.
We hope their support inspires you to donate so that we can continue telling stories that inform, educate, and inspire you and your neighbors. As a community-supported public media service, Connecticut Public has relied on donor support for more than 50 years.
Your donation today will allow us to continue this work on your behalf. Give today at any amount and join the 50,000 members who are building a better—and more civil—Connecticut to live, work, and play.
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https://www.ctpublic.org/2023-07-31/a-new-summer-reality-hospitals-and-ers-see-more-parents-with-heat-related-illness
| 2023-07-31T21:32:53
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LENOX — Activity at Tanglewood this weekend reached a fever pitch thanks to the Festival of Contemporary Music (or FCM) running alongside the typical wealth of BSO offerings. Even a brief stoppage of all activity due to severe weather could do nothing more than momentarily pause its momentum.
Under the baton of Giancarlo Guerrero, Friday night’s BSO performance set the weekend’s tone of old alongside new. In the latter category was Julia Wolfe’s “Her Story,” an oratorio-like work dramatizing women’s struggles for equality and dignity across American history. With potent vocal contributions from members of the Lorelei Ensemble (Beth Willer, artistic director) delivered from several points on the stage, the work, which was performed and reviewed this March in Symphony Hall, once again packed a powerful punch. Mahler’s First Symphony rounded out the program and, although the high humidity at certain points appeared to be taking its toll on intonation, this reading hit its own expressive mark, with the final movement in particular marked by enormous dramatic and dynamic contrasts.
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This year’s edition of FCM was co-curated by the composers Reena Esmail, Gabriela Lena Frank, Tebogo Monnakgotla, and Anna Thorvaldsdottir. At Saturday evening’s Ozawa Hall program, two particular works stood out, the first being Kaija Saariaho’s “New Gates.” As expertly performed by Dominique Kim (flute), Evalynn Tyros (viola), and Laia Barberà de Luna (harp), the piece beautifully blended and expanded the ensemble’s color palette in previously unimagined directions. And the second was Ania Vu’s “small tenderness,” a setting of the composer’s own poem of the same name for vocal sextet and string quartet, dedicated to Ellen Highstein, the Tanglewood Music Center’s much-admired director from 1997 to 2022. The piece’s artful vocal writing ranges from percussive whispers to glinting, pure-voiced lines that, in this premiere under the incisive baton of Stefan Asbury, blended elegantly into the roiling cauldron of strings.
Under the surely paced direction of the Russian conductor Dima Slobodeniouk, Saturday night’s BSO program was a satisfying, mostly French affair bookended by Messiaen (“Les Offrandes oubliées”) and Ravel (the Second Suite from Ravel’s “Daphnis et Chloé” — a work that runs deep in the BSO’s bloodstream). Between the two came Berlioz’s “Les Nuits d’été,” with the velvet-voiced contralto Avery Amereau stepping in with impressive confidence as vocal soloist to replace an indisposed Isabel Leonard. Filling out the program was Agata Zubel’s “In the Shade of an Unshed Tear,” a formidably abstract and highly fractured essay for orchestra.
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Sunday afternoon’s BSO concert drew a large crowd thanks presumably to two factors: the sunshine, which was abundant, and the violin soloist, which was the perennial Tanglewood favorite Joshua Bell. He brought with him Paganini’s knuckle-busting Violin Concerto No. 1, which hadn’t been heard at Tanglewood in almost 40 years.
To complain that this piece’s ratio of pyrotechnic display to spiritually ennobling melody is too high would be like complaining that it’s difficult to quietly meditate at the Esplanade on the Fourth of July: The fireworks are the point. No one pulled them off like Paganini in his own lifetime, and Bell here took on these acrobatics with relish and dispatched them with aplomb. He also contributed his own cadenzas, flush once more with dazzling display but also containing nods to the Beethoven Violin Concerto and, more obliquely, the Bach Chaconne. As a pair of references, they suggest he sees this concerto as existing not as its own virtuoso novelty act but rather somehow in dialogue with those revered landmarks of the violin repertoire.
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Sunday’s program, under the baton of BSO assistant conductor Anna Rakitina, began with the reprisal of another recently composed work, Ellen Reid’s “When the World as You’ve Known It Doesn’t Exist,” presented last season by Rakitina in Symphony Hall. The work’s imaginative scoring includes a key part for three vocalists (here Eliza Bagg, Martha Cluver, and Sonja Dutoit Tengblad) who sing textless tones that seemingly take the measure of the larger mood. As the massed orchestral sound grows violently percussive and dissonant, their lines sound a kind of existential alarm. Yet in the work’s calmer final pages, they sing with a distilled sense of longing, chanting out rhythmically halting syllables on a single pitch like a kind of Morse code from the abyss.
The afternoon concluded with music from Prokofiev’s “Romeo and Juliet,” led by Rakitina with indefatigable energy, vibrancy, and grace. This was her final performance as the BSO’s assistant conductor. She will be missed.
Sunday night in the Linde Center Studio E, the Tanglewood Learning Institute presented an evening of new music for silent films by TMC composition fellows Gala Flagello, Jesse Jennings, Paul Kerekes, Annie Nikunen, and Daniel Zlatkin. This is a new annual tradition, and it has clearly caught on, as this program was sold out. Three classic silent films were shown, including Edward F. Cline and Buster Keaton’s “One Week,” with a skilled ensemble performing music written only in the last few weeks. It was fascinating to hear the young composers’ different styles of approach to their respective material — all of them unified by their level of quality and imagination. What a galvanizing exercise this must be for all the composers involved — and it was certainly a pleasure for those in the audience. Let’s hope the tradition continues in the years ahead.
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BOSTON SYMPHONY ORCHESTRA
and FELLOWS OF THE TANGLEWOOD MUSIC CENTER
At Tanglewood, Friday, Saturday, and Sunday
Jeremy Eichler can be reached at jeremy.eichler@globe.com, or follow him @Jeremy_Eichler.
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PHILADELPHIA, July 31, 2023 /PRNewswire/ -- Livent Corporation (NYSE: LTHM) today published its 2022 Sustainability Report, with the theme Reimagining Possibilities. The report provides updates on the company's progress against its 2030 and 2040 sustainability goals, includes new disclosures and reaffirms Livent's commitment to responsible production and expansion.
Paul Graves, president and chief executive officer of Livent, commented: "We believe the lithium industry will play an increasingly important role in the clean energy transition towards a more sustainable, low-carbon future. Our 2022 Sustainability Report demonstrates how Livent is reimagining what's possible for producing more of the lithium the world needs while continuing to lead our industry forward in corporate social responsibility, environmental stewardship and transparency."
Report Highlights:
- Initial global Scope 3 screening of Livent's Greenhouse Gas (GHG) emissions and first disclosures on global air pollutants
- Completion of ISO-compliant Life Cycle Assessments (LCAs) for all of Livent's major lithium chemical products, ahead of the original 2025 target
- Achievement of Livent's 2030 Waste Disposed intensity reduction target, ahead of schedule
- Summary of recent water and biodiversity studies conducted at the Salar del Hombre Muerto in Argentina
- Updates on other key collaborations and initiatives to support a low-carbon future, minimize environmental impacts, expand local community engagement and development efforts, protect human rights, and build a more engaged, diverse and inclusive workforce
To view Livent's 2022 Sustainability Report, visit livent.com/sustainability. The report will be made available in multiple languages.
Key ESG metrics in the report were reviewed and assured by ERM Certification and Verification Services (ERM CVS).
About Livent
For nearly eight decades, Livent has partnered with its customers to safely and sustainably use lithium to power the world. Livent is one of only a small number of companies with the capability, reputation, and know-how to produce high-quality finished lithium compounds that are helping meet the growing demand for lithium. The Company has one of the broadest product portfolios in the industry, powering demand for green energy, modern mobility, the mobile economy, and specialized innovations, including light alloys and lubricants. Livent has a combined workforce of approximately 1,350 full-time, part-time, temporary, and contract employees and operates manufacturing sites in the United States, England, China and Argentina. For more information, visit Livent.com.
Livent Forward-Looking Statements
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "will continue to," "will likely result," "is on track," "should," "expect," "expects," "intends," "plans," "anticipates," "believe," "believes," "estimates," "predicts," "potential," "continue," "could," "forecast," "future," "is confident that," or "projects," the negative of these terms and other comparable terminology. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within Livent's 2022 Form 10-K filed with the SEC as well as other SEC filings and public communications. Livent cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. Livent undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
The Company's investor relations website, located at https://ir.livent.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the website for investors, including information that the Company may wish to disclose publicly for purposes of complying with federal securities laws.
Media contact: Juan Carlos Cruz +1.215.299.6725
juan.carlos.cruz@livent.com
Investor contact: Daniel Rosen +1.215.299.6208
daniel.rosen@livent.com
View original content to download multimedia:
SOURCE Livent Corporation
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MADISON, Wis. – The Wisconsin Department of Natural Resources (DNR) is seeking the public’s help collecting crucial deer and game bird management data. The data will be collected starting Aug. 1 through the Operation Deer Watch Survey and the Game Bird Brood Observations Survey.
These surveys are designed to measure the reproductive status of deer and game birds. Data from public observations is used to collect crucial deer and game bird management data, including a fawn-to-doe ratio for deer and a poult-to-hen ratio for game birds. These ratios are then compared to data from previous years to estimate how productive this year’s deer herd/game birds are.
“Whenever you are out and about in Wisconsin, you can share observations of deer and game birds through the Survey123 submission tool,” said Jes Rees Lohr, Assistant DNR Surveys Coordinator. “Every submission increases our dataset and helps Wisconsin have a clearer picture of how wildlife is doing. Everyone interested in wildlife, from hunters and trappers to outdoor enthusiasts, is encouraged to participate. It’s an easy way to be involved in wildlife management in our state.”
The deadline to submit bird observations for the Game Bird Brood Survey is Aug. 31. The deadline to submit deer observations for the Operation Deer Watch Survey is Sept. 30.
Participation in both surveys is simple. It doesn’t require registration and can be done using a mobile device. If in a vehicle, participants should only record sightings when their vehicle is stopped, not while driving.
For Operation Deer Watch, the public should report the location, deer type (buck, doe or fawn) and the number of deer seen. This information helps to determine the fawn-to-doe ratio and, ultimately, deer population estimates. More information is available on the Operation Deer Watch webpage.
For Game Bird Brood Observations, the DNR needs to know the bird species (turkey, ruffed grouse or pheasant), the type (adult or poult) and the number observed of each type. This information is a basis for monitoring the reproduction of game birds for that breeding year. More information is available on the Game Bird Brood Observations webpage.
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More U.S. shrimpers have sold their boats. Most Americans don't realize that the cheap, plentiful shrimp they buy in the market and order on pad thai is driving domestic shrimpers out of business.
Copyright 2023 NPR
More U.S. shrimpers have sold their boats. Most Americans don't realize that the cheap, plentiful shrimp they buy in the market and order on pad thai is driving domestic shrimpers out of business.
Copyright 2023 NPR
This news story is funded in large part by Connecticut Public’s Members — listeners, viewers, and readers like you who value fact-based journalism and trustworthy information.
We hope their support inspires you to donate so that we can continue telling stories that inform, educate, and inspire you and your neighbors. As a community-supported public media service, Connecticut Public has relied on donor support for more than 50 years.
Your donation today will allow us to continue this work on your behalf. Give today at any amount and join the 50,000 members who are building a better—and more civil—Connecticut to live, work, and play.
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https://www.ctpublic.org/2023-07-31/demand-for-cheap-shrimp-is-driving-u-s-shrimpers-out-of-business
| 2023-07-31T21:32:54
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JT Poston misses out on $260,000 after risky play at 3M Open: 'We’re not coming here to finish second'
Poston could've earned a total $850,000 with solo second-place finish
Two-time PGA Tour winner J.T. Poston was going for broke at the 3M Open this past weekend. Unfortunately, his bold play cost him an extra $260,000.
Entering the final round at TPC Twin Cities in Blaine, Minnesota, Poston was five strokes behind leader and eventual champion Lee Hodges, but by the 18th hole, he managed to get within three strokes of his playing partner.
"I had to try and give it a shot and see if there was some way I could make three there at the end and put some pressure on Lee," Poston said.
JAY MONAHAN SAYS PGA TOUR DOES NOT THINK PLAN TO ROLL BACK GOLF BALL IS GOOD FOR GAME
His first shot landed in the danger zone, but instead of laying it up, Poston decided to take his chances and go for the green – 214 yards over the water.
His boldness backfired, and the ball was just short, hitting a rock and ricocheting backward off the floating tournament logo before eventually splashing in the water. His fifth shot rolled down the slope on the front of the green, and he overshot his first putt to finish the par-5 with a triple bogey.
CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM
"We’re not coming here to finish second," Poston said after the round. "I mean, at the end of the day, we’re trying to do something special and try and win."
"I wouldn’t want to be sleeping tonight, wondering "what if" if I had just laid it up instead of trying to go for it. So, no regrets on the decision. You know, tried to do what we could to win."
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Instead of a solo second-place finish that would have awarded him $850,000, Poston finished tied for second with Martin Laird and Kevin Streelman – all earning $590,200 each.
But the weekend did pay off in another way for Poston.
He entered the week in 60th place in the FedEx Cup standings and shot up to 38th.
The Associated Press contributed to this report.
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Elon Musk has over the last year threatened legal action against tech competitors, employees, and people who use Twitter, which he owns. Now he is also taking aim at an organization that studies hate speech and misinformation on social media.
X Corp., the parent company of the social media company, sent a letter on July 20 to the Center for Countering Digital Hate, a nonprofit that conducts research on social media, accusing the organization of making “a series of troubling and baseless claims that appear calculated to harm Twitter generally, and its digital advertising business specifically” and threatening to sue.
The letter cited research published by the Center for Countering Digital Hate in June examining hate speech on Twitter, which Musk has renamed X.com. The research consisted of eight papers, including one that found that Twitter had taken no action against 99 percent of the 100 Twitter Blue accounts the center reported for “tweeting hate.” The letter called the research “false, misleading or both” and said the organization had used improper methodology.
The letter added that the center was funded by Twitter’s competitors or foreign governments “in support of an ulterior agenda.”
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Imran Ahmed, the chief executive of the Center for Countering Digital Hate, said, “Elon Musk’s actions represent a brazen attempt to silence honest criticism and independent research.” He added that Musk wanted to “stem the tide of negative stories and rebuild his relationship with advertisers.”
The center also said it did “not accept any funding from tech companies, governments, or their affiliates.”
Musk did not respond to a request for comment.
Twitter’s advertising business has been struggling under the ownership of Musk, who bought the company last year. US ad revenue for the five weeks from April 1 to the first week of May was $88 million, down 59 percent from a year earlier. Advertisers may have been spooked by Musk’s changes to the social network, including the removal of rules of what can or cannot be said on the service and more ads featuring online gambling and marijuana products.
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In May, Musk hired Linda Yaccarino, a former top advertising executive for NBCUniversal, to become Twitter’s chief executive.
The letter was at least the third legal threat or action by X Corp. in the last two months. In May, it sent a letter to Satya Nadella, Microsoft’s chief executive, accusing the tech giant of improperly using its data. This month, it also sent a letter to Meta, which owns Facebook and Instagram, saying it had copied Twitter’s trade secrets when creating Threads, a new social app.
X also sued Wachtell, Lipton, Rosen & Katz, a leading corporate law firm, this month over what it said were unjust payments related to Musk’s $44 billion acquisition of Twitter.
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Many public housing residents are especially vulnerable to extreme heat, but there's no federal requirement for air conditioning. That leaves cash-strapped local agencies struggling to provide it.
Copyright 2023 NPR
Many public housing residents are especially vulnerable to extreme heat, but there's no federal requirement for air conditioning. That leaves cash-strapped local agencies struggling to provide it.
Copyright 2023 NPR
This news story is funded in large part by Connecticut Public’s Members — listeners, viewers, and readers like you who value fact-based journalism and trustworthy information.
We hope their support inspires you to donate so that we can continue telling stories that inform, educate, and inspire you and your neighbors. As a community-supported public media service, Connecticut Public has relied on donor support for more than 50 years.
Your donation today will allow us to continue this work on your behalf. Give today at any amount and join the 50,000 members who are building a better—and more civil—Connecticut to live, work, and play.
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https://www.ctpublic.org/2023-07-31/getting-ac-to-residents-of-public-housing-where-extreme-heat-can-be-dangerous
| 2023-07-31T21:32:56
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USA vs Portugal: Everything you need to know about Women's World Cup match
The USWNT's match against Portugal begins at 3 a.m. ET on FOX
The U.S. women’s national team enters a pivotal match against Portugal on Tuesday as they look to avoid a stunning defeat and exit from the Women’s World Cup.
The United States will need at least one point to ensure they get out of Group E and move onto the knockout stage and at least get a chance to make a run in defending their back-to-back World Cup titles. The U.S. defeated Vietnam in their first match and tied with the Netherlands in the second.
The youth of the Americans’ team has shown up in New Zealand and the tournament has so far been a complete 180 from the way they started in 2019 – a 13-0 route of Thailand.
CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM
Midfielder Andi Sullivan said after the Netherlands draw it takes some adjustment to play as a team as newcomers.
"That's definitely a challenge that we're going through, is that we just kind of came together," Sullivan said. "It's not like a team that you're training with all year round, constantly. You're in and out all the time. So I think you're constantly adjusting.
"But the way that you get in sync is we watch a lot of stuff together, we communicate constantly. We're very direct when something's not going the way we want it to go. You have to be direct and clear and honest and loud."
The strategy of U.S. coach Vlatko Andonovski will definitely be something to watch. Megan Rapinoe, who has been on the bench to start matches, felt like she could’ve helped out in the Netherlands draw.
"Ultimately, we're at the World Cup. This is where everybody wants to be, whether you're playing 90 minutes, whether you're a game changer, whatever," Rapinoe said Sunday. "I think it's a lot similar to what I thought it would be – bringing all the experience that I can, all the experience that I have, and ultimately being ready whenever my number is called up."
Portugal could pull off a historic upset and send the U.S. home packing with a win. The U.S. beat Portugal in their last meeting 1-0 – a 2021 friendly. However, Andonovski sees a growing and formidable opponent.
"In the last two years, the... Portuguese team have grown so much and have gotten so much better," he said, via Reuters. "I don't think what we saw in the 2021 (game) is a clear or real picture of the team that it is today."
Portugal lost to the Netherlands but defeated Vietnam.
How can you watch the U.S. vs. Portugal?
USA vs. Portugal will kick off at 3 a.m. ET on Tuesday on FOX with coverage beginning at 2 a.m. ET. Fans can tune in to watch the match here.
Who plays for the U.S.?
- Goalkeepers: Aubrey Kingsbury, Casey Murphy, Alyssa Naeher
- Defenders: Alana Cook, Emily Fox, Crystal Dunn, Naomi Girma, Sofia Huerta, Kelley O’Hara, Emily Sonnett
- Midfielders: Savannah Demelo, Julie Ertz, Lindsey Horan, Rose Lavelle, Kristia Mewis, Ashley Sanchez, Andi Sullivan
- Forwards: Alex Morgan, Megan Rapinoe, Trinity Rodman, Sophia Smith, Alyssa Thompson, Lynn Williams
Who plays for Portugal?
- Goalkeepers: Ines Pereira, Patricia Morals, Ana Rute Costa
- Defenders: Catarina Amado, Lucia Alves, Silvia Rebelo, Joana Marchao, Carole Costa, Ana Seica
- Midfielders: Andreia Jacino, Ana Rute, Andreia Norton, Tatiana Pinto, Fatima Pinto, Dolores Silva, Diana Gomes
- Forwards: Ana Borges, Jessica Silva, Diana Silva, Carolina Mendes, Kika Nazareth, Ana Capeta, Telma Encarnacao
How has the U.S. fared in recent World Cups?
The U.S. is looking for a three-peat, and the first step is to advance out of the group stage.
The squad’s latest victory came against the Dutch in the final. In 2015, it was Carli Lloyd becoming the first player to ever score a hat trick in a World Cup finals match, scoring in the third, fifth and 16th minutes against Japan. Lauren Holiday (14th minute) and Tobin Heath (54th minute) added goals of their own in the 5-2 victory.
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How has Portugal fared in recent World Cups?
It is the first-ever appearance for the Portuguese squad in the Women’s World Cup. The squad was 2-1-2 in friendlies this year before the tournament began.
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PROVIDENCE — After seeing the names of dead people listed on Lieutenant Governor Sabina Matos’ nomination papers, a Jamestown Board of Canvassers member is calling for the state Board of Elections to investigate all nomination papers submitted in the First Congressional District race.
Ken Newman, who said he was speaking as an individual and not as a representative of Jamestown or its Board of Canvassers, also urged the Board of Elections to adopt practices, akin to the risk-limiting audits conducted after elections, to check the validity of nomination papers for all 14 candidates based on representative samples.
“I want to frame this not as an attempt to demonize or discredit Sabina Matos or her campaign,” Newman said Monday. “It just feels as if we really should be looking at this issue in its entirety. There should be a very clear investigation of all of the nomination papers, and we need to give members of the local boards of canvassers more support in terms of their process and some clarity.”
Newman said he is seeking to be placed on the agenda for a Board of Elections meeting next week to present his recommendations.
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“One thing that happens in short-runway elections like this is that people are under a lot of pressure, and when people are under pressure, they tend to cut corners,” Newman said. “Maybe others did, too. We don’t know, and the only way to know is to get to the bottom of it.”
The Board of Elections had no immediate comment on Newman’s requests Monday, spokesman Christopher Hunter said. The board is scheduled to meet at 2 p.m. Tuesday, and the agenda includes a closed-door executive session “to discuss and review the status of an investigation pertaining to nomination papers submitted on behalf of U.S. Congressional candidate Sabina Matos.”
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On July 17, the Jamestown Board of Canvassers asked the police to investigate a nomination sheet containing 17 signatures that Newman said included the names of dead people in addition to people who are alive but who say they never signed the document. Within days, the Newport Canvassing Authority and the East Providence Canvassing Authority asked the police to probe signatures submitted for Matos.
On July 21, the Board of Elections voted to refer all of Matos’ nomination papers to the attorney general’s office for investigation, but it said Matos had more than enough valid signatures to appear on the Sept. 5 Democratic primary ballot. The board did not take up a challenge filed by the campaign of another Democratic congressional candidate, Don Carlson, because neither Carlson nor his campaign manager attended the hearing.
Later that day, Matos held a news conference and said a vendor hired by her campaign — Harmony Solutions — had “engaged in a widespread and outrageous attempt to defraud my campaign, the people of Rhode Island, and the democratic process.” A lawyer for the owner of Harmony Solutions, Holly McClaren, on July 25 said she “did not forge” names on those nomination papers.
But Newman said he would like to see the Board of Elections “reopen the issue” and look at the nomination papers submitted by all the candidates. He said the Matos scandal exposed some of the shortcomings in the process used to check on the validity of nominating signatures, and he said it highlighted some confusion about the roles that various entities play in that process.
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“It revealed a lot of issues in the system, and it’s not sufficient to just sweep it under the carpet,” Newman said. “It needs to be addressed.”
The attorney general’s office and the State Police have begun investigating the matter, but he noted that Attorney General Peter F. Neronha has made clear that authorities will be looking to see if any crimes were committed and won’t be looking to validate all the signatures submitted.
The Board of Elections has said under Rhode Island law, the verification of candidate nomination papers is conducted by local boards of canvassers. But Newman argued that nothing prevents the Board of Elections from checking on the validity of signatures and invalidating them, with or without a complaint filed by a candidate, and he said there are big variations in how local boards approach signature verification.
“There needs to be more training and more unanimity of guidance,” he said, “and the Board of Elections needs to assume more responsibility for this entire process.”
Newman also called for greater clarity on what software is available to help verify the signatures of voters. And he emphasized that the way people sign their names has changed a lot over the past five to 10 years because so many use their fingers to sign screens at stores and restaurants. Those signatures are less precise and more difficult to check against signatures written with pens and kept on record by election officials, he said.
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John M. Marion, executive director of Common Cause Rhode Island, said he, too, believes the Board of Elections can review signatures submitted to any and all boards of canvassers, even without a complaint, because the state board has clear statutory oversight powers over local election officials.
“So they could have done that at that (July 19) meeting instead of kicking that issue to Peter Neronha and relying on the somewhat inconsistent work of the local boards of canvassers,” he said. “Despite the deficit complaint from Carlson, they had the ability in his absence, to review any complaint.”
But at this point, ballots have been printed and sent to military and overseas voters, Marion said. “So I don’t see a path for the Board of Elections or the secretary of state to claw back the ballot,” he said. Rhode Island might even run afoul of federal law if it attempted to recall those ballots now, he said.
Still, Marion said he sees value in the Board of Elections examining all of the signatures submitted in the First Congressional District race to evaluate the performance of the local boards of canvassers. “We would learn from a review which boards of canvassers performed well and which didn’t,” he said, “and we would learn what needs to be fixed for the next time.”
Marion noted that more elections are coming up next year, and he said, “It is squarely the Board of Elections’ responsibility to supervise the 39 boards of canvassers in the State of Rhode Island.”
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Edward Fitzpatrick can be reached at edward.fitzpatrick@globe.com. Follow him @FitzProv.
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| 2023-07-31T21:32:56
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Biden administration distances itself from Pentagon official who bashed UFO hearing
Dr. Sean Kirkpatrick, the director of the Pentagon's All-domain Anomaly Resolution Office, called last week's congressional hearing 'insulting'
Behind-the-scenes tensions appear to be boiling to the surface after last week's congressional hearing on UFOs after a top Pentagon official's "personal opinion" ripping the witnesses' testimonies became public.
Dr. Sean Kirkpatrick, the director of the All-domain Anomaly Resolution Office (AARO), said the hearing "was insulting" to the officers in the Department of Defense and intelligence community who joined AARO, which is a specialized department of the DoD tasked with studying UFOs.
"Many (joined AARO) with not unreasonable anxieties about the career risks this would entail, have been working diligently, tirelessly and often in the face of harassment and animosity, to satisfy their Congressionally mandated mission," Kirkpatrick said as part of his lengthy statement.
AARO's top man's comments are his "personal opinions expressed in his capacity as a private citizen," DoD spokesperson Susan Gough said in an email to Fox News Digital. "We won't comment directly on the contents of the post."
Kirkpatrick took offense to UFO whistleblower David Grusch's under-oath statements that alleged whistleblowers faced physical assaults and threats to their lives, including his own.
"I can't get into the specifics in an open forum but … what I personally witnessed myself and my wife was very disturbing," said Grusch, a former U.S. intelligence officer and Air Force veteran. "I've faced brutal, unfortunate tactics" of retribution that he called "administrative terrorism."
UFO WHISTLEBLOWER TESTIFIES HIS LIFE WAS THREATENED OVER SECRET ALIEN TECH RETRIEVAL
Grusch said he couldn't divulge specifics in an open forum, like last week's House Oversight Committee hearing, because there's an open whistleblower reprisal program case against him, but he told lawmakers that he can detail them in a classified setting.
Grusch, along with Navy pilots Ryan Graves and David Fravor, testified about their firsthand encounters with UFOs, or UAPs (unidentified anomalous phenomena) as they're called now.
"Allegations by (the hearing's) witnesses of retaliation, to include physical assault and hints of murder, are extraordinarily serious, which is why law enforcement is a critical member of the AARO team," Kirkpatrick said.
He called his team at AARO "truth-seekers."
"But you certainly would not get that impression from (last week's) hearing," he said.
He went on to say a "central source of those allegations" refused to speak to AARO. The statement didn't specifically mention Grusch, but it was clear that's who he referred to.
Grusch said in interviews and during the congressional hearing that Kirkpatrick or AARO never spoke to him or reached out to him.
Kirkpatrick takes aim at House Oversight Committee
Kirkpatrick's statement shifted to address Congress, specifically the bipartisan House Oversight Committee that said it's pushing to uncover the truth about UFOs and extraterrestrial life
"Furthermore, some information reportedly provided to Congress has not been provided to AARO, raising additional questions about the true commitment to transparency by some Congressional elements," said Kirkpatrick, who said the House subcommittee never asked AARO for an update.
UFOS: IS THE GOVERNMENT HIDING SOMETHING?
"A rational person watching the hearing might reasonably assume that both the witnesses and the members had an understanding of the Department's and the IC's progress since the establishment of AARO around this time last year, only naturally leading to conclude that AARO has been ineffective, non-transparent and delinquent in its legislated mission."
Kirkpatrick appeared before Congress in April and joined NASA's May presentation, which is running its own UAP investigation that runs on a separate but parallel track as AARO.
VIDEO: DOES CONGRESS NEED A SELECT COMMITTEE ON UAPS?
"I am deeply disappointed at the denigration of AARO's dedicated men and women hailing from the Department of Defense, intelligence community and civil partners who are pouring their hearts our working this issue on the behalf of Congress," Kirkpatrick said.
He ends his lengthy statement by saying AARO has yet to find any credible evidence to support allegations of a reverse engineering program for non-human technology.
That's in direct conflict with Grusch's allegations that the government "absolutely" has UFO tech and "biologics" of "non-human origins" since the 1930s, and he knows the exact locations where they're being held.
Department of Defense reacts to Kirkpatrick
Gough, on behalf of the DoD, emphasized Kirkpatrick was speaking as a private citizen, and the DoD "has no information that any individual has been harmed or killed as a result of providing information to AARO."
"Any unsubstantiated claims that individuals have been harmed or killed in the process of providing information to AARO will serve to discourage individuals with relevant information from coming forward to aid in AARO’s efforts," she said in an email.
AARO doesn't have any "verifiable information" to substantiate claims that a reverse-engineering program of alien tech "has existed in the past or exist currently," according to Gough.
"We do want to reinforce the Department’s unwavering commitment to openness and accountability to the American people and Congress," she said.
FOX EXCLUSIVE INTERVIEW: STRANGE OBJECTS ON OCEAN FLOOR MAY BE UFO CRASH DEBRIS
"The dedicated military service members, civilian personnel, and federal contractors who support AARO’s efforts are deserving of the full confidence of our lawmakers and the American public. While much remains to be done to fulfill AARO’s mandate, AARO’s committed team has made great progress since its establishment only a year ago."
She said AARO welcomes the opportunity to speak with any former or current government employee or contracted who believes they have information relevant to the investigation.
"AARO looks forward to increasing the public’s understanding of UAP through the declassification of historical and contemporary UAP information."
CLICK TO GET THE FOX NEWS APPA
As of May, AARO was investigating about 800 cases, according to Kirkpatrick. About 2% to 5% of those 800 cases are "truly anomalous," he said.
NASA is also investigating UAPs, running on a separate but parallel track as AARO.
Both NASA and AARO are expected to release separate reports this summer.
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https://www.foxnews.com/us/biden-administration-distances-itself-pentagon-official-who-bashed-ufo-hearing
| 2023-07-31T21:32:57
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