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WASHINGTON (AP) — X, the social media platform formerly known as Twitter, has threatened to sue a group of independent researchers whose research documented an increase in hate speech on the site since it was purchased last year by Elon Musk.
An attorney representing the social media site wrote to the Center for Countering Digital Hate on July 20 threatening legal action over the nonprofit’s research into hate speech and content moderation. The letter alleged that CCDH’s research publications seem intended “to harm Twitter’s business by driving advertisers away from the platform with incendiary claims.”
Musk is a self-professed free speech absolutist who has welcomed back white supremacists and election deniers to the platform, which he renamed X earlier this month. But the billionaire has at times proven sensitive about critical speech directed at him or his companies.
The center is a nonprofit with offices in the U.S. and United Kingdom. It regularly publishes reports on hate speech, extremism or harmful behavior on social media platforms like X, TikTok or Facebook.
The organization has published several reports critical of Musk’s leadership, detailing an increase in anti-LGBTQ hate speech as well as climate misinformation since his purchase. The letter from X’s attorney cited one specific report from June that found the platform failed to remove neo-Nazi and anti-LGBTQ content from verified users that violated the platform’s rules.
In the letter, attorney Alex Spiro questioned the expertise of the researchers and accused the center of trying to harm X’s reputation. The letter also suggested, without evidence, that the center received funds from some of X’s competitors, even though the center has also published critical reports about TikTok, Facebook and other large platforms.
“CCDH intends to harm Twitter’s business by driving advertisers away from the platform with incendiary claims,” Spiro wrote, using the platform’s former name.
Imran Ahmed, the center’s founder and CEO, told the AP on Monday that his group has never received a similar response from any tech company, despite a history of studying the relationship between social media, hate speech and extremism. He said that typically, the targets of the center’s criticism have responded by defending their work or promising to address any problems that have been identified.
Ahmed said he worried X’s response to the center’s work could have a chilling effect if it frightens other researchers away from studying the platform. He said he also worried that other industries could take note of the strategy.
“This is an unprecedented escalation by a social media company against independent researchers. Musk has just declared open war,” Ahmed told the Associated Press. “If Musk succeeds in silencing us other researchers will be next in line.”
Messages left with Spiro and X were not immediately returned Monday.
It’s not the first time that Musk has fired back at critics. Last year, he suspended the accounts of several journalists who covered his takeover of Twitter. Another user was suspended for using publicly available flight data to track Musk’s private plane; Musk had initially pledged to keep the user on the platform but later changed his mind, citing his personal safety. He also threatened to sue the user before allowing him back on the platform under certain restrictions.
He initially had promised that he would allow any speech on his platform that wasn’t illegal. “I hope that even my worst critics remain on Twitter, because that is what free speech means,” Musk wrote in a tweet last year.
X’s recent threat of a lawsuit prompted concern from U.S. Rep. Adam Schiff, D-Calif., who said the billionaire was trying to use the threat of legal action to punish a nonprofit group trying to hold a powerful social media platform accountable.
“Instead of attacking them, he should be attacking the increasingly disturbing content on Twitter,” Schiff said in a statement.
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https://www.wane.com/news/national-world/ap-us-news/ap-musk-threatens-to-sue-researchers-who-documented-the-rise-in-hateful-tweets/
| 2023-07-31T21:43:33
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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
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https://www.wunc.org/2023-07-31/getting-ac-to-residents-of-public-housing-where-extreme-heat-can-be-dangerous
| 2023-07-31T21:43:34
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A one-day sales event unlike any other invites customers to stock up on used books for just one cent per page.
BIRMINGHAM, Ala., July 31, 2023 /PRNewswire/ -- The busiest day of the year at 2nd & Charles is officially on the docket: Penny-A-Page, happening on Saturday, August 12, at all 2nd & Charles locations nationwide.
Where miles of books are surrounded by pure, boundless energy, customers can purchase up to five books for just one cent per page during 2nd & Charles' first-ever Penny-A-Page.
This unique and rare promotional event applies to all used books, giving customers the opportunity to fill their shelves with lengthy, expensive, and well-loved volumes – all for a fraction of the price. Yes, on a 250-page book, 2nd and Charles customers will pay just $2.50.
"Our loyal customers love it when we offer a discount on multiple books at the same time," says Eric Bishop, Senior Vice President at 2nd & Charles. "This is a 'can't miss' day! We are opening early at 9 a.m. to accommodate all our impassioned readers wanting to get a head start on their summer reading," he says.
Communities across the nation now have a remarkable opportunity to find their next stack of great books at an extraordinary price. Arrive early for the best selection! Come in, get lost, and find yourself at 2nd & Charles.
ABOUT 2ND & CHARLES
2nd & Charles is a unique retail concept specializing in an ever-changing inventory of new and used books, music, games, toys, collectibles, decor, accessories, and pop culture merchandise. Since its first store opened in Birmingham, AL, in 2010, 2nd & Charles has expanded to include more than 40 stores in 18 states—and counting.
A sister store to Books-A-Million, the nation's second largest book retailer, 2nd & Charles has established itself as a hip and fun-loving purveyor of passions catering to readers, gamers, and collectors of all ages. Through the store's buyback program, customers can sell their gently used merchandise in exchange for cash or store credit.
Click here to find your nearest 2nd & Charles store, and follow 2nd & Charles on Facebook, Instagram, and Twitter.
CONTACT
Olivia Anderson McDaniel
Vice President of Marketing, Omnichannel
205.909.3563
mcdanielo@booksamillion.com
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https://www.kait8.com/prnewswire/2023/07/31/penny-a-page-hottest-used-book-promotion-happening-2nd-amp-charles/
| 2023-07-31T21:43:34
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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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LAS VEGAS (KLAS) — Hip-hop superstar Cardi B drew attention on social media over a video showing her lashing out during a Las Vegas performance after someone threw a drink at her while she was onstage.
Video circulated online over the weekend after a TikTok user posted footage of the incident at Drai’s Beachclub on the Las Vegas Strip.
The clip shows the hip-hop performer onstage during the event when someone in the audience hurls liquid, splashing the rapper. Cardi B can be seen retaliating by throwing her microphone into the audience in the direction from which the liquid was launched.
According to Las Vegas Metropolitan Police Department, a woman came into a police station on Sunday to report a “battery.” She told officers that she had been struck by an item thrown from the stage on Saturday. Police said the incident had been documented, but no arrest or citations had been issued.
It’s unclear if that woman, who has not been identified, threw the drink at Cardi B.
The event made waves on social media as many excoriated the person who threw the liquid. They compared the situation to similar events that have happened in recent weeks: Bebe Rexha suffered a black eye after being struck by a cellphone, country singer Kelsea Ballerini was hit in the face by a bracelet, rapper Sexyy Red ended a show early when fans refused to stop throwing water bottles on stage, a fan threw their mother’s ashes at Pink while she was performing, Ava Max was slapped while performing in Los Angeles, and Harry Styles was hit in the eye with an object during a Houston performance.
Others noted humorously that although Cardi B had thrown her microphone, her song “Bodak Yellow” – and her recorded vocals – continued uninterrupted.
“The song didn’t stop. Y’all listening to an iPad,” said one X (formerly known as Twitter) user.
There was no indication if charges would be filed in the Cardi B incident.
Cardi B recently completed 15 days of community service in New York after pleading guilty to multiple charges filed against her following a 2018 fight at a strip club in Queens.
The Associated Press contributed to this report.
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A New Hampshire nurse, who has reportedly been kidnapped in Haiti, has described Haitians as “resilient people” in a video about her work for a nonprofit Christian ministry in the country.
“They’re full of joy, and life and love. I’m so blessed to know so many amazing Haitians,” Alix Dorsainil says in a video on the website of the ministry she works for, El Roi Haiti.
Dorsainvil and her daughter were kidnapped Thursday, the organization said in a statement over the weekend. El Roi Haiti, which runs a school and ministry in Port au Prince, said the two were taken from campus. Dorsainvil is the wife of the program’s director, Sandro Dorsainvil.
That happened the same day that the U.S. State Department issued a “do not travel advisory” in the country and ordered nonemergency personnel to leave there amid growing security concerns.
“Alix is a deeply compassionate and loving person who considers Haiti her home and the Haitian people her friends and family,” El Roi president and co-founder Jason Brown said in the statement. “Alix has worked tirelessly as our school and community nurse to bring relief to those who are suffering as she loves and serves the people of Haiti in the name of Jesus.”
A State Department spokesperson said in a statement Saturday is it “aware of reports of the kidnapping of two U.S. citizens in Haiti,” adding, “We are in regular contact with Haitian authorities and will continue to work with them and our U.S. government interagency partners.”
The department has not issued any updates since then. Alix Dorainvil’s father, Steven Comeau, reached in New Hampshire, said he could not talk.
Dorsainvil graduated from Regis College in Weston, Massachusetts, which has a program to support nursing education in Haiti. Before that, she went to Cornerstone Christian Academy in Ossipee, New Hampshire.
“Pray that God would keep her safe, be with her through this trial, and deliver her from her captors,” the school posted on its Facebook page.
In its advisory Thursday, the State Department said that “kidnapping is widespread, and victims regularly include U.S. citizens.”
It said kidnappings often involve ransom negotiations and U.S. citizen victims have been physically harmed.
Earlier this month, the National Human Rights Defense Network issued a report warning about an upsurge in killings and kidnappings and the U.N. Security Council met to discuss Haiti’s worsening situation.
In December 2021, an unidentified person paid a ransom that freed three missionaries kidnapped by a gang in Haiti under an agreement that was supposed to have led to the release of all 15 remaining captives, t heir Ohio-based organization confirmed.
The person who made the payment was not affiliated with Ohio-based Christian Aid Ministries, and the workers say they don’t know who the individual is or how much was paid to the gang, which initially demanded $1 million per person. Internal conflicts in the gang, they say, led it to renege on a pledge to release all the hostages, freeing just three of them instead on Dec. 5.
The accounts from former hostages and other Christian Aid Ministries staffers, in recent recorded talks to church groups and others, were the first public acknowledgement from the organization that ransom was paid at any point following the Oct. 16 kidnapping of 16 Americans and a Canadian affiliated with CAM.
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https://www.wane.com/news/national-world/ap-us-news/ap-new-hampshire-nurse-reportedly-kidnapped-in-haiti-had-praised-country-for-its-resilience/
| 2023-07-31T21:43:40
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COLUMBIA, S.C. (AP) — With less than a month to go until the first Republican presidential debate of the 2024 campaign, seven candidates say they have met qualifications for a spot on stage in Milwaukee.
But that also means that about half the broad GOP field is running short on time to make the cut.
To qualify for the Aug. 23 debate, candidates needed to satisfy polling and donor requirements set by the Republican National Committee: at least 1% in three high-quality national polls or a mix of national and early-state polls, between July 1 and Aug. 21, and a minimum of 40,000 donors, with 200 in 20 or more states.
A look at who’s in, who’s (maybe) out and who’s still working on making it:
WHO HAS QUALIFIED:
DONALD TRUMP
The current front-runner long ago satisfied the polling and donor thresholds. But he is considering boycotting and holding a competing event.
Campaign advisers have said the former president has not made a final decision about the debate. One noted that “it’s pretty clear,” based on Trump’s public and private statements, that he is unlikely to appear with the other candidates.
“If you’re leading by a lot, what’s the purpose of doing it?” Trump asked on Newsmax.
In the meantime, aides have discussed potential alternative programming if Trump opts for a rival event. One option Trump has floated is an interview with former Fox News host Tucker Carlson, who now has a program on X, the site formerly known as Twitter.
RON DESANTIS
The Florida governor has long been seen as Trump’s top rival, finishing a distant second to him in a series of polls in early-voting states, as well as national polls, and raising an impressive amount of money.
But DeSantis’ campaign has struggled in recent weeks to live up to the sky-high expectations that awaited him when he entered the race. He let go of more than one-third of his staff as federal filings showed his campaign was burning through cash at an unsustainable rate.
If Trump is absent, DeSantis may be the top target on stage at the debate.
TIM SCOTT
The South Carolina senator has been looking for a breakout moment. The first debate could be his chance.
A prolific fundraiser, Scott enters the summer with $21 million cash on hand.
In one debate-approved poll in Iowa, Scott joined Trump and DeSantis in reaching double digits. The senator has focused much of his campaign resources on the leadoff GOP voting state, which is dominated by white evangelical voters.
NIKKI HALEY
She has blitzed early-voting states with campaign events, walking crowds through her electoral successes ousting a longtime incumbent South Carolina lawmaker, then becoming the state’s first woman and first minority governor. Also serving as Trump’s U.N. ambassador for about two years, Haley frequently cites her international experience, arguing about the threat China poses to the United States.
The only woman in the GOP race, Haley has said transgender students competing in sports is “the women’s issue of our time” and has drawn praise from a leading anti-abortion group, which called her “uniquely gifted at communicating from a pro-life woman’s perspective.”
Bringing in $15.6 million since the start of her campaign, Haley’s campaign says she has “well over 40,000 unique donors” and has satisfied the debate polling requirements.
VIVEK RAMASWAMY
The biotech entrepreneur and author of “Woke, Inc.: Inside Corporate America’s Social Justice Scam” is an audience favorite at multicandidate events and has polled well despite not being nationally known when he entered the race.
Ramaswamy’s campaign says he met the donor threshold earlier this year. He recently rolled out “Vivek’s Kitchen Cabinet” to boost his donor numbers even more, by letting fundraisers keep 10% of what they bring in for his campaign.
CHRIS CHRISTIE
The former New Jersey governor opened his campaign by portraying himself as the only candidate ready to take on Trump. Christie called on the former president to “show up at the debates and defend his record.”
Christie will be on that stage, even if Trump isn’t, telling CNN this month that he surpassed “40,000 unique donors in just 35 days.” He also has met the polling requirements.
DOUG BURGUM
Burgum, a wealthy former software entrepreneur now in his second term as North Dakota’s governor, has been using his fortune to boost his campaign.
He announced a program this month to give away $20 gift cards — “Biden Relief Cards,” as a critique of President Joe Biden’s handling of the economy — to as many as 50,000 people in exchange for $1 donations. Critics have questioned whether the offer violated campaign finance law.
Within about a week of launching that effort, Burgum announced he had surpassed the donor threshold. Ad blitzes in the early-voting states also helped him meet the polling requirements.
WHO HASN’T QUALIFIED:
MIKE PENCE
Trump’s vice president has met the polling threshold but has yet to amass a sufficient number of donors, raising the possibility that he might not qualify for the party’s first debate.
Pence and his advisers have expressed confidence he will do so, noting that most other Republican hopefuls took a month or two of being active candidates to meet the mark. Pence entered the race on June 7, the same day as Burgum and one day after Christie.
“We’re making incredible progress toward that goal. We’re not there yet,” Pence told CNN in a recent interview. “We will make it. I will see you at that debate stage.”
ASA HUTCHINSON
According to his campaign, the former two-term Arkansas governor has met the polling requirements but is working on satisfying the donor threshold. As of Wednesday, Hutchinson marked more than 11,000 unique donors.
Hutchinson is running in the mold of an old-school Republican and has differentiated himself from many of his GOP rivals in his willingness to criticize Trump. He has posted pleas on Twitter for $1 donations to help secure his slot.
FRANCIS SUAREZ
The Miami mayor has been one of the more creative candidates in his efforts to boost his donor numbers. He offered up a chance to see Argentine soccer legend Lionel Messi’s debut as a player for Inter Miami, saying donors who gave $1 would be entered in a chance to get front-row tickets.
Still shy of the donor threshold, he took a page from Burgum’s playbook by offering a $20 “Bidenomics Relief Card” in return for $1 donations. A super political action committee supporting Suarez launched a sweepstakes for a chance at up to $15,000 in tuition, in exchange for a $1 donation to Suarez’s campaign.
Suarez’s campaign did not return a message seeking details on his number of donors or qualifying polls.
LARRY ELDER
The conservative radio host wrote in an op-ed that the RNC “has rigged the rules of the game by instituting a set of criteria that is so onerous and poorly designed that only establishment-backed and billionaire candidates are guaranteed to be on stage.”
His campaign last week declined to detail its number of donors, saying only that there had been “a strong increase the last few weeks.” He has not met the polling requirements.
PERRY JOHNSON
Johnson, a wealthy but largely unknown businessman from Michigan, said in a recent social media post that he had notched 23,000 donors and was “confident” he would make the debate stage. He added that all donors were “eligible to attend my free concert in Iowa featuring” country duo Big & Rich next month.
Johnson, who has reached 1% in one qualifying poll, has also offered to give copies of his book “Two Cents to Save America” to anyone who donated to his campaign.
WILL HURD
The former Texas congressman — the last candidate to enter the race, on June 22 — has said repeatedly that he would not pledge to support the eventual GOP nominee, a stance that would keep him off the stage even if he had the qualifying donor and polling numbers.
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https://who13.com/news/whos-in-whos-out-heres-whos-qualified-for-the-first-gop-presidential-debate-so-far/
| 2023-07-31T21:43:41
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NPR's Sacha Pfeiffer talks to security and counter-terrorism Asfandyar Mir about how instability in the Taliban's Afghanistan has spilled into Pakistan, after a suicide bombing that killed dozens.
Copyright 2023 NPR
NPR's Sacha Pfeiffer talks to security and counter-terrorism Asfandyar Mir about how instability in the Taliban's Afghanistan has spilled into Pakistan, after a suicide bombing that killed dozens.
Copyright 2023 NPR
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https://www.wunc.org/2023-07-31/how-a-suicide-bombing-in-pakistan-shows-spillover-effect-from-talibans-afghanistan
| 2023-07-31T21:43:41
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DENVER, July 31, 2023 /PRNewswire/ -- The Principal Real Estate Income Fund (NYSE:PGZ) announces the sources of a distribution paid on July 31, 2023 of $0.1050 per share to shareholders of record at the close of business on July 18, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission and includes the notice below sent to shareholders regarding the source of the distribution.
Statement Pursuant to Section 19(a) of the Investment Company Act of 1940
The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. In accordance with generally accepted accounting principles ("GAAP"), the Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.
The Fund estimates that it has distributed more than its income; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.
The timing and character of distributions for federal income tax purposes are determined in accordance with income tax regulations, which may differ from GAAP. As such, all or a portion of this distribution may be reportable as taxable income on your 2023 federal income tax return. The final tax character of any distribution declared in 2023 will be determined in January 2024 and reported to you on IRS Form 1099-DIV.
The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution record date.
While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market. Past performance does not guarantee future results. Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.
Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.
Please retain this document for your records.
ALPS Advisors, Inc. is the investment adviser to the Fund.
Principal Real Estate Investors LLC is the investment sub-adviser to the Fund. Principal Real Estate Investors LLC is not affiliated with ALPS Advisors, Inc. or any of its affiliates.
ALPS Portfolio Solutions Distributor, Inc. is the FINRA Member.
PRE000386 7/31/2024
View original content:
SOURCE Principal Real Estate Income Fund
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- 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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https://www.wafb.com/prnewswire/2023/07/31/biomarin-announces-strong-second-quarter-2023-results-record-breaking-revenues-first-half-2023-including-13-year-over-year-growth-year-to-date/
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Brightly flashing ‘X’ sign removed from the former Twitter’s San Francisco headquarters
SAN FRANCISCO (AP) — A brightly flashing “X” sign has been removed from the San Francisco headquarters of the company formerly known as Twitter just days after it was installed.
The San Francisco Department of Building Inspection said Monday it received 24 complaints about the unpermitted structure over the weekend. Complaints included concerns about its structural safety and illumination.
The Elon Musk-owned company, which has been rebranded as X, had removed the Twitter sign and iconic blue bird logo from the building last week. That work was temporarily paused because the company did not have the necessary permits. For a time, the “er” at the end of “Twitter” remained up due to the abrupt halt of the sign takedown.
The city of San Francisco had opened a complaint and launched an investigation into the giant “X” sign, which was installed Friday on top of the downtown building as Musk continues his rebrand of the social media platform.
The chaotic rebrand of Twitter’s building signage is similar to the haphazard way in which the Twitter platform is being turned into X. While the X logo has replaced Twitter on many parts of the site and app, remnants of Twitter remain.
Representatives for X did not immediately respond to a message for comment Monday.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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https://www.kaaltv.com/news/business-news/brightly-flashing-x-sign-removed-from-the-former-twitters-san-francisco-headquarters/
| 2023-07-31T21:43:43
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Police have opened a battery investigation after Cardi B threw her microphone into the crowd when a concertgoer tossed a drink at her during a recent show.
In a video making the rounds on social media, the Grammy-winning rapper is seen throwing a microphone at an audience member who tossed a drink at her during her performance at Drai's Beachclub in Las Vegas on Saturday.
Cardi B was performing her 2017 hit "Bodak Yellow" in the clip when she gets a good dousing of the liquid, then angrily throws the mic at them while appearing to have words with the person. The fan was escorted out by security.
RELATED: Drink tossed at Cardi B on stage - she fires back with her microphone
A separate video showed that Cardi B told fans she was hot and to throw her some water. It's unclear at what point in the show this video was recorded.
Cardi B addressed the incident Sunday on Stationhead, saying, "A (bleep) got (bleep) assaulted. When water and ice get thrown in your (bleep) face and hit you mad hard. What happened yesterday was blatantly disrespectful."
This is just the latest example of fans throwing things at artists while they're performing onstage. It has happened in recent weeks to artists like Bebe Rexha, Harry Styles, Kelsea Ballerini and more.
"Artists have had enough. I mean, I think that's evident," said Kelley L. Carter, an ABC News entertainment contributor and senior entertainment reporter for Andscape.
Carter added, "So much remains to be seen about how incidents like this might change the concert experience, but I do ... I think there's definitely going to be a zero-tolerance policy that's officially going to be put in place."
The video in the media player above is from a previous report.
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WASHINGTON (AP) — President Joe Biden will travel to Arizona, New Mexico and Utah next week and is expected to talk about his administration’s efforts to combat climate change as the region endures a brutally hot summer with soaring temperatures, the White House said Monday.
Biden is expected to discuss the Inflation Reduction Act, America’s most significant response to climate change, and the push toward more clean energy manufacturing. The act aims to spur clean energy on a scale that will bend the arc of U.S. greenhouse gas emissions.
July has been the hottest month ever recorded. Biden last week announced new steps to protect workers in extreme heat, including measures to improve weather forecasts and make drinking water more accessible.
Members of Biden’s administration also are fanning out over the next few weeks around the anniversary of the landmark climate change and health care legislation to extol the administration’s successes as the Democratic president seeks reelection in 2024.
Vice President Kamala Harris heads to Wisconsin this week with Commerce Secretary Gina Raimondo to talk about broadband infrastructure investments. Secretary of Agriculture Tom Vilsack goes to Oregon to highlight wildfire defense grants, Transportation Secretary Pete Buttigieg will go to Illinois and Texas, and Secretary of Education Miguel Cardona heads to Maryland to talk about career and technical education programs.
The Inflation Reduction Act included roughly $375 billion over a decade to combat climate change and capped the cost of a month’s supply of insulin at $35 for older Americans and other Medicare beneficiaries. It also helps an estimated 13 million Americans pay for health care insurance by extending subsidies provided during the coronavirus pandemic.
The measure is paid for by new taxes on large companies and stepped-up IRS enforcement of wealthy individuals and entities, with additional funds going to reduce the federal deficit.
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https://www.wane.com/news/politics/ap-politics/ap-biden-goes-west-to-talk-about-his-administrations-efforts-to-combat-climate-change/
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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.wafb.com/prnewswire/2023/07/31/board-directors-ecopetrol-sa-announces-execution-operation-sanction-theft-smuggling-hydrocarbons/
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NPR's Ailsa Chang talks with trucker Alex Mai, who runs a YouTube Channel about trucking news, about how 30,000 workers are losing their jobs as the shipping company Yellow has shut down operations.
Copyright 2023 NPR
NPR's Ailsa Chang talks with trucker Alex Mai, who runs a YouTube Channel about trucking news, about how 30,000 workers are losing their jobs as the shipping company Yellow has shut down operations.
Copyright 2023 NPR
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https://www.wunc.org/2023-07-31/how-the-shutdown-of-transport-company-yellow-could-have-ripple-effects-for-truckers
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https://www.wunc.org/2023-07-31/how-the-shutdown-of-transport-company-yellow-could-have-ripple-effects-for-truckers
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MENLO PARK, Calif., July 31, 2023 /PRNewswire/ -- Robert Half Inc. (NYSE: RHI) announced today that its board of directors has approved a quarterly cash dividend of $0.48 per share. The cash dividend will be paid on Sept. 15, 2023, to all shareholders of record as of Aug. 25, 2023.
Robert Half is the world's first and largest specialized talent solutions and business consulting firm that connects people with meaningful work and provides companies with the talent and subject matter expertise they need to confidently compete and grow. Robert Half is the parent company of Protiviti®, a global consulting firm that provides internal audit, risk, business and technology consulting solutions. Robert Half, including Protiviti, has been named to the Fortune® Most Admired Companies™ and Most Innovative Companies lists and is a Forbes Best Employer for Diversity. Robert Half has talent solutions and consulting operations in more than 400 locations worldwide.
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Durham (WTVD) -- Traditional calendar students in Durham return to school in the next few weeks and a nonprofit is helping educators get ready.
Crayons 2 Calculators has launched its "Fill That Bus" campaign to collect school supplies for teachers and families.
Be sure to drop off collected supplies by Aug. 31 at the warehouse on Bacon Street in Durham.
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| 2023-07-31T21:43:49
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Greek prime minister seeks improved relations with Turkey but says Ankara must drop aggression
NICOSIA, Cyprus (AP) — Greece’s prime minister said Monday that his government wants to take full advantage of an improving political climate with neighboring Turkey in order to improve bilateral relations despite a string of decades-old disputes.
But Greek Prime Minister Kyriakos Mitsotakis said that didn’t mean Turkey had “substantially changed” its stance on key differences between the two countries and must “decisively abandon its aggressive and unlawful conduct” against Greece’s sovereignty and territorial integrity.
Turkey and Greece remain at odds over maritime boundaries in the eastern Mediterranean, a dispute that affects irregular migration into the European Union, mineral rights and the projection of military power.
Mitsotakis said that he agreed with Turkish President Recep Tayyip Erdogan during a NATO summit in Vilnius, Lithuania, on July 11-12 to initiate new “lines of communication” and to maintain “a period of calm.”
High-level talks between the the two countries are expected to take place in the Greek city of Thessaloniki later this year.
However, the Greek prime minister said that Erdogan’s outreach to the EU couldn’t come at the expense of efforts to heal nearly half a century of ethnic division in Cyprus, which has been split into separate Greek and Turkish entities since 1974.
Speaking after talks with Cypriot President Nikos Christodoulides, Mitsotakis said that he told Erdogan that improved European-Turkish ties couldn’t exclude a Cyprus peace accord and that the issue couldn’t be “left by the wayside.”
Turkey and the breakaway Turkish Cypriots have insisted on a two-state solution since July 2017 when the most recent round of U.N.-facilitated peace talks collapsed.
That position overturned a long-standing agreement sanctioned by the U.N. Security Council in numerous resolutions that any peace deal would aim for a reunified Cyprus as a federation made up of Greek- and Turkish-speaking zones.
Cyprus was divided in 1974 when Turkey invaded following a coup by supporters of union with Greece. Only Turkey recognizes a Turkish Cypriot declaration of independence in the island’s northern third, where more than 35,000 Turkish troops are stationed.
On Friday, Turkish Cypriot leader Ersin Tatar repeated that peace talks could resume only if Greek Cypriots recognized the Turkish Cypriots’ “sovereign equality.”
Christodoulides said Monday that any improvement in European-Turkish relations should be based on reciprocal action by Turkey, adding that the EU prioritizes a Cyprus peace deal in line with U.N. resolutions.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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https://www.kaaltv.com/news/business-news/greek-prime-minister-seeks-improved-relations-with-turkey-but-says-ankara-must-drop-aggression/
| 2023-07-31T21:43:49
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WASHINGTON (AP) — President Joe Biden has decided to keep U.S. Space Command headquarters in Colorado, overturning a last-ditch decision by the Trump administration to move it to Alabama and ending months of politically fueled debate, according to senior U.S. officials.
The officials said Biden was convinced by the head of Space Command, Gen. James Dickinson, who argued that moving his headquarters now would jeopardize military readiness. Dickinson’s view, however, was in contrast to Air Force leadership, who studied the issue at length and determined that relocating to Huntsville, Alabama, was the right move.
The officials spoke on condition of anonymity to discuss the decision ahead of the announcement.
The president, they said, believes that keeping the command in Colorado Springs would avoid a disruption in readiness that the move would cause, particularly as the U.S. races to compete with China in space. And they said Biden firmly believes that maintaining stability will help the military be better able to respond in space over the next decade. Those factors, they said, outweighed what the president believed would be any minor benefits of moving to Alabama.
Biden’s decision is sure to enrage Alabama lawmakers and fuel accusations that abortion politics played a role in the choice. The location debate has become entangled in the ongoing battle between Alabama Republican Sen. Tommy Tuberville and the Defense Department over the move to provide travel for troops seeking reproductive health care. Tuberville opposed the policy is blocking hundreds of military promotions in protest.
The U.S. officials said the abortion issue had no effect at all on Biden’s decision. And they said the president fully expected there would be different views on the matter within the Defense Department.
Formally created in August 2019, the command was temporarily based in Colorado, and Air Force and Space Force leaders initially recommended it stay there. In the final days of his presidency Donald Trump decided it should be based in Huntsville.
The change triggered a number of reviews.
Proponents of keeping the command in Colorado have argued that moving it to Huntsville and creating a new headquarters would set back its progress at a time it needs to move quickly to be positioned to match China’s military space rise. And Colorado Springs is also home to the Air Force Academy, which now graduates Space Force guardians, and more than 24 military space missions, including three Space Force bases.
Officials also argued that any new headquarters in Alabama would not be completed until sometime after 2030, forcing a lengthy transition.
Huntsville, however, scored higher than Colorado Springs in a Government Accountability Office assessment of potential locations and has long been a home to some of earliest missiles used in the nation’s space programs, including the Saturn V rocket. It is home to the Army’s Space and Missile Defense Command.
According to officials, Air Force Secretary Frank Kendall, who ordered his own review of the matter, leaned toward Huntsville, while Dickinson was staunchly in favor of staying put. The officials said Defense Secretary Lloyd Austin presented both options to Biden.
The decision was good news for Colorado lawmakers.
“For two and a half years we’ve known any objective analysis of this basing decision would reach the same conclusion we did, that Peterson Space Force Base is the best home for Space Command,” Sen. John Hickenlooper, D-Colo., said in a statement. “Most importantly, this decision firmly rejects the idea that politics — instead of national security — should determine basing decisions central to our national security.”
Sen. Michael Bennet, D-Colo., said the decision “restores integrity to the Pentagon’s basing process and sends a strong message that national security and the readiness of our Armed Forces drive our military decisions.”
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https://www.wane.com/news/politics/ap-politics/ap-biden-has-decided-to-keep-space-command-in-colorado-rejecting-move-to-alabama-officials-tell-ap/
| 2023-07-31T21:43:52
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NPR's Sacha Pfeiffer talks with Mahnaz Akbari, former commander of the Afghan military's Female Tactical Platoon, about the Afghan Adjustment Act.
Copyright 2023 NPR
NPR's Sacha Pfeiffer talks with Mahnaz Akbari, former commander of the Afghan military's Female Tactical Platoon, about the Afghan Adjustment Act.
Copyright 2023 NPR
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https://www.wunc.org/2023-07-31/members-of-an-female-afghan-military-platoon-now-face-uncertain-fate-in-the-u-s
| 2023-07-31T21:43:54
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Total new annualized premiums up 11%; strong capital position
CARMEL, Ind., July 31, 2023 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $73.7 million, or $0.64 per diluted share, in 2Q23 compared to $233.3 million, or $1.99 per diluted share, in 2Q22. Net operating income (1) was $62.3 million, or $0.54 per diluted share, in 2Q23 compared to $135.1 million, or $1.15 per diluted share, in 2Q22.
"Production was strong in both our Consumer and Worksite Divisions, with notable sales increases in Life, Medicare Supplement and Supplemental Health, driven by continued growth in producing agent counts," said Gary C. Bhojwani, chief executive officer.
"Variable investment income results improved sequentially, yet reflect a tough comparable in the second quarter of 2022 when results reached a five-year high. Health claims impacted our results in the quarter. We expect this elevated claims experience to moderate in the second half of the year, based on leading indicators. Our long-term view of the Health business remains positive."
"New money rates were once again strong in the quarter at 6.34%, which drove continued improvement in the earned yield on investments allocated to insurance products. Our consolidated risk based capital (RBC) ratio of 386% was comfortably above our target as was our holding company liquidity of $176 million. Free cash flow generation in the quarter was robust."
Second Quarter 2023 Highlights (as compared to the corresponding period in the prior year where applicable)
- Total Health insurance new annualized premiums ("NAP") (4) up 15%; total Life insurance NAP up 8%
- Medicare Supplement NAP up 29%; Consumer Division field agent-sold Life insurance NAP up 20%
- Consumer Division field producing agent count up 8%; Worksite Division producing agent count up 32%
- Returned $47.4 million to shareholders
- Book value per share was $17.56; book value per diluted share, excluding accumulated other comprehensive loss,(2) was $32.34
- Return on equity ("ROE") of 14.8%; operating ROE, as adjusted,(6) of 8.0%
Adoption of New Accounting Standard
As previously disclosed, we adopted ASU 2018-12 related to targeted improvements to the accounting for long-duration insurance contracts effective January 1, 2023. We selected the modified retrospective transition method except for market risk benefits where we were required to use the full retrospective approach. All prior periods presented herein have been recast in accordance with the new standard. As a result of the adoption of the new guidance, shareholders' equity as of December 31, 2022, increased $368.0 million and was comprised of increases to retained earnings and accumulated other comprehensive income (loss) of $232.2 million and $135.8 million, respectively. Net income and operating earnings (1) for the second quarter of 2022 increased $97.2 million and $35.0 million, respectively. Concurrent with the adoption of the new guidance, we also updated the method of determining non-operating earnings for our fixed indexed annuities to better isolate the volatile non-economic accounting impacts of that line of business.
INSURANCE OPERATIONS
Annuity products accounted for 26 percent of the Company's margin for the quarter and annuity premiums collected decreased 8 percent in 2Q23 compared to 2Q22.
Health products accounted for 48 percent of the Company's insurance margin for the quarter and 63 percent of insurance policy income.
Life products accounted for 26 percent of the Company's insurance margin for the quarter and 36 percent of insurance policy income.
Sales of health products were up 15 percent and sales of life products were up 8 percent in 2Q23 compared to 2Q22.
Total allocated expenses were $149.5 million, down 2 percent from 2Q22.
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The fair value of CNO's available for sale fixed maturity portfolio was $21.0 billion compared with an amortized cost of $23.6 billion. Net unrealized losses were comprised of gross unrealized gains of $106.1 million and gross unrealized losses of $2,710.8 million. The allowance for credit losses was $66.1 million at June 30, 2023.
At both amortized cost and fair value, 94 percent of fixed maturities, available for sale, were rated "investment grade".
Non-Operating Items
Net investment losses in 2Q23 were $31.3 million including the unfavorable change in the allowance for credit losses of $9.9 million which was recorded in earnings. Net investment losses in 2Q22 were $27.1 million including the unfavorable change in the allowance for credit losses of $23.7 million which was recorded in earnings.
During 2Q23 and 2Q22, we recognized a decrease in earnings of $4.0 million and $21.7 million, respectively, due to the net change in market value of investments recognized in earnings.
During 2Q23 and 2Q22, we recognized an increase in earnings of $50.4 million and $160.6 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities. Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and market risk benefits.
In 2Q22, other non-operating items included an increase in earnings of $14.0 million for the mark-to-market change in the agent deferred compensation plan liability which was impacted by changes in the underlying actuarial assumptions used to value the liability. We recognize the mark-to-market change in the estimated value of this liability through earnings as assumptions change.
Statutory (based on non-GAAP measures) and GAAP Capital Information
Our consolidated statutory risk-based capital ratio was estimated at 386% at June 30, 2023, reflecting estimated 2Q23 statutory operating income of $37 million (and $76 million in the first six months of 2023) and the payment of insurance company dividends (net of capital contributions) to the holding company of $40.5 million during 2Q23 (and $74.7 million in the first six months of 2023).
During 2Q23, we repurchased $30.0 million of common stock under our securities repurchase program (including $0.9 million of repurchases settled in 3Q23). We repurchased 1.4 million common shares at an average cost of $22.28 per share. As of June 30, 2023, we had 113.7 million shares outstanding and had authority to repurchase up to an additional $641.8 million of our common stock. During 2Q23, dividends paid on common stock totaled $17.4 million.
Unrestricted cash and investments held by our holding company were $176 million at June 30, 2023, compared to $167 million at December 31, 2022.
Book value per common share was $17.56 at June 30, 2023 compared to $15.47 at December 31, 2022. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $32.34 at June 30, 2023, compared to $31.89 at December 31, 2022.
The debt-to-capital ratio was 36.3 percent and 39.2 percent at June 30, 2023 and December 31, 2022, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss) (3) was 23.4 percent at both June 30, 2023 and December 31, 2022.
Return on equity for the trailing four quarters ended June 30, 2023 and 2022, was 14.8% and 20.9%, respectively. Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (6) for the trailing four quarters ended June 30, 2023 and 2022, was 8.0% and 12.7%, respectively.
In this news release, CNO includes non-GAAP measures to enhance investors' understanding of management's view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing broader perspective. CNO's definitions of non-GAAP measures may differ from other companies' definitions. More detailed information including various GAAP and non-GAAP measurements are located at CNOinc.com in the Investors section under SEC Filings.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements within the meaning of federal securities laws. These prospective statements reflect management's current expectations, but are not guarantees of future performance. Accordingly, please refer to CNO's cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company's Form 10-K for the year ended December 31, 2022 and any subsequent Form 10-Q or Form 10-K on file with the Securities and Exchange Commission and on the Company's website at CNOinc.com in the Investors section. CNO specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.
EARNINGS RELEASE CONFERENCE CALL WEBCAST:
The Company will host a conference call to discuss results on August 1, 2023 at 11:00 a.m. Eastern Time. During the call, we will be referring to a presentation that will be available at the Investors section of the company's website.
To participate by dial-in, please register at https://www.netroadshow.com/events/login?show=5ac4628b&confId=53584. Upon registering, you will be provided with call details and a registrant ID used to track attendance on the conference call. Reminders will also be sent to registered participants via email.
For those investors who prefer to listen to the call online, we will be broadcasting the call live via webcast. The event can be accessed through the Investors section of the company's website: ir.CNOinc.com. Participants should go to the website at least 15 minutes before the event to register and download any necessary audio software.
ABOUT CNO FINANCIAL GROUP
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, financial services, and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $34 billion in total assets. Our 3,400 associates, 4,600 exclusive agents and 4,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
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SOURCE CNO Financial Group, Inc.
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Are your Christmas displays brighter than the rest? Now's your chance to be a contestant on ABC's "The Great Christmas Light Fight!"
ABC is casting season 12 of the reality competition show, searching for America's biggest and brightest holiday displays on residential and commercial properties.
"The Great Christmas Light Fight," hosted by celebrity judges Taniya Nayak and Carter Oosterhouse, features families and neighborhoods from across the U.S. as they transform their homes into a festive wonderland for the holidays.
In each episode, four families compete for the $50,000 prize and coveted "Light Fight" trophy. A total of $300,000 is given away each season.
"Light Fight" hopefuls can apply or nominate displays in their neighborhood at Lightfightcasting.com.
Season 11 of "The Great Christmas Light Fight" will return to ABC this winter. Meanwhile, the hunt continues for more shimmering displays to compete in Season 12.
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https://abc11.com/great-christmas-light-fight-casting-call-season-12-when-do-they-film/13578070/
| 2023-07-31T21:43:55
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Published: Jul. 31, 2023 at 3:30 PM CDT|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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How major US stock indexes fared Monday, 7/31/2023
Wall Street is closing out its latest winning month with another lift.
The S&P 500 rose 0.1% Monday to cap its fifth straight month of gains. It’s at a 16-month high after rallying on hopes cooling inflation will mean the economy can avoid a long-predicted recession. The Dow Jones Industrial Average and the Nasdaq composite also finished higher.
Critics have said the rally has come too quickly. Several reports this week could back them up, including updates on the job market and profits at the market’s most influential companies.
On Monday:
The S&P 500 rose 6.73 points, or 0.1%, to 4,588.96.
The Dow Jones Industrial Average rose 100.24 points, or 0.3%, to 35,559.53.
The Nasdaq composite rose 29.37 points, or 0.2%, to 14,346.02.
The Russell 2000 index of smaller companies rose 21.64 points, or 1.1%, to 2,003.18.
For the year:
The S&P 500 is up 749.46 points, or 19.5%.
The Dow is up 2,412.28 points, or 7.3%.
The Nasdaq is up 3,879.54 points, or 37.1%.
The Russell 2000 is up 241.93 points, or 13.1%.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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| 2023-07-31T21:43:56
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ROCHESTER, N.H. (AP) — In a new policy plan unveiled Monday, Republican presidential hopeful Ron DeSantis took aim at China with a “Declaration of Economic Independence” that also targets taxes, regulations and “elites” he blames for the nation’s decline.
Speaking in a New Hampshire warehouse, the Florida governor promised to diversify and expand the economy by fighting for the middle class.
“Revitalizing economic freedom and opportunity will require building an economy where the concerns of average citizens are elevated over those deemed too big to fail,” he said at Prep Partners Group, which coordinates warehousing, distribution and other logistics for other companies.
“We are a nation with an economy, not the other way around,” DeSantis said. “We are citizens of a republic. We are not cogs in a global economic empire.”
DeSantis said his top priority would be wresting economic control from China by ending the nation’s preferential trade status, banning imports of goods made from stolen intellectual property and preventing companies from sharing critical technologies with China. Current polices, he said, have created an “abusive relationship” between the two countries.
“The elites sold us a bill of goods when it came to China. They were wrong, and we need to get it right,” he said.
The 10-point economic plan is the third major policy proposal put forth by DeSantis, who remains a distant second to former President Donald Trump in most polls and is fighting for momentum in the midst of a campaign reset. He recently shed more than one-third of his staff as federal filings showed his campaign was burning through cash at an unsustainable rate.
But on Monday, his focus was on reckless federal government spending. His plan describes him as a “new sheriff in town” who will veto wasteful spending and mandate work requirements for welfare programs. He also claimed he could achieve 3% annual economic growth by keeping taxes low, eliminating bureaucracy and incentivizing investment.
On the education front, DeSantis said he will stop incentivizing “useless degrees” by making universities responsible for the loans their students accrue.
“It’s wrong to say that a truck driver should have to pay off the debt of somebody who got a degree in gender studies,” he said.
After the speech, in what was billed as a news conference, DeSantis sidestepped a question about Trump’s mounting legal fees. That’s even as the DeSantis campaign has been attacking Trump for devoting much of his political fundraising to his legal entanglements.
“We’re here to talk about restoring this economy. We’re here to talk about uplifting the middle class,” DeSantis said. “To me, if you ask voters, are they more interested in hearing about that or the process stories about politics? I think that they want to hear about the country’s future so that’s what we’re going to talk about.”
A spokesperson for the Democratic National Committee said DeSantis should be talking about the economic woes he created in Florida including the rising costs of housing, property insurance and health care.
“It remains a mystery why DeSantis would try to reboot his dumpster fire of a campaign by promising to bring his failures as governor nationwide,” Ammar Moussa said.
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https://www.wane.com/news/politics/ap-politics/ap-desantis-unveils-new-economic-policy-that-targets-china-taxes-and-regulations/
| 2023-07-31T21:43:58
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Puedes leer la nota en español en La Noticia.
Police are still investigating after six seasonal farmworkers were struck by an SUV in Lincoln County on Sunday in what’s being called an intentional attack.
Lincolnton police released footage of the crash and described the hit-and-run driver as an older white man. The incident took place in a Walmart parking lot.
Maj. Brian Greene pointed out the mid-size, black SUV in security footage approaching a bus. That bus is used to transport workers from Knob Creek Orchard, located northwest of Lincolnton.
"Instead of pulling into the parking space, [the SUV] appears to accelerate at the last minute, going through the median area and hitting the individuals that are standing there," he said.
One of the victims, Santiago Balcazar, said the men were finishing up their weekly shopping trip.
"We were there in the parking lot, sitting there talking," he said in Spanish. "Suddenly, a truck came up behind us. It crashed into us and dragged us away."
The men, all from Mexico, hold H2A visas for temporary agricultural workers, he added. They had planned to work in North Carolina through the end of the harvest season.
The six victims were hospitalized and released on Sunday. Balcazar said he has an injured hand and pain throughout his body. Another man suffered a broken ankle.
Carolina Migrant Network, a Charlotte-based advocacy group, decried the attack and called for a thorough investigation.
“We are outraged by the hate crime that occurred in Lincolnton which resulted in six migrant workers being injured,” said co-director Stefania Arteaga in a written statement. “The event comes as no surprise as we have repeatedly seen these incidents at [the] national and state level. Xenophobic rhetoric has consequences, and these are the direct results of it on our community.”
Police haven’t said what motivated the attack.
This story was produced through a collaboration between WFAE and La Noticia. You can read it in Spanish at La Noticia. Puedes leer la nota en español en La Noticia.
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https://www.wunc.org/2023-07-31/six-latino-farmworkers-recovering-after-suv-intentionally-hit-them-lincolnton-police-say
| 2023-07-31T21:44:01
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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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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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WASHINGTON (AP) — Hunter Biden’s former business partner insisted in testimony to Congress Monday that President Joe Biden was never directly involved in their financial dealings, though Hunter would often put his famous father on speakerphone to impress clients and business associates.
The Republican-led House Oversight Committee conducted a more than-five hour interview with Devon Archer as part of its expanding congressional inquiry into the Biden family businesses as the GOP explores a potential impeachment inquiry into the president.
Both Republican and Democratic lawmakers inside the closed-door interview said Archer testified that over the span of 10 years, Hunter Biden put his father on the phone around 20 times while in the company of associates but “never once spoke about any business dealings.”
New York Rep. Dan Goldman, who was representing Democrats inside the room, told reporters after the interview that Archer testified that Hunter sold the “illusion of access” to his father by taking credit for things his father did as vice president that he had no part in.
But Rep. Andy Biggs, a Republican member of the Oversight Committee, came out of the interview saying that testimony implicated the president directly. “I think we should do an impeachment inquiry,” the Arizona lawmaker told reporters.
Biggs, reading from his notes, said Archer testified that the Ukrainian gas company “Burisma would have gone out of business sooner if the Biden brand had not been invoked. People would be intimidated to legally mess with Burisma because of the Biden family brand.”
Archer, who served with Hunter Biden on the board of Burisma, has been seen by Republicans as a key witness in their search to directly connect the president to his son’s various international business transactions.
Rep. James Comer, the GOP chairman of Oversight Committee, issued a subpoena to Archer in June, saying he “played a significant role in the Biden family’s business deals abroad, including but not limited to China, Russia, and Ukraine.” He said Archer’s testimony would be critical to the committee’s investigation.
Republicans have focused much attention on an unverified tip to the FBI that alleged a bribery scheme involving Joe Biden when he was vice president. The claim, which first emerged in 2019, was that Biden pressured Ukraine to fire its top prosecutor in order to stop an investigation into Burisma, the oil-and-gas company where Hunter Biden was on the board.
Democrats on the committee, including Maryland Rep. Jamie Raskin, the ranking minority member, have reiterated that the Justice Department investigated the Burisma claim when Donald Trump was president and closed the matter after eight months, finding “insufficient evidence” that it was true. Democrats have also highlighted the transcript of an interview with Mykola Zlochevsky, Burisma’s co-founder, in which he denied having any contact with Joe Biden while Hunter Biden worked for the company.
“Mr. Zlochevsky’s statements are just one of the many that have debunked the corruption allegations,” Raskin said.
On top of his relationship with Hunter Biden, who is currently facing federal tax charges, Archer has his own legal troubles stemming from a 2018 felony conviction for his role in a conspiracy to defraud a Native American tribe. That conviction was overturned later that year, but the court of appeals in New York reinstated it in 2020. His sentencing in the case has been repeatedly delayed by appeals.
Archer’s appearance before lawmakers had been scheduled and canceled several times since June. Republicans suggested it was about to be delayed again after the Justice Department over the weekend asked a judge to schedule a date for Archer to surrender to prison and begin serving out his one-year sentence in the unrelated fraud case.
Republicans — led by Comer — criticized that delay, calling it an effort by the Justice Department to intimidate a witness. But the Justice Department in a follow-up memo to the court noted Archer’s surrender was not imminent and asked a judge to ensure that he testified to Congress before reporting to prison.
“Mr. Archer will do what he has planned to do all along, which is to show up this morning and to honestly answer the questions that are put to him by the congressional investigators,” said Archer’s attorney, Matthew Schwartz, who is a managing partner at New York-based firm Boies Schiller Flexner.
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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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Stock market today: Wall Street perks higher to close out its latest winning month
NEW YORK (AP) — Wall Street closed out its latest winning month with another tick higher on Monday.
The S&P 500 added 6.73 points, or 0.1%, to 4,588.96 to cap its fifth straight month of gains. That’s its longest winning streak in nearly two years, and the index is at a 16-month high after rallying on hopes cooling inflation will mean the economy can avoid a long-predicted recession.
The Dow Jones Industrial Average climbed 100.24, or 0.3%, to 35,559.53, and the Nasdaq composite rose 29.37, or 0.2%, to 13,346.02.
To be sure, critics have been saying Wall Street’s seemingly growing consensus for a soft landing for the economy has come too quickly. Several reports this upcoming week could poke holes in the theory that inflation will keep coming down enough for the Federal Reserve to not only stop hiking interest rates but to begin cutting them by early next year.
Big names in the market, such as Rob Arnott at Research Affiliates, are warning not to be “overly hasty in popping the champagne corks.” Arnott sees the possibility of inflation rebounding again later this year, even though it’s cooled considerably recently.
Fed Chair Jerome Powell himself has pointed to Friday’s upcoming report on the overall U.S. job market as an important datapoint. Growth needs to be strong enough to keep a lid on worries about a possible recession. But a reading that’s too hot could also mean upward pressure on inflation, which could push the Fed to get more aggressive about rates.
High rates undercut inflation by slowing the overall economy and dragging on prices for stocks and other investments. The Fed has already hiked its main rate to its highest level in more than two decades, a jolting shock after the rate began last year at virtually zero.
Two of Wall Street’s most influential stocks are also set to report their earnings for the spring. Amazon and Apple are both scheduled to release their latest quarterly results on Thursday. Because they’re two of the most massive stocks on Wall Street, their stock movements pack much more punch for the S&P 500 and other indexes than other stocks.
Both stocks have soared this year, in part on expectations for strong continued growth, and they’ll need to deliver to justify the big moves. Both Apple and Amazon are up more than 50% so far this year.
Roughly halfway through the earnings reporting season, more companies than usual have topped analysts’ profit expectations, according to FactSet. Companies also seem to be more optimistic about their upcoming results, giving better-than-expected forecasts more often than usual, according to strategists at Bank of America.
“While economic uncertainty remains, we believe the profit cycle is inflecting higher,” the strategists wrote in a BofA Global Research report.
ON Semiconductor rose 2.5% for one of the larger gains in the S&P 500 after reporting stronger profit for the latest quarter than expected. The company, known as onsemi, also gave a forecast for profit in the current quarter that topped analysts’ expectations.
On the losing end was Tempur Sealy International. The mattress company said it discovered a cybersecurity event last week, which pushed it to shut down some of its technology systems. It has resumed operations after what it called a temporary interruption and is working to determine the incident’s full impact. Its stock fell 3%.
In stock markets abroad, indexes in Europe were mixed after data showed Europe’s economy has grown modestly after months of stagnation.
In Asia, stocks rose in Hong Kong and Shanghai amid hopes Beijing will deliver more stimulus for the sluggish Chinese economy.
In the bond market, U.S. Treasury yields slipped after a report suggested manufacturing in the Chicago region is weakening a bit more than economists expected. Manufacturing has been one of the hardest-hit areas in the economy by high interest rates, which work with a notoriously long lag effect.
The yield on the 10-year Treasury edged down to 3.95% from 3.96% late Friday.
___
AP Business Writers Matt Ott, Elaine Kurtenbach and Joe McDonald contributed.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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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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MIDLAND COUNTY, Texas (KMID/KPEJ)- The Midland County Commissioners Court met for a special session Monday to discuss, and approve, tax abatements for the developers bringing Bass Pro Shops to the area. A tax abatement is a local agreement between a taxpayer and a taxing unit that exempts all or part of the increase in the value of the real property and/or tangible personal property from taxation for a period not to exceed 10 years.
Judge Terry Johnson said such an agreement is “essential” and an “investment” into the community’s future and that tax incentives should not be seen as a “loss”.
“The planned site for Bass Pro Shops is unimproved land that currently generates minimal property tax and no sales tax,” Johnson said in a statement. “The property tax abatement and sales tax rebates granted are based on Bass Pro Shops’ ability to attract customers to Midland. Without performance, there are no incentives. Therefore, but for the project happening, the taxes do not exist.”
Johnson said that nationwide, the average Bass Prop Shops visitor travels more than 45 miles, with some traveling nearly 100 miles and from other states. Which means Midland stands to benefit from dollars coming from outside of the community. Additionally, 60% of Bass Pro Shops visitors typically eat at least one meal in a restaurant during their shopping trip, with 40% reporting an overnight stay, which would benefit local restaurants and hotels greatly.
Bass Pro Shops developers also announced they will increase the footprint of the store from 65,000 square feet to 100,000 square feet and will employee about 300 workers. The shop will serve as an anchor for additional retail development westward along Highway 191; a family entertainment complex is also planned for the area and additional large retailers have already inquired about building on the land.
“Economic development is a competitive sport,” Johnson said. “Other Texas communities utilize property tax abatement and sales tax rebates to bring large retailers to their cities. It’s clear that if Midland doesn’t use the economic development tools we have, we will lose this project- and many others- to communities that are more ambitious and aggressive in their business recruitment. We are on the precipice of realizing our vision for our community…for all these reasons, we as community leaders believe it is essential to see incentives as an investment in our community’s future.”
Mayor Lori Blong echoed that by saying, “The City of Midland, our council and I have worked for many months with Midland County, Midland Development Corporation, and the Midland County Hospital District to bring Bass Pro Development successfully to Midland. We are thankful for these community partnerships, for the shared vision of leadership for increased regional prosperity. Bass Pro Shops is part of a much larger vision for responsible development in our community and so we thank Midland County for their vote of support today. We are moving Midland forward together.”
Here are more things to know about the development:
- The 17-acre site can expand westward for future growth and the location was specifically chosen to support communities in both Midland and Odessa
- The developer is responsible for Lubbock’s Canyon West shopping center, a 155 acre shopping, dining and entertainment district
- The store will emphasize all sorts of outdoor activities, and have outdoor education and conservation programs
- A new Tracker Boat Showroom will be built on the site
- The store is projected to make $28M annually
- The majority of traffic is expected to use access points along Highway 191
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CHICAGO (AP) — A leading anti-abortion organization criticized Republican Ron DeSantis on Monday for not supporting a national ban on the procedure, calling the Florida governor’s position “unacceptable” as he seeks the GOP nomination for president.
The president of Susan B. Anthony Pro-Life America, an influential player in conservative politics, took issue with DeSantis’ statements in a recent interview in which he declined to back a national abortion ban. SBA President Marjorie Dannenfelser said the anti-abortion movement and Americans across the U.S. deserve a president who will “boldly advocate” for a ban on abortion at 15 weeks of pregnancy.
“A pro-life president has a duty to protect the lives of all Americans. He should be the National Defender of Life,” she said. “Gov. DeSantis’s dismissal of this task is unacceptable to prolife voters. A consensus is already formed. Intensity for it is palpable and measurable. There are many pressing legislative issues for which Congress does not have the votes at the moment, but that is not a reason for a strong leader to back away from the fight. This is where presidential leadership matters most.”
DeSantis’ campaign called the statement unjustified.
“Governor DeSantis delivers results and acts, especially when it comes to protecting life. He did so in Florida by signing the heartbeat bill and will be a pro-life president,” Press Secretary Bryan Griffin said. “He does not kowtow to DC interest groups. This unjustified attack on him is another example of the DC political games that have seen conservatives falter in Washington while Governor DeSantis has produced unmatched conservative victories in Florida.”
Susan B. Anthony Pro-Life America was responding to a recent interview in which Megyn Kelly asked DeSantis if he would support a national abortion ban. The U.S. Supreme Court last year overturned Roe v. Wade, the roughly 50-year-old ruling that established a federal right to abortion. Susan B. Anthony has said it would not support any White House candidate in 2024 who did not at a minimum support a 15-week federal ban.
In the interview, DeSantis noted he signed legislation in Florida to ban abortion at six weeks of pregnancy but suggested that individual states should decide the issue. He said he is “pro-life” but added that he is “running on doing things that I know I can accomplish.”
Democrats say the Supreme Court’s decision and Republicans’ focus on restricting abortion rights have helped motivate voters to favor more liberal candidates, and the party believes it will be a major factor again in 2024. Abortion rights were on the ballot in six states in 2022, and in every contest voters opted to protect them. In the battleground state of Wisconsin, a liberal candidate who made abortion rights a centerpiece of her campaign won an April election for a seat on the state’s highest court.
A recent poll from The Associated Press-NORC Center for Public Affairs Research found that the majority of U.S. adults want abortion to be legal at least through the initial stages of pregnancy. About two-thirds of Americans said abortion should generally be legal, but only about a quarter said it should always be legal and only about 1 in 10 said it should always be illegal.
About half of Americans say abortions should be permitted at the 15-week mark, though 55% of those living in states with the most restrictive laws say abortion should be banned by that point, the poll found.
The criticism from a powerful organization comes at a tenuous time for DeSantis, who is seen as the top rival to former President Donald Trump for the GOP presidential nomination, but who has been running a distant second to Trump in public polling. DeSantis’ campaign has been working in recent weeks to improve his trajectory and reboot his campaign, including cutting staff.
He is not alone in drawing criticism from Susan B. Anthony Pro-Life America, however. The group also was critical of Trump for not supporting the 15-week federal ban.
Trump has defended that position, noting he appointed the Supreme Court justices who made it possible for Roe v. Wade to be overturned. Trump also has said that Republicans’ focus on restricting abortion
Some other Republicans seeking the nomination support the national ban. Former Vice President Mike Pence said he would go further, endorsing a ban at six weeks of pregnancy, or before some women know they are pregnant.
He told The Associated Press that abortion should be banned when a pregnancy isn’t viable — a standard that would force women to carry pregnancies to term even when doctors have determined there is no chance a baby will survive outside the womb.
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Associated Press reporter Michelle L. Price contributed from New York.
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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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| 2023-07-31T21:44:13
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NASA listens for Voyager 2 spacecraft after wrong command cuts contact
CAPE CANAVERAL, Fla. (AP) — NASA is listening for any peep from Voyager 2 after losing contact with the spacecraft billions of miles away.
Hurtling ever deeper into interstellar space, Voyager 2 has been out of touch ever since flight controllers accidentally sent a wrong command more than a week ago that tilted its antenna away from Earth. The spacecraft’s antenna shifted a mere 2%, but it was enough to cut communications.
Although it’s considered a long shot, NASA said Monday that its huge dish antenna in Canberra, Australia, is on the lookout for any stray signals from Voyager 2, currently more than 12 billion miles (19 billion kilometers) distant. It takes more than 18 hours for a signal to reach Earth from so far away.
In the coming week, the Canberra antenna — part of NASA’s Deep Space Network — also will bombard Voyager 2’s vicinity with the correct command, in hopes it hits its mark, according to NASA’s Jet Propulsion Laboratory, which manages the Voyager missions.
Otherwise, NASA will have to wait until October for an automatic spacecraft reset that should restore communication, according to officials.
Voyager 2 was launched in 1977 to explore the outer planets, just a couple weeks ahead of its identical twin, Voyager 1.
Still in touch with Earth, Voyager 1 is now nearly 15 billion miles (24 billion kilometers) away, making it humanity’s most distant spacecraft.
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The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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Published: Jul. 31, 2023 at 3:05 PM CDT|Updated: 2 hours 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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TAMPA, Fla. (WFLA) — Florida is seeing a rise in leprosy cases that could mean the disease has become endemic in the Sunshine State, according to a letter published by the Centers for Disease Control and Prevention.
The letter, which was published in mid-July, said while leprosy is historically uncommon in the United States, cases more than doubled in the South over the last 10 years.
Leprosy, also known as Hansen’s Disease, is caused by the bacterium Mycobacterium leprae and is characterized by discolored patches of skin, ulcers, lumps and damage to the nerves.
The CDC said if untreated, the disease can progress to paralysis, blindness, the loss of one’s eyebrows, physical disfigurement, and even the “shortening of toes and fingers due to reabsorption.”
The Florida Department of Health said the disease first appeared in the state in 1921. The National Hansen’s Disease Program found that 159 cases of leprosy were reported in 2020. Florida was at the top of the list of states with the most new cases.
According to the Florida Health Charts, the state had 26 reported cases in 2019, 27 in 2020, and 14 in 2021.
“Central Florida, in particular, accounted for 81% of cases reported in Florida and almost one-fifth of nationally reported cases,” the letter said. “Whereas leprosy in the United States previously affected persons who had immigrated from leprosy-endemic areas, [about] 34% of new case-patients during 2015–2020 appeared to have locally acquired the disease.”
A disease becomes endemic when it occurs regularly within a certain community or area.
The CDC letter said multiple cases showed no sign of animal-to-human transmission or “traditionally known risk factors.”
One patient, a 54-year-old man in Central Florida, was treated at a dermatology clinic for a progressive rash caused by leprosy.
When asked, the man said he had lived in Central Florida his whole life, did not travel domestically or internationally, had no exposure to armadillos (which can carry the disease), had no contact with immigrants with endemic leprosy, and had no connection to someone with the disease.
Experts said there was some support for the theory that an increase in migration from other countries to the United States may have caused the disease to enter non-endemic areas. However, while leprosy cases are increasing in the U.S., the rate of new cases in people born outside of the U.S. had been on a decline since 2002.
“This information suggests that leprosy has become an endemic disease process in Florida, warranting further research into other methods of [local] transmission,” the letter said.
In the state of Florida, medical practitioners must report leprosy by the next business day so contact tracing can be done and reduce further infections.
“In our case, contact tracing was done by the National Hansen’s Disease Program and revealed no associated risk factors, including travel, zoonotic exposure, occupational association, or personal contacts,” the letter said. “The absence of traditional risk factors in many recent cases of leprosy in Florida, coupled with the high proportion of residents, like our patient, who spend a great deal of time outdoors, supports the investigation into environmental reservoirs as a potential source of transmission.”
The CDC said travel to Florida must now be considered when conducting contact tracing for leprosy in any state.
Leprosy, when contracted, can be treated by a combination of different antibiotics to prevent it from developing resistance to the medication, according to the CDC. Leprosy can be cured after one or two years of treatment.
However, even when cured, any nerve damage and disfigurement caused by the disease will be permanent.
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MIAMI (AP) — The property manager of Donald Trump’s Mar-a-Lago estate made his first court appearance on Monday facing charges in the classified documents case against the former president, but he did not enter a plea because he has not found a Florida-based attorney to represent him.
Carlos De Oliveira is accused of scheming with Trump to try to delete security footage sought by investigators probing the former president’s hoarding of classified documents at his Palm Beach club. De Oliveira was added last week to the indictment with Trump and the ex-president’s valet, Walt Nauta, and faces charges including conspiracy to obstruct justice and lying to investigators.
De Oliveira, wearing a blue suit and tie, answered questions from a magistrate judge during a brief hearing in Miami federal court. He was ordered to turn over his passport and sign an agreement to pay $100,000 if he doesn’t return to court. He was represented by Washington, D.C.-based attorney John Irving, but under court rules he needs local counsel to proceed with his arraignment, which was scheduled for Aug. 10 in Fort Pierce.
Irving told reporters after the hearing that he looks forward to seeing what potential evidence the Justice Department has. He declined to comment about whether De Oliveira has been asked to testify against Trump.
De Oliveira’s court appearance comes as Trump braces for possible charges stemming from investigations into his efforts to cling to power after he lost the 2020 election to Joe Biden.
Trump, the early front-runner in the 2024 Republican presidential primary, has been informed he’s a target of special counsel Jack Smith’s investigation into efforts to overturn the 2020 election, and Trump’s lawyers met with Smith’s team last week. A Georgia prosecutor is also expected to seek a grand jury indictment in the coming weeks in her investigation into efforts by Trump and his allies to subvert his election loss there.
Trump, who pleaded not guilty in June in the documents case, has denied any wrongdoing. He posted on his Truth Social platform last week that the Mar-a-Lago security tapes were voluntarily handed over to investigators and that he was told the tapes were not “deleted in any way, shape or form.”
Prosecutors have not alleged that security footage was actually deleted or kept from investigators.
Nauta has also pleaded not guilty. U.S. District Judge Aileen Cannon had previously scheduled the trial of Trump and Nauta to begin in May, and it’s unclear whether the addition of De Oliveira to the case may impact the case’s timeline.
The latest indictment, unsealed on Thursday, alleges that Trump tried to have security footage deleted after investigators visited in June 2022 to collect classified documents the former president took with him after he left the White House.
Trump was already facing dozens of felony counts — including willful retention of national defense information — stemming from allegations that he mishandled government secrets that as commander-in-chief he was entrusted to protect. Experts have said the new allegations bolster the special counsel’s case and deepen the former president’s legal jeopardy.
Video from Mar-a-Lago would ultimately become vital to the government’s case because, prosecutors said, it shows Nauta moving boxes in and out of a storage room — an act alleged to have been done at Trump’s direction and in effort to hide records not only only from investigators but also from Trump’s own lawyers.
Days after the Justice Department sent a subpoena for video footage at Mar-a-Lago to the Trump Organization in June 2022, prosecutors say, De Oliveira asked an information technology staffer how long the server retained footage and told the employee “the boss” wanted it deleted. When the employee said he didn’t believe he was able to do that, De Oliveira insisted the “boss” wanted it done, asking, “What are we going to do?”
Shortly after the FBI searched Mar-a-Lago and found classified records in the storage room and Trump’s office, prosecutors say, Nauta called a Trump employee and said words to the effect of “someone just wants to make sure Carlos is good.” The indictment says the employee responded that De Oliveira was loyal and wouldn’t do anything to affect his relationship with Trump. That day, the indictment alleges, Trump called De Oliveira directly to say that he would get De Oliveira an attorney.
Prosecutors allege that De Oliveira later lied in interviews with investigators, falsely claiming that he hadn’t even seen boxes moved into Mar-a-Lago after Trump left the White House.
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Richer reported from Boston. Associated Press journalist Daniel Kozin in Miami contributed.
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Impeached Texas AG Ken Paxton seeks to have most charges dismissed before September trial
AUSTIN, Texas (AP) — Lawyers for impeached Republican Texas Attorney General Ken Paxton on Monday sought to have most of the charges against him dismissed, arguing that they rely on alleged acts of corruption before he was reelected to a third term in 2022.
In motions filed with the Senate, where Paxton’s impeachment trial is scheduled to begin Sept. 5, his attorneys said they believe state law bars the removal of an official for conduct that occurred before their most recent election. Paxton was first elected attorney general in 2014 and the impeachment charges include alleged conduct since then.
“The Articles allege nothing that Texas voters have not heard from the Attorney General’s political opponents for years,” Paxton’s attorneys wrote. They accused the GOP-dominated Texas House of Representatives of seeking to oust Paxton because they were unable to unseat him by popular vote.
“Texas voters rendered their judgement by re-electing Attorney General Paxton to serve a third consecutive term. As a matter of both common sense and Texas law, that should be the end of the matter,” his attorneys wrote.
Only one of the 20 impeachment charges — an allegation that Paxton settled a whistleblower lawsuit in an effort to hide from the public corruption allegations against him — would not have to be dismissed under the so-called “prior term doctrine,” Paxton’s attorney said. Paxton asked state lawmakers this year to have the state pay the proposed $3.3 million settlement.
In a second filing, Paxton’s attorneys said the trial should exclude any evidence of alleged conduct that occurred prior to January 2023, when his third term in office began.
The motions from Paxton’s attorneys are similar to moves in a criminal or civil legal cases when defense attorneys seek to have charges or lawsuits dismissed before trial.
In this case, the presiding officer over Paxton’s impeachment trial will be Lt. Gov. Dan Patrick, a powerful Republican who also serves as the president of the state Senate. The Republican-controlled Senate will consider the evidence and decide whether to convict or acquit Paxton in the first impeachment trial of a statewide official since 1917.
Patrick has already issued a sweeping gag order over the parties and attorneys involved ahead of the Senate trial. Attorneys for House of Representatives managers prosecuting Paxton did not immediately respond to the motions filed Monday.
Paxton has been suspended from office since the House first approved the articles of impeachment on May 27. He could be permanently removed if convicted by the Senate.
Copyright 2023 The Associated Press. All rights reserved.
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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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Hunter Biden sold ‘illusion of access’ to his father, former business partner tells Congress
WASHINGTON (AP) — Hunter Biden’s former business partner insisted in testimony to Congress Monday that President Joe Biden was never directly involved in their financial dealings, though Hunter would often put his famous father on speakerphone to impress clients and business associates.
The Republican-led House Oversight Committee conducted a more than-five hour interview with Devon Archer as part of its expanding congressional inquiry into the Biden family businesses as the GOP explores a potential impeachment inquiry into the president.
Both Republican and Democratic lawmakers inside the closed-door interview said Archer testified that over the span of 10 years, Hunter Biden put his father on the phone around 20 times while in the company of associates but “never once spoke about any business dealings.”
New York Rep. Dan Goldman, who was representing Democrats inside the room, told reporters after the interview that Archer testified that Hunter sold the “illusion of access” to his father by taking credit for things his father did as vice president that he had no part in.
But Rep. Andy Biggs, a Republican member of the Oversight Committee, came out of the interview saying that testimony implicated the president directly. “I think we should do an impeachment inquiry,” the Arizona lawmaker told reporters.
Biggs, reading from his notes, said Archer testified that the Ukrainian gas company “Burisma would have gone out of business sooner if the Biden brand had not been invoked. People would be intimidated to legally mess with Burisma because of the Biden family brand.”
Archer, who served with Hunter Biden on the board of Burisma, has been seen by Republicans as a key witness in their search to directly connect the president to his son’s various international business transactions.
Rep. James Comer, the GOP chairman of Oversight Committee, issued a subpoena to Archer in June, saying he “played a significant role in the Biden family’s business deals abroad, including but not limited to China, Russia, and Ukraine.” He said Archer’s testimony would be critical to the committee’s investigation.
Republicans have focused much attention on an unverified tip to the FBI that alleged a bribery scheme involving Joe Biden when he was vice president. The claim, which first emerged in 2019, was that Biden pressured Ukraine to fire its top prosecutor in order to stop an investigation into Burisma, the oil-and-gas company where Hunter Biden was on the board.
Democrats on the committee, including Maryland Rep. Jamie Raskin, the ranking minority member, have reiterated that the Justice Department investigated the Burisma claim when Donald Trump was president and closed the matter after eight months, finding “insufficient evidence” that it was true. Democrats have also highlighted the transcript of an interview with Mykola Zlochevsky, Burisma’s co-founder, in which he denied having any contact with Joe Biden while Hunter Biden worked for the company.
“Mr. Zlochevsky’s statements are just one of the many that have debunked the corruption allegations,” Raskin said.
On top of his relationship with Hunter Biden, who is currently facing federal tax charges, Archer has his own legal troubles stemming from a 2018 felony conviction for his role in a conspiracy to defraud a Native American tribe. That conviction was overturned later that year, but the court of appeals in New York reinstated it in 2020. His sentencing in the case has been repeatedly delayed by appeals.
Archer’s appearance before lawmakers had been scheduled and canceled several times since June. Republicans suggested it was about to be delayed again after the Justice Department over the weekend asked a judge to schedule a date for Archer to surrender to prison and begin serving out his one-year sentence in the unrelated fraud case.
Republicans — led by Comer — criticized that delay, calling it an effort by the Justice Department to intimidate a witness. But the Justice Department in a follow-up memo to the court noted Archer’s surrender was not imminent and asked a judge to ensure that he testified to Congress before reporting to prison.
“Mr. Archer will do what he has planned to do all along, which is to show up this morning and to honestly answer the questions that are put to him by the congressional investigators,” said Archer’s attorney, Matthew Schwartz, who is a managing partner at New York-based firm Boies Schiller Flexner.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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13% Sequential Revenue Growth Including 10% Organic
Maintains Strong Balance Sheet Post-Acquisitions of Atreus and businessfourzero
CHICAGO, July 31, 2023 /PRNewswire/ -- Today Heidrick & Struggles International, Inc. (Nasdaq: HSII) ("Heidrick & Struggles", "Heidrick" or the "Company") announced financial results for its second quarter ended June 30, 2023.
Second Quarter Highlights:
- Net revenue of $271.2 million increased 13% sequentially, 10% organically
- Operating income of $13.6 million decreased $4.2 million sequentially and operating margin was 5.0%
- Adjusted operating income of $20.8 million increased 17% sequentially and adjusted operating margin was 7.7%
- Adjusted EBITDA of $36.4 million increased 33% sequentially and adjusted EBITDA margin was 13.4%
- Net income was $9.0 million and diluted earnings per share was $0.44; adjusted net income was $15.0 million and adjusted diluted earnings per share was $0.73
"We are very pleased with the second quarter results which included the first full quarter of results from our recent acquisition of Atreus Group ("Atreus") in our On-Demand Talent segment, as well as the results from businessfourzero ("B4Z") in our Heidrick Consulting segment. Even before the positive effects of these acquisitions, each of our lines of business demonstrated organic sequential growth, despite ongoing macro uncertainty and an anticipated return to more normalized levels of business performance. This validates our focus on the steadfast execution of our strategy while maintaining strong profitability," stated Heidrick & Struggles' President and Chief Executive Officer, Krishnan Rajagopalan. "Importantly, the integrations of both our recent acquisitions are progressing smoothly. We are advancing our diversification strategy while continuing to make appropriate investments in our digital capabilities and technologies throughout the company. These initiatives are aimed at providing our clients with the next generation of talent and leadership advisory services, enabling them to achieve higher performance through their leaders and teams in an ever-evolving business landscape."
2023 Second Quarter Results
Consolidated net revenue of $271.2 million compared to record consolidated net revenue of $298.7 million in the 2022 second quarter. Consolidated financial results include the first full quarter of contribution from the Company's recent acquisitions of Atreus and B4Z.
On a sequential basis, 2023 second quarter net revenue increased 13.3% from the 2023 first quarter, 10% of that growth was organic, as the Company experienced growth in Executive Search driven by the Americas and Europe markets, partially offset by a decline in the Asia Pacific market, along with sequential revenue growth in Heidrick Consulting and On-Demand Talent. 2023 second quarter adjusted operating income increased 17.2% and adjusted operating margin increased 30 basis points to 7.7% compared to 7.4% in the 2023 first quarter. Adjusted EBITDA of $36.4 million in the 2023 second quarter increased 33% sequentially and adjusted EBITDA margin increased 190 basis points to 13.4% compared to 11.5% in the 2023 first quarter. 2023 second quarter adjusted net income was $15.0 million compared to $15.6 million in the 2023 first quarter. This generated adjusted diluted earnings per share in the 2023 second quarter of $0.73 compared to $0.76 in the 2023 first quarter.
Executive Search net revenue of $206.8 million compared to net revenue of $253.9 million in the 2022 second quarter reflecting an anticipated market slowdown combined with a return to more normalized operating levels. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 0.3%, or $0.8 million, net revenue decreased 18.2%, or $46.3 million, from the 2022 second quarter. Net revenue decreased 21.3% in the Americas (down 21.2% on a constant currency basis), decreased 5.3% in Europe (down 6.1% on a constant currency basis), and decreased 23.9% in Asia Pacific (down 20.5% on a constant currency basis) when compared to the prior year second quarter. The Social Impact and Industrial practice groups exhibited growth over the prior year.
The Company had 423 Executive Search consultants at June 30, 2023, compared to 388 at June 30, 2022. Productivity, as measured by annualized Executive Search net revenue per consultant, was $1.9 million compared to $2.6 million in the 2022 second quarter, reflecting a higher number of consultants combined with lower revenue. Average revenue per executive search was approximately $143,000 compared to $153,000 in the prior year period. The number of search confirmations decreased 12.7% compared to the year-ago period.
On-Demand Talent net revenue of $39.2 million, an increase of 75.5% compared to net revenue of $22.4 million in the 2022 second quarter, primarily due to the acquisition of Atreus, partially offset by a decrease in the volume of legacy on-demand projects.
Heidrick Consulting net revenue of $25.2 million compared to net revenue of $22.4 million in the 2022 second quarter. The Company had 89 Heidrick Consulting consultants at June 30, 2023, compared to 66 at June 30, 2022.
Consolidated salaries and benefits decreased $28.8 million, or 13.9%, to $178.9 million compared to $207.7 million in the 2022 second quarter. Year-over-year, fixed compensation expense increased $18.8 million due to base salaries and payroll taxes, the deferred compensation plan, reorganization, and retirement and benefits, as well as the acquisitions of Atreus and B4Z, partially offset by a decrease in stock compensation. Variable compensation decreased $47.6 million due to lower bonus accruals related to decreased consultant productivity. Salaries and benefits expense was 66.0% of net revenue for the quarter compared to 69.5% in the 2022 second quarter.
General and administrative expenses increased $5.3 million, or 15.1%, to $40.5 million compared to $35.2 million in the 2022 second quarter. The increase was due to intangible amortization and accretion, office occupancy, IT, and taxes and licenses, partially offset by a decrease in business development travel. As a percentage of net revenue, general and administrative expenses were 14.9% for the 2023 second quarter compared to 11.8% in the 2022 second quarter.
The Company's cost of services was $25.3 million, or 9.3% of net revenue for the quarter, compared to $17.4 million, or 5.8% of net revenue in the 2022 second quarter. This related to an increase in the volume of On-Demand Talent projects driven by the acquisition of Atreus.
The Company's research and development expenses were $5.7 million, or 2.1%, of net revenue for the quarter compared to $4.5 million, or 1.5%, of net revenue for the second quarter 2022.
In the 2023 second quarter, the Company recorded a non-cash goodwill impairment charge of $7.2 million associated with the Company's Heidrick Consulting segment. In the 2022 fourth quarter, the Company conducted its most recent annual goodwill impairment evaluation, which indicated that the carrying value of the Heidrick Consulting reporting unit was less than its fair value. During the 2023 second quarter, the Company acquired B4Z and recorded approximately $7.1 million of goodwill in the Heidrick Consulting reporting unit. Due to the inclusion of goodwill in a reporting unit with a pre-existing fair value shortfall, the Company identified a triggering event and performed an interim goodwill impairment evaluation during the 2023 second quarter, which resulted in the impairment of the recently acquired B4Z goodwill.
Including the previously mentioned non-cash impairment charge, operating income was $13.6 million for the quarter compared to $33.9 million in the 2022 second quarter. Operating income margin was 5.0% versus 11.3% in the 2022 second quarter. Excluding the non-cash impairment charge, adjusted operating income in the 2023 second quarter was $20.8 million and adjusted operating margin was 7.7%.
Adjusted EBITDA was $36.4 million compared to $36.8 million in the 2022 second quarter. Adjusted EBITDA margin was 13.4%, compared to 12.3% in the 2022 second quarter. In Executive Search, adjusted EBITDA was $53.9 million compared to $52.3 million in the prior year period. In On-Demand Talent, adjusted EBITDA was $2.6 million versus $0.6 million in the prior year period. In Heidrick Consulting, adjusted EBITDA was a loss of $1.6 million compared to a loss of $0.1 million in the prior year period.
Net income was $9.0 million and diluted earnings per share was $0.44, with an effective tax rate of 46.8%. This compares to net income of $24.1 million and diluted earnings per share of $1.19, with an effective tax rate of 30.9% in the 2022 second quarter. Excluding the non-cash impairment charge recorded in the 2023 second quarter, adjusted net income was $15.0 million and adjusted diluted earnings per share was $0.73, with an adjusted effective tax rate of 37.7%.
Net cash provided by operating activities was $46.9 million, compared to $82.7 million in the 2022 second quarter. Cash, cash equivalents and marketable securities at June 30, 2023 was $239.0 million compared to $336.6 million at June 30, 2022 and $621.6 million at December 31, 2022. The Company's cash position typically builds throughout the year as employee bonuses are accrued, mostly to be paid out in the first half of the year.
2023 Six Months Results
For the six months ended June 30, 2023, consolidated net revenue was $510.5 million compared to $582.6 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 1.0%, or $6.1 million, consolidated net revenue decreased 11.3%, or $65.9 million, compared to the prior year period.
Executive Search net revenue in the first six months of 2023 decreased 20.0%, or $99.2 million, to $397.3 million from $496.5 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 1.0%, or $5.1 million, net revenue decreased 19.0%, or $94.1 million. Net revenue decreased 21.5% in the Americas (decreased 21.3% on a constant currency basis), decreased 13.7% in Europe (decreased 11.3% on a constant currency basis), and decreased 21.9% in Asia Pacific (decreased 18.0% on a constant currency basis). Only the Social Impact and Industrial practice groups exhibited growth over the prior year. Productivity was $1.9 million for the first six months of 2023 compared to $2.6 million in the first six months of 2022. The average revenue per executive search was $133,000 in the first six months of 2023 compared to $137,000 the same period in 2022, while search confirmations decreased 17.6%.
On-Demand Talent net revenue in the first six months of 2023 was $70.4 million compared to $45.7 million in the same period of 2022. The increase in net revenue was primarily driven by the acquisition of Atreus, as well as an increase in the volume of legacy on-demand projects.
Heidrick Consulting net revenue in the first six months of 2023 increased 6.3%, or $2.5 million, to $42.9 million from $40.4 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 2.0%, or $0.8 million, Heidrick Consulting revenue increased 8.3%, or $3.3 million, compared to the prior year period.
Operating income for the first six months of 2023 was $31.4 million compared to operating income of $64.1 million in the same period of 2022. The operating income margin was 6.1% compared to 11.0% in the first six months of 2022. Excluding the non-cash impairment charge recorded in the 2023 year-to-date period, adjusted operating income was $38.6 million and adjusted operating income margin was 7.6%.
Adjusted EBITDA for the first six months of 2023 was $63.8 million and adjusted EBITDA margin was 12.5%, compared to adjusted EBITDA of $72.5 million and adjusted EBITDA margin of 12.4% for the same period in 2022. In Executive Search, adjusted EBITDA was $102.3 million compared to $104.2 million in the prior year period. In On-Demand Talent, adjusted EBITDA was $1.2 million versus $0.9 million in the prior year period. In Heidrick Consulting, adjusted EBITDA was a loss of $4.3 million compared to a loss of $1.9 million in the prior year period.
Net income for the first six months of 2023 was $24.6 million and diluted earnings per share was $1.19, with an effective tax rate of 38.1%. This compares to net income of $42.6 million and diluted earnings per share of $2.08, with an effective tax rate of 32.2%, in the first six months of 2022. Excluding the restructuring charge recorded in the 2023 year-to-date period, adjusted net income was $30.6 million and adjusted diluted earnings per share was $1.48 with an adjusted effective tax rate of 34.8%.
Dividend
The Board of Directors declared a 2023 second quarter cash dividend of $0.15 per share payable on August 25, 2023, to shareholders of record at the close of business on August 11, 2023.
2023 Third Quarter Outlook
The Company expects 2023 third quarter consolidated net revenue of between $245 million and $265 million, which reflects typical summer seasonality, while acknowledging that continued fluidity in external factors, such as the foreign exchange and interest rate environments, foreign conflicts, inflation and macroeconomic constraints on pricing actions, may impact quarterly results. In addition, this outlook is based on the average currency rates in June 2023 and reflects, among other factors, management's assumptions for the anticipated volume of new Executive Search confirmations, On-Demand Talent projects, and Heidrick Consulting assignments, consultant productivity, consultant retention, and the seasonality of the business along with the current backlog.
Quarterly Webcast and Conference Call
Heidrick & Struggles will host a conference call to review its second quarter results today, July 31, 2023 at 5:00 pm Eastern Time. Participants may access the Company's call and supporting slides through its website at www.heidrick.com or by dialing (888) 440-4091 or (646) 960-0846, conference ID# 6106012. For those unable to participate on the live call, a webcast and copy of the slides will be archived at www.heidrick.com and available for up to 30 days following the investor call.
About Heidrick & Struggles International, Inc.
Heidrick & Struggles (Nasdaq: HSII) is a premier provider of global leadership advisory and on-demand talent solutions, serving the senior-level talent and consulting needs of the world's top organizations. In our role as trusted leadership advisors, we partner with our clients to develop future-ready leaders and organizations, bringing together our services and offerings in executive search, diversity and inclusion, leadership assessment and development, organization and team acceleration, culture shaping and on-demand, independent talent solutions. Heidrick & Struggles pioneered the profession of executive search more than 65 years ago. Today, the firm provides integrated talent and human capital solutions to help our clients change the world, one leadership team at a time. ® www.heidrick.com
Non-GAAP Financial Measures
To supplement the financial results presented in accordance with generally accepted accounting principles in the United States ("GAAP"), Heidrick & Struggles presents certain non-GAAP financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of comprehensive income, balance sheets or statements of cash flow of the Company.
Non-GAAP financial measures used within this earnings release are adjusted operating income, adjusted operating income margin, adjusted net income, adjusted diluted earnings per share, adjusted effective tax rate, adjusted EBITDA, adjusted EBITDA margin, and consolidated net revenue excluding the impact of exchange rate fluctuations. These measures are presented because management uses this information to monitor and evaluate financial results and trends. Management believes this information is also useful for investors to evaluate the comparability of financial information presented. Reconciliations of these non-GAAP financial measures to the most directly comparable measures calculated and presented in accordance with GAAP are provided as schedules attached to this release.
Adjusted operating income reflects the exclusion of goodwill impairment.
Adjusted operating income margin refers to adjusted operating income as a percentage of net revenue in the same period.
Adjusted net income and adjusted diluted earnings per share reflect the exclusion of goodwill impairment, net of tax.
Adjusted effective tax rate reflects the exclusion of goodwill impairment, net of tax.
Adjusted EBITDA refers to earnings before interest, taxes, depreciation, intangible amortization, equity-settled stock compensation expense, earnout accretion, earnout obligation adjustments, contingent compensation related to acquisitions, deferred compensation plan income and expense, reorganization costs, impairment charges, restructuring charges, and other non-operating income (expense).
Adjusted EBITDA margin refers to adjusted EBITDA as a percentage of net revenue in the same period.
The Company evaluates its results of operations on both an as reported and a constant currency basis. The constant currency presentation is a non-GAAP financial measure, which excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding its results of operations, consistent with how it evaluates its performance. The Company calculates constant currency percentages by converting its financial results in a local currency for a period using the average exchange rate for the prior period to which it is comparing. This calculation may differ from similarly titled measures used by other companies.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding guidance for the third quarter of 2023. The forward-looking statements are based on current expectations, estimates, forecasts, and projections about the industry in which we operate and management's beliefs and assumptions. Forward-looking statements may be identified by the use of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "outlook," "projects," "forecasts," "aim" and similar expressions. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions, and involve certain known and unknown risks and uncertainties that are difficult to predict, many of which are beyond our control. Factors that may cause actual outcomes and results to differ materially from what is expressed, forecasted, or implied in the forward-looking statements include, among other things, our ability to attract, integrate, develop, manage and retain qualified consultants and senior leaders; our ability to prevent our consultants from taking our clients with them to another firm; our ability to maintain our professional reputation and brand name; our clients' ability to restrict us from recruiting their employees; our heavy reliance on information management systems; risks arising from our implementation of new technology and intellectual property to deliver new products and services to our clients; our dependence on third parties for the execution of certain critical functions; the fact that we face the risk of liability in the services we perform; the fact that data security, data privacy and data protection laws and other evolving regulations and cross-border data transfer restrictions may limit the use of our services and adversely affect our business; any challenges to the classification of our on-demand talent as independent contractors; the increased cybersecurity requirements, vulnerabilities, threats and more sophisticated and targeted cyber-related attacks that could pose a risk to our systems, networks, solutions, services and data; the impacts, direct and indirect, of the COVID-19 pandemic (including the emergence of variant strains) or other highly infectious or contagious disease on our business, our consultants and employees, and the overall economy; the aggressive competition we face; the fact that our net revenue may be affected by adverse economic conditions including inflation, the impact of foreign currency exchange rate fluctuations; our ability to access additional credit; social, political, regulatory, legal and economic risks in markets where we operate, including the impact of the ongoing war in Ukraine and the risks of an expansion or escalation of that conflict; unfavorable tax law changes and tax authority rulings; the timing of the establishment or reversal of valuation allowance on deferred tax assets; the fact that we may not be able to align our cost structure with net revenue; any impairment of our goodwill, other intangible assets and other long-lived assets; our ability to execute and integrate future acquisitions; and the fact that we have anti-takeover provisions that could make an acquisition of us difficult and expensive. We caution the reader that the list of factors may not be exhaustive. For more information on these risks, uncertainties and other factors, refer to our Annual Report on Form 10-K for the year ended December 31, 2022, under the heading "Risk Factors" in Item 1A, as updated in Part II of our subsequent Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Investors & Analysts:
Suzanne Rosenberg, Vice President, Investor Relations
srosenberg@heidrick.com
Media:
Nina Chang, Vice President, Corporate Communications
nchang@heidrick.com
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SOURCE Heidrick & Struggles International, Inc.
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LAS VEGAS (KLAS) — Hip-hop superstar Cardi B drew attention on social media over a video showing her lashing out during a Las Vegas performance after someone threw a drink at her while she was onstage.
Video circulated online over the weekend after a TikTok user posted footage of the incident at Drai’s Beachclub on the Las Vegas Strip.
The clip shows the hip-hop performer onstage during the event when someone in the audience hurls liquid, splashing the rapper. Cardi B can be seen retaliating by throwing her microphone into the audience in the direction from which the liquid was launched.
According to Las Vegas Metropolitan Police Department, a woman came into a police station on Sunday to report a “battery.” She told officers that she had been struck by an item thrown from the stage on Saturday. Police said the incident had been documented, but no arrest or citations had been issued.
It’s unclear if that woman, who has not been identified, threw the drink at Cardi B.
The event made waves on social media as many excoriated the person who threw the liquid. They compared the situation to similar events that have happened in recent weeks: Bebe Rexha suffered a black eye after being struck by a cellphone, country singer Kelsea Ballerini was hit in the face by a bracelet, rapper Sexyy Red ended a show early when fans refused to stop throwing water bottles on stage, a fan threw their mother’s ashes at Pink while she was performing, Ava Max was slapped while performing in Los Angeles, and Harry Styles was hit in the eye with an object during a Houston performance.
Others noted humorously that although Cardi B had thrown her microphone, her song “Bodak Yellow” – and her recorded vocals – continued uninterrupted.
“The song didn’t stop. Y’all listening to an iPad,” said one X (formerly known as Twitter) user.
There was no indication if charges would be filed in the Cardi B incident.
Cardi B recently completed 15 days of community service in New York after pleading guilty to multiple charges filed against her following a 2018 fight at a strip club in Queens.
The Associated Press contributed to this report.
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WASHINGTON (AP) — The FBI should stop using a U.S. spy database of foreigners’ emails and other communications for investigating crimes that aren’t related to national security, a group of White House intelligence advisers recommended in a report released Monday.
The President’s Intelligence Advisory Board’s findings come as the White House pushes Congress to renew Section 702 of the Foreign Intelligence Surveillance Act before its expiration at the end of this year. U.S. intelligence officials say Section 702 enables investigations of Chinese and Russian espionage, potential terrorist plots, and other threats.
But spy agencies also end up capturing the communications of U.S. citizens and businesses, and a series of intelligence mistakes at the FBI has fanned bipartisan criticism of the bureau that has shaped the debate over renewing the law. Some lawmakers in both parties and civil liberties groups have called for stronger curbs on how the FBI uses foreign surveillance to search for Americans’ data.
While the White House did not commit to accepting the recommended changes, administration officials on Monday praised the board’s work and again called on Congress to reauthorize the surveillance program. The board argues in its report that Section 702 is critical to U.S. national security and suggests that allowing the program to lapse would be an “intelligence failure” and a step backward from changes made after the Sept. 11 attacks.
The board says the FBI made “inappropriate use” at times of Section 702 information. Those include queries for a U.S. senator and state senator’s names without properly limiting the search, looking for someone believed to have been at the Capitol during the Jan. 6, 2021, insurrection and doing large queries of names of protesters following the 2020 death of George Floyd.
“Unfortunately, complacency, a lack of proper procedures, and the sheer volume of Section 702 activity led to FBI’s inappropriate use of Section 702 authorities, specifically U.S. person queries,” the board said in its report. “U.S. person queries” generally mean searches for U.S. citizens and businesses.
The board recommends the FBI no longer search the data when it is seeking evidence of a crime not related to national security. Currently, the FBI conducts fewer than two dozen such searches a year, a senior administration official told reporters Monday. The official spoke on condition of anonymity under ground rules set by the White House.
The White House has not decided whether it will accept the recommendation but is studying the board’s work and report, the official said.
The board’s report largely lines up with the White House’s positions on other changes being debated in Congress. The board opposed requiring the FBI to obtain a warrant before it searches Section 702 data, saying that change would be impractical. It also says the FBI needs to maintain access to foreign spy collection because unlike other intelligence agencies, it has law enforcement authorities inside the U.S. and can warn Americans that they are being targeted by foreign spies or criminals.
Already, both Republicans and Democrats have called for broader changes affecting the FBI, including a handful of lawmakers in both parties who want to require warrants for any search.
Sen. Jon Ossoff, D-Ga., sharply questioned Assistant Attorney General Matt Olsen in June about how it searches Section 702 data and signaled he would push for new protections.
“I don’t think you’ve effectively made the case that there shouldn’t be a warrant requirement, whether or not it is constitutionally required, for a U.S. person search that is crime only,” he said.
Many in the GOP, meanwhile, are furious about the FBI’s investigations of former President Donald Trump and mistakes found by the Justice Department inspector general and other reviewers.
In a statement, the FBI said the report highlighted “how crucial” foreign intelligence was to the bureau’s mission.
“We agree that Section 702 should be reauthorized in a manner that does not diminish its effectiveness, as well as reassures the public of its importance and our ability to adhere rigorously to all relevant rules,” the bureau’s statement said.
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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
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Memphis police shoot suspect after he fired shots outside Jewish school, authorities say
MEMPHIS, Tenn. (AP) — Memphis police on Monday said officers shot a suspect after he attempted to enter a Jewish school with a gun and fired shots after he couldn’t get into the building.
Assistant Police Chief Don Crowe said the suspect, whose identity has not been released, approached Margolin Hebrew Academy-Feinstone Yeshiva of the South around 12:20 p.m. He fired several shots and then left in a maroon truck.
“Thankfully, that school had a great safety procedure and process in place and avoided anyone being harmed or injured at that scene,” Crowe said.
Officers soon located the suspect’s vehicle “shortly after that,” Crowe said, adding that officers then shot the suspect after he exited the truck with a firearm in hand. The suspect was sent to a local hospital where he is in critical condition.
It was not immediately clear if school was in session.
When asked if law enforcement believe the shooting was a hate crime, Crowe said officers were still on the scene and collecting information.
“It’s way too early for that. Again, we’re very early in this investigation,” said Assistant Police Chief Don Crowe.
The Tennessee Bureau of Investigation is now handling the case.
U.S. Rep. Seve Cohen, whose district includes Memphis, said in a statement that he was “shocked” to hear about the incident at the school and noted that acts of “violent antisemitism” are on the rise across the country.”
Monday’s shooting comes nearly four months after a shooter opened fire at a private Christian school in Nashville and killed six people, including three nine-year-old children. That tragedy has sparked closer scrutiny of Tennessee’s relaxed gun laws and renewed calls to strengthen security at both public and private schools across the state.
___
Kimberlee Kruesi contributed to this report from Nashville, Tennessee.
Copyright 2023 The Associated Press. All rights reserved.
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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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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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Impeached Texas AG Ken Paxton seeks to have most charges dismissed before September trial
AUSTIN, Texas (AP) — Lawyers for impeached Republican Texas Attorney General Ken Paxton on Monday sought to have most of the charges against him dismissed, arguing that they rely on alleged acts of corruption before he was reelected to a third term in 2022.
In motions filed with the Senate, where Paxton’s impeachment trial is scheduled to begin Sept. 5, his attorneys said they believe state law bars the removal of an official for conduct that occurred before their most recent election. Paxton was first elected attorney general in 2014 and the impeachment charges include alleged conduct since then.
“The Articles allege nothing that Texas voters have not heard from the Attorney General’s political opponents for years,” Paxton’s attorneys wrote. They accused the GOP-dominated Texas House of Representatives of seeking to oust Paxton because they were unable to unseat him by popular vote.
“Texas voters rendered their judgement by re-electing Attorney General Paxton to serve a third consecutive term. As a matter of both common sense and Texas law, that should be the end of the matter,” his attorneys wrote.
Only one of the 20 impeachment charges — an allegation that Paxton settled a whistleblower lawsuit in an effort to hide from the public corruption allegations against him — would not have to be dismissed under the so-called “prior term doctrine,” Paxton’s attorney said. Paxton asked state lawmakers this year to have the state pay the proposed $3.3 million settlement.
In a second filing, Paxton’s attorneys said the trial should exclude any evidence of alleged conduct that occurred prior to January 2023, when his third term in office began.
The motions from Paxton’s attorneys are similar to moves in a criminal or civil legal cases when defense attorneys seek to have charges or lawsuits dismissed before trial.
In this case, the presiding officer over Paxton’s impeachment trial will be Lt. Gov. Dan Patrick, a powerful Republican who also serves as the president of the state Senate. The Republican-controlled Senate will consider the evidence and decide whether to convict or acquit Paxton in the first impeachment trial of a statewide official since 1917.
Patrick has already issued a sweeping gag order over the parties and attorneys involved ahead of the Senate trial. Attorneys for House of Representatives managers prosecuting Paxton did not immediately respond to the motions filed Monday.
Paxton has been suspended from office since the House first approved the articles of impeachment on May 27. He could be permanently removed if convicted by the Senate.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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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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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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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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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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Bankrupt Lordstown Motors must face a trial over fellow EV firm Karma Automotive’s claim that the Ohio-based automaker stole infotainment technology, Reuters reported Thursday.
Lordstown filed for bankruptcy in June and had asked U.S. bankruptcy Judge Mary Walrath in Wilmington, Delaware, to approve bidding procedures that would allow the company to sell its assets by September, according to the report.
Walrath instead ruled that the sale should not be expedited because a California court is weighing a lawsuit by Karma. Filed in 2020, the lawsuit alleges that Lordstown stole trade secrets and poached employees involved in the development of infotainment tech from California-based Karma.
The judge said Lordstown was not at risk of running out money before the sale of its assets or a verdict in the California case because it entered bankruptcy with over $130 million in cash and it owed only about $20 million to its top creditors, according to the report.
Lordstown was formed to acquire an ex-General Motors factory in its namesake town to build EVs, starting with a pickup truck called the Endurance. The company subsequently sold the factory to Foxconn, and then contracted with that company for assembly of Endurance pickups and future vehicle development. Production stalled this spring after a dispute with Foxconn over the release of additional funding to Lordstown.
Karma has built small numbers of cars based on the old Fisker Karma plug-in hybrid, initially badged as the Karma Revero. An updated version called the GS-6 launched in 2020, still using a plug-in hybrid powertrain like previous iterations. Karma also then promised a fully electric version called the GSe-6, but that never arrived.
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- Porsche hints a future EV may utilize 400-kw fast-charging
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ATLANTA (AP) — A Georgia prosecutor is expected to seek a grand jury indictment in the coming weeks in her investigation into efforts by Donald Trump and his Republican allies to overturn the then-president’s 2020 election loss.
Fulton County District Attorney Fani Willis began investigating more than two years ago, shortly after a recording was released of a January 2021 phone call Trump made to Georgia’s secretary of state.
Willis has strongly hinted that any indictment would come between Monday and Aug. 18. One of two grand juries seated July 11 is expected to hear the case.
If Trump is indicted by a Georgia grand jury, it would add to a growing list of legal troubles as he campaigns for president. Trump is set to go to trial in New York in March to face state charges related to hush money payments made during the 2016 presidential campaign. And he has another trial scheduled for May on federal charges related to his handling of classified documents. He has pleaded not guilty in those cases.
The Justice Department is also investigating Trump’s role in trying to halt the certification of 2020 election results in the run-up to the Jan. 6, 2021, assault on the U.S. Capitol. Trump said he’s been told he’s a target of that investigation, which likely has some overlap with the one in Georgia.
An attempt by Trump to derail the Georgia case suffered a setback on Monday when a judge rejected his request to bar Willis from prosecuting him and to toss out the final report of an investigative special grand jury that had been seated to aid the investigation. A similar motion to be heard by a different judge is set for a hearing next week.
Details of the Georgia investigation that have become public have fed speculation that Willis, a Democrat, is building a case under the Georgia Racketeer Influenced and Corrupt Organizations Act, which would allow her to charge numerous people in a potentially wide-ranging scheme.
Here are six investigative threads Willis and her team have explored:
The Georgia investigation was prompted by the Jan. 2, 2021, phone call Trump made to Georgia Secretary of State Brad Raffensperger, a fellow Republican. Trump suggested the state’s top elections official could help “find” the votes needed to put him ahead of Democrat Joe Biden in the state.
“All I want to do is this: I just want to find 11,780 votes, which is one more than we have,” Trump is heard saying on a recording of the call, which was leaked to news outlets. “Because we won the state.”
Trump has insisted he did nothing wrong and has repeatedly said the call was “perfect.”
Trump also called other top state officials in his quest to overturn his 2020 election loss, including Gov. Brian Kemp, then-House Speaker David Ralston, Attorney General Chris Carr and the top investigator in the secretary of state’s office.
U.S. Sen. Lindsey Graham, a South Carolina Republican, also called Raffensperger shortly after the November election. Raffensperger said at the time that Graham asked whether he had the power to reject certain absentee ballots, which Raffensperger has said he interpreted as a suggestion to toss out legally cast votes.
Graham has denied wrongdoing, saying he just wanted to learn about the signature verification process.
Biden won Georgia by a margin of fewer than 12,000 votes. Just over a month after the election, on Dec. 14, 2020, a group 16 Georgia Democratic electors met in the Senate chamber at the state Capitol to cast the state’s Electoral College votes for him. They each marked paper ballots that were counted and confirmed by a voice roll call.
That day, in a committee meeting room at the Capitol, 16 prominent Georgia Republicans — a lawmaker, activists and party officials — met to sign a certificate falsely stating that Trump had won and declaring themselves the state’s “duly elected and qualified” electors. They sent that certificate to the National Archives and the U.S. Senate.
Georgia was one of seven battleground states that Trump lost where Republican fake electors signed and submitted similar certificates. Trump allies in the U.S. House and Senate used those certificates to argue for delaying or blocking the certification of the election during a joint session of Congress.
Prosecutors in Fulton County have said in court filings that they believe Trump associates worked with state Republicans to coordinate and execute the plan.
The multi-state effort was ultimately unsuccessful. Despite public pressure from Trump and his supporters, then-Vice President Mike Pence refused on Jan. 6, 2021, to introduce the unofficial pro-Trump electors. After the attack on the U.S. Capitol put a violent halt to the certification process, lawmakers certified Biden’s win in the early hours of Jan. 7, 2021.
At least eight of the fake electors have since reached immunity deals with Willis’ team. And a judge last summer barred Willis from prosecuting another one, Lt. Gov. Burt Jones, because of a conflict of interest.
Republican state lawmakers held several hearings at the Georgia Capitol in December 2020 to examine alleged problems with the November election. During those meetings, former New York mayor Rudy Giuliani and other Trump allies made unproven claims of widespread election fraud.
They alleged that election workers tallying absentee ballots at State Farm Arena in Atlanta had told outside observers to leave and then pulled out “suitcases” of unlawful ballots and began scanning them. The Trump allies played clips of surveillance video from the arena to support their allegations. State and federal officials investigated and said there was no evidence of election fraud at the site.
Some Trump allies also said thousands of people who were ineligible — including people convicted of felonies, people under the age of 18, people who had voted in another state — had cast votes in Georgia. The secretary of state’s office has debunked those claims.
Two of the election workers seen in the State Farm Arena surveillance video, Ruby Freeman and her daughter Wandrea “Shaye” Moss, said they faced relentless harassment online and in person as a result of the allegations made by Trump and his allies.
Giuliani last week conceded that statements he made about the two election workers were false.
In a bizarre episode detailed by prosecutors in court filings, a woman traveled from Chicago to Georgia and met with Freeman on Jan. 4, 2021. The woman initially said she wanted to help Freeman but then warned that Freeman could go to prison and tried to pressure her into falsely confessing to committing election fraud, prosecutors wrote in court filings last year.
Trump-allied lawyer Sidney Powell and others hired a computer forensics team to copy data and software on election equipment in Coffee County, some 200 miles (322 kilometers) southeast of Atlanta, according to invoices, emails, security video and deposition testimony produced in response to subpoenas in a long-running lawsuit.
The county Republican Party chair at the time — who also served as a fake elector — greeted them when they arrived at the local elections office on Jan. 7, 2021, and some county elections officials were also on hand during the daylong visit. The secretary of state’s office has said this amounted to “alleged unauthorized access” of election equipment and the Georgia Bureau of Investigation is looking into it at the secretary of state’s request.
Two other men who have been active in efforts to question the 2020 election results also visited Coffee County later that month and spent hours inside.
U.S. Attorney BJay Pak, the top federal prosecutor in Atlanta, abruptly resigned two days after Trump called Raffensperger and a day after a recording of that call was made public. During that conversation, Trump called Pak a “never-Trumper,” implying that he didn’t support the president.
In December 2020, then-U.S. Attorney General William Barr asked Pak to investigate allegations by Giuliani and other Trump allies of widespread election fraud. Pak, who had been appointed by Trump in 2017, reported back that he had found no evidence of such fraud.
In August 2021, Pak told the U.S. Senate Judiciary Committee, which was investigating Trump’s post-election actions, that he resigned on Jan. 4, 2021, after learning from Department of Justice officials that Trump did not believe enough was being done to investigate allegations of election fraud and wanted him gone as U.S. attorney.
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| 2023-07-31T21:44:30
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Memphis police shoot suspect after he fired shots outside Jewish school
MEMPHIS, Tenn. (AP) — Memphis police on Monday said officers shot a suspect after he attempted to enter a Jewish school with a gun and fired shots after he couldn’t get into the building.
Assistant Police Chief Don Crowe said the suspect, whose identity has not been released, approached Margolin Hebrew Academy-Feinstone Yeshiva of the South around 12:20 p.m. He fired several shots and then left in a maroon truck.
“Thankfully, that school had a great safety procedure and process in place and avoided anyone being harmed or injured at that scene,” Crowe said.
Officers soon located the suspect’s vehicle “shortly after that,” Crowe said, adding that officers then shot the suspect after he exited the truck with a firearm in hand. The suspect was sent to a local hospital where he is in critical condition.
It was not immediately clear if school was in session.
When asked if law enforcement believe the shooting was a hate crime, Crowe said officers were still on the scene and collecting information.
“It’s way too early for that. Again, we’re very early in this investigation,” said Assistant Police Chief Don Crowe.
The Tennessee Bureau of Investigations is now handling the case.
U.S. Rep. Seve Cohen, whose district includes Memphis, said in a statement that he was “shocked” to hear about the incident at the school and noted that acts of “violent antisemitism” are on the rise across the country.”
Monday’s shooting comes nearly four months after a shooter opened fire at a private Christian school in Nashville and killed six people, including three nine-year-old children. That tragedy has sparked closer scrutiny of Tennessee’s relaxed gun laws and renewed calls to strengthen security at both public and private schools across the state.
___
Kimberlee Kruesi contributed to this report from Nashville, Tennessee.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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| 2023-07-31T21:44:33
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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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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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WASHINGTON (AP) — Former President Donald Trump ‘s mounting legal woes are growing more expensive, leading his campaign to request a refund from a supportive super PAC and launch a new legal defense fund to help cover costs.
His political action committee, Save America, is expected to disclose Monday that it spent more than $40 million on legal fees during the first half of the year for costs related to defending the former president, his aides and other allies, according to a person familiar with the filing who spoke on the condition of anonymity before the deadline. The number was first reported by The Washington Post.
At the same time, Trump’s allies are creating a new legal defense fund that will help pay the soaring legal fees as Trump faces dozens of criminal charges stemming from indictments in New York and Florida, with more expected as soon as this week. The Patriot Legal Defense Fund, as it is called, is intended to raise money to defray costs for those “defending against legal actions arising from an individual or group’s participation in the political process,” according to a filing made last month with the IRS. The group will be run by Trump campaign senior advisers Susie Wiles and Michael Glassner.
“The weaponized Department of Justice and the deranged Jack Smith have targeted innocent Americans associated with President Trump,” said Trump spokesman Steven Cheung. “In order to combat these heinous actions by Joe Biden’s cronies and to protect these innocent people from financial ruin and prevent their lives from being completely destroyed, a new legal defense fund will help pay for their legal fees.” The fund was first reported by The New York Times.
Smith is the special counsel leading the federal investigations of Trump. His team has expressed interest in the payment of legal fees for Trump-aligned witnesses in the investigations and has sought information about it, according to a person familiar with the matter who spoke on the condition of anonymity in order to discuss ongoing criminal probes.
Trump’s PAC has also requested that his super PAC, MAGA Inc., return some of the money that it transferred to seed the group to help cover costs. It is unclear whether money was actually transferred or how much.
A spokesman for the super PAC did not respond to a request for comment.
Trump launched his PAC, Save America, in the days after the 2020 election, which he lost to President Joe Biden. For weeks, the group bombarded supporters with a nonstop stream of text messages and emails that purported to raise money for an “election defense fund” that would be used to contest the election’s outcome.
But the $170 million that the effort raised in less than a month was not used to contest the election, records show. Instead, it was used to pay down campaign debt and replenish the coffers of the Republican National Committee, with Trump also stockpiling another large chunk for his future political endeavors. Last year, the Justice Department issued a round of grand jury subpoenas that sought information about the political action committee’s fundraising practices.
Since then, Save America has served as a different sort of “defense fund,” covering the legal expenses for Trump operatives, allies and employees who have been ensnared in the Justice Department’s ongoing investigation.
Some of Save America’s money has been used to boost other candidates, though it’s a pittance compared to how much Trump has spent on ballooning legal costs.
As the 2022 midterm elections approached, Trump pledged to back congressional candidates loyal to him. But of the roughly $65 million earmarked by Save America for political spending, less than a third — about $20 million — was used to back midterm candidates through campaign contributions or paid advertising.
“Forty million dollars — I’ve never seen anything like it,” said Paul S. Ryan, a longtime campaign finance attorney in Washington, referring to the sum the group spent on legal fees this year. “There’s no legal issue. It’s really just a question for his donors: Do they want to be funding lawyers?”
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Colvin reported from New York.
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A rare Porsche Carrera GTZ that went up for auction via online car-trading platform Carhuna earlier this month has been sold.
GT Spirit has learned that the final bid was 1.45 million British pounds (approximately $1.86 million), which was slightly below the lowest estimate of 1.5 million British pounds. The final price paid will be higher, though, due to the required buyer’s premium.
The price is also higher than what the average Porsche Carrera GT currently trades for, but the car is much rarer. The Z in its name signifies it as one of the six (including the original prototype) rebodied Carrera GTs built last decade by Italian coachbuilder Zagato.
The Carrera GTZ was born when a Carrera GT owner from Switzerland approached Zagato in 2013 with a request to have the Porsche supercar’s standard rear deck with its mesh-lined humps replaced by a more conservative design lining up with the roof.
Zagato ended up redesigning most of the body, though the changes are much more subtle than more recent Zagato creations. According to the coachbuilder, the aim was to create a more flowing rear reminiscent of its work done on the Porsche 356.
Five additional Carrera GT owners also chose Zagato’s conversion, the cost of which at the time could have bought another Carrera GT. The car that was just sold was the fourth of the five additional conversions and the only one that also had the interior reworked.
No change was made to the powertrain on any of the cars, meaning the Carrera GT’s sonorous 5.7-liter V-10 still spits out 603 hp. It’s sent to the rear wheels via a 6-speed manual transmission. The combination will launch the car from 0-60 mph in 3.9 seconds and to a top speed around 205 mph.
This particular car started out life as a 2005 Porsche Carrera GT that was originally delivered to a customer in the U.S. According to Carhuna’s original listing for it, just 9,350 miles were on the odometer.
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JUSTIN, Texas, July 31, 2023 /PRNewswire/ -- Canoo (Nasdaq: GOEV), a high-tech advanced mobility company, today announced that it will report its financial results for the quarter ended June 30, 2023 after market close on Monday, August 14, 2023. The Company will host a conference call and live webcast at 5:00 pm ET to discuss the results, followed by a question-and-answer period.
Those interested are invited to listen to the live webcast online here. A replay of the webcast will be available shortly afterwards here.
Date: Monday, August 14, 2023
Time: 5:00 pm ET
U.S. Dial-in: 877-407-9169
International Dial-in: 201-493-6755
Access ID: 13740414
An audio replay of the call will be available shortly after its conclusion through August 28, 2023.
Toll-free Replay Number: 877-660-6853
International Replay Number: 201-612-7415
Replay ID: 13740414
About Canoo
Canoo's mission is to bring EVs to Everyone. The company has developed breakthrough electric vehicles that are reinventing the automotive landscape with bold innovations in design, pioneering technologies, and a unique business model that spans the full lifecycle of the vehicle. Distinguished by its experienced team from leading technology and automotive companies – Canoo has designed a modular electric platform purpose-built to deliver maximum vehicle interior space that is customizable across all owners in the vehicle lifecycle to support a wide range of vehicle applications for consumers and businesses.
Canoo has teams in California, Texas, Michigan, Oklahoma, and Arkansas. For more information, please visit www.canoo.com. For Canoo press materials, including photos, please visit press.canoo.com. For investors, please visit www.investors.canoo.com.
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Russian missiles kill at least 6 in Zelenskyy’s hometown in central Ukraine
KYIV, Ukraine (AP) — Russian ballistic missiles slammed into an apartment complex and a university building in President Volodymyr Zelenskyy’s hometown Monday, killing six people and wounding 75 others as the blasts trapped residents beneath rubble, Ukrainian officials said.
One of the two missiles that hit the central city of Kryvyi Rih destroyed part of an apartment building between the fourth and ninth floors, Interior Minister Ihor Klymenko said. Video showed black smoke billowing from corner units and burned out or damaged cars on a tree-lined street.
The dead included a 10-year-old girl and her mother, according to Zelenskyy. More than 350 people were involved in the rescue operation, he said in a Telegram post.
The morning attack also destroyed part of a four-story university building.
The strike on Zelenskyy’s hometown, which has been hit in the past, happened a day after the Ukrainian president seemed to warn of more attacks inside Russia.
“Gradually, the war is returning to the territory of Russia — to its symbolic centers and military bases, and this is an inevitable, natural and absolutely fair process,” Zelenskyy said Sunday in his nightly video address.
It was not clear whether the missile strikes were in retaliation for his comments.
Meanwhile, a Ukrainian artillery strike on the partially occupied Donetsk province killed two people and wounded six others in the regional capital, according to Denis Pushilin, the Moscow-installed leader of the illegally annexed province.
A bus was also hit as Ukrainian forces shelled the city of Donetsk multiple times Monday, Pushilin said.
Elsewhere, in the Russian-held part of the Zaporizhzhia region, three people were killed and 15 were wounded in Ukrainian shelling that hit a store in the village of Basan, according to the Russia-backed acting regional governor, Yevgeny Balitsky.
Neither side’s claims could be independently verified.
The ongoing Ukrainian counteroffensive, deploying weaponry supplied by Western allies and aimed at driving Russian forces out of occupied areas, intensified last week. At the same time, Ukraine has sought to take the war deep into Russia, reportedly using drones to hit targets as far away as Moscow.
Ukrainian drone attacks on Russia and Moscow-annexed territory, especially Crimea, have become more frequent. The latest strike, on Sunday, damaged two office buildings a few miles (kilometers) from the Kremlin. Ukrainian officials did not acknowledge the attack.
Russia tightened security in the aftermath of that attack, Kremlin spokesman Dmitry Peskov said Monday, describing the assault as an “act of desperation.”
“The Kyiv regime is in a very, very difficult situation,” Peskov said, “as the counteroffensive is not working out as planned.”
“It’s obvious that the multibillion-dollar resources that have been transferred by NATO countries to the Kyiv regime are actually being spent inefficiently,” Peskov said.
“This raises big questions in Western capitals and great discomfort among taxpayers in Western countries.”
Analysts say Russian President Vladimir Putin is wagering that Western support for Kyiv will wane as the war drags on and costs mount.
Another Ukrainian drone targeted a district police department early Monday in Russia’s Bryansk region, which borders Ukraine, but there were no casualties, the local governor said.
Bombarding populated areas with missiles, artillery and drones has been a hallmark of Moscow’s military strategy throughout the war, and that approach has continued during the Ukrainian counteroffensive that started in June.
Russian officials insist they take aim only at legitimate military targets, but Ukraine and its supporters say mass civilian deaths during previous attacks are evidence of war crimes.
“In recent days, the enemy has been stubbornly attacking cities, city centers, shelling civilian objects and housing,” Zelenskyy said. “But this terror will not frighten us or break us.”
Russian Defense Minister Sergei Shoigu said Monday that his forces have increased the intensity of attacks on Ukrainian military facilities.
It was not immediately clear which military facilities he was referring to, as Russia’s recent missile strikes have hit civilian infrastructure.
In the southern city of Odesa, Russian strikes in recent weeks targeted port infrastructure and grain silos, after Moscow broke off an export agreement for Ukrainian grain. The Ukrainian foreign ministry estimated Monday that about 180,000 metric tons of grain have been destroyed by Russia in the past nine days.
Russian shelling Monday also killed four civilians and wounded 17 in the southern Ukrainian city of Kherson. A 70-year-old woman was killed by shelling in her home in a Kharkiv province village near Izyum, authorities said.
In eastern Ukraine’s Donetsk province, one person was reported killed and seven people were wounded after Russia shelled 12 cities and villages, according to Gov. Pavlo Kyrylenko.
In other developments Monday, China introduced restrictions on the export of long-range civilian drones. Authorities cited the war in Ukraine and concern that drones could be converted for military purposes.
Chinese leader Xi Jinping’s government is friendly with Moscow, but says it’s neutral in the war. It has been stung by reports that both sides might be using Chinese-made drones for reconnaissance and possibly attacks.
Meanwhile, Russian mercenary leader Yevgeny Prigozhin said Monday that his Wagner Group is not currently recruiting fighters.
In an audio message published on a Telegram channel associated with the Wagner chief, Prigozhin said the company had suspended recruitment as there is currently “no shortage of personnel.”
Prigozhin previously agreed with Western estimates that he lost more than 20,000 men in the long battle for the Ukrainian city of Bakhmut.
Prigozhin last month led a short-lived mutiny against Moscow, demanding a leadership change in the Russian military. In an attempt to control him, Russian authorities insisted that Wagner fighters can only return to Ukraine if they join Russia’s regular army.
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Follow AP’s coverage of the war in Ukraine at https://apnews.com/hub/russia-ukraine
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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| 2023-07-31T21:44:39
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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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| 2023-07-31T21:44:40
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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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| 2023-07-31T21:44:42
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Broncos wide receiver Tim Patrick injures left Achilles after missing last year with torn right ACL
ENGLEWOOD, Colo. (AP) — The Denver Broncos braced themselves for a second straight season without their steadiest wide receiver and locker room leader after Tim Patrick was carted off the field with a left Achilles injury Monday — almost a year after tearing his right ACL at training camp.
“It’s a tough break for us as a team when you see something like that, a great player, a great leader,” cornerback Patrick Surtain II said. “We wish him the best and just go on from there.”
With an energized crowd of 3,000 looking on as the Broncos practiced in full pads for the first time, Patrick hit the ground in pain just as he came out of his cut on a short route during a seven-on-seven passing drill. He threw his helmet as teammates including Courtland Sutton and Russell Wilson rushed to his side.
The injury happened right in front of head coach Sean Payton, who was watching Patrick make an adjustment from a previous route.
“It’s always difficult, especially a guy like that’s a leader who’s coming off an entire year of rehabilitation,” Payton said. ”It’s difficult for his teammates, for all of us. So, maybe, hopefully we get some good news. But it appears it’s his left Achilles.”
After being carted off, Patrick entered the Broncos facility on crutches, keeping weight off his left leg.
Patrick is known for his strong work ethic and no-nonsense approach. He was one of the more notable finds by the Broncos in recent years.
Undrafted out of Utah in 2017, Patrick bounced around the Ravens’ and 49ers’ practice squads before arriving in Denver later that year. He became a contributor in 2018 and ’19 before posting back-to-back productive seasons that earned him a three-year, $34.5 million contract extension in November 2021.
He was the team’s No. 1 receiver going into last season when he tore his right ACL in a noncontact drill on Aug. 2. Two months later the Broncos lost their top running back when Javonte Williams suffered a knee injury and Denver’s offense never recovered from the one-two punch, averaging a league-worst 16.9 points a game in Wilson’s first year in Denver.
Like Williams, Patrick was looking for a big comeback in 2023 atop the receiver rotation alongside Sutton and Jerry Jeudy.
“When I got hired here, he was one of the guys I saw every day because he was rehabbing last year’s injury,” Payton said. “So, that’s what makes it more difficult.”
The Broncos do appear to be in better position to weather the loss of Patrick this year if the injury proves to be as serious as suspected.
They bolstered their receiver room, chiefly by drafting speedster Marvin Mims Jr. out of Oklahoma in the second round and signing veterans Marquez Callaway and Lil’Jordan Humphrey in free agency.
“We’ve just got great guys all around the receiving room, so obviously next man up situation,” Surtain said. “But Tim is a big loss, a big blow, because he brings such a presence out there on the field that many people can’t compare to.”
Mims pulled a hamstring in June and suffered a setback before camp, but Monday marked his first practice of camp and Payton was encouraged: “He’s feeling good. You’re going to see him more and more this week. He’s ramping up and we’re encouraged.”
However, another receiver, KJ Hamler, who is on the mend from a torn chest muscle, posted on Instagram on Monday that he was diagnosed with the heart condition pericarditis “after feeling some chest pains while working out on the break before camp started.” He vowed to return to the field as soon as he could “better and stronger than ever.”
Notes: Payton had no comment about Aaron Rodgers’ spirited defense of Jets OC Nathaniel Hackett after Payton ripped him last week for his poor head coaching job in Denver last year. “No, we’re past it,” said Payton, who did a mea culpa last week, saying he regretted criticizing Hackett, the Jets and members of the Broncos’ front office in trying to spread the blame for Wilson’s career-worst season in 2022 during an interview with USA Today.
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AP NFL: https://apnews.com/hub/nfl and https://twitter.com/AP_NFL
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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| 2023-07-31T21:44:43
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Let’s get building
Building sandcastles is the quintessential beach activity for kids of all ages and a cherished pastime for many adults. Kids run back and forth from the water to the beach, gathering their beach toys and dumping buckets of sand. It’s fun to watch the little ones attempt their masterpiece, but nothing’s better than them asking for help building the ultimate sandcastle.
Most adults have years of experience building sandcastles with a realistic tower and maybe even a moat. These skills honed from your own childhood and the right supplies are sure to impress the kids in your household today.
Shop this article: Hape Beach Essential Sand Toy Set, Matty’s Toy Stop 16.5″ Wooden Mini Sand Shovels and Top Race Collapsible Bucket.
Design your masterpiece
If you have a bit of a drive to get to the beach, start designing your sandcastle. Ask everyone about their favorite part of a castle and try to incorporate each element. Figure out if it will be a single structure or multiple buildings. Does everyone have their own job, or is everyone helping with all the components? Once you iron out the details, you can get started as soon as you arrive.
Find the perfect location
There’s nothing worse than a wave knocking down your nearly-finished sandcastle, so be sure to pick the perfect location. Find somewhere far enough away from the waves but close enough that you’re not transporting water too far. Also, keep the weather in mind. If it’s too hot and sunny, set up a beach tent or beach umbrella to avoid sunburns.
Create the foundation
The foundation, or base, of your sandcastle is the most crucial component since it supports the entire structure. To build a solid foundation, build up a mound of sand as tall as you want your castle. The key is to ensure your sand is saturated with water and that it’s tightly packed. So, add sand, dump water, pack it down and repeat until you reach your desired height.
Start from the top
Now it’s time to start carving out your basic structure with a plastic knife or putty knife. The key to this step is to start from the top since the sand will fall on everything below. A paintbrush makes a great tool if sand falls on a tight area. Also, carve away the sand in thin layers. You can always take away more sand, but it’s hard to add.
Add details
Once you have the main structure, start adding details such as stairs, a tower roof, windows or a brick pattern. During this final step, opt for smaller tools such as a tiny paintbrush or the thinnest putty knife.
Products you need to build next-level sandcastles
Hape Beach Essential Sand Toy Set
This set includes a smoother tool, a shaper tool and a digging paw. All pieces use high-quality plastic free of bisphenol A, polyvinyl chloride and phthalates. With an included mesh carrying bag, it’s a breeze to carry to the beach and clean up after a day of building.
Sold by Amazon
Matty’s Toy Stop 16.5″ Wooden Mini Sand Shovels
Sand is the most important part of a sandcastle, and these shovels help you gather more sand faster. It has four shovels in unique colors, so there’s no fighting over sharing. The 16.5-inch length is perfect for the beach, and the wooden handle is durable enough to handle big building jobs.
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Kids can’t haul huge buckets of water back and forth. These half-gallon pails are perfect for letting the little one enjoy the sandcastle building. They are collapsible and foldable into three unique sizes or to about 1 inch thick for storage. They’re also dishwasher-safe.
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Building sandcastles is about having fun and getting dirty, and this hand digger is the perfect way for kids to enjoy themselves. The deep scoop is great for digging deep holes or transporting water and is usable by kids as young as 1 year old. It’s made of child-safe materials and a nontoxic finish.
Sold by Amazon
If you’ve ever seen a professional sandcastle competition, you’ve probably noticed an array of supplies. This includes a paintbrush, which is a versatile and ideal tool for brushing off extra sand or adding a smooth finish to your castle. This set comes in five sizes to tackle any job.
Sold by Amazon
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https://www.wane.com/reviews/br/baby-kids-br/activity-br/5-best-items-for-building-next-level-sandcastles-with-your-kids/
| 2023-07-31T21:44:44
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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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| 2023-07-31T21:44:45
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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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| 2023-07-31T21:44:46
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NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Premium Dividend Fund (NYSE: PDT) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.0825 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Premium Dividend Fund (NYSE: PDT) with important information concerning the distribution declared on June 30, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.0825 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
About John Hancock Investment Management
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
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SOURCE John Hancock Investment Management
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Cleveland Guardians trade pitcher Aaron Civale to Tampa Bay Rays for first base prospect
CLEVELAND (AP) — In the midst of the playoff race, the Guardians traded their hottest pitcher for a minor league prospect currently sidelined with an injury.
An uneven season in Cleveland just got a little bumpier.
Despite being just one-half game out of first place in the AL Central, the Guardians dealt starter Aaron Civale to the Tampa Bay Rays on Monday for first base prospect Kyle Manzardo, who has been out with a shoulder strain.
Civale’s name has been thrown around in trade speculation for weeks, which has coincided with the 28-year-old right-hander pitching as well as he has in several seasons. Civale posted a 1.45 ERA in six July starts and worked six scoreless innings Sunday in a win over the Chicago White Sox to improve to 5-2.
The Guardians have dealt with injuries to their rotation all season and are currently missing ace Shane Bieber, Triston McKenzie and Cal Quantrill. While the move with Civale creates a major pitching void for Cleveland, president of baseball operations Chris Antonetti said getting a player of Manzardo’s stature was more important.
“Tough trade to make,” Antonetti said in a Zoom call. “But we did feel it was a unique opportunity to acquire someone like Kyle. We knew it would come at a steep cost.”
Antonetti said it’s possible the Guardians could make more trades before Tuesday’s deadline to address their pitching issues.
Noah Syndergaard, acquired last week in a trade with the Dodgers, could help. The oft-injured right-hander is making his debut for the Guardians on Monday in Houston.
Manzardo, 23, was named Tampa’s top minor leaguer in 2022 after hitting .327 with 22 homers and 81 RBIs in 93 games between Single- and Double-A. Antonetti expects Manzardo to be playing in minor league games before the end of the season.
Cleveland has been in the market for a young power hitter for some time. The team is hoping Manzardo can end that search.
“The industry holds Kyle in high regard and we think he can develop into a really good offensive player and he’s a guy that’s near or close to the major leagues at some point in the next few seasons,” Antonetti said. “Those guys are not easy to acquire and so we made the choice in this case as we surveyed the landscape, but this is the right path forward for us.”
As for the Rays, Civale gives them another solid starter for the playoff push. Tampa Bay entered the week 1 1/2 games behind first-place Baltimore in the AL East and leading the wild-card standings by four games.
___
AP MLB: https://apnews.com/hub/mlb
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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Hiking sunglasses
If you’re gearing up for some hiking this season, one thing you may not have considered is your sunglasses. As a vital and delicate part of your body, your eyes should be protected when out in the elements. Eyewear can make all the difference, and finding the right pair of sunglasses depends on the type of hiking you do and where you plan to do it.
Rough terrain, harsh climates, and glare from intense sun rays can significantly impact your vision. Plus, sunglasses should fit like a glove to avoid sliding down your nose — that’s never fun! Above all, comfort and reliability are essential.
Shop this article: Oakley Men’s FLAK 2.0 XL Sunglasses, Maui Jim Women’s Starfish Cat-Eye Sunglasses and Julbo Explorer 2.0 Mountaineering Glacier Sunglasses
Hiking sunglasses considerations
To find your hiking sunglasses match, ask yourself about the kind of hiking you’ll most likely be doing and what you value most. Are you a long-distance day hiker? A trail runner? Will you be dealing with snow? Are style and budget priorities?
With this in mind, consider the following factors that go into finding your next best pair of sunglasses for hiking. In no particular order, here’s a checklist of things to consider before making a purchase.
Hiking sunglasses weight
If you’re going on full-day hikes, you might notice a heavy pair of glasses on your face after a while. Choosing something lightweight but durable is key.
Hiking sunglasses comfort
For the same reason as the weight factor, you’ll want frames that are comfortable and fit your face right when you’re wearing them all day long. Behind your ears and on the bridge of your nose are vital spots to pay attention to.
Frame quality and construction
You need a robust and durable frame that can withstand wear and tear when you’re out in the wilderness. Look for metal frames or those made of newer materials like strong plastics and nylon alloys.
Lens quality and material
As with frames, your sunglasses’ lens quality is super important. Make sure your lenses are anti-scratch. Lenses come in all sorts of materials that offer different degrees of resistance to scratches and other impacts.
Polarized lenses
To avoid protection from direct sun rays and the glare from their reflection on snow or water, you’ll want to look for lenses that are polarized.
Hiking sunglasses UV protection
It’s pretty common knowledge that the sun’s UV rays are harmful and make it difficult to see what’s in front of you. If you’re hiking for more than a couple of hours, you’ll need UV protection on your eyes.
Hiking sunglasses price
Everyone has a budget. But, a cheap pair of fashion glasses won’t get you far on the trails, and you might be missing certain features before too long. You’re better off investing in a high-quality pair that will last for the long haul.
Hiking sunglasses brands
If you buy from a reputable, well-established and reliable brand of sunglasses, you’re sure to get a higher quality product. Ask around, read reviews and think about your own experience with a brand before pulling the trigger.
Hiking sunglasses styles
Some of us let style dictate our apparel purchases, and nothing says we must sacrifice function for it. Hiking sunglasses come in plenty of styles to choose from, so you won’t need to worry about compromising your taste.
Value adds
Some hiking sunglasses come with extra components that redirect sweat away from your eyes or guard your eyes against small bits of dirt and dust that you often find on trails.
Now that you know what features are important to you in hiking sunglasses, it’s time to shop! Here are our top picks for the best pairs, wherever your outdoor adventures take you.
Best sunglasses for hiking
Oakley Men’s FLAK 2.0 XL Sunglasses
You’ll see more clearly and sharply with these Oakley shades, featuring High Definition Optics that eliminates distortion. Comfortable, lightweight and durable, the lenses are optically aligned for the best fit and experience.
Sold by Amazon
Maui Jim Peahi Wrap Sunglasses
This scratch-resistant polarized Maui Jim sunglasses come with a UV protection coating. The neutral grey lenses enhance colors and are glare-free and light-reducing – perfect in direct and bright sunlight.
Sold by Amazon
Julbo Explorer 2.0 Mountaineering Glacier Sunglasses
These wide-coverage sunglasses from Julbo are perfect for the outdoors. Ergonomic, comfortable, ventilated, slim and stylish, they come with removable shields for sunlight protection, 360-degree adjustable temples and high-protection lenses — all designed for extreme conditions on or off the mountain.
Sold by Amazon
Oakley Gascan OO9014 Sunglasses For Men
These non-polarized, mirror-coated lenses are best for easier trails at lower elevations in mild conditions. They bring colors to life, so you can fully enjoy the world around you. The included accessory leash and cleaning kits are nice touches.
Sold by Amazon
Maui Jim Women’s Starfish Cat-Eye Sunglasses
Maui Jim’s Starfish polarized sunglasses stylishly and comfortably protect you from glare and UV rays while enhancing the colors and vibrancy of the great outdoors. Lightweight yet durable, these sunglasses come with skinny, neutral grey and scratch-resistant glass lenses that reduce light.
Sold by Amazon
Ray-Ban Outdoorsman Craft Aviator Sunglasses
If you’re a fan of the old-school aviator sunglass style, you’ll love this hiking version from Ray-Ban. Made with a metal frame and polarized crystal lenses that are prescription-ready, these shades offer UV protection and come with a case.
Sold by Amazon
Costa Del Mar Men’s Blackfin Sunglasses
If you’re looking for quality, durable sunglasses for hiking, this comfortable and lightweight pair from Costa has you covered. Their blue-mirrored polarized, scratch-resistant polycarbonate lenses are ideal for bright sunlight and reflection off the water. They’re UV-protected, too.
Sold by Amazon
Maui Jim Haleakala Wrap Sunglasses
Bring your hiking experience up a notch with the stylish Haleakala polarized sunglasses from Maui Jim. The glare-free lenses come with a UV protection coating and enhance the colors around you. Durable, lightweight and resistant to shatters and scratches, these comfortable shades are perfect for the trail.
Sold by Amazon
Oakley Men’s Twoface Sunglasses
Offering total UV protection, these light and comfy Oakley shades are made with a stress-resistant frame that lasts and resists deforming or shifting over time. The three-point lens fit means lenses are aligned in place. It comes with a handy micro bag for cleaning and storing.
Sold by Amazon
Native Eyewear Catamount Sunglasses
Native’s Catamount shades are perfect for the trails, with their polarized polycarbonate brown lenses that impeccably contrast detail. Your eyes will stay protected from harsh UV rays and glare from the sun. These glasses are super lightweight and shatter and scratch-resistant, too.
Sold by Amazon
Oakley Women’s Lowkey Round Sunglasses
These cute, round frames for women offer complete UV protection. Their lightweight, polarized plutonite lenses give maximum contrast, comfort and impact protection. You can choose from numerous frame and lens colors to stand out on the trails!
Sold by Amazon
Costa Del Mar Men’s Rincon Rectangular Sunglasses
If you’re a hiker with a simple and elegant style, this pair’s for you. The Rincon glasses feature comfort, clear optics and durability in their thin six-layer, scratch-resistant polarized lenses.
Sold by Amazon
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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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NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.1380 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) with important information concerning the distribution declared on July 3, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.1380 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
About John Hancock Investment Management
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
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SOURCE John Hancock Investment Management
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| 2023-07-31T21:44:55
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A new school year is stressful but shopping for it shouldn’t be
The long summer break is a great time for kids to get their minds off the coming school year. But whether they stayed home or went to summer camp, there comes a time when you must start to plan ahead.
While they might be more concerned about a new wardrobe, parents know that they won’t pass the new year with just a bright smile. They’re going to need supplies, and it might seem like a daunting task if you don’t know where to start. Take the unnecessary stress out of back-to-school shopping by getting a supply kit packed with everything they’ll need.
Shop this article: Moda West 52-Piece Back to School Supply Kit for K-12, School Supply Boxes 32-Piece Back To School Supply Box Grades K-5 and School Supply Bundle Pack for High School, Middle School or College
Essential ingredients for a successful start
Being thoroughly prepared is an excellent way to start a new grade. Of course, different grades need different items in their kits, but some universal objects are great from kindergarten to senior high.
For basic note-taking and studying, it’s essential to have a few pens, a pencil, an eraser and a ruler. Some paperclips, file dividers or a pencil sharpener will also come in handy. All these items need to be stored somewhere, and a sturdy pencil case is the best for that.
To nail art projects or presentations, a couple of Sharpies, colored highlighters, scissors and a glue stick will do wonders. But naturally, you can’t expect your child to walk around school carrying their art supplies and pencil case by hand. Put everything into a sturdy backpack or shoulder bag, ensuring that it is big enough for their textbooks, too.
Age-appropriate supply kits
Generally, back-to-school supply kits are made up of items used by kindergarten, elementary or middle school students. But if you want to put your own kit together, you must ensure that the items are age-appropriate.
For example, for younger students, you should avoid sharp scissors in favor of blunt, safety scissors. High school students probably won’t use a glue stick but might prefer a contact adhesive for paper or cardboard. You’ll also get strange looks if you throw in a box of crayons, so rather include some durable highlighters or markers.
Don’t forget to review your kid’s recommended items for the upcoming year. You might be covering the essentials with a supply kit, but there could be other objects that they need, such as a protractor, a sturdy lunch box, different colored pens or a stapler.
Best back-to-school supply kits
Moda West 52-Piece Back to School Supply Kit for K-12
This massive selection of 52 pieces comes pre-packaged and has everything a child needs. It includes notebooks, folders, pens and pencils, highlighters, an eraser and a clear pencil case. For art projects, it includes a 5-inch scissor, two glue sticks and an 8-inch ruler.
Sold by Amazon
Trail Maker 20-Piece School Supplies for K-12
Suitable for all grades, this supply kit includes a spiral notebook, a pocket folder, a ruler, three ballpoint pens and two pencils. You can store everything in the canvas pencil case. While it doesn’t include scissors, there is a glue stick and crayons for projects.
Sold by Amazon
Trail Maker 45-Piece School Essentials
This 45-piece bulk pack of school supplies is perfect for students up to elementary school. In addition to the two spiral notebooks and four pocket folders, the supply kit includes several pens, pencils, highlighters and two glue sticks. There is also a box of crayons, a ruler and scissors.
Sold by Amazon
School Supply Boxes 32-Piece Back To School Supply Box Grades K-5
Perfect for elementary school students, this supply box comes with a clear plastic pencil case, 12 colored pencils and a 10-pack of regular pencils. For creative projects, there is a 10-pack of Crayola markers, a 24-pack of Crayola crayons, glue sticks and scissors.
Sold by Amazon
Moda West 17-Inch Backpacks with 52-Piece School Supply Kit
If there are a lot of kids in the neighborhood or the family, this bundle is an excellent choice. The kit includes eight 17-inch backpacks, each with its own 52-piece school supplies. This comprises two notebooks, several pens and pencils, highlighters and pocket folders.
Sold by Amazon
Bundles Galore Mega Back to School Supply Kit Bundle
This bundle is perfect for all grades and includes everything a student might need. The more than 90 pieces include 10 pocket folders, five notebooks, four glue sticks, several pens and pencils and five Sharpie chisel tip highlighters. And since returning to school is tough, it includes a 2-inch stress ball.
Sold by Amazon
Sharpie Expo Paper Mate Back 2 School Essentials 37-Piece Kit
Back to school is made easy with this bundle from Sharpie. The 37-piece kit includes a host of items for late-night studying, such as six mechanical pencils, six regular lead pencils, two fine-point Sharpie markers, and five highlighters. There are also two erasers, two glue sticks and a ruler.
Sold by Amazon
School Supply Bundle Pack for High School, Middle School or College
This bundle includes a ring binder, two spiral notebooks, a pack of dividers, five mechanical pencils and index cards. Perfect for middle school students through college.
Sold by Amazon
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| 2023-07-31T21:44:57
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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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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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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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Smart back-to-school shopping strategies
With inflation still rising, it is vital to have a shopping strategy mapped out to purchase back-to-school supplies this year. Especially for your high schooler, because they need more items. And those items tend to carry a higher price tag.
Buying school supplies, however, is a little different than shopping for other items. In most cases, you will have several lists created by each of your student’s teachers. Some items may be very specific, such as the exact model of a TI calculator, while others may be generic, such as a three-ring binder.
Getting the correct supplies at the best price requires time and planning. This guide will help you make smart purchasing decisions. It covers basic back-to-school shopping strategies and lists 12 products that will help prepare your kid for high school.
Shop this article: Hydro Flask Stainless Steel Reusable Water Bottle, JanSport Cool Student Backpack and Texas Instruments TI-84 Plus CE
What school supplies does a high school student need?
While it is essential that you first consider the lists that your student’s teachers provide, there are a few general categories for you to consider.
Essentials
These are the items that your student will use every day. You will find most of these on your student’s supply lists that they get from their teachers. They will include pens, pencils, erasers, markers, notebook paper, binders, composition books and more.
Organizational supplies
Organizational supplies are anything your student uses to organize, hold or transport the items they use every day. These products may include a pencil case, a backpack, an assignment book, a calendar or binder dividers.
Tech and tools
This category includes anything your student requires to complete their assignments or to solve a problem they might run into during the day, such as a torn notebook sheet. It can be a specific calculator, a tablet, a compass, a ruler, a protractor, hole reinforcements, tape or even white out.
Study supplies
If your child wants to spend a little extra time learning, you’ll need items to help them study. These could be post-it notes, page markers, index cards and highlighters.
Clothing
High school students are still growing. What fit last year might not fit this year. You may need comfortable shoes, casual clothing, clothing that displays school spirit, athletic wear for PE, sneakers, jackets, coats, specific gear for co-curricular activities and more.
Accessories
One category that students and parents may forget is the accessories that are essential to getting through each day. These will vary from student to student but may include a water bottle, a lunch bag, a case for glasses, contacts, combination locks for lockers, charging devices, towels, shower supplies for after PE, medications, an EpiPen and more.
Tips for back-to-school shopping
Strategy is the key when it comes time for back-to-school shopping. These tips can help you get everything you need for that first day.
Shop early
Even if the country wasn’t being plagued with supply chain issues, back-to-school products typically become unavailable by the end of summer. Do your shopping early so that your student has everything they need to start the school year off right.
Use school lists
Teachers make classroom lists for a reason: these are the items your student will need to succeed in the subject. The teacher’s supplies list is your starting point. Get those essentials first.
Don’t forget items that aren’t on the list
Classroom lists don’t always include products that will make your student’s life easier. After you check off all the items from their teachers’ lists, ensure you get the personal items they need daily.
Consider what you already have
If you have more than one student, the older child may already have what your younger child needs. Before buying a new item, check the items you already have at home.
Spend less on clothing
Clothing is important, but so is that expensive calculator. If it comes down to getting a $200 pair of sneaks or a $100 calculator, remember that the calculator will last longer.
Purchase quality items
School supplies need to be rugged. Notebooks are used daily, tossed in a backpack, thrown in a locker and mistreated. If you have a choice between getting a cheap budget item from a dollar store and paying a little more for a quality name-brand item, it is usually worth spending a little more on an item that will last the entire school year or longer.
Pay attention to sales
Back-to-school sales are a great way to get people to spend money on a specific retailer. Many stores will have deep discounts on a couple of key items that get you to their site. Take advantage of these sales, but consider if the other items that the retailer has on sale are worth it. If not, wait till the next sale or purchase from a different retailer to get the best deal.
It is also a good idea to download and install retailer apps, so you can track specific items and know when the best time to buy is.
Consider environmentally kind products
While this might not help you save money, it will help you save the earth. Always consider products that have been or can be recycled and purchased from companies with environmentally friendly manufacturing and business practices.
Budget-friendly products for your high schooler
Hydro Flask Stainless Steel Reusable Water Bottle
Hydration is essential to learning. It helps your student focus and feel revitalized. Sending your high schooler off for the day with 32 ounces of water in this vacuum-insulated option will help them stay hydrated throughout the day. Hydro Flask water bottles have a leakproof lid and a lifetime guarantee.
Sold by Amazon
JanSport Cool Student Backpack
Your high schooler needs to bring many items to and from school each day. A well-constructed backpack is the ideal tool to carry all of these. JanSport’s Cool Student Backpack is durable, washable and has many color options. It is designed with ergonomic shoulder straps and zippered compartments for organization and comes with a lifetime guarantee.
Sold by Amazon
Five Star Reinforced College Ruled Filler Paper
Reinforced notebook paper is a game-changer in the life of a student. This pack of 100 sheets of notebook paper is reinforced around the holes to resist tearing. It will prevent lost schoolwork and help keep all of your student’s pages organized.
Sold by Amazon
Gildan Heavy Blend Unisex Hooded Sweatshirt
A hoodie is essential school wear. This affordable offering from Gildan is made of 50% cotton and 50% polyester. It features a zipper closure and anti-pilling air jet yarn. The ribbed cuffs and waistband have spandex to help provide a more secure fit.
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Adidas Squad Insulated Lunch Bag
Teenagers need to refuel throughout the long day. Bringing lunch from home lets your student choose what they want to eat while saving you money. This durable lunch bag can keep their food at the perfect temperature and prevent it from getting broken or squished in transit.
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Texas Instruments TI-84 Plus CE
Graphing calculators are required by high school science and math teachers. Texas Instruments make a quality product that can accompany your teenager throughout their entire high school career, and possibly into college. This popular model has a 10-digit LCD display and 12 software applications. The graphic functions can handle polar, sequence, cobweb plot, zoom, parametric plot, histogram, scatter plot, and more.
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Belkin Boost Charge Wireless Charging Pad
Between classes, activities and part-time jobs, your high schooler may have a longer workday than you. To get through that day, they need a fully charged phone. Belkin is a trusted name in charging technology. This portable wireless charging pad is compatible with newer Android smartphones and iPhones.
Sold by Amazon
Oxford Color Coded Ruled Index Cards
Flash cards are a classic tool used for studying and improving memory. These cards are lined to allow for neatness, while the color-coded bar at the top lets the student organize the cards by subject or category.
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Prismacolor Premier Col-Erase Colored Pencils
A student can still use colored pencils at the high school level. Not only are they great for art class and doodling, but a student can use them for marking maps in history class, creating diagrams in science class and more.
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This set contains 10 essential tools often needed for geometry and drawing classes. Besides the typical items, such as a ruler and a protractor, you get a lettering guide, a pencil sharpener and more. The compass and divider have a short point for safety, and the set comes with a sturdy tin for organization.
Sold by Amazon
Avery Flexi-View 1-Inch 3-Ring View Binder
Avery’s flex binder has a clear window in the front, which is a handy place to store a class syllabus. It can hold 175 sheets of paper and has a flexible spine. The durable polypropylene cover means that you can use this binder over multiple school years.
Sold by Amazon
C-Line Top-Load Sheet Protector
Sheet protectors keep your student’s reference material unwrinkled and stain-free. The 50 standard-thickness polypropylene protectors are sealed on three sides. They are designed so students can add and remove materials while the protector remains secured in the binder.
Sold by Amazon
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Allen Foster writes for BestReviews. BestReviews has helped millions of consumers simplify their purchasing decisions, saving them time and money.
Copyright 2023 BestReviews, a Nexstar company. All rights reserved.
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https://www.wane.com/reviews/br/education-br/homeschooling-br/back-to-school-on-a-budget-these-12-products-will-have-your-kid-ready-for-high-school/
| 2023-07-31T21:45:04
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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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| 2023-07-31T21:45:05
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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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Comparing the iRobot Roomba j7+ and s9+ models
Roomba is probably the first name that comes to mind when you think about robot vacuums — and for good reason. iRobot’s line of vacuums, around for more than 20 years, has certainly paved the way with innovative, intelligent designs. The Roomba j7+ and Roomba s9+ are the brand’s two most premium models, offering plenty of advanced features to make cleaning a snap, so choosing between the two robots isn’t easy.
In the BestReviews Testing Lab, we found that, while they are roughly the same size, have similar mapping abilities and both feature a convenient self-emptying base, the j7+ and s9+ differ in a few key areas. The j7+ offers superior obstacle avoidance, while the s9+ features significantly stronger suction power and more thorough corner and edge cleaning.
Ultimately, the j7+ is the best choice for pet owners who want a vacuum with above-average suction power that can avoid obstacles around the house, including pet waste. But if you want the most powerful robot vacuum to take care of nearly all the vacuuming in your home, look no further than the s9+.
Roomba j7+ vs. Roomba s9+ specs
The specs for the j7+ and s9+ are similar. However, some key difference between the two can affect their performance on hardwood and carpeting and in corners.
Roomba j7+ specs
Testing team checks the effectiveness of the Roomba j7+ as it navigates around furniture.
Product specifications
Battery life: 97 minutes | Dimensions: 13.3” L x 13.3” W x 3.4” H | Dustbin capacity: 0.4 L | Weight: 7.49 lb | Mapping: Yes | Self-emptying: Yes | Voice commands: Alexa, Google Assistant and Siri | Scheduling: Yes
The j7+ is a full inch wider than the s9+ and other Roomba models, but its profile is a tiny bit lower, which may allow it to fit beneath more furniture. With a battery that lasted nearly 100 minutes in our testing, it falls right in the middle of the pack with other robot vacuums. And while its dustbin is 100 milliliters smaller than the s9+’s, it is self-emptying, which means you don’t have to worry about it stopping in the middle of cleaning. If its bin is full, the j7+ automatically returns to its base to empty itself.
Like the s9+ and other advanced robot vacuums, the j7+ uses smart mapping and camera-based navigation to learn your home. It can identify specific rooms and zones, so you can send the robot to clean a certain area. It can even learn objects in your home and clean around furniture. It also supports Keep-Out Zones if there are areas in your home where you don’t want the robot to clean.
Released two years after the s9+, which came out in 2019, the j7+ is compatible with home assistants like Alexa and Siri, so you can use voice commands to control its cleaning. That makes it easy to clean messes as they happen because you can ask the j7+ to clean under your kitchen table when the kids get crumbs on the floor or vacuum the living room where your pets have been playing. Additionally, you can schedule regular vacuuming with the iRobot Home app. You can choose the day and time the j7+ vacuums and customize its cleaning preferences to ensure your floors are as pristine as possible.
Roomba s9+ specs
The testing team determines the battery life of the Roomba s9+.
Product specifications
Battery life: 107 minutes | Dimensions: 12.25” L x 12.25” W x 3.5” H | Dustbin capacity: 0.5 L | Weight: 8.15 lb | Mapping: Yes | Self-emptying: Yes | Voice commands: Alexa, Google Assistant and Siri | Scheduling: Yes
What stands out immediately about the s9+ is its unique D-shape design, which allows it to reach into corners far better than the average circular robot vacuum. Among the heavier options at 8.15 pounds, it has a medium-sized dustbin, but it’s self-emptying like the j7+, so it won’t stop in the middle of cleaning when it’s full. It also has a fairly long battery life, running for over 100 minutes on a single charge during our testing. If you want to empty the bin manually, it releases from the robot’s top and comes out easily. The bin itself opens from the bottom, too, so all of the debris inside falls out without any shaking.
Like the j7+, the s9+ creates smart maps of your home to learn rooms, zones and objects. That allows you to vacuum specific rooms or around certain furniture. For example, you can send the robot out to clean in front of the kitchen counter. It also allows you to create Keep-Out Zones to prevent the s9+ from cleaning in a certain area, such as where you keep your pet’s bowls.
You can use voice commands to control the s9+ via a home assistant, such as Alexa or Google Assistant. For more regular cleaning, you can use the iRobot Home app to create a cleaning schedule. Each scheduled cleaning session lets you select a day and time, as well as cleaning preferences, like the number of passes and suction power.
Suction comparison
The Roomba j7+ and s9+ are both advanced models, offering strong suction. However, the s9+ stands out for its superior power. While the j7+ has 10 times the suction power as the Roomba 600 series, the s9+ provides 40 times the suction for truly impressive performance on all types of flooring.
This top-notch suction power comes at a price, though — the s9+ is noticeably noisier than other robot vacuums, including the j7+. The j7+ tops out at about 64 decibels, while the s9+ can hit more than 74 decibels at maximum power.
Carpet comparison
Both the Roomba j7+ and s9+ performed well on carpeting. In fact, they were two of the top-performing models among those we tested. However, the s9+ did have the edge, offering suction power that came as close to a standard vacuum cleaner as any of the Roombas we tested.
On medium-pile carpet, the s9+ removed coarse kosher salt, cereal and kitty litter without leaving noticeable debris behind. When it missed a few particles of salt and kitty litter, it captured the remaining debris on its second pass. It pulled pet hair from the carpet without a single strand left behind, too. On low-pile area rugs and runners, we also found that it picked up all the debris in its path on these surfaces without any particles left behind.
During testing, the j7+ successfully handled most debris on medium-pile carpeting, but it wasn’t as impressive as the s9+. It missed several particles of kosher salt and crushed a piece of cereal into the carpet. However, it removed nearly all the remaining cereal crumbs when it did a second pass. It captured nearly all the kitty litter we placed in its path except a single piece and cleaned 100% of the pet hair in a single pass. Like the s9+, the j7+ handled debris on low-pile area rugs and runners with even greater success, so we didn’t observe any debris when it was done cleaning.
Hardwood comparison
The Roomba j7+ and s9+ offered even better suction on hardwood during testing. However, they both occasionally encountered the same problem that many robot vacuums do on hard flooring: Because the surface is usually smooth and slick, it’s easy for the robot to blow some particles of larger debris out of its path. Both the j7+ and s9+ did this in some cases, but the s9+ did it less frequently because of its superior suction power.
Both models cleaned pet hair from hardwood without any issues. The s9+ removed all the coarse kosher salt we placed in its path except for a granule or two, while the j7+ left behind just a few particles. Both successfully captured cereal on hardwood, though they did blow a couple of pieces out of their path. The s9+ picked up these pieces from the edge of the room, while the j7+ didn’t. We also found that both had success removing kitty litter from hardwood, but it took more than one pass to capture all of the particles.
Navigation comparison
The j7+ and s9+ both use a camera to aid their navigation. However, the j7+ has a front-facing camera, while the s9+ has a top-mounted camera. The j7+’s navigation sensor is also located at the front of the robot. Why does this matter? The placement of the cameras and sensors plays a significant role in how well they can navigate a space.
In particular, the front-facing camera and sensor mean the j7+ has obstacle avoidance, allowing it to move around objects without running over or bumping into them. In fact, iRobot is so confident in the j7’s ability to avoid obstacles that it’s backed by P.O.O.P., or the Pet Owner Official Promise, which affirms that you can count on the j7+ to avoid pet accidents and waste, or iRobot will replace your robot for free.
During our testing, the j7+ did an excellent job avoiding items in its path. We placed a handbag, a shoe and a stuffed pet toy in its way, and in all three cases, the robot seemed to sense the object and swerve around it.
On the other hand, the s9+ wasn’t as adept at avoiding items. It ran right over a book we placed in its path and bumped into a stuffed pet toy before moving around it. When we set a shoe in its path, it first tried to travel over it but then stopped and backed up to move around it.
When we stood in front of each robot, their reactions were also different. The j7+ pivoted away before touching us, while the s9+ lightly tapped our foot before moving away.
The advanced obstacle avoidance not only makes the j7+ an ideal model for a home with pets but also an excellent fit for a cluttered home. If you have children who leave toys scattered around, it can clean around the items without getting stuck. You might have less luck with the s9+.
Features comparison
Both the j7+ and s9+ have rubber brush rolls designed to loosen dirt and deal with hair more successfully than traditional bristle brushes. These rubber brushes are flexible, making them less likely to get tangled with hair. However, the s9+ features slightly wider brushes, which allow it to clean more efficiently than the j7+. During our testing, we were impressed by how quickly it worked — it cleaned 240 square feet in just 37 minutes. On the other hand, the j7+ needed 55 minutes to clean 260 square feet.
While the j7+ features the classic round shape that most robot vacuums have, the s9+ has a D-shaped frame — and this makes a big difference. Our testing found that the s9+’s flat edge allowed it to clean more thoroughly along walls. We placed kosher salt in corners with carpeting and hardwood, and it removed nearly all of the particles in a single pass on both surfaces. On the other hand, when we tested the j7+ in a carpeted corner, it only removed about three-quarters of the salt, leaving a noticeable line behind. It removed most of the salt on hardwood but blew several pieces away from the corner without picking them up.
Both the j7+ and s9+ come with a Clean Base that allows for self-emptying. However, the bases aren’t the same size. While they are roughly the same width, the s9+’s base is 19 inches tall, just over 3 inches taller than the j7+’s 15.8-inch tall base. We didn’t have trouble finding a spot for the s9+ in our testing area, but the j7+ can likely squeeze into more locations. Both bases can hold up to 60 days’ worth of dirt, and the j7+ even has a space in the top to hold an extra dirt-disposal bag.
If you don’t necessarily need a self-emptying robot, you can opt for non-emptying models of j7+ and s9+ that cost considerably less. The j7 and s9 are the same vacuums as the Plus models but don’t come with a Clean Base.
Cleaning and maintenance
The j7+ and s9+ require similar cleaning and maintenance to keep them running at peak performance. Even though the models are self-emptying, it’s a good idea to manually empty the dustbin once every week or so to remove any debris that the Clean Base didn’t remove. You can also rinse the bin with warm water, but let it dry thoroughly before returning it to the robot.
You also need to empty the Clean Base when you get a notification from the iRobot app that its bag is full. The bags are disposable, so you can toss a full one in the trash and replace it.
The area that requires the most care for these models is the brush roll since hair and other debris can accumulate around them. You can easily pop out the brushes by pressing the tab on the robot’s underside. When we cleaned these vacuums during testing, we found we could remove hair and other debris with just our fingers. You can also wipe the brush rollers down with a clean, dry cloth if you notice visible dirt.
The high-efficiency filter, edge-sweeping brush and brush rollers for the j7+ and s9+ also require periodic replacement. It’s simple to check their status in the iRobot app under the Product Health tab. There, you can see how many hours until the components require replacement.
Price
The Roomba j7+ regularly costs $799.99. It’s available on Amazon. The Roomba s9+ typically retails for $999.99. You can also find it on Amazon.
How we tested
To see just how well the Roomba j7+ and s9+ perform in real-world conditions, we not only sent them out to do regular cleaning but also put them through specific tests.
First, we measured stats like battery life, charging time, how long they could clean until their dustbins were full and how long they took to clean a given area. Next, we placed different types of debris, including kosher salt, kitty litter, cereal and pet hair, on both carpeting and hardwood and evaluated how well they handled the mess. We also tested how well each model cleaned in corners and around furniture.
Finally, we examined how well the iRobot app works with each model for scheduling, mapping and Keep-Out Zones and used voice commands to see how responsive both were.
Bottom line
It’s hard to go wrong with either the Roomba j7+ or the s9+ because they’re both advanced models that work well on carpeting and hard floors and offer many convenient features. But if you want the most powerful model that can eliminate the need for a standard vacuum, the s9+ gets the edge. It can handle all types of debris, including pet hair, on both carpeting and hard flooring, and its unique D-shape allows it to get into corners without leaving a mess behind.
However, if you have pets, you’ll prefer the j7+. It handles pet hair well, even on carpeting, and also avoids obstacles, so it won’t run into your pet’s waste and track it all over the house. The obstacle avoidance feature also makes it a good fit for cluttered homes.
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Jennifer Blair writes for BestReviews. BestReviews has helped millions of consumers simplify their purchasing decisions, saving them time and money.
Copyright 2023 BestReviews, a Nexstar company. All rights reserved.
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PHILADELPHIA, July 31, 2023 /PRNewswire/ -- Livent Corporation (NYSE: LTHM) today published its 2022 Sustainability Report, with the theme Reimagining Possibilities. The report provides updates on the company's progress against its 2030 and 2040 sustainability goals, includes new disclosures and reaffirms Livent's commitment to responsible production and expansion.
Paul Graves, president and chief executive officer of Livent, commented: "We believe the lithium industry will play an increasingly important role in the clean energy transition towards a more sustainable, low-carbon future. Our 2022 Sustainability Report demonstrates how Livent is reimagining what's possible for producing more of the lithium the world needs while continuing to lead our industry forward in corporate social responsibility, environmental stewardship and transparency."
Report Highlights:
- Initial global Scope 3 screening of Livent's Greenhouse Gas (GHG) emissions and first disclosures on global air pollutants
- Completion of ISO-compliant Life Cycle Assessments (LCAs) for all of Livent's major lithium chemical products, ahead of the original 2025 target
- Achievement of Livent's 2030 Waste Disposed intensity reduction target, ahead of schedule
- Summary of recent water and biodiversity studies conducted at the Salar del Hombre Muerto in Argentina
- Updates on other key collaborations and initiatives to support a low-carbon future, minimize environmental impacts, expand local community engagement and development efforts, protect human rights, and build a more engaged, diverse and inclusive workforce
To view Livent's 2022 Sustainability Report, visit livent.com/sustainability. The report will be made available in multiple languages.
Key ESG metrics in the report were reviewed and assured by ERM Certification and Verification Services (ERM CVS).
About Livent
For nearly eight decades, Livent has partnered with its customers to safely and sustainably use lithium to power the world. Livent is one of only a small number of companies with the capability, reputation, and know-how to produce high-quality finished lithium compounds that are helping meet the growing demand for lithium. The Company has one of the broadest product portfolios in the industry, powering demand for green energy, modern mobility, the mobile economy, and specialized innovations, including light alloys and lubricants. Livent has a combined workforce of approximately 1,350 full-time, part-time, temporary, and contract employees and operates manufacturing sites in the United States, England, China and Argentina. For more information, visit Livent.com.
Livent Forward-Looking Statements
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "will continue to," "will likely result," "is on track," "should," "expect," "expects," "intends," "plans," "anticipates," "believe," "believes," "estimates," "predicts," "potential," "continue," "could," "forecast," "future," "is confident that," or "projects," the negative of these terms and other comparable terminology. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within Livent's 2022 Form 10-K filed with the SEC as well as other SEC filings and public communications. Livent cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. Livent undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
The Company's investor relations website, located at https://ir.livent.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the website for investors, including information that the Company may wish to disclose publicly for purposes of complying with federal securities laws.
Media contact: Juan Carlos Cruz +1.215.299.6725
juan.carlos.cruz@livent.com
Investor contact: Daniel Rosen +1.215.299.6208
daniel.rosen@livent.com
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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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Written by Kevin Luna
The Testing Lab’s favorites from July
Our favorite tested products from July
As a consumer, before purchasing any product, it’s a good idea to research as much as you can about it. However, because brand and product claims can exaggerate performance and quality, the most reliable source for determining if a product is worth your time is to look up expert testing reviews.
The BestReviews Testing Lab consistently tests popular consumer products in an attempt to distinguish which ones are the best. For July, we tried many products, including robot vacuums, lawnmowers, golf clubs, hairstyling tools and smart speakers.
Shop this article: Roomba j7+ Self-Emptying Robot Vacuum, Cleveland Huntington Beach Soft 11 Putter and Apple HomePod.
What is the BestReviews Testing Lab?
The BestReviews Testing Lab aims to wade through all the marketing hype and see how well products perform in real-world situations. It consists of regular consumers searching for products that can enhance their lives. We consider items the same way shoppers do, focusing on factors like how easy they are to use, how effective they are and other features that distinguish them from similar products.
The testing lab is also committed to employing green testing practices and giving back to the community. As a result, we donate lightly used products from the testing process to organizations like Lighthouse Community Public Schools, an organization local to our main testing operation that educates students in grades K-12. We’ve recently contributed products like the Keurig K155 Office Pro Commerical Coffee Maker, a Kindle Paperwhite and the “National Geographic Pocket Guide to Reptiles and Amphibians of North America” to support students and educators.
In July, the testing lab evaluated a broad range of products, but two categories, in particular, were a big hit: robot vacuums and putters. We tested many of them to see which ones are best for beginners and experts, and we curated a list of the ones we recommend.
Best Testing Lab products from July
Roomba j7+ Self-Emptying Robot Vacuum
This robot vacuum was a big hit in our testing lab because of its powerful suction that works great on carpet and hard floors, as well as its intuitive smart mapping function that lets you choose which rooms to clean and when. It responds to Alexa voice commands and operates quietly.
Sold by iRobot
Roomba i3+ Evo Self-Emptying Robot Vacuum
We love this robot vacuum for its long-lasting battery life, quick setup and efficiency at picking up small debris, pet hair and dirt particles. It travels in a uniform row pattern while cleaning, works with voice assistants and mapping takes only a few minutes to set up.
Sold by iRobot
This is one of the cheaper iRobot units, but our testing team liked it well enough to recommend it for those who want a solid bargain pick. The three-stage cleaning process is excellent, and Dirt Detect technology allows it to locate the dirtiest spots in your home and prioritize them.
Sold by Walmart
Roomba Combo j7+ Robot Vacuum and Mop
This robot vacuum cleaner offers a mopping function in addition to vacuuming, making it suitable for those with mostly hard floors throughout their homes. The app automatically recognized the unit, making it quick to set up. It’s adept at picking up dirt, pet hair, crumbs and even cat litter.
Sold by iRobot
Our testing team was pleased with this robot vacuum’s suction power and performance on hard floors and carpets. It’s simple to pair with voice assistants such as Alexa, Google Assistant and Siri, and although it doesn’t come with a self-emptying bin, doing it manually is quick and easy.
Sold by iRobot
This was one of the more popular robot vacuums in the testing lab because of its high-powered cleaning cycle and easy-to-use app. It’s highly responsive to basic voice commands such as “Stop Cleaning” through Alexa or Google Assistant, and the automatic dirt disposal works efficiently to empty the reservoir.
Sold by Best Buy
Roomba s9+ Self-Emptying Robot Vacuum
As one of the most powerful robot vacuums, our expert testers recommend it for medium to large homes. It can clean 140 square feet in 37 minutes, and mapping is straightforward to set up. You can give it specific cleaning commands, and it does well at avoiding objects.
Sold by iRobot
The testing lab appreciates this robot vacuum’s breezy setup and the fact that it works at lifting pet hair and dirt particles nearly as effectively as some of the more expensive units. It doesn’t struggle with floor-to-carpet transitions and is a convenient alternative for anyone who struggles with manual vacuuming.
Sold by iRobot
According to our testing team, this robot vacuum runs for 70 minutes on a full charge, and getting it up to full power only takes 1 hour and 45 minutes. Cleaning an apartment of roughly 800 square feet takes approximately 70 minutes, and the iHome app is visually clean and logical to navigate.
Sold by Amazon
The testing lab found it seamless to customize a floor plan for this robot vacuum to follow, and one of the best features is that it shows which areas it was able to clean once it’s finished. You can schedule specific cleaning times and zones, and it can handle corners and hard-to-reach areas.
Sold by Amazon
Cleveland Huntington Beach Soft 11 Putter
The right putter can make a difference on your score sheet at the end of the day, and our testing team can’t recommend this one enough. The grip allows for improved control over the putter head, and the soft face has a prominent sweet spot for more forgiveness on long putts.
Sold by Scheels
Scotty Cameron 2023 Super Select Newport 2.5 Plus Putter
This putter has an outstanding grip with increased tackiness for more control over the club head, and the face is advanced engineered to line up perfectly with the ball for precise putting. The weight is distributed correctly for an improved feel, and it has a large sweet spot.
Sold by Scheels
Scotty Cameron 2022 Phantom X 5.5 Putter
According to our testing team, the best thing about this putter is its large sweet spot that makes even the most off-center hits easier to pull off. The weight and putter face are expertly crafted to let the club do most of the work, making it suitable for low-handicap and mid-handicap players.
Sold by Scheels
TaylorMade TP Hydro Blast Bandon 3 Putter
Although this putter isn’t as forgiving as some of the other fan favorites from July, it’s still a solid choice for novice and intermediate golfers thanks to its mid-size grip and straightforward design. Distance control is manageable thanks to the balanced weighting, and the ball rolls nicely off the face.
Sold by Scheels
The testing lab found this smart speaker among the best when considering sound quality, and as with all Apple products, if you already own others, this speaker integrates seamlessly with them. Spatial audio and room sensing provide a surround sound effect in any room, and you can stream music via Bluetooth or Wi-Fi.
The Fire Max 11 has everything you would expect from a high-quality tablet, including a crisp screen with a 2,000 by 1,200-pixel resolution, a powerful octa-core processor, Wi-Fi 6 support and a durable aluminum build. We love its versatility — it can handle gaming, web surfing and streaming.
Sold by Amazon
This hairstyling tool was a big hit in our testing lab because of its three rotating attachments designed to give you a specific look. The barrel has a button for spinning it on its own, making it more user-friendly than traditional curling irons, and the attachments are simple to pop and switch out.
Sold by Beachwaver
Kindle Scribe Essentials Bundle
The Kindle Scribe is a fantastic tool for avid readers who want something lightweight for reading on the go. The screen and brightness are optimized to make it possible to read under any lighting conditions, and setting up with an existing Amazon account takes less than a minute.
Sold by Amazon
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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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Jackpocket Crowns its First $100K Winner in Massachusetts, Partnership With Circle K Offers a New, Convenient Way to Play the Lottery
BOSTON, July 31, 2023 /PRNewswire/ -- Jackpocket, America's #1 lottery app*, launched in Massachusetts in partnership with Circle K, one of the largest convenience store brands in the United States.
Yesterday, a Jackpocket customer ordered a $100,000 winning lottery ticket for the daily "Mass Cash" drawing using the app.
"We are excited that our partnership with Circle K landed our first $100K winner in the Bay State, cementing Jackpocket's presence in Massachusetts," said Peter Sullivan, CEO of Jackpocket. "Jackpocket's mission is to make the lottery more accessible and convenient to play. As Tuesday's Mega Millions crosses the $1 billion mark, it's easier than ever to play your favorite games from anywhere in Massachusetts."
To celebrate the new partnership, Jackpocket is offering lottery fans across the state their first lottery ticket for free on the app. New players will receive a $2 lottery ticket by entering the code HEYMASS at checkout. Lottery fans can play Powerball and Mega Millions—currently over $1.05B—as well as local favorites MassCash (the game responsible for the $100K winning ticket), Megabucks Doubler, Lucky for Life, and The Numbers Game.
"We're proud to partner with Jackpocket in Massachusetts and make this fun and convenient experience available to every lottery player across the state," said Melissa Lessard, the head of North American marketing at Circle K. "At Circle K, we are always looking for ways to make life a little easier for our customers and providing the opportunity for customers to order official state lottery tickets with just the tap of a button through the Jackpocket app is yet another example of that commitment."
Massachusetts is now the 17th state available for lottery play on the Jackpocket app. Jackpocket is iCAP certified for best practices in player protection, backed by the expertise of the National Council on Problem Gambling. To ensure player safety, Jackpocket offers consumer protections such as daily deposit and spend limits, self-exclusion, and in-app access to responsible gambling resources.
*According to data from AppFollow
*Must be 18 or older to play. Jackpocket is not affiliated with and is not an agent of the Massachusetts State Lottery. Please visit jackpocket.com/tos for full terms of service. Gambling Problem? Call 1-800-327-5050.
Are You Our Next BIG Winner? Visit play.jackpocket.com or download Jackpocket for iOS and Android and get in the game. New players can receive a $2 lottery ticket by entering the code HEYMASS at checkout.
About Jackpocket
Jackpocket is on a mission to create a more convenient, fun, and responsible way to take part in the lottery. The first licensed third-party lottery courier app in the United States, Jackpocket provides an easy, secure way to order official state lottery tickets. Jackpocket is currently available in Arizona, Arkansas, Colorado, Idaho, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New York, Ohio, Oregon, Texas, Washington D.C., and West Virginia, and is expanding to many new markets. Download the app on iOS and Android or participate via desktop. Follow along on Facebook, Twitter and Instagram.
About Circle K and Alimentation Couche-Tard Inc.
Couche-Tard is a global leader in convenience and mobility, operating in 25 countries and territories, with more than 14,400 stores, of which approximately 11,000 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, as well as in Ireland. It also has an important presence in Poland and Hong Kong Special Administrative Region of the People's Republic of China. Approximately 128,000 people are employed throughout its network.
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| 2023-07-31T21:45:16
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Published: Jul. 31, 2023 at 3:15 PM CDT|Updated: 2 hours ago
Second Quarter Highlights
Second quarter 2023 net income attributable to Huntsman of $19 million compared to $228 million in the prior year period; second quarter 2023 diluted earnings per share of $0.11 compared to $1.10 in the prior year period.
Second quarter 2023 adjusted net income attributable to Huntsman of $39 million compared to $250 million in the prior year period; second quarter 2023 adjusted diluted earnings per share of $0.22 compared to $1.21 in the prior year period.
Second quarter 2023 adjusted EBITDA of $156 million compared to $410 million in the prior year period.
Second quarter 2023 net cash provided by operating activities from continuing operations was $40 million. Free cash flow from continuing operations was a use of cash of $11 million for the second quarter 2023 compared to a source of cash of $178 million in the prior year period.
Repurchased approximately 3.8 million shares for approximately $98 million in the second quarter 2023.
THE WOODLANDS, Texas, July 31, 2023 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reported second quarter 2023 results with revenues of $1,596 million, net income attributable to Huntsman of $19 million, adjusted net income attributable to Huntsman of $39 million and adjusted EBITDA of $156 million.
Peter R. Huntsman, Chairman, President, and CEO, commented:
"During the quarter, business activity in each of our core regions remained under pressure, although we did see demand fundamentals in many of our core markets stabilize, albeit at a lower level than the prior year. We continued to drive efficiencies in our cost structure which will ensure we are well positioned to improve profitability once demand returns to a more normalized level. We remain positive on the long-term trends and value we will capture in energy efficiency and lightweighting in the construction, transportation, and industrial markets. Over the past several years we have made a significant effort to reduce leverage and drive capital discipline. The output of this effort is now allowing us to return significant amounts of capital to shareholders during a year which for the chemical industry may end up being just as, if not more, challenging than the pandemic year 2020. Our financial strength is also allowing us to evaluate both organic and in-organic investment opportunities to strengthen our Company for the long-term, however, we will continue to be disciplined with our available capital and protect our investment grade rating."
Segment Analysis for 2Q23 Compared to 2Q22
Polyurethanes
The decrease in revenues in our Polyurethanes segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes, lower MDI average selling prices and the negative impact of foreign currency exchange rate movements against the U.S dollar. Sales volumes decreased primarily due to lower demand, primarily in the Americas. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes, lower MDI margins, the negative impact of foreign currency exchange rate movements against the U.S. dollar and a gain from an insurance settlement received in the second quarter of 2022, partially offset by higher equity earnings from our minority-owned joint venture in China and cost savings achieved from our cost optimization programs.
Performance Products
The decrease in revenues in our Performance Products segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes and reduced average selling prices, partially offset by improved sales mix. Sales volumes decreased in all regions primarily due to slowing construction activity, and reduced demand in coatings and adhesives, lubes and other industrial markets. The decrease in segment adjusted EBITDA was primarily due to decreased sales volumes and lower average selling prices.
Advanced Materials
The decrease in revenues in our Advanced Materials segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes, partially offset by higher average selling prices. Sales volumes decreased primarily due to reduced customer demand in our infrastructure markets and the deselection of lower margin business. Average selling prices increased largely due to improved sales mix. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes.
Corporate, LIFO and other
For the three months ended June 30, 2023, adjusted EBITDA from Corporate and other was a loss of $38 million, which remained the same as a loss of $38 million for the same period of 2022.
Liquidity and Capital Resources
During the three months ended June 30, 2023, our free cash flow from continuing operations was a use of cash of $11 million as compared to a source of cash of $178 million in the same period of 2022. As of June 30, 2023, we had approximately $1.9 billion of combined cash and unused borrowing capacity.
During the three months ended June 30, 2023, we spent $51 million on capital expenditures from continuing operations as compared to $65 million in the same period of 2022. During 2023, we expect to spend between $230 million to $250 million on capital expenditures.
Income Taxes
In the second quarter of 2023, our effective tax rate was 46% and our adjusted effective tax rate was 39%. We expect our 2023 adjusted effective tax rate to be approximately 26% to 29%. We expect our long-term adjusted effective tax rate to be approximately 22% to 24%. Our second quarter 2023 tax expense was negatively impacted by an $8 million non-cash valuation allowance increase.
Earnings Conference Call Information
We will hold a conference call to discuss our second quarter 2023 financial results on Tuesday, August 1, 2023, at 10:00 a.m. ET.
The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, www.huntsman.com/investors. Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.
Upcoming Conferences During the third quarter 2023, a member of management is expected to present at: UBS Chemical Conference on September 6, 2023 Jefferies Industrials Conference on September 7, 2023
A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors.
About Huntsman: Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2022 revenues of approximately $8 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 60 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 7,000 associates within our continuing operations. For more information about Huntsman, please visit the company's website at www.huntsman.com.
Forward-Looking Statements: This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, divestitures or strategic transactions, business trends and any other information that is not historical information. When used in this press release, the words "estimates," "expects," "anticipates," "likely," "projects," "outlook," "plans," "intends," "believes," "forecasts," or future or conditional verbs, such as "will," "should," "could" or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, management's examination of historical operating trends and data, are based upon our current expectations and various assumptions and beliefs. In particular, such forward-looking statements are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the Company's operations, markets, products, prices and other factors as discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"). Significant risks and uncertainties may relate to, but are not limited to, increased energy costs in Europe, inflation and resulting monetary tightening in the US, geopolitical instability, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of the Company's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions and manufacturing optimization improvements in the Company's businesses and to realize anticipated cost savings, and other financial, operational, economic, competitive, environmental, political, legal, regulatory and technological factors. Any forward-looking statement should be considered in light of the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, which may be supplemented by other risks and uncertainties disclosed in any subsequent reports filed or furnished by the Company from time to time. All forward-looking statements apply only as of the date made. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
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| 2023-07-31T21:45:18
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Tech Veteran Brings Nearly Three Decades of Experience to Help Drive Growth for Leading Fast-Casual Mexican Restaurant
SAN DIEGO, July 31, 2023 /PRNewswire/ -- Modern Restaurant Concepts ("MRC"), a leading fast-casual restaurant platform comprised of the QDOBA and Modern Market Eatery brands, announced that Prashant Budhale has joined the company as Chief Technology Officer. Budhale brings more than 28 years of experience in technology leadership to MRC, and as CTO, will lead all technology across MRC brands.
"We are excited for Prashant to join the MRC team," said John Cywinski, CEO of Modern Restaurant Concepts. "I view technology as a foundational enabler of all that we do in the restaurant business, from a guest, team member, and corporate enterprise perspective. Prashant will lead our strategy to drive technology as a powerful brand differentiator, and he will be a terrific collaborator with our existing leadership team as well as our franchise partners moving forward."
"I'm excited about QDOBA's history of strong same store sales growth, potential for net unit growth, and the ability for technology to make a positive impact to both guest and team member experiences," Budhale said. "I'm also very encouraged by John's vision and Butterfly Equity's commitment to the growth of brands within MRC portfolio."
Prior to joining Modern Restaurant Concepts, Budhale served as Head of Technology for SONIC Drive-In, part of the Inspire Brands portfolio. At SONIC, he was responsible for the vision, development, and implementation of all technology initiatives across the 3,550 unit, $6B brand. Prior to SONIC, Prashant was Senior Director for Pizza Hut, part of YUM! Brands, where he led retail technology. Earlier in his career, Prashant worked as a software development consultant with IBM, Allstate, Oracle, Capgemini, and Fujitsu America.
QDOBA is a fast casual Mexican restaurant with over 750 locations in the U.S. and Canada. Committed to delivering flavor to people's lives, QDOBA uses ingredients prepared in-house, by hand, and fresh throughout the day, to create delicious menu options. Guests can experience QDOBA's delicious flavors by enjoying one of its signature menu options that are chef-crafted for convenience and ease or by customizing their burritos, tacos, burrito bowls, salads, quesadillas, and nachos to fit their personal tastes. For five years running, QDOBA has been voted the "Best Fast Casual Restaurant" as part of the USA TODAY 10Best Readers' Choice Awards. Discover more at www.QDOBA.com or on the QDOBA app.
For more information on the company, please visit www.QDOBA.com or follow the brand on Instagram, Facebook, Twitter and TikTok.
About Modern Restaurant Concepts
Modern Restaurant Concepts is one of the largest fast casual restaurant platforms in North America with nearly 800 units across two brands, QDOBA and Modern Market Eatery. The system operates corporate-owned and franchised units across nearly every U.S. state as well as Canada and Puerto Rico. Modern Restaurant Concepts is owned by Butterfly Equity, a Los Angeles-based private equity firm specializing in the food sector, with more than $10 billion of equity capital in companies ranging from growth-stage to Fortune 500 enterprises.
QDOBA is a fast casual Mexican restaurant with over 750 locations in the U.S. and Canada. Committed to delivering flavor to people's lives, QDOBA uses ingredients prepared in-house, by hand, and fresh throughout the day, to create delicious menu options. Guests can experience QDOBA's delicious flavors by enjoying one of its signature menu options that are chef-crafted for convenience and ease or by customizing their burritos, tacos, burrito bowls, salads, quesadillas, and nachos to fit their personal tastes. For five years running, QDOBA has been voted the "Best Fast Casual Restaurant" as part of the USA TODAY 10Best Readers' Choice Awards. Discover more at www.QDOBA.com or on the QDOBA app.
Modern Market Eatery is a food forward, sustainable fast casual restaurant concept that operates in Colorado, Texas, Arizona, and Indiana. Delivering the freshness and flavors of the market in a modern dining format and environment, Modern Market Eatery's menu of protein-centric bowls, garden fresh salads, toasted sandwiches and brick-oven pizzas redefine what it means to eat well at a reasonable price. For additional information about Modern Market Eatery, please visit www.modernmarket.com.
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SOURCE QDOBA
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| 2023-07-31T21:45:22
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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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SOURCE IBM
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| 2023-07-31T21:45:25
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Whether you’re a fan of Food Network or someone who loves to spend time in the kitchen, you know Le Creuset. The French-made cookware brand is known for many things, coming in a wide range of colors. It’s got thick, heavy, enamel-coated cast iron and a lifetime warranty that has turned Le Creuset pieces into heirlooms.
There’s only one thing that’s stopping most of us from having a whole kitchen full of this stuff: the price tag. But now for the good news. We’re in the final week of Nordstrom’s Anniversary Sale, so you still have a few more days to snag up to 45% off select Le Creuset pieces. And yes, that includes some of the iconic Dutch ovens.
Super-high quality … and prices to match (usually)
While the lifetime warranty means that a Le Creuset piece may very well be the last piece in its size and shape you ever need to buy, the prices also reflect that. A single Dutch oven will typically run you several hundred dollars.
However, people love them so much that the quality is worth the price. Celebrity chefs even belove Le Creuset pieces. Ina Garten, the Barefoot Contessa herself, once advised a fan who asked for a Le Creuset recommendation, “I use the Le Creuset #26 Dutch oven more often than everything else. It’s great for soups, stews and braising.” As further proof that you can’t beat the classics, Julia Child was also known to love her Le Creuset cookware.
5 Le Creuset deals you won’t want to miss at Nordstrom’s Anniversary Sale
Le Creuset 4.5-Quart Oval Dutch Oven
Let’s start with a classic. This medium-sized Dutch oven is perfect for a family and can handle most main dishes and sides easily. It’s designed to go from the stovetop to the oven, and its oval shape makes it adaptable for larger cuts of meat, like leg of lamb. You can find it at Nordstrom in seven classic colors.
Sold by Nordstrom
Le Creuset Signature 2.75-Quart Enamel Dutch Oven
This smaller Dutch oven is great for singles, couples or those who need a second vessel for their sides and casseroles. It’s also great for baking and comes in eight colors to suit your kitchen’s aesthetic.
Sold by Nordstrom
Le Creuset 9-Inch Enamel Cast Iron Skillet
This versatile skillet can sear, saute and fry — and it can go from the stove to an oven up to 500 degrees. It comes pre-seasoned and is dishwasher-safe, making it a perfect choice for busy families who need a versatile staple to add to their kitchen.
Sold by Nordstrom
Le Creuset Signature 1.75-Quart Enameled Cast Iron Saucepan
This smaller pot is perfect for poaching eggs and fruit, making sauces and more. Its rounded base and curved interior make it easy to stir whatever’s inside and ensure nothing sticks — making cleanup a breeze.
Sold by Nordstrom
Le Creuset Heritage Rectangle Baking Dishes, Set of Three
For the baker in your family, this set of rectangle dishes — in 7.5, 10 and 12.5 inches — can accommodate any casserole, quiche or baked good. They can be used safely under the broiler or in the microwave, and you can even put them in the freezer.
Sold by Nordstrom
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| 2023-07-31T21:45:27
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Celebrate the Blooms with Inaugural National Sunflower Day on August 5
BISMARCK, N.D., July 31, 2023 /PRNewswire/ -- In late July and into August, vast fields of brilliant yellow sunflowers blanket North Dakota during the peak growing season and visitors are awed by the landscape awash in summery hues. This year, North Dakota Tourism invites visitors to celebrate these picturesque fields with the inaugural National Sunflower Day on August 5, 2023.
The National Day Calendar recognition, slated for the first Saturday each August, is a collaboration between the National Sunflower Association and North Dakota Tourism and recognizes the inherent happiness the sunflowers evokes and the prominence of North Dakota's agricultural industry in growing the cheerful blooms.
For visitors planning a picture-perfect road trip for National Sunflower Day and beyond, North Dakota Tourism has launched the state's 2023 Sunflower Blooms Guide detailing the location of more than a dozen stunning sunflower fields. Weekly bloom updates will highlight the progress of the seasonal color as it unfolds across the state making the map a perfect tool for making the most of the waning days of summer. North Dakota Tourism is also making an ideal road trip snack available to visitors with packets of savory sunflower seeds in mailboxes at select fields.
To capture the iconic blooms in photos and videos, keep the following tips in mind:
- In general, visitors are welcome to stop by fields included on the Sunflower Blooms Guide as long as they are respectful and don't enter or drive into the fields.
- Scout the field location early to capture that golden hour image or video just-after sunrise or just-before sunset. Visitors will want to set up early to take advantage of the golden hues.
- Keep in mind that cloudy days are often some of the best times to capture vibrant close-ups and more subtle variations in shadows.
- Tag your photos and videos on social media using #BeNDLegendary to celebrate your love of the sunny blooms.
- Fuel your photoshoot with a beloved North Dakota snack with Fargo's irresistible SunButter made from roasted sunflower seeds or Wahpeton's Giants Snacks with original and kettle roasted flavors of sunflower seeds.
As the top sunflower producing state last year, North Dakota farmers planted 702,000 acres of the beautiful blooms in 2022, and the state is the top producer of edible sunflower seeds in the U.S. More sunflower recipes, videos and little-known facts are available at Brighten Your Day with the Amazing Sunflower. For more on planning a trip to North Dakota, visit NDtourism.com.
Follow North Dakota Tourism on Facebook at www.facebook.com/TravelND, on Instagram at https://www.instagram.com/northdakotalegendary/ on or on Twitter at http://twitter.com/NorthDakota and get tips on what to see and do all year long.
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SOURCE North Dakota Tourism Division
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| 2023-07-31T21:45:29
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NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Premium Dividend Fund (NYSE: PDT) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.0825 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Premium Dividend Fund (NYSE: PDT) with important information concerning the distribution declared on June 30, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.0825 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
About John Hancock Investment Management
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
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SOURCE John Hancock Investment Management
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| 2023-07-31T21:45:32
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Which kids bento boxes are best?
Bento boxes are of Japanese origin and have been used for centuries by adults and kids alike. They are becoming a popular choice for kids lunch boxes across the country due to their simplicity, aesthetic and convenience. You can definitely pack your kid a smile-inducing lunch consisting of all their favorite foods if you swap them over to one. We tested our top pick, the Bentgo Kids Lunch Box, and have all the insights you need below.
Shop this article: Bentgo Kids Lunch Box, Munchkin Bento Box and Kinsho Bento Box for Kids.
Kids bento boxes vs. bento boxes for adults
Like traditional lunch boxes, bento boxes for kids come in a variety of fun styles and colors. They are great for inspiring a sense of wonder or style in your child. Plus, kids’ bento boxes are extra convenient for parents because the compartments are smaller to help gauge food portions. Kids bento boxes are also often easier to clean and dishwasher-safe.
Number of compartments
When picking any bento box, look out for how many compartments it contains. Depending on how much food your child normally eats, you can pick a bento box with fewer or more compartments. Be on the lookout for bento boxes with versatile compartments too, such as a compartment for soup. A more versatile bento box can lead to a happier kid, as you can accommodate their favorite foods.
What to look for in a quality kids bento box
- Durability: As with buying anything for a child, make sure the bento box is durable. Most boxes for kids are drop-proof and come with rubber padding around the exterior.
- Leakproof: Most pack their kid’s bento box in a school bag. To do this without worrying, find a leakproof bento box. No matter what type of food you pack for your child’s lunch, a leakproof lid and a tight seal give you peace of mind.
- Separate compartments: Many kids are picky eaters that don’t appreciate their foods mingling together. Bento boxes, by nature, contain several compartments meant to keep food fresh and separate. However, some boxes have a bit of space between the walls of the compartments and the lid. This can allow food to slosh around a bit.
- Easy to clean: Kids are notoriously messy eaters, so you want a bento box that’s easy to clean. Most are dishwasher-safe, but some plastic bento boxes can stain and retain residual odors over time, or warp in the dishwasher.
- Cost: Kids bento boxes can range from $20-$35.
Kids bento box FAQ
Do kids bento boxes keep food warm?
A. Most bento boxes for kids don’t retain heat. If you want to ensure that your child has a warm lunch, consider buying a stainless steel bento box from a trusted bento brand such as Zojirushi.
Are kids bento boxes dishwasher-safe?
A. Most are, but check the manufacturer’s instructions before putting one in the dishwasher. Some are only top-rack safe. Others have attached parts that aren’t machine washable.
Best kids bento box
What you need to know: We tested this product and found it the top choice for parents of younger kids.
What you’ll love: Our tester found the seal to be strong enough to stay closed but not so strong that a toddler can’t get it opened. It has five compartments of varying sizes and our tester’s child loved the designs. It’s dishwasher-safe.
What you should consider: Our tester found some slight leakage when only water was inside. But, it’s leakproof against thicker liquids such as sauces.
Where to buy: Sold by Amazon
Best kids bento box for the money
What you need to know: This plastic bento from Munchkin is great for kids aged 6-8.
What you’ll love: This bento box is durable and comes in a few different color options.
What you should consider: Some parents have said that this box is too heavy for younger toddlers to use.
Where to buy: Sold by Amazon
Worth checking out
What you need to know: This bento box from Kinsho is a solid option for kids of all ages thanks to its handy, leakproof lid.
What you’ll love: This set includes two stackable bento boxes with three compartments each, so a grand total of six compartments for food. They are durable and the leakproof lid works well.
What you should consider: These are marketed as dishwasher safe, but should be hand washed. The lid’s seal is strong and may be difficult for younger kids to open on their own.
Where to buy: Sold by Amazon
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| 2023-07-31T21:45:33
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WATKINSVILLE, Ga. and ELBERTON, Ga., July 31, 2023 /PRNewswire/ -- Oconee Financial Corporation (OTCQX: "OSBK") ("Oconee") announced today it has completed its acquisition of Elberton Federal Savings & Loan Association ("Elberton Federal") of Elberton, GA, and its related common stock offering, in a conversion merger transaction, effective July 31, 2023.
As a result of the conversion merger, Elberton Federal converted from a mutual savings association to a stock savings association and immediately merged with and into Oconee's wholly owned subsidiary, Oconee State Bank. On August 1, 2023, Elberton Federal's financial center on East Church Street in Elberton will open as a branch of Oconee State Bank.
In the stock offering required by regulations applicable to the merger conversion, Oconee sold 149,015 shares of common stock, at a discounted price of $28.94 per share, to depositors and borrowers of Elberton Federal in a subscription offering, and to stockholders of Oconee and members of the general public in a community offering. Gross offering proceeds totaled approximately $4.3 million. The stock offering was oversubscribed.
"We are thrilled by the overwhelming interest we received from investors in the offering," remarked Oconee President and CEO Neil Stevens. "The transaction closed at the maximum of the authorized offering range and generated a lot of interest in the banking experience we are bringing to our customers."
Stevens continued: "We welcome the addition of Elberton Federal President and CEO Daniel Graves, a number of new teammates, and our newest customers in Elbert County. We aim to provide them the same high level of service and care our current customers enjoy."
Graves will serve as Senior Vice President and Community President of the Northeast Georgia market.
"It is a privilege to join such a high-quality institution and group of people in partnering with Oconee," Graves said. "Neil and I talk often about the importance of culture, and this is a perfect fit. We are thrilled about the opportunity this presents for our people and our customers, and we look forward to being an even more meaningful part of the next chapter of prosperity in Elbert County."
Performance Trust Capital Partners assisted Oconee, on a best-efforts basis, in selling its common stock in the subscription and community offerings and served as financial advisor to Oconee in connection with the merger. RP Financial LC provided the conversion appraisal. Alston & Bird LLP served as legal counsel to Oconee, Fenimore Kay Harrison LLP served as legal counsel to Elberton Federal, and Luse Gorman PC served as legal counsel to Performance Trust Capital Partners.
About Oconee Financial Corporation
Oconee State Bank was established in 1960 and is headquartered in Watkinsville, Georgia. It operates six full-service financial centers in Georgia, located in Oconee, Athens-Clarke, Gwinnett, and Macon-Bibb counties, including its newest location in Elbert County. Pro forma for this transaction, the bank has approximately $556 million in assets. The bank is the only locally owned and operated community bank headquartered in Oconee County. Oconee State Bank proudly serves its communities, providing unparalleled commitment to personalized service, innovative products and solutions, and brings exceptional value to all stakeholders, through local ownership, involvement, and decision making. The bank strives to be essential to those it serves, by creating remarkable experiences that significantly mark the lives of others. Oconee Financial Corporation was established in January 1999 to serve as the holding company of Oconee State Bank.
Please visit Oconee State Bank's website, www.oconeestatebank.com for a full listing of products and services.
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SOURCE Oconee Financial Corporation
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| 2023-07-31T21:45:35
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NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.1380 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) with important information concerning the distribution declared on July 3, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.1380 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
About John Hancock Investment Management
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
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CAPE CANAVERAL, Fla. (AP) — NASA is listening for any peep from Voyager 2 after losing contact with the spacecraft billions of miles away.
Hurtling ever deeper into interstellar space, Voyager 2 has been out of touch ever since flight controllers accidentally sent a wrong command more than a week ago that tilted its antenna away from Earth. The spacecraft’s antenna shifted a mere 2%, but it was enough to cut communications.
Although it’s considered a long shot, NASA said Monday that its huge dish antenna in Canberra, Australia, is on the lookout for any stray signals from Voyager 2, currently more than 12 billion miles (19 billion kilometers) distant. It takes more than 18 hours for a signal to reach Earth from so far away.
In the coming week, the Canberra antenna — part of NASA’s Deep Space Network — also will bombard Voyager 2’s vicinity with the correct command, in hopes it hits its mark, according to NASA’s Jet Propulsion Laboratory, which manages the Voyager missions.
Otherwise, NASA will have to wait until October for an automatic spacecraft reset that should restore communication, according to officials.
Voyager 2 was launched in 1977 to explore the outer planets, just a couple weeks ahead of its identical twin, Voyager 1.
Still in touch with Earth, Voyager 1 is now nearly 15 billion miles (24 billion kilometers) away, making it humanity’s most distant spacecraft.
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The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.
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DENVER, July 31, 2023 /PRNewswire/ -- Palantir Technologies Inc. (NYSE: PLTR) today announced that it was selected by the Defense Information Systems Agency (DISA) to support coordination between federal and commercial licensees of the 3450 - 3550 MHz spectrum band. Palantir will provide its software platform to enable end-to-end automation that will enhance coordination between the Department of Defense and commercial spectrum licensees for shared use of the 3450-3550 MHz band within cooperative planning area (CPA) and periodic use area (PUA) coordination zone boundaries.
As part of an ongoing interagency effort to facilitate the shared usage of critically important mid-band spectrum, Palantir's software will enable DISA's Defense Spectrum Organization (DSO) to support formal and informal coordination processes between the Department of Defense and commercial licensees. Existing and future government activities in the spectrum band are vital to protect national security and ensure military readiness.
Palantir software will be used to integrate multiple existing functions and capabilities into a single infrastructure that will result in more efficient workflows, reducing the timelines for licensee coordination with DoD to establish sharing agreements and enable deployment of 5G wireless services within CPA/PUA boundaries. Palantir software will also be used to demonstrate the ability to support more advanced spectrum sharing use cases.
"We are proud to partner with DISA DSO to support the complex task of sharing limited spectrum resources between federal and commercial users," said Akash Jain, President, Palantir USG. "We are excited to rapidly deploy software that will accelerate and automate coordination workflows and enable the increasingly dynamic and efficient use of spectrum."
"As military and commercial use of radio-frequency spectrum continues to grow, spectrum coordination will be increasingly necessary to preserve the effectiveness of critical national security capabilities while enabling U.S. commercial leadership in 5G and other critical technology areas. Palantir looks forward to working alongside the Department of Defense to deploy innovative software solutions that support advanced spectrum sharing workflows and processes," said Miriam Marwick, SVP, Emerging Technologies, Palantir USG.
About Palantir Technologies Inc.
Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir's expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms' reliability; and our customer's ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
Media Contact
Lisa Gordon
media@palantir.com
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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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ANAHEIM, Calif. (AP) — The Los Angeles Angels reacquired slugger C.J. Cron and outfielder Randal Grichuk in a trade with the Colorado Rockies on Sunday, bolstering their injury-plagued roster with more veteran depth as they fight for a playoff spot.
Los Angeles sent minor league pitchers Mason Albright and Jake Madden to the Rockies in the deal that brought two former Angels first-round draft picks back to the team. Colorado also is sending $3,701,613 along with Cron and Grichuk, who are in the final years of their contracts before free agency. Cron is owed $2,540,323 in remaining salary and Grichuk $3,161,290, leaving the Angels in effect responsible for $2 million.
The Angels (55-51) are desperate to end their MLB-worst streaks of seven consecutive losing seasons and eight consecutive non-playoff seasons, but their efforts have been endangered by injuries that have seriously compromised their big league depth.
Los Angeles has a major league-leading 17 players on its injured lists after outfielder Taylor Ward joined the group Sunday before an extra-inning victory in Toronto. Ward was moved to the 60-day injured list later in the day, effectively ending his regular season, with facial fractures after Toronto’s Alek Manoah hit him in the face with a fastball on Saturday.
The 33-year-old Cron spent his first four major league seasons with Los Angeles, hitting 59 of his 186 career homers before getting traded to Tampa Bay in early 2018 for prospect Luis Rengifo, who is still a valuable contributor to the Angels. Cron is batting .260 with 11 homers and 32 RBIs this season for the Rockies as their power-hitting first baseman.
Grichuk was selected by the Angels one pick before Mike Trout in the 2009 draft. Los Angeles traded him to St. Louis before he reached the majors and began a 10-year career with the Cardinals, Toronto and Colorado.
Grichuk is batting .308 with an .861 OPS in 64 games this season for the Rockies. His positional flexibility in the outfield will be valuable for the Angels in the injury absences of Trout, Ward and Jo Adell, leaving Mickey Moniak and Hunter Renfroe as the only healthy outfielders on Los Angeles’ 40-man roster.
Grichuk is making just over $10.3 million this season, while Cron is earning $7.25 million. The moves continue the Rockies’ teardown for the final two months of what’s almost certain to be their fifth consecutive losing season.
The 20-year-old Albright is 11-8 with a 5.36 ERA in three seasons in the low minors. The 21-year-old Madden, a fourth-round pick in 2022, is 2-6 with a 5.46 ERA in 14 starts for Low-A Inland Empire this season.
The Angels have traded a significant amount of minor league talent in recent weeks in their determined effort to make the playoffs during the final season of Shohei Ohtani’s contract.
Los Angeles has acquired six veteran major leaguers — slugger Mike Moustakas, right-handed starter Lucas Giolito, reliever Reynaldo López and infielder Eduardo Escobar along with Cron and Grichuk — in four separate trades since late June.
Trout has been out since July 3 with a broken hand, and third baseman Anthony Rendon was sidelined one day later with a bone bruise after fouling a ball off his shin. Trout and Rendon are making roughly $75 million combined this season.
Ward and veteran infielder Gio Urshela are likely out for the season, while infielder Brandon Drury, rookie catcher Logan O’Hoppe and rookie shortstop Zach Neto have all missed significant time.
Los Angeles is in third place in the AL West, five games behind Texas. The Angels are four games behind Toronto for the final AL wild card, but the Red Sox and Yankees are also between them.
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AP MLB: https://apnews.com/hub/MLB and https://twitter.com/AP_Sports
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